Tenax Therapeutics (TENX) Stock Drops 84% After Phase 3 LEVEL Trial Misses Primary Endpoint

TLDR

• Tenax Therapeutics stock dropped 84.2% in pre-market trading on August 10, 2026
• The Phase 3 LEVEL trial of TNX-103 failed to meet its primary endpoint in 6-minute walk distance vs placebo
• The trial also missed its key secondary endpoint on patient-reported symptom scores
• Multiple Wall Street analysts had recently initiated or raised price targets, some as high as $50
• Subgroup data showed stronger effects in sicker patients, which may guide Tenax’s next regulatory move

Tenax Therapeutics stock cratered 84.2% in pre-market trading on August 10, 2026, after its Phase 3 LEVEL trial of TNX-103 failed to hit its primary endpoint.

Tenax Therapeutics, Inc., TENX

The trial tested oral levosimendan in patients with pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF). It missed the primary endpoint of a statistically meaningful improvement in 6-minute walk distance versus placebo, with a least-squares mean difference of just 3.5 meters and a p-value of 0.63.

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