TENAX THERAPEUTICS, INC. (TENX) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 12, 2026

Risk Assessment Details

Potential Dilution: 185.88% of current shares
Recent Dilution: 371.52% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
27M
Potential Supply
49M
Additional shares possible
Splits
None
Past 2 years

Summary

TENX currently has 26.5M outstanding shares. with significant dilution risk as 49.3M authorized shares could dilute existing holders by 185.9%. The company has significantly diluted shareholders by 371.52% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 12, 2026

10-Q filing | 26.5M shares outstanding

27M 49M
Mar 24, 2026

S-3 filing: Tenax Therapeutics, Inc. files an S-3 to offer and sell up to $300,000,000 of common stock, preferred stock, debt securities, warrants, rights to purchase common stock, preferred stock, debt securities or units, or units consisting of a combination of any such securities.

17M 59M
Mar 10, 2026

10-K filing | 17.2M shares outstanding

17M 38M
Nov 12, 2025

10-Q filing | 6.2M shares outstanding

6.2M 49M
Aug 13, 2025

10-Q filing | 4.6M shares outstanding

4.6M 50M
May 14, 2025

10-Q filing | 4.1M shares outstanding

4.1M 51M
Apr 15, 2025

S-3 filing: This S-3 filing describes a shelf offering for the resale of up to 4,139,072 shares of common stock, including shares and shares underlying pre-funded warrants, by selling stockholders.

4.1M 51M
Mar 25, 2025

10-K filing | 4.0M shares outstanding

4M 47M
Mar 06, 2025

8-K filing: Tenax Therapeutics, Inc. completed a private placement on March 5, 2025, issuing 378,346 shares of common stock and pre-funded warrants to purchase up to 3,760,726 shares, resulting in gross proceeds of approximately $25 million. ($47.69M proceeds)

4M 47M
Nov 13, 2024

10-Q filing | 3.4M shares outstanding

3.4M 47M
Aug 30, 2024

S-3 filing: This S-3 filing relates to the resale of common stock, shares of common stock issuable upon the exercise of pre-funded warrants, and shares of common stock issuable upon the exercise of warrants, all held by selling stockholders.

3.4M 47M
Aug 13, 2024

10-Q filing | 2.0M shares outstanding

2M 0
Aug 06, 2024

8-K filing: Tenax Therapeutics, Inc. entered into a securities purchase agreement for a private placement with certain accredited investors, issuing 1,450,661 shares of common stock and pre-funded warrants to purchase up to 31,882,671 shares, along with warrants to purchase up to 16,666,666 shares, for gross proceeds of approximately $100 million. ($100.0M proceeds)

3.4M 0
May 14, 2024

10-Q filing | 2.0M shares outstanding

2M 0
Apr 11, 2024

POS AM filing: This prospectus relates to the offer and sale by Tenax Therapeutics, Inc. of up to 1,825 shares of our common stock underlying warrants previously issued by us to investors in a registered public offering that are issuable at an exercise price of $180.00 per share, as adjusted for our January 2024 reverse stock split.

2M 0
Apr 11, 2024

POS AM filing: This POS AM filing details an offering of up to 3,200,000 shares of common stock issuable upon the exercise of outstanding warrants with an exercise price of $5.65 per share, with the warrants expiring on February 12, 2029. The company intends to use the net proceeds to initiate additional research sites and advance the enrollment and treatment of patients in the LEVEL trial, as well as for working capital, capital expenditures, and other general corporate purposes.

2M 0
Mar 28, 2024

10-K filing | 2.0M shares outstanding

2M 0
Feb 12, 2024

8-K filing: Tenax Therapeutics, Inc. closed a public offering on February 12, 2024, involving the sale of 421,260 shares of common stock and pre-funded warrants to purchase 1,178,740 shares, along with warrants to purchase up to 3,200,000 shares, resulting in gross proceeds of approximately $9.0 million. ($9.04M proceeds)

1.8M 0
Feb 02, 2024

S-1/A filing: S-1/A filing for offering up to 960,000 shares of Common Stock on a 'best efforts' basis, each share being sold together with a warrant. Also offering pre-funded warrants to certain purchasers. The company estimates net proceeds of approximately $10.7 million.

300K 1.4M
Feb 01, 2024

S-1/A filing: Tenax Therapeutics, Inc. is offering shares of Common Stock and accompanying Warrants, as well as Pre-Funded Warrants in lieu of Common Stock for certain purchasers, with the net proceeds intended for working capital purposes and additional research sites.

300K 440K
Jan 02, 2024
Stock Split

8-K filing: Stock split 1-for-80 | Outstanding: 23,862,434 → 298,281

300K 440K
Dec 01, 2023

S-1 filing: This S-1 filing describes a best efforts public offering by Tenax Therapeutics, Inc., which includes common stock, warrants, and pre-funded warrants, with Roth Capital Partners, LLC acting as the exclusive placement agent. The company intends to use the net proceeds from this offering to initiate additional research sites and advance the enrollment and treatment of patients in the LEVEL trial, as well as for working capital, capital expenditures, and other general corporate purposes.

24M 35M
Nov 13, 2023

10-Q filing | 23.9M shares outstanding

24M 35M
Aug 14, 2023

10-Q filing | 23.9M shares outstanding

24M 35M
May 15, 2023

10-Q filing | 21.8M shares outstanding

22M 37M
Mar 31, 2023

10-K filing | 1.3M shares outstanding

1.3M 58M
Feb 07, 2023

8-K filing: Tenax Therapeutics, Inc. completed a public offering on February 7, 2023, selling 6,959,444 shares of common stock and pre-funded warrants to purchase 1,707,222 shares, along with accompanying warrants for 17,333,332 shares, at a combined price of $1.80 per share, resulting in gross proceeds of approximately $15.6 million. ($15.6M proceeds)

9.3M 50M
Jan 31, 2023

S-1/A filing: This S-1/A filing relates to a proposed offering of common stock and warrants, with an option for purchasers exceeding a beneficial ownership limitation to purchase pre-funded warrants in lieu of common stock.

2.3M 57M
Jan 23, 2023

S-1 filing: Tenax Therapeutics, Inc. is conducting a best efforts public offering of common stock, warrants, and pre-funded warrants, with Roth Capital Partners, LLC acting as the exclusive placement agent.

2.3M 51M
Nov 10, 2022

10-Q filing | 25.2M shares outstanding

25M 28M
Aug 11, 2022

10-Q filing | 25.2M shares outstanding

25M 28M
May 25, 2022

S-3 filing: This is an S-3 filing for the resale of up to 21,192,054 shares of common stock issuable upon exercise of Pre-Funded Warrants and Series E Warrants.

25M 28M
May 20, 2022

8-K filing: Tenax Therapeutics, Inc. completed a private placement offering on May 19, 2022, selling 10,596,027 units at $0.775 per unit for gross proceeds of approximately $8.0 million. ($8.0M proceeds)

25M 7M
May 16, 2022

10-Q filing | 25.2M shares outstanding

25M 7M
Mar 29, 2022

10-K filing | 25.2M shares outstanding

25M 7M
Nov 15, 2021

10-Q filing | 25.2M shares outstanding

25M 7M
Aug 20, 2021

S-3 filing: Tenax Therapeutics intends to use the net proceeds from the Offering to further its clinical trials of levosimendan and imatinib for research and development and for general corporate purposes, including working capital and potential acquisitions.

13M 20M
Aug 16, 2021

10-Q filing | 12.6M shares outstanding

13M 9.7M
May 17, 2021

10-Q filing | 15.0M shares outstanding

15M 7.3M
Mar 31, 2021

10-K filing | 12.6M shares outstanding

13M 9.7M
Nov 16, 2020

10-Q filing | 6.7M shares outstanding

6.7M 16M
Sep 11, 2020

S-3/A filing: The company agreed to issue shares of common stock and warrants in a registered direct offering and concurrent private placement, with aggregate gross proceeds of approximately $8.0 million, and common stock offered by selling stockholders.

6.7M 16M
Aug 20, 2020

S-3 filing: The company is issuing shares of common stock and warrants in a registered direct offering and private placement, with aggregate gross proceeds of approximately $8.0 million. Additionally, selling stockholders are offering 14,958,874 shares of common stock.

6.7M 15M
Aug 14, 2020

10-Q filing | 6.7M shares outstanding

6.7M 0
May 15, 2020

10-Q filing | 9.2M shares outstanding

9.2M 0
Mar 30, 2020

10-K filing | 6.7M shares outstanding

6.7M 0
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