X0202 SCHEDULE 13G 0001496201 XXXXXXXX LIVE Common Stock, par value $0.0001 per share 08/17/2026 0000034956 Tenax Therapeutics, Inc. 88032L605 101 Glen Lennox Drive, Suite 300 Chapel Hill NC 27517 Rule 13d-1(c) Sphera Funds Management Ltd. b L3 0.00 1993496.00 0.00 1993496.00 1993496.00 N 5.33 CO Percentage reported in Item 11 is based on 37,423,917 shares of Common Stock outstanding as of July 28, 2026 (as provided by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on July 31, 2026). Sphera Global Healthcare GP Ltd. b L3 0.00 1993496.00 0.00 1993496.00 1993496.00 N 5.33 CO Percentage reported in Item 11 is based on 37,423,917 shares of Common Stock outstanding as of July 28, 2026 (as provided by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on July 31, 2026). Sphera Global Healthcare Management LP b L3 0.00 1993496.00 0.00 1993496.00 1993496.00 N 5.33 PN Percentage reported in Item 11 is based on 37,423,917 shares of Common Stock outstanding as of July 28, 2026 (as provided by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on July 31, 2026). Tenax Therapeutics, Inc. 101 Glen Lennox Drive, Suite 300, Chapel Hill, North Carolina, 27517 Sphera Funds Management Ltd. Sphera Global Healthcare GP Ltd. Sphera Global Healthcare Management LP Address of the Principal Business Office of each of the reporting persons is: 4 Itzhak Sade, Building A, 29th Floor, Tel Aviv 6777504, Israel Each of the reporting person is organized under the laws of the State of Israel Y Incorporated by reference to Item 9 of the cover page of each reporting person. The securities reported herein by Sphera Funds Management Ltd., Sphera Global Healthcare GP Ltd. and Sphera Global Healthcare Management LP are beneficially owned as follows: (1) 174,375 Shares of Common Stock, which represent a total of 0.47% of the total Shares of Common Stock outstanding, are held directly by Sphera Global Healthcare Master Fund, which has delegated its investment management authority to Sphera Global Healthcare Management LP (the "Management Company"). (2) 1,819,121 Shares of Common Stock, which represent a total of 4.86% of the total Shares of Common Stock outstanding, are held directly by Sphera Biotech Master Fund, L.P., which has delegated its investment management authority to the Management Company. The Management Company is managed, controlled and operated by its general partner, Sphera Global Healthcare GP Ltd., the shares of which are owned 90% by Sphera Funds Management Ltd. This Statement shall not be construed as an admission by any of the reporting persons that it is the beneficial owner of any of the securities covered by this statement, and each reporting person disclaims beneficial ownership of any such securities. In addition, the reporting persons and other entities named in this Schedule 13G may be deemed to constitute a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that a group exists for purposes of Section 13(d) of the Securities Exchange Act of 1934 or for any other purpose, and each of the reporting persons and other entities named in this Schedule 13G disclaims the existence of any such group. Incorporated by reference to Item 11 of the cover page for each reporting person. Percentage reported in Item 11 for each reporting person is based on 37,423,917 shares of Common Stock outstanding as of July 28, 2026, (as provided by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on July 31, 2026). Incorporated by reference to Item 5 of the cover page for each reporting person. Incorporated by reference to Item 6 of the cover page for each reporting person. Incorporated by reference to Item 7 of the cover page for each reporting person. Incorporated by reference to Item 8 of the cover page for each reporting person. Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. Exhibit 1: Joint Filing Agreement by and among the reporting persons Sphera Funds Management Ltd. /s/ Adi Hanetz 08/27/2026 Sphera Global Healthcare GP Ltd. /s/ Adi Hanetz 08/27/2026 Sphera Global Healthcare Management LP /s/ Adi Hanetz 08/27/2026