TENX Tenax Therapeutics, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 31, 2026
$1.98
· of 52w range
· above low
· to high
$1.3152w low
$19.4052w high
Market Cap (MRQ)
$63M
P/E (TTM)
-1.3
EPS (TTM)
$-1.49
Revenue (TTM)
$0
your badges
52W Range
$1–$19
Analyst Rating
BUY
Price Target
$13
P/E
-1.3
ROE
-59.8%
Net Profit Margin
·
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TENX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.98
Market Cap (MRQ)
$63M
P/E (TTM)
-1.3
EPS (TTM)
$-1.49
Revenue (TTM)
$0
ROE (TTM)
-59.8%
52W Range
$1–$19
TENX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| Jan. 3, 2024 | 1-for-80 | Reverse |
| Jan. 5, 2023 | 1-for-20 | Reverse |
| Feb. 26, 2018 | 1-for-20 | Reverse |
| May 13, 2013 | 1-for-20 | Reverse |
| Nov. 9, 2009 | 1-for-15 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$02016-12-31 → 2025-12-31
EPS$-1.342023-12-31 → 2025-12-31
Free Cash Flow·2016-12-31 → 2022-12-31
Net margin·2021-12-31 → 2021-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | TENX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.35Y avg ≈-487.7 | ≈-487.7 | · | · | |
| P/B (MRQ) | 0.65Y avg ≈2031.3 | ≈2031.3 | 1.7 | Overvalued | |
| Price / Cash Flow | -0.55Y avg ≈-780.6 | ≈-780.6 | · | · | |
| Price / Tangible Book | 0.25Y avg ≈2031.3 | ≈2031.3 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | TENX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA (TTM) | -57.0%5Y avg ≈-144.6% | ≈-144.6% | -61.0% | In line | |
| ROE (TTM) | -59.8%5Y avg ≈-192.6% | ≈-192.6% | -59.1% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | TENX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 15.15Y avg ≈8.8 | ≈8.8 | 7.0 | Strong liquidity | |
| Quick Ratio | 13.65Y avg ≈9.6 | ≈9.6 | 5.7 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | TENX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | 0.0 | Weak | |
| Revenue / Employee | ≈$0.00 | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-8.0%
Next Report
Nov 10, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 11, 2026 | $-0.35 | $-0.37 | 5.1% |
| March 31, 2026 | May 12, 2026 | $-0.35 | $-0.41 | 14.2% |
| Dec. 31, 2025 | $-0.38 | $-0.42 | 10.2% | |
| Sept. 30, 2025 | $-0.40 | $-0.32 | -25.5% | |
| June 30, 2025 | $-0.27 | $-0.24 | -10.3% | |
| March 31, 2025 | $-0.28 | $-0.20 | -42.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | · | · | · | · | · | · | · | $0 | · | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | $0 | · | |
| Gross Profit | · | · | · | · | · | · | · | · | · | $0 | · | |
| R&D Expense | $33M | $13M | $3M | $5M | $25M | $5M | $3M | $1M | $4M | $13M | · | |
| SG&A Expense | $24M | $7M | $5M | $6M | $8M | $5M | $5M | $6M | $6M | $6M | · | |
| Operating Expenses | $56M | $19M | $8M | $11M | $33M | $10M | $9M | $7M | $9M | $53M | · | |
| Operating Income | $-56M | $-19M | $-8M | $11M | $-33M | $10M | $-9M | $-7M | $-9M | $-53M | · | |
| Interest Expense | $0 | $23.0K | $24.0K | $4.4K | $949 | $1.6K | $0 | · | · | $0 | · | |
| Other Non-op | $-33.0K | $1.0K | $63.0K | $-9.2K | · | $18.2K | $160.9K | $79.8K | $366.2K | $764.7K | · | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $-8M | $0 | |
| Net Income | $-53M | $-18M | $-8M | $11M | $-32M | $-10M | $-8M | $-14M | $-9M | $-44M | · | |
| EPS (Basic) | $-1.34 | $-1.15 | $-31.04 | · | · | · | · | · | · | · | · | |
| EPS (Diluted) | $-1.34 | $-1.15 | $-31.04 | · | · | · | · | · | · | · | · | |
| Shares (Basic) | 39,217,244 | 15,271,705 | 248,447 | · | · | · | · | · | · | · | · | |
| Shares (Diluted) | 39,217,244 | 15,271,705 | 248,447 | · | · | · | · | · | · | · | · | |
| EBITDA | $-56M | $-19M | $8M | $-11M | $33M | $-10M | $-9M | $-7M | $-9M | $-53M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $98M | $95M | $10M | $2M | $6M | $6M | $5M | $12M | $2M | $10M | $4M | |
| Short-term Investments | · | · | · | · | $0 | $462.7K | $493.9K | $494.6K | $6M | $3M | $17M | |
| Receivables | · | · | · | · | · | · | · | $0 | $50.2K | $72.6K | $49.4K | |
| Prepaid Expense | $6M | $2M | $2M | $738.9K | $105.1K | $82.6K | $781.0K | $458.3K | $285.5K | $275.0K | $322.0K | |
| Other Current Assets | $1M | $64.0K | $252.0K | $345.9K | $0 | · | · | · | · | · | · | |
| Current Assets | $104M | $97M | $12M | $3M | $6M | $7M | $6M | $13M | $8M | $14M | $21M | |
| PP&E (Net) | · | · | $0 | $7.2K | $7.1K | $6.0K | $6.6K | $8.5K | $9.9K | $19.1K | $35.8K | |
| PP&E (Gross) | · | · | · | · | · | $66.3K | $210.9K | $581.6K | $574.1K | $586.7K | $784.4K | |
| Accum. Depreciation | · | · | · | · | · | $60.4K | $204.3K | $573.1K | $564.1K | $567.6K | $748.6K | |
| Goodwill | · | · | · | · | · | · | · | · | · | $0 | $11M | |
| Intangibles | · | · | · | · | · | · | · | · | · | $0 | $22M | |
| Other Non-current Assets | · | $0 | $1.0K | $9.6K | $8.4K | $8.4K | $8.4K | $8.4K | $8.4K | $1M | $1M | |
| Total Assets | $104M | $97M | $12M | $3M | $6M | $7M | $6M | $13M | $10M | $23M | $73M | |
| Accounts Payable | $6M | $3M | $2M | $448.4K | $859.6K | $757.9K | $2M | $749.8K | $611.9K | $727.6K | $972.5K | |
| Accrued Liabilities | $1M | $2M | $1M | $775.0K | $704.3K | $1M | $871.3K | $815.9K | $363.3K | $5M | $3M | |
| Short-term Debt | · | $0 | $501.0K | $624.3K | $0 | $120.5K | $0 | · | · | · | · | |
| Current Liabilities | $7M | $5M | $4M | $2M | $2M | $2M | $3M | $2M | $1M | $6M | $5M | |
| Capital Leases | · | · | $0 | $64.2K | $183.6K | $0 | $60.4K | $0 | · | · | · | |
| Deferred Tax | · | · | · | · | · | $0 | · | · | · | · | · | |
| Total Liabilities | $7M | $5M | $4M | $2M | $2M | $2M | $3M | $2M | $1M | $6M | $13M | |
| Total Debt | · | $0 | $500.9K | $624.3K | $0 | $120.5K | · | · | · | · | · | |
| Common Stock | $1.0K | $0 | $0 | $3 | $2.5K | $0 | $674 | $379 | $141 | $2.8K | $2.8K | |
| Paid-in Capital | $465M | $407M | $305M | $291M | $283M | $251M | · | · | · | · | · | |
| Retained Earnings | $-367M | $-315M | $-297M | $-290M | $-278M | $-246M | $-236M | $-228M | $-213M | $-205M | $-161M | |
| AOCI | · | · | · | · | $0 | $-70 | $458 | $516 | $-16.2K | $-18.7K | $-129.4K | |
| Stockholders' Equity | $97M | $92M | $8M | $1M | $4M | $5M | $4M | $12M | $9M | $17M | $60M | |
| Liabilities + Equity | $104M | $97M | $12M | $3M | $6M | $7M | $6M | $13M | $10M | $23M | $73M | |
| Shares Outstanding | 9,314,130 | 3,420,906 | 298,281 | 28,648 | 1,260,346 | 12,619,369 | 6,741,860 | 3,792,249 | 1,411,840 | 1,406,002 | 28,119,694 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | $0 | $8.0K | $5.1K | $4.1K | $4.1K | $5.0K | $9.0K | $13.6K | $19.0K | · | |
| Stock-based Comp | $19M | $1M | $191.0K | · | · | · | $0 | $190.1K | $79.6K | $1.1K | · | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | $0 | · | |
| Operating Cash Flow | $-36M | $-15M | $-6M | $-11M | $-11M | $-9M | $-8M | $-5M | $-12M | $-16M | · | |
| CapEx | · | · | · | $2.3K | $5.3K | $3.5K | $3.6K | $7.6K | $4.5K | $2.9K | · | |
| Investing Cash Flow | · | $0 | $3.0K | $-2.3K | $452.6K | $20.1K | $-1.7K | $7M | $4M | $22M | · | |
| Net Debt Issued | · | · | · | · | $-244.7K | · | · | · | · | · | · | |
| Stock Issued | · | · | · | · | · | $9M | $0 | · | · | · | · | |
| Net Stock Activity | · | · | · | · | · | $9M | · | · | · | · | · | |
| Financing Cash Flow | $39M | $100M | $14M | $8M | $10M | $11M | $96.5K | $9M | $0 | $0 | · | |
| Net Change in Cash | · | · | · | · | · | $1M | $-7M | $11M | $-8M | $6M | · | |
| Free Cash Flow | · | · | · | $-12M | $-11M | $-9M | $-8M | $-6M | $-12M | $-16M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | 3448708.2% | · | · | · | · | · | · | |
| Net Margin | · | · | · | · | -3421955.5% | · | · | · | · | · | · | |
| EBITDA Margin | · | · | · | · | 3448708.2% | · | · | · | · | · | · | |
| ROA | -52.4% | -32.5% | 102.2% | -235.1% | -505.0% | -148.9% | -85.2% | -121.8% | -53.2% | -91.2% | · | |
| ROE | -52.5% | -18.6% | 79.5% | -405.7% | -565.6% | -163.8% | -135.5% | -169.4% | -67.9% | -113.3% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 14.6 | 20.6 | 3.3 | 1.7 | 3.6 | 3.2 | 2.4 | 8.5 | 8.0 | 2.2 | · | |
| Quick Ratio | 13.6 | 20.2 | · | 1.1 | 3.6 | 3.2 | 2.1 | 8.2 | 7.7 | 2.2 | · | |
| Debt / Equity | · | 0.0 | 0.1 | 0.4 | 0.0 | 0.0 | · | · | · | · | · | |
| Interest Coverage | · | -847.6 | 343.6 | -2487.7 | · | -6065.1 | · | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | · | 0.0 | · | · | · | · | 0.0 | · | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | 0.0 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $10.42 | $26.89 | $27.15 | $0.65 | $0.17 | $0.37 | $0.56 | $3.10 | $6.29 | $0.61 | · | |
| Revenue / Share | $0.00 | $0.00 | · | · | · | · | · | · | · | · | · | |
| Cash Flow / Share | $-0.91 | $-0.97 | · | · | · | · | · | · | · | · | · | |
| Cash / Share | $10.48 | $27.74 | · | $0.93 | $0.22 | $0.50 | $0.73 | $3.26 | $1.14 | $0.36 | · | |
| EPS (TTM) | $-1.34 | $-1.15 | $-31.04 | $-0.76 | $-0.76 | $-0.76 | $-0.76 | $-0.76 | $-0.76 | $-0.76 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | $41.9K | $41.9K | $41.9K | $41.9K | $41.9K | $41.9K | $41.9K | $0 | · | |
| Net Income TTM | $-53M | $-18M | $-8M | $11M | $-32M | $-10M | $-8M | $-14M | $-9M | $-44M | · | |
| Market Cap | $114M | $21M | $7M | $407M | $41.94B | $37.56B | $15.21B | $7.34B | $22.14B | $1.75T | · | |
| Enterprise Value | · | $-74M | · | $406M | $41.94B | $37.55B | · | · | · | · | · | |
| P/E | -9.1 | -5.4 | -0.7 | -233.7 | -2189.5 | -3915.8 | -2968.4 | -2547.4 | -20631.6 | -82105.3 | · | |
| P/S | · | · | 156.8 | 9722.6 | 1001918.2 | 897077.3 | 363310.6 | 175372.5 | 528799.2 | · | · | |
| P/B | 1.2 | 0.2 | 0.8 | 272.7 | 9881.6 | 8119.1 | 4031.7 | 623.7 | 2492.5 | 102368.3 | · | |
| P / Tangible Book | 1.2 | 0.2 | 0.8 | 272.6 | 9881.6 | 8119.1 | · | · | · | · | · | |
| P / Cash Flow | -3.2 | -1.4 | -1.1 | -33.9 | -3863.6 | -4050.0 | -2012.9 | -1335.0 | -1823.5 | -110557.4 | · | |
| P / FCF | · | · | · | -33.9 | -3861.8 | -4048.5 | -2011.9 | -1333.2 | -1822.8 | -110537.3 | · | |
| EV / EBITDA | · | 3.8 | · | -36.7 | 1281.4 | -3805.1 | · | · | · | · | · | |
| EV / FCF | · | · | · | -33.8 | -3861.2 | -4047.8 | · | · | · | · | · | |
| EV / Revenue | · | · | · | 9686.7 | 1001784.9 | 896919.8 | · | · | · | · | · | |
| Earnings Yield | -11.0% | -18.6% | -141.1% | -0.43% | -0.05% | -0.03% | -0.03% | -0.04% | 0.00% | 0.00% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| R&D Expense | $13M | $12M | $11M | $10M | $6M | $6M | $5M | $3M | $2M | $3M | $2M | $1M | $197.9K | $265.7K | $1M | $2M | |
| SG&A Expense | $6M | $5M | $6M | $6M | $6M | $6M | $3M | $2M | $1M | $1M | $2M | $1M | $1M | $1M | $1M | $1M | |
| Operating Expenses | $19M | $17M | $16M | $17M | $12M | $11M | $7M | $5M | $4M | $4M | $3M | $2M | $1M | $2M | $3M | $3M | |
| Operating Income | $-19M | $-17M | $-16M | $-17M | $-12M | $-11M | $-7M | $-5M | $-4M | $-4M | $-10M | $2M | $1M | $-2M | $3M | $3M | |
| Interest Expense | · | · | · | · | · | · | $-1.0K | $7.0K | $9.0K | $8.0K | $2.2K | $5.3K | $9.1K | $7.3K | $0 | $372 | |
| Other Non-op | $0 | $-4.0K | $-9.0K | $-15.0K | $-9.0K | $0 | $117.4K | $0 | $1.0K | $-117.4K | $202.1K | $0 | $911 | $-140.1K | $-7.1K | $-1.3K | |
| Net Income | $-18M | $-16M | $-16M | $-16M | $-11M | $-10M | $-6M | $-4M | $-4M | $-4M | $-7M | $2M | $-1M | $-1M | $14M | $3M | |
| EPS (Basic) | $-0.35 | $-0.35 | $-0.39 | $-0.40 | $-0.27 | $-0.28 | $3.99 | $-0.19 | $-1.83 | $-3.12 | · | · | · | · | · | · | |
| EPS (Diluted) | $-0.35 | $-0.35 | $-0.39 | $-0.40 | $-0.27 | $-0.28 | $3.99 | $-0.19 | $-1.83 | $-3.12 | · | · | · | · | · | · | |
| Shares (Basic) | 50,869,259 | 45,226,328 | · | 39,741,404 | 39,572,177 | 36,584,920 | · | 21,161,143 | 1,958,245 | 1,219,139 | · | · | · | · | · | · | |
| Shares (Diluted) | 50,869,259 | 45,226,328 | · | 39,741,404 | 39,572,177 | 36,584,920 | · | 21,161,143 | 1,958,245 | 1,219,139 | · | · | · | · | · | · | |
| EBITDA | $-19M | $-17M | · | $-17M | $-12M | $-11M | · | $5M | $4M | $-4M | · | $2M | $1M | $2M | · | $3M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $118M | $119M | $98M | $99M | $106M | $111M | $95M | · | · | · | $10M | $345.0K | $13M | $14M | · | $4M | |
| Prepaid Expense | $3M | $4M | $6M | $3M | $395.0K | $524.0K | $2M | $1M | $1M | $2M | $2M | $474.9K | $362.6K | $545.4K | $738.9K | $707.2K | |
| Other Current Assets | $272.0K | $107.0K | $1M | · | · | $88.0K | $64.0K | $33.9K | $50.2K | $66.6K | $252.0K | $267.1K | $282.6K | $304.6K | $345.9K | · | |
| Current Assets | $122M | $123M | $104M | $103M | $106M | $112M | $97M | $100M | $11M | $14M | $12M | $12M | $14M | $15M | $3M | $5M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | $4.7K | $5.7K | $5.6K | $7.2K | $9.6K | |
| Other Non-current Assets | · | · | · | · | · | · | · | $1.1K | $1.1K | $1.1K | $1.0K | $1.1K | $1.1K | $1.1K | $9.6K | $8.4K | |
| Total Assets | $122M | $123M | $104M | $103M | $106M | $112M | $97M | $100M | $11M | $14M | $12M | $12M | $14M | $15M | $3M | $5M | |
| Accounts Payable | $7M | $6M | $6M | $6M | $562.0K | $2M | $3M | $2M | $869.7K | $1M | $2M | $134.8K | $206.5K | $172.0K | $448.4K | $265.4K | |
| Accrued Liabilities | $1M | $2M | $1M | $991.0K | $2M | $929.0K | $2M | $977.5K | $592.4K | $536.4K | $1M | $293.0K | $271.6K | $307.9K | $775.0K | $424.4K | |
| Short-term Debt | · | · | · | · | · | · | · | $0 | $278.8K | $413.2K | $501.0K | $174.5K | $345.7K | $513.9K | $624.3K | $46.1K | |
| Current Liabilities | $8M | $8M | $7M | $7M | $3M | $3M | $5M | $3M | $2M | $2M | $4M | $602.2K | $823.8K | $983.9K | $2M | $689.8K | |
| Capital Leases | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $64.2K | $95.3K | |
| Total Liabilities | $8M | $8M | $7M | $7M | $3M | $3M | $5M | $3M | $2M | $2M | $4M | $602.2K | $823.8K | $989.3K | $2M | $785.2K | |
| Total Debt | · | · | · | · | · | · | · | $0 | $278.8K | $413.2K | · | $174.5K | $345.7K | $513.9K | · | $46.1K | |
| Common Stock | $3.0K | $2.0K | $1.0K | $1.0K | $0 | $0 | $0 | $341 | $196 | $0 | $0 | $2.4K | $2.4K | $2.2K | $3 | $3.0K | |
| Paid-in Capital | $515M | $498M | $465M | $448M | $439M | $435M | $407M | $406M | $314M | $313M | $305M | $305M | $305M | $305M | $291M | $291M | |
| Retained Earnings | $-401M | $-383M | $-367M | $-352M | $-336M | $-325M | $-315M | $-309M | $-305M | $-301M | $-297M | $-294M | $-292M | $-291M | $-290M | $-287M | |
| Stockholders' Equity | $114M | $115M | $97M | $96M | $103M | $109M | $92M | $97M | $9M | $12M | $8M | $11M | $13M | $14M | $1M | $4M | |
| Liabilities + Equity | $122M | $123M | $104M | $103M | $106M | $112M | $97M | $100M | $11M | $14M | $12M | $12M | $14M | $15M | $3M | $5M | |
| Shares Outstanding | 31,949,785 | 24,275,500 | 9,314,130 | 5,907,233 | 4,148,495 | 3,970,385 | 3,420,906 | 3,408,906 | 1,958,245 | 1,958,245 | 298,281 | 23,862,434 | 23,862,434 | 21,777,434 | 28,648 | 29,980,183 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | $0 | $0 | $0 | $5.1K | $969 | $1.0K | $895 | $1.3K | $1.2K | |
| Stock-based Comp | $3M | $3M | $5M | $6M | $5M | $4M | $970.0K | $14.0K | $22.0K | $119.0K | · | · | · | · | · | · | |
| Operating Cash Flow | $-14M | $-9M | $-13M | $-9M | $-6M | $-7M | $-4M | $-3M | $-3M | $-5M | $-1M | $-2M | $-923.0K | $-2M | $-2M | $-3M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | · | $1.6K | $1.2K | · | $0 | |
| Investing Cash Flow | · | · | · | $0 | $0 | $0 | · | $0 | $0 | $0 | $157 | $0 | $1.6K | $1.2K | $4.0K | $0 | |
| Financing Cash Flow | $13M | $30M | $12M | $3M | $278.0K | $24M | $67.0K | $92M | $-133.9K | $8M | $-174.6K | $-171.3K | $-99.9K | $14M | $2.1K | $-91.9K | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | $-2M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 784271.0% | |
| Net Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 784015.3% | |
| EBITDA Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 784271.0% | |
| ROA | -15.7% | -13.4% | · | -15.6% | -18.6% | -16.4% | · | 7.1% | 29.0% | 25.6% | · | 23.7% | -9.9% | 14.8% | · | 42.7% | |
| ROE | -16.4% | -14.0% | · | -16.3% | -19.3% | -17.1% | · | 7.3% | 32.4% | 28.4% | · | 25.9% | -11.1% | 17.7% | · | 52.1% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.1 | 14.5 | · | 15.6 | 41.9 | 40.5 | · | 39.0 | 6.1 | 7.1 | · | 19.7 | 17.0 | 15.5 | · | 6.5 | |
| Quick Ratio | 14.6 | 14.0 | · | 15.1 | 41.7 | 40.2 | · | · | · | · | · | 0.6 | 16.3 | 14.7 | · | 5.5 | |
| Debt / Equity | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | 731.8 | 399.6 | -490.8 | · | 396.7 | 135.5 | 209.5 | · | 7842.7 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | · | · | · | 0.0 | · | · | · | · | · | · | · | · | · | 0.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $3.56 | $4.72 | · | $16.29 | $24.91 | $27.53 | · | $28.52 | $4.53 | $6.35 | · | $0.47 | $0.55 | $0.66 | · | $0.13 | |
| Revenue / Share | · | $0.00 | · | · | · | $0.00 | · | · | · | · | · | · | · | · | · | · | |
| Cash Flow / Share | · | $-0.21 | · | · | · | $-0.19 | · | · | · | · | · | · | · | · | · | · | |
| Cash / Share | $3.69 | $4.89 | · | $16.83 | $25.43 | $28.06 | · | · | · | · | · | $0.01 | $0.56 | $0.66 | · | $0.13 | |
| EPS (TTM) | $-1.49 | $-1.41 | · | $3.04 | $3.25 | $1.69 | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | · | · | · | · | · | $49.3K | $49.3K | $49.3K | · | $49.3K | $49.3K | $49.3K | · | $49.3K | |
| Net Income TTM | $-65M | $-58M | · | $-43M | $-31M | $-24M | · | $-19M | $-13M | $-10M | · | $13M | $14M | $12M | · | $-13M | |
| Market Cap | $465M | $388M | · | $45M | $24M | $26M | · | $12M | $6M | $8M | · | $571M | $573M | $810M | · | $8.15B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | $571M | $560M | $796M | · | $8.15B | |
| P/E | -9.8 | -11.3 | · | 2.5 | 1.8 | 3.9 | · | · | · | · | · | · | · | · | · | · | |
| P/S | · | · | · | · | · | · | · | 239.3 | 119.8 | 168.5 | · | 11581.2 | 11619.9 | 16437.1 | · | 165454.9 | |
| P/B | 4.1 | 3.4 | · | 0.5 | 0.2 | 0.2 | · | 0.1 | 0.7 | 0.7 | · | 50.6 | 43.3 | 56.7 | · | 2062.4 | |
| P / Tangible Book | 4.1 | 3.4 | · | 0.5 | 0.2 | 0.2 | · | 0.1 | 0.7 | 0.7 | · | 50.6 | 43.3 | 56.7 | · | 2062.4 | |
| P / Cash Flow | · | -41.7 | · | · | · | -3.7 | · | · | · | · | · | · | · | -469.7 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | 11577.7 | 11355.2 | 16155.1 | · | 165378.6 | |
| Earnings Yield | -10.2% | -8.8% | · | 40.0% | 56.4% | 25.8% | · | · | · | · | · | · | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | · | · | · |
| Operating Margin % | · | · | · | · | 3448708.2% |
| Net Income | $-53M | $-18M | $-8M | $11M | $-32M |
| Diluted EPS | $-1.34 | $-1.15 | $-31.04 | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | · | 0.0 | 0.1 | 0.4 | 0.0 |
| Current Ratio | 14.6 | 20.6 | 3.3 | 1.7 | 3.6 |
| Quick Ratio | 13.6 | 20.2 | · | 1.1 | 3.6 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | · | · | · | $-12M | $-11M |
Institutional owners (13F) 130 filers · $493.7M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
130
Value held
$493.7M
New positions
59
Exited positions
9
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 59 (+24 vs prior Q) | 9 (+9 vs prior Q) | 42 (+16 vs prior Q) | 13 (+8 vs prior Q) | +11.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $57,361,528 | 3,942,373 | 11.62% | Shares |
| Vivo Capital, LLC | $36,375,000 | 2,500,000 | 7.37% | Shares |
| JANUS HENDERSON GROUP PLC | $29,065,739 | 1,815,474 | 5.89% | Shares |
| BlackRock, Inc. | $25,142,226 | 1,727,988 | 5.09% | Shares |
| PERCEPTIVE ADVISORS LLC | $24,735,000 | 1,700,000 | 5.01% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $16,690,611 | 1,147,121 | 3.38% | Shares |
| MILLENNIUM MANAGEMENT LLC | $12,749,146 | 876,230 | 2.58% | Shares |
| Ikarian Capital, LLC | $11,459,580 | 787,600 | 2.32% | Shares |
| Candriam S.C.A. | $10,896,012 | 749,588 | 2.21% | Shares |
| CITADEL ADVISORS LLC | $10,600,562 | 728,561 | 2.15% | Shares |
| RTW INVESTMENTS, LP | $10,135,094 | 696,570 | 2.05% | Shares |
| Stonepine Capital Management, LLC | $9,603,000 | 660,000 | 1.95% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $9,308,074 | 639,537 | 1.89% | Shares |
| MARSHALL WACE, LLP | $8,520,160 | 585,578 | 1.73% | Shares |
| BRAIDWELL LP | $8,503,195 | 584,412 | 1.72% | Shares |
| Point72 Asset Management, L.P. | $8,100,873 | 556,761 | 1.64% | Shares |
| Velan Capital Investment Management LP | $8,002,282 | 549,985 | 1.62% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $7,858,833 | 540,126 | 1.59% | Shares |
| Woodline Partners LP | $7,729,746 | 531,254 | 1.57% | Shares |
| STATE STREET CORP | $7,432,344 | 510,814 | 1.51% | Shares |
| Sofinnova Investments, Inc. | $7,275,567 | 500,039 | 1.47% | Shares |
| MORGAN STANLEY | $6,288,801 | 432,220 | 1.27% | Shares |
| Qube Research & Technologies Ltd | $6,254,943 | 429,893 | 1.27% | Shares |
| Siren, L.L.C. | $6,214,902 | 427,141 | 1.26% | Shares |
| Caption Management, LLC | $5,815,635 | 399,700 | 1.18% | Call option |
| Ikarian Capital, LLC | $5,428,605 | 373,100 | 1.10% | Call option |
| TWO SIGMA INVESTMENTS, LP | $5,141,825 | 353,390 | 1.04% | Shares |
| BVF INC/IL | $4,940,438 | 339,549 | 1.00% | Shares |
| Bank of New York Mellon Corp | $4,733,067 | 325,296 | 0.96% | Shares |
| Trexquant Investment LP | $4,679,338 | 321,604 | 0.95% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $4,526,316 | 311,087 | 0.92% | Shares |
| DIADEMA PARTNERS LP | $4,466,850 | 307,000 | 0.90% | Call option |
| Logos Global Management LP | $4,365,000 | 300,000 | 0.88% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,207,336 | 289,164 | 0.85% | Shares |
| GOLDMAN SACHS GROUP INC | $4,000,464 | 274,946 | 0.81% | Shares |
| JANE STREET GROUP, LLC | $3,879,845 | 266,656 | 0.79% | Shares |
| Avidity Partners Management LP | $3,869,340 | 265,934 | 0.78% | Shares |
| Caption Management, LLC | $3,710,250 | 255,000 | 0.75% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $3,686,196 | 253,518 | 0.75% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,422,160 | 235,200 | 0.69% | Put option |
| ADAR1 Capital Management, LLC | $3,207,722 | 220,462 | 0.65% | Shares |
| VANGUARD GROUP INC | $3,116,545 | 255,664 | 0.63% | Shares |
| NORTHERN TRUST CORP | $2,897,400 | 199,134 | 0.59% | Shares |
| Balyasny Asset Management L.P. | $2,822,700 | 194,000 | 0.57% | Call option |
| ExodusPoint Capital Management, LP | $2,684,490 | 184,501 | 0.54% | Shares |
| Ensign Peak Advisors, Inc | $2,573,735 | 176,889 | 0.52% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,456,637 | 168,841 | 0.50% | Shares |
| Integral Health Asset Management, LLC | $2,429,850 | 167,000 | 0.49% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,386,200 | 164,000 | 0.48% | Shares |
| Nuveen, LLC | $2,345,271 | 161,187 | 0.48% | Shares |
Activists & 5%+ owners 5 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Christopher Thomas Giordano ×2 filings | July 31, 2026 | 4.32% | Amendment | · | SEC |
| Declan Doogan ×5 filings | Feb. 9, 2023 | · | Initial filing | Passive investment | SEC |
| Stuart Rich, Andrea Rich 2021 Irrevocable Trust, Stuart Rich 2022 Irrevocable Trust ×5 filings | Feb. 9, 2023 | · | Initial filing | Passive investment | SEC |
| Armistice Capital, LLC, Steven Boyd ×4 filings | June 17, 2022 | · | Initial filing | Board campaign | SEC |
| Ziyad Binsalamah ×2 filings | June 2, 2020 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 19 insiders · 8 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Christopher Thomas Giordano | CEO | Sept. 15, 2026 P | 22,174 | 5 | 0 | $40,100 |
| Anthony A Ditonno | CEO | July 6, 2021 A | · | 0 | 0 | $0 |
| Christian J Stern | Chief Executive Officer | Aug. 10, 2011 F | 147,607 | 0 | 0 | $0 |
| Thomas R Staab II | Chief Financial Officer | Sept. 11, 2026 P | 15,675 | 1 | 0 | $11,010 |
| Thomas Mcgauley | Interim CFO | Jan. 30, 2026 M | 5,000 | 3 | 0 | $58,180 |
| Michael B Jebsen | CFO | Jan. 5, 2021 A | 34,680 | 0 | 0 | $0 |
| Stuart Rich | Chief Medical Officer | Jan. 9, 2026 A | 5,266 | 5 | 0 | $96,430 |
| Gerald L Klein | Chief Medical Officer | Oct. 14, 2011 F | 13,542 | 0 | 0 | $0 |
| Declan Doogan | Director | Sept. 16, 2026 P | 55,274 | 1 | 0 | $101,760 |
| Robyn Hunter | Director | Jan. 9, 2026 A | · | 0 | 0 | $0 |
| Michael H. Davidson | Director | Jan. 9, 2026 A | 2,881 | 0 | 0 | $0 |
| June Sherie Almenoff | Director | Jan. 9, 2026 A | 1,993 | 4 | 0 | $29,906 |
| James P. Mitchum | Director | June 10, 2021 A | 26,000 | 0 | 0 | $0 |
| Ronald R Blanck | Director | May 18, 2020 P | 6,062 | 0 | 0 | $0 |
| Chris A Rallis | Director | May 1, 2019 A | 14,490 | 0 | 0 | $0 |
| William A. Chatfield | Director | May 1, 2012 A | 42,289 | 0 | 0 | $0 |
| Richard M Kiral | Director | March 1, 2011 A | 6,951 | 0 | 0 | $0 |
| PROEHL GERALD T | · | Jan. 9, 2026 A | 1,667 | 0 | 0 | $0 |
| John P Kelley | · | March 15, 2017 F | 1,282,932 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 14 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 21,886 SH | Aug. 19, 2026 | Daily |
| IWC · iShares Trust | 0.01% | 85,058 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 11,967 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 144,811 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 68,684 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.00% | 642,583 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 2,603 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 27,926 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 5,403 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 3,160 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 277,850 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 852,259 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,144 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 238,184 SH | Sept. 11, 2026 | Daily |
TENX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 16 analysts
BUY
Median target
$5.00
+152.5%
3 18.8%
Strong Buy
8 50.0%
Buy
5 31.2%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
9 analysts · 2026-10-04Mean target $12.56 +534.1%
← Below all targets
Current price $1.98
Low$4.00
Mean$12.56
High$36.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 10-Q filed Jul 31, 2026