Tenax Therapeutics Inc. reported a net loss of $15.8 million for the third quarter of 2025, compared to a net loss of $4.0 million in the same period in 2024. Research and development expenses increased to $10.3 million from $3.1 million, primarily due to higher clinical development costs and increased personnel. General and administrative expenses rose to $6.5 million from $1.5 million, mainly driven by higher non-cash stock-based compensation expense and increased legal and professional fees. The company reported cash and cash equivalents of $99.4 million as of September 30, 2025, and expects this to fund operations through 2027. Key business developments include ongoing patient enrollment in the Phase 3 LEVEL study, with completion targeted for the first half of 2026 and topline data expected in the second half of 2026. Tenax is also preparing to initiate its second global Phase 3 study, LEVEL-2, in 2025.