Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Tenax Therapeutics Reports First Quarter 2021 Results and Provides Business Update By: Tenax Therapeutics, Inc. via Business Wire May 17, 2021 at 17:15 PM EDT Tenax Therapeutics, Inc. (Nasdaq: TENX), a specialty pharmaceutical company focused on identifying, developing and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need, today reported financial results for the first quarter of 2021 and provided a business update. “Having completed the merger with PHPrecisionMed Inc., we now have product development programs in group one and group two pulmonary hypertension patients,” stated Anthony DiTonno, Chief Executive Officer of Tenax, “which represent more than 70% of the overall market. “We have begun the open label transition study using the oral formulation of Levosimendan, which was recently acquired from our agreement with Orion. The purpose of this study is to determine the dose we will take into Phase 3 trials in 2022. Study participants who enrolled in our open label Phase 2 HELP trial are being brought back into their clinics and converted to the oral dosage form. We believe oral delivery will be more convenient for patients and provide more consistent blood levels of Levosimendan compared to weekly IV administration. “With respect to the imatinib program, we are in the final stages of formulation development. As a reminder, this new formulation is expected to address the previous GI-related side effects associated with its oral administration. We remain highly enthusiastic that imatinib, when formulated correctly, will show substantial clinical benefit in the pulmonary arterial hypertension (PAH) patient population, with the potential to be the first disease-modifying therapy for this indication. The new formulation will be tested in a Phase 1 study, which we anticipate completing in the second half of this year.” Recent Highlights On April 9, 2021, Tenax announced the publication of positive data from the company’s Phase 2 HELP Study that evaluated levosimendan in patients with pulmonary hypertension and heart failure with preserved ejection fraction (PH-HFpEF). The new publication is titled Levosimendan Improves Hemodynamics and Exercise Tolerance in PH-HFpEF: Results of the Placebo-Controlled HELP Trial and was published in the Journal of American College of Cardiology: Heart Failure (https://www.jacc.org/doi/pdf/10.1016/j.jchf.2021.01.015). On January 19, 2021, Tenax announced the acquisition of PHPrecisionMed Inc. (PHPM), a privately-held clinical stage biotech company focused on developing imatinib for the treatment of pulmonary arterial hypertension (PAH). The FDA has granted Orphan Drug Designation for imatinib for the treatment of PAH, an indication with a high unmet medical need. The acquisition of PHPM immediately expands Tenax’s pipeline to include a second de-risked Phase 3 ready candidate with the potential to be the first disease modifying treatment of PAH. Financial Results Research and development expenses for the first quarter of 2021 were $22.4 million, compared to $1.3 million for the first quarter of 2020. The increase in research and development expense in the current period is due primarily to the recognition of approximately $21.8 million of in-process research and development (IPR&D) expense attributed to the acquisition of PHPM in January 2021. General and administrative expenses for the first quarter of 2021 were $1.4 million, compared to $1.3 million for the first quarter of 2020. Net loss for the first quarter of 2021 was $23.7 million, or $1.64 per share, compared to a net loss of $2.7 million, or $0.38 per share, for the first quarter of 2020. Cash, cash equivalents and marketable securities totaled $4.0 million as of March 31, 2021, compared with $6.7 million as of December 31, 2020. Management expects that current cash, cash equivalents and marketable securities will be sufficient to fund current operations through the third quarter of 2021. About Tenax Therapeutics Tenax Therapeutics, Inc., is a specialty pharmaceutical company focused on identifying, developing, and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need. The Company has a world-class scientific advisory team including recognized global experts in pulmonary hypertension. The Company owns North American rights to develop and commercialize levosimendan and has recently released detailed results from the Phase 2 HELP Study of levosimendan in Pulmonary Hypertension associated with Heart Failure and preserved Ejection Fraction (PH-HFpEF) at the Heart Failure Society of America (HFSA) Virtual Annual Scientific Meeting. Tenax is also developing a delayed release oral formulation of imatinib, designed to avoid the gastric irritation, into a single pivotal trial pursuant to the 505(b)(2) pathway. For more information, visit www.tenaxthera.com. About Levosimendan Levosimendan is a calcium sensitizer that works through a unique triple mechanism of action. It initially was developed for intravenous use in hospitalized patients with acutely decompensated heart failure. It was discovered and developed by Orion Pharma, Orion Corporation of Espoo Finland, and is currently approved in over 60 countries for this indication and not available in the United States. Tenax Therapeutics acquired North American rights to develop and commercialize levosimendan from Phyxius Pharma, Inc. About Imatinib Imatinib is an antiproliferative agent developed to target the BCR-ABL tyrosine kinase in patients with chronic myeloid leukemia. The inhibitory effects of imatinib on PDGF receptors and c-KIT suggested that it may be efficacious in PAH. Imatinib reversed experimentally induced pulmonary hypertension and has pulmonary vasodilatory effects in animal models and proapoptotic effects on pulmonary artery smooth muscle cells from patients with idiopathic PAH. In a phase 3 clinical trial imatinib produced significant improvements in exercise capacity, but a high rate of dropouts attributed largely to gastric intolerance prevented regulatory approval. Caution Regarding Forward-Looking Statements This news release contains certain forward-looking statements by the Company that involve risks and uncertainties and reflect the Company’s judgment as of the date of this release. The forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to matters beyond the Company’s control that could lead to delays in the clinical study, new product introductions and customer acceptance of these new products; matters beyond the Company’s control that could impact the Company’s continued compliance with Nasdaq listing requirements; the impact of management changes on the Company’s business and unanticipated charges, costs and expenditures not currently contemplated that may occur as a result of management changes; and other risks and uncertainties as described in the Company’s filings with the Securities and Exchange Commission, including in its annual report on Form 10-K filed on March 31, 2021 and its quarterly report on Form 10-Q filed on May 17, 2021, as well as its other filings with the SEC. The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. Statements in this press release regarding management’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. TENAX THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Three months ended March 31, 2021 2020 (Unaudited) (Unaudited) Operating expenses General and administrative $ 1,373,460 $ 1,322,959 Research and development 22,376,202 1,342,526 Total operating expenses 23,749,662 2,665,485 Net operating loss 23,749,662 2,665,485 Interest expense 613 - Other income, net (2,135 ) (10,841 ) Net loss $ 23,748,140 $ 2,654,644 Unrealized loss on marketable securities 332 1,622 Total comprehensive loss $ 23,748,472 $ 2,656,266 Net loss per share, basic and diluted $ (1.64 ) $ (0.38 ) Weighted average number of common shares outstanding, basic and diluted 14,515,088 6,974,387 TENAX THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2021 December 31, 2020 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 3,536,787 $ 6,250,241 Marketable securities 494,877 462,687 Prepaid expenses 485,935 82,578 Total current assets 4,517,599 6,795,506 Right of use asset 29,690 58,778 Property and equipment, net 4,837 5,972 Other assets 8,435 8,435 Total assets $ 4,560,561 $ 6,868,691 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 997,443 $ 757,856 Accrued liabilities 222,780 1,240,616 Note payable 213,577 120,491 Total current liabilities 1,433,800 2,118,963 Long term liabilities Note payable 31,080 124,166 Total long term liabilities 31,080 124,166 Total liabilities 1,464,880 2,243,129 Commitments and contingencies; see Note 8 Stockholders' equity Preferred stock, undesignated, authorized 9,989,558 shares; See Note 9 Series A Preferred stock, par value $.0001, issued 5,181,346 shares; outstanding 210, respectively - - Series B Preferred stock, par value $.0001, issued 10,232 shares; outstanding 10,232 and 0, respectively 1 - Common stock, par value $.0001 per share; authorized 400,000,000 shares; issued and outstanding 14,969,312 and 12,619,369, respectively 1,497 1,262 Additional paid-in capital 272,862,552 250,644,197 Accumulated other comprehensive loss (402 ) (70 ) Accumulated deficit (269,767,967 ) (246,019,827 ) Total stockholders’ equity 3,095,681 4,625,562 Total liabilities and stockholders' equity $ 4,560,561 $ 6,868,691 View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005819/en/Contacts Investor Contact: John Mullaly Managing Director LifeSci Advisors, LLC C: 617-429-3548 jmullaly@lifesciadvisors.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Tenax Therapeutics Reports First Quarter 2021 Results and Provides Business Update By: Tenax Therapeutics, Inc. via Business Wire May 17, 2021 at 17:15 PM EDT Tenax Therapeutics, Inc. (Nasdaq: TENX), a specialty pharmaceutical company focused on identifying, developing and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need, today reported financial results for the first quarter of 2021 and provided a business update. “Having completed the merger with PHPrecisionMed Inc., we now have product development programs in group one and group two pulmonary hypertension patients,” stated Anthony DiTonno, Chief Executive Officer of Tenax, “which represent more than 70% of the overall market. “We have begun the open label transition study using the oral formulation of Levosimendan, which was recently acquired from our agreement with Orion. The purpose of this study is to determine the dose we will take into Phase 3 trials in 2022. Study participants who enrolled in our open label Phase 2 HELP trial are being brought back into their clinics and converted to the oral dosage form. We believe oral delivery will be more convenient for patients and provide more consistent blood levels of Levosimendan compared to weekly IV administration. “With respect to the imatinib program, we are in the final stages of formulation development. As a reminder, this new formulation is expected to address the previous GI-related side effects associated with its oral administration. We remain highly enthusiastic that imatinib, when formulated correctly, will show substantial clinical benefit in the pulmonary arterial hypertension (PAH) patient population, with the potential to be the first disease-modifying therapy for this indication. The new formulation will be tested in a Phase 1 study, which we anticipate completing in the second half of this year.” Recent Highlights On April 9, 2021, Tenax announced the publication of positive data from the company’s Phase 2 HELP Study that evaluated levosimendan in patients with pulmonary hypertension and heart failure with preserved ejection fraction (PH-HFpEF). The new publication is titled Levosimendan Improves Hemodynamics and Exercise Tolerance in PH-HFpEF: Results of the Placebo-Controlled HELP Trial and was published in the Journal of American College of Cardiology: Heart Failure (https://www.jacc.org/doi/pdf/10.1016/j.jchf.2021.01.015). On January 19, 2021, Tenax announced the acquisition of PHPrecisionMed Inc. (PHPM), a privately-held clinical stage biotech company focused on developing imatinib for the treatment of pulmonary arterial hypertension (PAH). The FDA has granted Orphan Drug Designation for imatinib for the treatment of PAH, an indication with a high unmet medical need. The acquisition of PHPM immediately expands Tenax’s pipeline to include a second de-risked Phase 3 ready candidate with the potential to be the first disease modifying treatment of PAH. Financial Results Research and development expenses for the first quarter of 2021 were $22.4 million, compared to $1.3 million for the first quarter of 2020. The increase in research and development expense in the current period is due primarily to the recognition of approximately $21.8 million of in-process research and development (IPR&D) expense attributed to the acquisition of PHPM in January 2021. General and administrative expenses for the first quarter of 2021 were $1.4 million, compared to $1.3 million for the first quarter of 2020. Net loss for the first quarter of 2021 was $23.7 million, or $1.64 per share, compared to a net loss of $2.7 million, or $0.38 per share, for the first quarter of 2020. Cash, cash equivalents and marketable securities totaled $4.0 million as of March 31, 2021, compared with $6.7 million as of December 31, 2020. Management expects that current cash, cash equivalents and marketable securities will be sufficient to fund current operations through the third quarter of 2021. About Tenax Therapeutics Tenax Therapeutics, Inc., is a specialty pharmaceutical company focused on identifying, developing, and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need. The Company has a world-class scientific advisory team including recognized global experts in pulmonary hypertension. The Company owns North American rights to develop and commercialize levosimendan and has recently released detailed results from the Phase 2 HELP Study of levosimendan in Pulmonary Hypertension associated with Heart Failure and preserved Ejection Fraction (PH-HFpEF) at the Heart Failure Society of America (HFSA) Virtual Annual Scientific Meeting. Tenax is also developing a delayed release oral formulation of imatinib, designed to avoid the gastric irritation, into a single pivotal trial pursuant to the 505(b)(2) pathway. For more information, visit www.tenaxthera.com. About Levosimendan Levosimendan is a calcium sensitizer that works through a unique triple mechanism of action. It initially was developed for intravenous use in hospitalized patients with acutely decompensated heart failure. It was discovered and developed by Orion Pharma, Orion Corporation of Espoo Finland, and is currently approved in over 60 countries for this indication and not available in the United States. Tenax Therapeutics acquired North American rights to develop and commercialize levosimendan from Phyxius Pharma, Inc. About Imatinib Imatinib is an antiproliferative agent developed to target the BCR-ABL tyrosine kinase in patients with chronic myeloid leukemia. The inhibitory effects of imatinib on PDGF receptors and c-KIT suggested that it may be efficacious in PAH. Imatinib reversed experimentally induced pulmonary hypertension and has pulmonary vasodilatory effects in animal models and proapoptotic effects on pulmonary artery smooth muscle cells from patients with idiopathic PAH. In a phase 3 clinical trial imatinib produced significant improvements in exercise capacity, but a high rate of dropouts attributed largely to gastric intolerance prevented regulatory approval. Caution Regarding Forward-Looking Statements This news release contains certain forward-looking statements by the Company that involve risks and uncertainties and reflect the Company’s judgment as of the date of this release. The forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to matters beyond the Company’s control that could lead to delays in the clinical study, new product introductions and customer acceptance of these new products; matters beyond the Company’s control that could impact the Company’s continued compliance with Nasdaq listing requirements; the impact of management changes on the Company’s business and unanticipated charges, costs and expenditures not currently contemplated that may occur as a result of management changes; and other risks and uncertainties as described in the Company’s filings with the Securities and Exchange Commission, including in its annual report on Form 10-K filed on March 31, 2021 and its quarterly report on Form 10-Q filed on May 17, 2021, as well as its other filings with the SEC. The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. Statements in this press release regarding management’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. TENAX THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Three months ended March 31, 2021 2020 (Unaudited) (Unaudited) Operating expenses General and administrative $ 1,373,460 $ 1,322,959 Research and development 22,376,202 1,342,526 Total operating expenses 23,749,662 2,665,485 Net operating loss 23,749,662 2,665,485 Interest expense 613 - Other income, net (2,135 ) (10,841 ) Net loss $ 23,748,140 $ 2,654,644 Unrealized loss on marketable securities 332 1,622 Total comprehensive loss $ 23,748,472 $ 2,656,266 Net loss per share, basic and diluted $ (1.64 ) $ (0.38 ) Weighted average number of common shares outstanding, basic and diluted 14,515,088 6,974,387 TENAX THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2021 December 31, 2020 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 3,536,787 $ 6,250,241 Marketable securities 494,877 462,687 Prepaid expenses 485,935 82,578 Total current assets 4,517,599 6,795,506 Right of use asset 29,690 58,778 Property and equipment, net 4,837 5,972 Other assets 8,435 8,435 Total assets $ 4,560,561 $ 6,868,691 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 997,443 $ 757,856 Accrued liabilities 222,780 1,240,616 Note payable 213,577 120,491 Total current liabilities 1,433,800 2,118,963 Long term liabilities Note payable 31,080 124,166 Total long term liabilities 31,080 124,166 Total liabilities 1,464,880 2,243,129 Commitments and contingencies; see Note 8 Stockholders' equity Preferred stock, undesignated, authorized 9,989,558 shares; See Note 9 Series A Preferred stock, par value $.0001, issued 5,181,346 shares; outstanding 210, respectively - - Series B Preferred stock, par value $.0001, issued 10,232 shares; outstanding 10,232 and 0, respectively 1 - Common stock, par value $.0001 per share; authorized 400,000,000 shares; issued and outstanding 14,969,312 and 12,619,369, respectively 1,497 1,262 Additional paid-in capital 272,862,552 250,644,197 Accumulated other comprehensive loss (402 ) (70 ) Accumulated deficit (269,767,967 ) (246,019,827 ) Total stockholders’ equity 3,095,681 4,625,562 Total liabilities and stockholders' equity $ 4,560,561 $ 6,868,691 View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005819/en/Contacts Investor Contact: John Mullaly Managing Director LifeSci Advisors, LLC C: 617-429-3548 jmullaly@lifesciadvisors.com
Tenax Therapeutics, Inc. (Nasdaq: TENX), a specialty pharmaceutical company focused on identifying, developing and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need, today reported financial results for the first quarter of 2021 and provided a business update. “Having completed the merger with PHPrecisionMed Inc., we now have product development programs in group one and group two pulmonary hypertension patients,” stated Anthony DiTonno, Chief Executive Officer of Tenax, “which represent more than 70% of the overall market. “We have begun the open label transition study using the oral formulation of Levosimendan, which was recently acquired from our agreement with Orion. The purpose of this study is to determine the dose we will take into Phase 3 trials in 2022. Study participants who enrolled in our open label Phase 2 HELP trial are being brought back into their clinics and converted to the oral dosage form. We believe oral delivery will be more convenient for patients and provide more consistent blood levels of Levosimendan compared to weekly IV administration. “With respect to the imatinib program, we are in the final stages of formulation development. As a reminder, this new formulation is expected to address the previous GI-related side effects associated with its oral administration. We remain highly enthusiastic that imatinib, when formulated correctly, will show substantial clinical benefit in the pulmonary arterial hypertension (PAH) patient population, with the potential to be the first disease-modifying therapy for this indication. The new formulation will be tested in a Phase 1 study, which we anticipate completing in the second half of this year.” Recent Highlights On April 9, 2021, Tenax announced the publication of positive data from the company’s Phase 2 HELP Study that evaluated levosimendan in patients with pulmonary hypertension and heart failure with preserved ejection fraction (PH-HFpEF). The new publication is titled Levosimendan Improves Hemodynamics and Exercise Tolerance in PH-HFpEF: Results of the Placebo-Controlled HELP Trial and was published in the Journal of American College of Cardiology: Heart Failure (https://www.jacc.org/doi/pdf/10.1016/j.jchf.2021.01.015). On January 19, 2021, Tenax announced the acquisition of PHPrecisionMed Inc. (PHPM), a privately-held clinical stage biotech company focused on developing imatinib for the treatment of pulmonary arterial hypertension (PAH). The FDA has granted Orphan Drug Designation for imatinib for the treatment of PAH, an indication with a high unmet medical need. The acquisition of PHPM immediately expands Tenax’s pipeline to include a second de-risked Phase 3 ready candidate with the potential to be the first disease modifying treatment of PAH. Financial Results Research and development expenses for the first quarter of 2021 were $22.4 million, compared to $1.3 million for the first quarter of 2020. The increase in research and development expense in the current period is due primarily to the recognition of approximately $21.8 million of in-process research and development (IPR&D) expense attributed to the acquisition of PHPM in January 2021. General and administrative expenses for the first quarter of 2021 were $1.4 million, compared to $1.3 million for the first quarter of 2020. Net loss for the first quarter of 2021 was $23.7 million, or $1.64 per share, compared to a net loss of $2.7 million, or $0.38 per share, for the first quarter of 2020. Cash, cash equivalents and marketable securities totaled $4.0 million as of March 31, 2021, compared with $6.7 million as of December 31, 2020. Management expects that current cash, cash equivalents and marketable securities will be sufficient to fund current operations through the third quarter of 2021. About Tenax Therapeutics Tenax Therapeutics, Inc., is a specialty pharmaceutical company focused on identifying, developing, and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need. The Company has a world-class scientific advisory team including recognized global experts in pulmonary hypertension. The Company owns North American rights to develop and commercialize levosimendan and has recently released detailed results from the Phase 2 HELP Study of levosimendan in Pulmonary Hypertension associated with Heart Failure and preserved Ejection Fraction (PH-HFpEF) at the Heart Failure Society of America (HFSA) Virtual Annual Scientific Meeting. Tenax is also developing a delayed release oral formulation of imatinib, designed to avoid the gastric irritation, into a single pivotal trial pursuant to the 505(b)(2) pathway. For more information, visit www.tenaxthera.com. About Levosimendan Levosimendan is a calcium sensitizer that works through a unique triple mechanism of action. It initially was developed for intravenous use in hospitalized patients with acutely decompensated heart failure. It was discovered and developed by Orion Pharma, Orion Corporation of Espoo Finland, and is currently approved in over 60 countries for this indication and not available in the United States. Tenax Therapeutics acquired North American rights to develop and commercialize levosimendan from Phyxius Pharma, Inc. About Imatinib Imatinib is an antiproliferative agent developed to target the BCR-ABL tyrosine kinase in patients with chronic myeloid leukemia. The inhibitory effects of imatinib on PDGF receptors and c-KIT suggested that it may be efficacious in PAH. Imatinib reversed experimentally induced pulmonary hypertension and has pulmonary vasodilatory effects in animal models and proapoptotic effects on pulmonary artery smooth muscle cells from patients with idiopathic PAH. In a phase 3 clinical trial imatinib produced significant improvements in exercise capacity, but a high rate of dropouts attributed largely to gastric intolerance prevented regulatory approval. Caution Regarding Forward-Looking Statements This news release contains certain forward-looking statements by the Company that involve risks and uncertainties and reflect the Company’s judgment as of the date of this release. The forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to matters beyond the Company’s control that could lead to delays in the clinical study, new product introductions and customer acceptance of these new products; matters beyond the Company’s control that could impact the Company’s continued compliance with Nasdaq listing requirements; the impact of management changes on the Company’s business and unanticipated charges, costs and expenditures not currently contemplated that may occur as a result of management changes; and other risks and uncertainties as described in the Company’s filings with the Securities and Exchange Commission, including in its annual report on Form 10-K filed on March 31, 2021 and its quarterly report on Form 10-Q filed on May 17, 2021, as well as its other filings with the SEC. The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. Statements in this press release regarding management’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. TENAX THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Three months ended March 31, 2021 2020 (Unaudited) (Unaudited) Operating expenses General and administrative $ 1,373,460 $ 1,322,959 Research and development 22,376,202 1,342,526 Total operating expenses 23,749,662 2,665,485 Net operating loss 23,749,662 2,665,485 Interest expense 613 - Other income, net (2,135 ) (10,841 ) Net loss $ 23,748,140 $ 2,654,644 Unrealized loss on marketable securities 332 1,622 Total comprehensive loss $ 23,748,472 $ 2,656,266 Net loss per share, basic and diluted $ (1.64 ) $ (0.38 ) Weighted average number of common shares outstanding, basic and diluted 14,515,088 6,974,387 TENAX THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2021 December 31, 2020 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 3,536,787 $ 6,250,241 Marketable securities 494,877 462,687 Prepaid expenses 485,935 82,578 Total current assets 4,517,599 6,795,506 Right of use asset 29,690 58,778 Property and equipment, net 4,837 5,972 Other assets 8,435 8,435 Total assets $ 4,560,561 $ 6,868,691 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 997,443 $ 757,856 Accrued liabilities 222,780 1,240,616 Note payable 213,577 120,491 Total current liabilities 1,433,800 2,118,963 Long term liabilities Note payable 31,080 124,166 Total long term liabilities 31,080 124,166 Total liabilities 1,464,880 2,243,129 Commitments and contingencies; see Note 8 Stockholders' equity Preferred stock, undesignated, authorized 9,989,558 shares; See Note 9 Series A Preferred stock, par value $.0001, issued 5,181,346 shares; outstanding 210, respectively - - Series B Preferred stock, par value $.0001, issued 10,232 shares; outstanding 10,232 and 0, respectively 1 - Common stock, par value $.0001 per share; authorized 400,000,000 shares; issued and outstanding 14,969,312 and 12,619,369, respectively 1,497 1,262 Additional paid-in capital 272,862,552 250,644,197 Accumulated other comprehensive loss (402 ) (70 ) Accumulated deficit (269,767,967 ) (246,019,827 ) Total stockholders’ equity 3,095,681 4,625,562 Total liabilities and stockholders' equity $ 4,560,561 $ 6,868,691 View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005819/en/
Investor Contact: John Mullaly Managing Director LifeSci Advisors, LLC C: 617-429-3548 jmullaly@lifesciadvisors.com