SCHEDULE: Biotech Fund Discloses Stake in Tenax Therapeutics

Biotechnology Value Fund and associated entities have disclosed a significant beneficial ownership stake of 9.99% in Tenax Therapeutics, Inc., primarily through pre-funded warrants and warrants.

Summary

• Several entities affiliated with Biotechnology Value Fund (BVF) and Mark N. Lampert have filed a Schedule 13G, indicating a beneficial ownership of approximately 9.99% in Tenax Therapeutics, Inc. as of June 30, 2026.
• The ownership is primarily held through pre-funded warrants and warrants, with specific limitations on exercise due to beneficial ownership caps (9.99%).
• As of June 30, 2026, BVF beneficially owned 2,966,661 shares (9.5%), BVF2 beneficially owned 141,570 shares (<1%), and Trading Fund OS beneficially owned 7 shares (<1%).
• Aggregate beneficial ownership for BVF GP Holdings LLC was approximately 9.98%, and for Partners, BVF Inc., and Mark N. Lampert was approximately 9.99%.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as neutral to slightly positive, reflecting a significant but controlled stake in Tenax Therapeutics, Inc. without immediate aggressive action.

Positives

• The filing indicates a substantial investment by a known biotechnology-focused fund, which could signal confidence in Tenax Therapeutics' pipeline or strategy.
• The reporting persons hold pre-funded warrants and warrants, providing potential for future share acquisition and increased stake if conditions are met.

Negatives

• The exercise of warrants and pre-funded warrants is subject to a 9.99% beneficial ownership blocker, limiting immediate full conversion into shares.
• As of June 30, 2026, none of the regular warrants held by the reporting persons were exercisable due to the Warrants Blocker.

Risks

• The Pre-Funded Warrants Blocker and Warrants Blocker limit the ability to exercise warrants if beneficial ownership exceeds 9.99% of outstanding shares.
• The expiration of Warrants is tied to the Topline Data Announcement of the Phase 3 LEVEL trial, introducing a time-sensitive element to their potential exercise.

Future Outlook

The future outlook is tied to the exercise of warrants and pre-funded warrants, which is contingent on the Pre-Funded Warrants Blocker and Warrants Blocker limitations. The expiration of the Warrants is also linked to the Topline Data Announcement of the Phase 3 LEVEL trial.

Industry Context

StockSavvy.ai notes that significant stakes held by specialized investment funds like Biotechnology Value Fund often indicate a belief in the potential of early-stage or development-stage biotechnology companies. The use of warrants and pre-funded warrants is a common strategy for such funds to gain exposure while managing capital deployment and potential dilution.

Stakeholder Impact

• Shareholders: The increased potential for share dilution exists if warrants and pre-funded warrants are exercised, though the 9.99% blocker limits immediate large-scale conversion.
• Management: The significant stake held by BVF and its affiliates may influence strategic decisions or board composition discussions.

Next Steps

• The reporting persons may exercise their pre-funded warrants and warrants, subject to the 9.99% ownership limitations.
• The expiration of the Warrants is dependent on the timing of the Topline Data Announcement for the Phase 3 LEVEL trial.

Key Dates

Keywords

Tenax Therapeutics, Schedule 13G, Biotechnology Value Fund, Beneficial Ownership, Warrants, Pre-funded Warrants, Mark N. Lampert, Investment