A securities class action has been filed against Tenax Therapeutics Inc. (TENX) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Tenax securities between November 13, 2023 through August 7, 2026. This case has been filed in the USDC – MDNC.
Tenax Therapeutics shares lost roughly 84% to 85% of their value after the Company disclosed that its Phase 3 LEVEL trial of TNX-103 in PH-HFpEF missed both its primary and key secondary endpoints. A single clinical readout drove Tenax Therapeutics (TENX) shares down approximately 84% to 85% after the Company disclosed that its the Phase 3 LEVEL trial of TNX-103 missed its primary and key secondary endpoints.
The reported results show a placebo-adjusted improvement in six-minute walk distance of 3.5 meters — not statistically significant — and essentially no difference from placebo on the Kansas City Cardiomyopathy Questionnaire symptom score. Topline data had been guided to August 2026, moved up from the third quarter of 2026. Exploratory measures, including a reported 49% reduction in NT-proBNP, were also disclosed alongside the topline results, but did not alter the failed pivotal endpoints.
Levosimendan-based TNX-103 was the Company’s lead clinical program, and Tenax was pre-revenue. In an April 22, 2026 press release attached to a Form 8-K, the Company described itself as expanding its “registrational program globally” and characterized levosimendan’s future as “potentially the first available therapy for PH-HFpEF patients.” The investigation concerns whether the regulatory and clinical risks associated with TNX-103 were adequately disclosed to investors.