Issue 006 | U.S. Pilot | US

TENX

TENAX THERAPEUTICS, INC.

Screen state: Passing Source state: Verified 10-Q | 2026-05-12 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 61.9%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 123,178,000USD
Total Liabilities: 8,486,000USD
NCAV: 114,692,000USD
Cash: 118,800,000USD
NCAV per share: 4.32USD/share
Evidence: 10 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 2
Unavailable: 7

Requires inspection Negative OCF -9,309,000

Latest: -9,309,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001193125-26-219383

Supporting observation Current Ratio > 1.5 14.52

Latest: 14.522026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001193125-26-219383

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2020-12-31 10-K Open filing	2019-12-31 10-K Open filing	2018-12-31 10-K Open filing	2017-12-31 10-K Open filing	2016-12-31 10-K Open filing
Period-end Shares Outstanding	24,275,50024,275,500	9,314,1309,314,130	5,907,2335,907,233	4,148,4954,148,495	3,970,3853,970,385	3,420,9063,420,906	3,408,9063,408,906	1,958,2451,958,245	1,958,2451,958,245	298,281298,281	298,28023,862,434	298,28023,862,434	272,21821,777,434	28,6482,291,809	18,73829,980,183	15,75425,206,914	15,75425,206,914	15,75425,206,914	15,75125,201,312	15,75625,210,312	7,88712,619,369	4,2146,741,860	2,3703,792,249	441,411,840	87928,120,021
Weighted-average Basic Shares	n/an/a	n/an/a	38,644,39538,644,395	38,086,80038,086,800	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	45,226,32845,226,328	39,217,24439,217,244	39,741,40439,741,404	39,572,17739,572,177	36,584,92036,584,920	15,271,70515,271,705	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Basic EPS	-0-0	-1-1	-1-1	-1-1	-0-0	-1-1	-1-1	-5-5	-3-3	-31-31	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Diluted EPS	-0-0	-1-1	-1-1	-1-1	-0-0	-1-1	-1-1	-5-5	-3-3	-31-31	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Basic-to-Diluted Share Difference	Insufficient evidence	Insufficient evidence	2.8%	3.9%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	160.6%	57.7%	42.4%	4.5%	16.1%	0.4%	74.1%	0.0%	556.5%	0.0%	0.0%	9.6%	850.2%	52.9%	18.9%	0.0%	0.0%	0.0%	-0.0%	99.8%	87.2%	77.8%	5272.1%	-95.0%	Insufficient evidence
Ownership Claim Change	-61.6%	-36.6%	-29.8%	-4.3%	-13.8%	-0.4%	-42.6%	0.0%	-84.8%	-0.0%	0.0%	-8.7%	-89.5%	-34.6%	-15.9%	0.0%	0.0%	-0.0%	0.0%	-49.9%	-46.6%	-43.8%	-98.1%	1891.7%	Insufficient evidence

Verified split events: reverse 20.0 on 2013-05-10; reverse 20.0 on 2018-12-31; reverse 20.0 on 2023-01-04; reverse 80.0 on 2024-01-02

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD	2019-12-31 10-K USD	2018-12-31 10-K USD	2017-12-31 10-K USD	2016-12-31 10-K USD
Revenue	0	0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0
Operating Income	-56,385,000	-19,494,000	8,233,941	-11,052,643	32,728,241	-9,867,930	-8,555,264	-6,893,280	-9,205,898	-52,650,739
Net Income	-52,599,000	-17,602,000	7,710,673	-11,047,895	-32,474,358	-9,851,391	-8,394,363	-14,144,049	-8,839,682	-43,923,904
Cash From Operations	-35,800,000	-14,811,000	-5,903,532	-12,012,873	-10,856,203	-9,272,856	-7,556,177	-5,499,461	-12,140,517	-15,871,300
Capex	n/a	n/a	n/a	-2,323	-5,252	-3,490	-3,574	-7,595	-4,537	-2,884
Free Cash Flow	n/a	n/a	n/a	-12,015,196	-10,861,455	-9,276,346	-7,559,751	-5,507,056	-12,145,054	-15,874,184
Cash And Equivalents	97,600,000	94,900,000	9,800,000	2,123,682	5,583,922	6,250,241	4,905,993	12,367,321	1,604,810	9,995,955
Accounts Receivable	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	50,171	72,599
Inventory	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	104,227,000	96,686,000	11,683,510	3,208,465	5,689,000	6,795,506	6,180,829	13,320,240	8,062,893	13,628,175
Total Assets	104,227,000	96,686,000	11,684,627	3,404,709	5,992,235	6,868,691	6,365,271	13,337,200	9,890,701	23,340,175
Total Current Liabilities	7,156,000	4,693,000	3,586,520	1,847,772	1,563,978	2,118,963	2,532,395	1,565,669	1,008,840	6,199,237
Total Liabilities	7,156,000	4,693,000	3,586,520	1,911,968	1,747,567	2,243,129	2,592,774	1,565,669	1,008,840	6,199,237
Shareholders Equity	97,071,000	91,993,000	8,098,107	1,492,741	4,244,668	4,625,562	3,772,497	11,771,531	8,881,861	17,140,938
Shares Outstanding	17,197,613	3,970,385	298,281	28,648	15,754	9,356	4,755	3,847	45	879
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	39,217,244	15,271,705	248,447	n/a	12,861	6,479	3,872	978	44	879
Weighted Avg Shares Basic	39,217,244	15,271,705	248,447	n/a	12,861	6,479	3,872	978	44	879
Net Share Count Change (Normalized)	57.7%	0.4%	0.0%	52.9%	0.0%	87.2%	77.8%	5272.1%	-95.0%	Insufficient evidence
Ownership Claim Change (Normalized)	-36.6%	-0.4%	-0.0%	-34.6%	-0.0%	-46.6%	-43.8%	-98.1%	1891.7%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	0	0	0	0	0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating Income	-16,573,000	-16,449,000	-16,806,000	-11,792,000	-11,338,000	-23,876,576	4,618,881	3,672,021	-3,908,326	3,340,937	2,117,379	1,236,160	1,539,465	-19,550,662	2,917,488	2,861,892	2,718,639	3,211,789	3,802,290	1,964,500
Net Income	-15,716,000	-15,540,000	-15,804,000	-10,847,000	-10,408,000	-28,936,982	3,960,469	3,575,673	3,798,840	5,438,276	1,971,975	-1,106,338	1,406,760	-14,103,917	2,916,537	2,861,021	-2,721,536	-61,738,162	3,798,648	1,717,016
Cash From Operations	-9,309,000	-13,415,000	-9,155,000	-6,263,000	-6,967,000	-3,527,033	-3,087,298	-3,030,669	-5,166,000	-1,174,540	-2,081,154	-922,966	-1,724,872	-2,313,082	-3,330,905	-3,431,209	-2,937,677	-2,768,455	-3,021,509	-1,845,098
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-1,602	-1,241	4,000	0	0	-6,323	-1,698	-1,679	-1,875
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-924,568	-1,726,113	-2,309,082	-3,330,905	-3,431,209	-2,944,000	-2,770,153	-3,023,188	-1,846,973
Cash And Equivalents	118,800,000	97,600,000	99,400,000	105,500,000	111,400,000	94,900,000	98,310,918	9,384,015	12,549,475	9,800,000	11,141,136	13,393,573	14,414,844	2,123,682	3,806,399	7,229,179	2,868,684	5,583,922	8,354,075	1,671,422
Total Current Assets	123,178,000	104,227,000	102,810,000	105,857,000	112,059,000	96,686,000	99,783,628	10,615,792	14,459,147	11,683,510	11,883,086	14,038,707	15,264,825	3,208,465	4,513,593	8,101,542	3,455,671	5,689,000	8,583,227	2,532,227
Total Liabilities	8,486,000	7,156,000	6,599,000	2,527,000	2,768,000	4,693,000	2,561,690	1,740,837	2,030,579	3,586,520	602,214	823,841	989,301	1,911,968	785,169	1,571,681	2,131,418	1,747,567	1,672,951	1,414,049
Shares Outstanding	26,525,159	17,197,613	6,243,575	4,562,500	4,148,495	3,970,385	3,408,906	1,958,245	1,958,245	298,281	298,280	298,280	272,218	28,648	18,738	15,754	15,754	15,754	15,754	15,751
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	45,226,328	40,917,109	39,741,404	39,572,177	36,584,920	36,450,836	21,161,143	1,958,245	1,219,139	248,447	n/a	n/a	n/a	n/a	n/a	n/a	n/a	15,754	15,751	10,761
Weighted Avg Shares Basic	45,226,328	40,917,109	39,741,404	39,572,177	36,584,920	36,450,836	21,161,143	1,958,245	1,219,139	248,447	n/a	n/a	n/a	n/a	n/a	n/a	n/a	15,754	15,751	10,761
Net Share Count Change (Normalized)	160.6%	57.7%	42.4%	4.5%	16.1%	0.4%	74.1%	0.0%	556.5%	0.0%	0.0%	9.6%	850.2%	52.9%	18.9%	0.0%	0.0%	0.0%	-0.0%	99.8%
Ownership Claim Change (Normalized)	-61.6%	-36.6%	-29.8%	-4.3%	-13.8%	-0.4%	-42.6%	0.0%	-84.8%	-0.0%	0.0%	-8.7%	-89.5%	-34.6%	-15.9%	0.0%	0.0%	-0.0%	0.0%	-49.9%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	123,178,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0000034956/companyfacts.json Data Vault \| sec/companyfacts/cik=0000034956/companyfacts.json
Total Liabilities	8,486,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0000034956/companyfacts.json Data Vault \| sec/companyfacts/cik=0000034956/companyfacts.json
Cash	118,800,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0000034956/companyfacts.json Data Vault \| sec/companyfacts/cik=0000034956/companyfacts.json
Shares Outstanding	26,525,159	dei:EntityCommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0000034956/companyfacts.json Data Vault \| sec/companyfacts/cik=0000034956/companyfacts.json
NCAV	114,692,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	4.32USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	61.9%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0000034956
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0000034956/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0000034956/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 26
Imported At: 2026-08-15T12:52:54+00:00
Rendered At: 2026-08-16T03:30:06+00:00

Run Audit

Mary Run: 63eb9cbe01c34796bb5a9e8d156e6111
Mary As Of: 2026-08-15
Accession: 0001193125-26-219383
CIK: 0000034956
Mary Filing Date: 2026-05-12
Filing Currency: USD
Internal Discount: 61.9%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=63eb9cbe01c34796bb5a9e8d156e6111; mary_as_of=2026-08-15; mary_filing_date=2026-05-12; mary_accession=0001193125-26-219383; mary_cik=0000034956; gnni_supporting_filing_date=2026-05-12; internal_discount=0.619015; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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