Tenax Therapeutics Inc. reported a net loss of $10.4 million for the first quarter of 2025, a substantial increase from the $3.8 million net loss recorded in the first quarter of 2024. The company attributed the increase in net loss primarily to higher research and development (R&D) expenses, which rose to $5.7 million from $2.7 million in the same period last year. This increase was largely due to expenses associated with the Phase 3 LEVEL study for TNX-103 and increased personnel and regulatory consulting costs. General and administrative (G&A) expenses also saw a significant rise to $5.7 million, compared to $1.2 million in the first quarter of 2024, driven by increased compensation costs and higher legal and professional fees. Tenax Therapeutics reported cash and cash equivalents of $111.4 million as of March 31, 2025, bolstered by approximately $25 million raised in gross proceeds from a private placement in March 2025. The company expects these funds to support its operations through 2027. On the clinical front, Tenax announced that patient enrollment in its Phase 3 LEVEL study of TNX-103 in PH-HFpEF continues as planned, with completion targeted around the end of 2025. Additionally, Tenax remains on track to initiate a second Phase 3 study, LEVEL-2, of TNX-103 within the year, which will expand the trial's global footprint. Topline data from the LEVEL study is anticipated in mid-2026.