This analyst loves Tenax Therapeutics

Roth Capital Markets analyst Jonathan Aschoff maintained his “Buy” rating and US$30.00 price target on Tenax Therapeutics (Tenax Therapeutics Stock Quote, Chart, News, Analysts, Financials NASDAQ:TENX), saying the company remains well-funded through late-stage development of its cardiopulmonary drug candidate TNX-103 and is positioned for a major Phase 3 data cycle in 2026.

In a Nov. 12 sales analysis, Aschoff said Tenax ended the third quarter of 2025 with US$99.4-million in cash, a balance he expects will fund operations “through 2027,” including Phase 3 development for TNX-103 in pulmonary hypertension with heart failure with preserved ejection fraction (PH-HFpEF). He noted that the company’s cash runway also provides flexibility to pursue non-dilutive funding opportunities through potential out-licensing of TNX-103 outside the U.S.

Chapel Hill, N.C.-based Tenax Therapeutics is a clinical-stage pharmaceutical developer focused on therapies for cardiopulmonary disorders. Its lead program is TNX-103, an oral formulation of levosimendan being advanced for PH-HFpEF—an area Aschoff described as “a large and open market opportunity.”

The company’s Phase 3 LEVEL trial continues to enroll “as planned,” he said. Tenax expanded the study earlier this year from 152 to 230 patients, increasing its statistical power to more than 95%. Aschoff expects full enrollment in the first half of 2026, with top-line results in the second half of 2026. The companion pivotal study, LEVEL-2, is slated to begin enrollment by year-end 2025 and will be larger than LEVEL, with patients randomized for 52 weeks. Both trials use six-minute walk distance (6MWD) as the primary endpoint.

More than 160 new clinical sites across 15 countries have now undergone qualification visits for LEVEL-2, which Aschoff said underscores global interest in the PH-HFpEF program.

Tenax continues to expand its intellectual-property position. Aschoff said that the company now has broad U.S. patent coverage extending to oral, intravenous, and subcutaneous levosimendan formulations for PH-HFpEF, protecting the program until at least December 2040, with potential for term extension. Recent updates from Canada and Europe also secured protection for TNX-103 and related metabolites OR1896 and OR1855.

“The latest patent broadened protection for all therapeutic doses of levosimendan,” he said, adding that the coverage also extends to combinations of levosimendan with various cardiovascular drugs.

Aschoff said his US$30 price target is based on a discounted cash-flow model using a 20% discount rate and a terminal value derived from a 5x multiple of projected 2031 operating income of US$500-million.

He said he expects Tenax to maintain a strong financial and regulatory position as it advances toward pivotal readouts, with 2026 marking a decisive clinical year for the company.

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