Tenax Therapeutics Inc. shares rose 3.8% in pre-market trading after the company released additional data from the Phase 3 LEVEL clinical trial of its oral levosimendan therapy, TNX-103.
The findings confirmed a favorable treatment effect in patients with lower baseline exercise capacity, with the benefit of levosimendan appearing to increase alongside greater disease severity. The data also showed a notable reduction in NT-proBNP, a biomarker of cardiac wall stress, with the magnitude of effect described as exceeding that observed in other Phase 3 trials for heart failure therapies.
These results carry regulatory implications for pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF), a condition currently lacking approved treatments. The findings were presented in a Late-Breaking Clinical Science session at the European Society of Cardiology Congress 2026 in Munich, Germany, on August 29. The presentation was delivered by Professor Sanjiv Shah of Northwestern University.
Initial topline data for the trial was released on August 10. Prominent Wall Street firms have initiated coverage with Buy-equivalent ratings, assigning price targets ranging from $35 to $40.
Tenax Therapeutics reported approximately $118 million in cash, providing a funding runway through the second quarter of 2028. The company's pre-market gain contrasted with broader U.S. indices, which traded fractionally lower ahead of the open.
