MeritValue

TENAX THERAPEUTICS, INC.

TENXdata completeness 75%15 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

TENAX THERAPEUTICS, INC. earns about -39% on equity, but has diluted owners by 3012% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue———$01$02
Net income−$32.5M3$11M4−$7.71M5−$17.6M6−$52.6M6
Operating cash flow−$10.9M7−$11.4M8−$5.9M9−$14.8M10−$35.8M10
Capital expenditure$5,25211$2,32311———
Free cash flow (derived)−$10.9M7−$11.4M8———
Total debt—————
Cash & equivalents$5.58M12$2.12M12$9.8M13$94.9M14$97.6M14
Diluted shares1.3M28,648248,44715.3M39.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$24.75
your share of equity
Profit it earned you last year
−$13.41
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $24.75 of net worth that earned you −$13.41 last year.

iii. Is this a good business?
Moat signal · return on equity
-39% avg · 5y
FY21 -765%FY22 740%FY23 -95%FY24 -19%FY25 -54%

It earned an average -39% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3012% shares · 5y

Share count is up 3012% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0000950170-25-044398 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-12-31 · accession 0001193125-26-099393 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001654954-23-003945 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001654954-24-003827 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-044398 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-099393 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001654954-23-003945 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001654954-24-003827 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-044398 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-099393 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001654954-23-003945 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001654954-23-003945 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-044398 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-099393 (CashAndCashEquivalentsAtCarryingValue)