Tenax Therapeutics Phase 3 Trial Failure
Analysis based on 8 articles · First reported Aug 12, 2026 · Last updated Aug 17, 2026
The failed trial wiped out most of Tenax Therapeutics' market value, reflecting the company's dependence on TNX-103. The investigation by Levi & Korsinsky may lead to securities litigation, potentially providing some recovery for investors but adding legal costs and uncertainty for the company.
Tenax Therapeutics announced that its Phase 3 LEVEL trial of TNX-103 in PH-HFpEF missed both its primary and key secondary endpoints. The trial showed a placebo-adjusted improvement of 3.5 meters in six-minute walk distance, which was not statistically significant, and no meaningful difference on the Kansas City Cardiomyopathy Questionnaire symptom score. Following the disclosure, Tenax Therapeutics' stock fell approximately 84% to 85%. The company was pre-revenue and TNX-103 was its lead clinical program. Levi & Korsinsky, a securities litigation firm, launched an investigation into potential securities law violations, focusing on whether the company adequately disclosed the regulatory and clinical risks associated with TNX-103. The investigation is ongoing.
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