Tenax Therapeutics Shares Plunge 85% Following Failed Phase 3 Trial
Investors are looking for answers after Tenax Therapeutics shares cratered by roughly 85% this week. The collapse follows the company's disclosure that its pivotal Phase 3 LEVEL study for the drug candidate TNX-103 failed to meet both its primary and key secondary endpoints in treating PH-HFpEF patients.
The clinical trial results, released August 19, 2026, revealed that TNX-103 achieved a placebo-adjusted improvement in six-minute walk distance of only 3.5 meters. This result lacked statistical significance, and the drug showed no meaningful difference from the placebo regarding symptom scores on the Kansas City Cardiomyopathy Questionnaire. As a pre-revenue company, Tenax relied heavily on TNX-103 as its lead clinical program.
While the company noted exploratory data—including a 49% reduction in NT-proBNP—these findings did not salvage the trial’s primary objectives. Law firm Levi & Korsinsky has launched an investigation into potential securities law violations, specifically examining whether Tenax adequately disclosed the risks associated with the program to shareholders before the negative data surfaced. Affected investors are currently being encouraged to review their potential recovery options.
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