Chris Giordano, Tenax Therapeutics CEO

Trou­bled times: With its back against the wall, lit­tle Tenax sends out an SOS while IMV takes out the bud­get axe, chops staff

The tal­ly of re­struc­tur­ings in biotech con­tin­ued to go up to­day with news from two small play­ers that are in fi­nan­cial hot wa­ter.

Tenax Ther­a­peu­tics may be down to its fi­nal cri­sis.

Af­ter years of spikes and plunges, the share price has long been flat­lined in pen­ny stock ter­ri­to­ry. And with dwin­dling cash and a “go­ing con­cern” alert in its SEC fil­ings, the ex­ec­u­tive crew is do­ing what it can to see about set­ting up a deal of some kind — and every­thing, in­clud­ing a sale, is on the ta­ble.

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