Robbins LLP is Investigating Allegations that Tenax Therapeutics, Inc. Misled Investors Regarding the Viability of its Drug Candidate Levosimendan

Robbins LLP informs investors that a class action was filed on behalf of all persons and entities who purchased or otherwise acquired Tenax Therapeutics, Inc. (NASDAQ: TENX) securities between November 13, 2023 and August 7, 2026, inclusive (the “Class Period”). Tenax is a development-stage pharmaceutical company focused on novel cardiopulmonary therapies.

Why Was Tenax Sued?

Tenax’s prioritized product candidate is levosimendan, which the Company evaluated through its Phase 3 LEVEL study of oral levosimendan, or TNX-103, in pulmonary hypertension in heart failure with preserved ejection fraction (“PH-HFpEF”).

According to the complaint, prior to the Class Period, Tenax conducted and completed its Phase 2 HELP study of levosimendan, touting results that showed a “significant improvement” in six-minute walk distance, the primary endpoint for the Phase 3 LEVEL study. At all relevant times, defendants represented that their approach to developing TNX-103 was “derisked” because levosimendan was already approved for treatment of conditions other than PH-HFpEF, defendants incorporated insights from relevant subject-matter experts, patients in the HELP study showed improvement in six-minute walk distance, and defendants modeled the LEVEL study based on assessing which patients in the HELP study responded to levosimendan.

The complaint further alleges that, during the Class Period, defendants failed to disclose that:

(i) TNX-103 was less effective than defendants had led investors to believe;

(ii) accordingly, TNX-103’s overall clinical, regulatory, and commercial prospects were overstated; and

(iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Why Did Tenax Stock Drop?

Plaintiff alleges that on August 10, 2026, Tenax issued a press release reporting topline results from its Phase 3 LEVEL clinical trial. This press release stated that TNX-103 “did not meet its primary endpoint of improvement in the 6-minute walk distance versus placebo, or the key secondary endpoint of improvement in Kansas City Cardiomyopathy Questionnaire total symptom score.”  On this news, Tenax’s stock price fell approximately $12.06 per share, or 89.77%, to close at approximately $1.38 per share on August 10, 2026.

Who May Be Eligible to Participate in the Tenax Therapeutics, Inc. Class Action?

The lawsuit seeks to represent investors who purchased or otherwise acquired Tenax Therapeutics, Inc. securities between November 13, 2023 and August 7, 2026. Investors who suffered losses during that period may have legal rights under the federal securities laws. Submit a form for information.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.