Tenax Therapeutics, Inc. (TENX) Balance Sheet
TENX balance sheet, 2025
December 31, 2025 · U.S. dollars$104.2M assets = $7.2M liabilities + $97.1M equity
Both columns are drawn to the same scale: what TENX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TENX financial health
Descriptive bands, not a rating. Fiscal 2025.
TENX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $23.3M2016 | $104.2M2025 | +18.1%/yr | |
| Total liabilities | $6.2M2016 | $7.2M2025 | +1.6%/yr | |
| Shareholders’ equity | $17.1M2016 | $97.1M2025 | +21.2%/yr | |
| Cash & short-term investments | $13.3M2016 | $97.6M2025 | +24.8%/yr | |
| Total debt | $171,7322019 | $500,9032023 | +30.7%/yr | |
| Net cash (debt) | $5.2M2019 | $9.3M2023 | +$4.1M | |
| Working capital | $7.4M2016 | $97.1M2025 | +$89.6M | |
| Book value per share | $6.022024 | $2.482025 | −58.9%/yr | |
| Debt / equity | 0.052019 | 0.062023 | +0.02 | |
| Shares outstanding | 15.3M2024 | 39.2M2025 | +156.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TENX assets
TENX liabilities and equity
TENX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TENX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $97.6M | $94.9M | $9.8M | $2.1M | $5.6M | $6.7M | $5.4M | $12.9M | $7.7M | $13.3M |
| Cash & equivalents | $97.6M | $94.9M | $9.8M | $2.1M | $5.6M | $6.3M | $4.9M | $12.4M | $1.6M | $10.0M |
| Short-term investments | — | — | — | — | $0 | $462,687 | $493,884 | $494,633 | $6.1M | $3.3M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $50,171 | $72,599 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $6.7M | $1.8M | $1.9M | $1.1M | $105,078 | $82,578 | $780,952 | $458,286 | $285,512 | $275,005 |
| Total current assets | $104.2M | $96.7M | $11.7M | $3.2M | $5.7M | $6.8M | $6.2M | $13.3M | $8.1M | $13.6M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $186,692 | $294,800 | $64,750 | $176,007 | $8,525 | $9,945 | $19,105 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $22.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.8M | $8.6M |
| Other non-current assets | $0 | $0 | $1,117 | $9,552 | $8,435 | $8,435 | $8,435 | $8,435 | $8,435 | $0 |
| Total assets | $104.2M | $96.7M | $11.7M | $3.4M | $6.0M | $6.9M | $6.4M | $13.3M | $9.9M | $23.3M |
| Liabilities | ||||||||||
| Accounts payable | $6.0M | $3.2M | $2.1M | $448,425 | $859,638 | $757,856 | $1.7M | $749,814 | $611,861 | $727,599 |
| Short-term debt | — | — | $500,903 | $743,695 | $107,192 | $180,870 | $111,353 | — | — | — |
| Deferred revenue | — | — | $1 | — | — | — | — | — | — | — |
| Total current liabilities | $7.2M | $4.7M | $3.6M | $1.8M | $1.6M | $2.1M | $2.5M | $1.6M | $1.0M | $6.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $124,166 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | $0 | $183,589 | $290,781 | $60,379 | $171,732 | — | — | — |
| Other long-term liabilities | $0 | $0 | $0 | $64,196 | $183,589 | $0 | $60,379 | $749,814 | $611,861 | $727,599 |
| Total liabilities | $7.2M | $4.7M | $3.6M | $1.9M | $1.7M | $2.2M | $2.6M | $1.6M | $1.0M | $6.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1,000 | — | $30 | $4,584 | $2,521 | $1,262 | $674 | $379 | $141 | $2,812 |
| Retained earnings (deficit) | −$367.5M | −$314.9M | −$297.3M | −$289.5M | −$278.5M | −$246.0M | −$236.2M | −$227.8M | −$213.5M | −$204.7M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | — | — | — | −$70 | $458 | $516 | −$16,193 | −$18,718 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $97.1M | $92.0M | $8.1M | $1.5M | $4.2M | $4.6M | $3.8M | $11.8M | $8.9M | $17.1M |
| Key figures | ||||||||||
| Total debt | — | — | $500,903 | $807,891 | $290,781 | $305,036 | $171,732 | — | — | — |
| Net cash (debt) | — | — | $9.3M | $1.3M | $5.3M | $6.4M | $5.2M | — | — | — |
| Working capital | $97.1M | $92.0M | $8.1M | $1.4M | $4.1M | $4.7M | $3.6M | $11.8M | $7.1M | $7.4M |
| Tangible book value | $97.1M | $92.0M | $8.1M | $1.5M | $4.2M | $4.6M | $3.8M | $11.8M | $8.9M | −$4.9M |
| Book value per share | $2.48 | $6.02 | — | — | — | — | — | — | — | — |
| Shares outstanding | 39.2M | 15.3M | — | — | — | — | — | — | — | — |
| Current ratio | 14.56 | 20.60 | 3.26 | 1.74 | 3.64 | 3.21 | 2.44 | 8.51 | 7.99 | 2.20 |
| Quick ratio | 13.63 | 20.21 | 2.73 | 1.15 | 3.57 | 3.17 | 2.13 | 8.21 | 7.71 | 2.15 |
| Debt / equity | — | — | 0.06 | 0.54 | 0.07 | 0.07 | 0.05 | — | — | — |
| Equity / assets | 93.1% | 95.1% | 69.3% | 43.8% | 70.8% | 67.3% | 59.3% | 88.3% | 89.8% | 73.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $118.0M | $118.8M | $97.6M | $99.4M | $105.5M | $111.4M | $94.9M | $98.3M | $9.4M | $12.5M | $9.8M | $11.1M |
| Cash & equivalents | $118.0M | $118.8M | $97.6M | $99.4M | $105.5M | $111.4M | $94.9M | $98.3M | $9.4M | $12.5M | $9.8M | $11.1M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $3.7M | $4.4M | $6.7M | $3.4M | $395,000 | $612,000 | $1.8M | $1.5M | $1.2M | $1.9M | $1.9M | $741,950 |
| Total current assets | $121.7M | $123.2M | $104.2M | $102.8M | $105.9M | $112.1M | $96.7M | $99.8M | $10.6M | $14.5M | $11.7M | $11.9M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4,706 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1,117 | $1,117 | $1,117 | $1,117 | $1,117 |
| Total assets | $121.7M | $123.2M | $104.2M | $102.8M | $105.9M | $112.1M | $96.7M | $99.8M | $10.6M | $14.5M | $11.7M | $11.9M |
| Liabilities | ||||||||||||
| Accounts payable | $6.8M | $6.3M | $6.0M | $5.6M | $562,000 | $1.8M | $3.2M | $1.6M | $869,656 | $1.1M | $2.1M | $134,787 |
| Short-term debt | — | — | — | — | — | — | — | — | $278,802 | $413,174 | $500,903 | $174,466 |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | $1 | −$174,466 |
| Total current liabilities | $8.1M | $8.5M | $7.2M | $6.6M | $2.5M | $2.8M | $4.7M | $2.6M | $1.7M | $2.0M | $3.6M | $602,214 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $8.1M | $8.5M | $7.2M | $6.6M | $2.5M | $2.8M | $4.7M | $2.6M | $1.7M | $2.0M | $3.6M | $602,214 |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3,000 | $2,000 | $1,000 | $1,000 | — | — | — | $341 | $196 | $196 | $30 | $2,386 |
| Retained earnings (deficit) | −$401.0M | −$383.2M | −$367.5M | −$351.9M | −$336.1M | −$325.3M | −$314.9M | −$308.6M | −$304.6M | −$301.1M | −$297.3M | −$294.0M |
| Total shareholders' equity | $113.6M | $114.7M | $97.1M | $96.2M | $103.3M | $109.3M | $92.0M | $97.2M | $8.9M | $12.4M | $8.1M | $11.3M |
| Key figures | ||||||||||||
| Total debt | — | — | — | — | — | — | — | — | $278,802 | $413,174 | $500,903 | $174,466 |
| Net cash (debt) | — | — | — | — | — | — | — | — | $9.1M | $12.1M | $9.3M | $11.0M |
| Working capital | $113.6M | $114.7M | $97.1M | $96.2M | $103.3M | $109.3M | $92.0M | $97.2M | $8.9M | $12.4M | $8.1M | $11.3M |
| Tangible book value | $113.6M | $114.7M | $97.1M | $96.2M | $103.3M | $109.3M | $92.0M | $97.2M | $8.9M | $12.4M | $8.1M | $11.3M |
| Book value per share | $2.23 | $2.54 | $2.48 | $2.42 | $2.61 | $2.99 | $6.02 | $4.59 | — | — | — | — |
| Shares outstanding | 50.9M | 45.2M | 39.2M | 39.7M | 39.6M | 36.6M | 15.3M | 21.2M | — | — | — | — |
| Current ratio | 15.07 | 14.52 | 14.56 | 15.58 | 41.89 | 40.48 | 20.60 | 38.95 | 6.10 | 7.12 | 3.26 | 19.73 |
| Quick ratio | 14.61 | 13.99 | 13.63 | 15.06 | 41.73 | 40.26 | 20.21 | 38.38 | 5.39 | 6.18 | 2.73 | 18.50 |
| Debt / equity | — | — | — | — | — | — | — | — | 0.03 | 0.03 | 0.06 | 0.02 |
| Equity / assets | 93.4% | 93.1% | 93.1% | 93.6% | 97.6% | 97.5% | 95.1% | 97.4% | 83.6% | 86.0% | 69.3% | 94.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 10, 2026); data from EODHD.
TENX financial position
At the end of fiscal 2025 (December 31, 2025), Tenax Therapeutics had total assets of $104.2 million (up 7.8% from a year earlier), total liabilities of $7.2 million and shareholders' equity of $97.1 million. Its current ratio was 14.56. In the latest quarter (ended June 30, 2026) total assets were $121.7 million and equity $113.6 million.
Related: TENX income statement, TENX cash flow statement, TENX key metrics. See the TENX stock overview for the latest quote and news.
TENX balance sheet FAQ
What are Tenax Therapeutics's total assets?
Tenax Therapeutics reported total assets of $104.2 million at the end of fiscal 2025 (December 31, 2025), compared with $96.7 million a year earlier.
How much cash does Tenax Therapeutics have?
Tenax Therapeutics held $97.6 million in cash and short-term investments at the end of fiscal 2025.
What is Tenax Therapeutics's book value?
Tenax Therapeutics's shareholders' equity (book value) was $97.1 million at the end of fiscal 2025, or $2.48 per share.
What is Tenax Therapeutics's current ratio?
Tenax Therapeutics had current assets of $104.2 million and current liabilities of $7.2 million, a current ratio of 14.56 (it can cover its short-term obligations).