TENX Stock Hub: Tenax Therapeutics, Oral Levosimendan and the August 2026 Phase 3 Moment

Executive summary

Tenax Therapeutics is a Phase 3 development-stage biotech focused on cardiopulmonary disease. Its lead asset is TNX-103, an oral formulation of levosimendan being developed for PH-HFpEF. The investment story is unusually concentrated: one prioritized asset, one primary disease thesis, one major near-term readout, and one larger second Phase 3 study designed to support the broader regulatory package.

The bullish case is easy to understand. PH-HFpEF is a serious condition with high morbidity, a meaningful patient population and no approved product specifically for the indication. Levosimendan has a known pharmacologic history outside the United States in acute cardiac settings, and the earlier HELP study showed a statistically significant improvement in six-minute walk distance compared with placebo. Tenax has now completed randomization of more than 230 patients in LEVEL, previously reported that a blinded sample size re-estimation showed the study was powered at well over 90% to detect a 25-meter change in six-minute walk distance, and expects topline data in August 2026.

The bear case is just as direct. TENX remains a clinical-stage, loss-making biotech with no product revenue. The August readout is binary. Six-minute walk distance is clinically interpretable but can be noisy. The Phase 2 HELP trial was small, used an intravenous regimen, and did not hit its original invasive hemodynamic primary endpoint, even though it showed a meaningful 6MWD signal. TNX-103 is oral, the Phase 3 population is larger, and the regulatory bar will not be satisfied by market enthusiasm. The data must stand on their own.

The capital position is better than many small-cap biotech stories heading into a pivotal readout. Tenax reported $118.8 million in cash and cash equivalents as of March 31, 2026 and stated that cash and cash equivalents, together with additional post-quarter warrant-exercise cash, are expected to fund operations through at least the first quarter of 2028. That materially reduces near-term financing pressure. At the same time, the company has a complex equity history, a meaningful pre-funded warrant base, ordinary warrants, options and an effective universal shelf registration that could be used for future financing. The stock should therefore be analyzed on a common-equivalent basis, not only on basic shares outstanding.

Fast snapshot

Latest material updates

The most important update is the July 2, 2026 announcement that LEVEL data will be presented at ESC Congress 2026 as late-breaking clinical science. This turns the catalyst from a general third-quarter event into a more visible August data window, with a scheduled scientific presentation on August 29, 2026.

A second important update came through the June 30, 2026 Form 8-K. Tenax disclosed that Orion exercised its option to act as the primary supplier of orally administered levosimendan product for development and, if approved, commercial purposes. Tenax and Orion entered into a supply agreement on June 29, 2026 governing manufacture and supply of the oral product, including forecasting, ordering, delivery, quality, pricing, non-conforming product provisions and certain alternative manufacturing rights. The agreement also includes cost-sharing provisions related to scaling up Orion’s manufacturing capabilities.

At the same time, Tenax and Orion entered into a sixth amendment to the license agreement. The amendment extends to December 31, 2035 the date by which U.S. regulatory approval for the product must be obtained in order to avoid the effectiveness of a termination right based on failure to achieve that milestone. That is not a clinical de-risking event. It does not say the drug will work. But it improves the contractual runway around the asset and reduces one avoidable licensing-clock issue while the Phase 3 program continues.

Why TENX matters now

TENX matters now because the story has moved from long-duration biotech optionality into a defined data window. Earlier in a small biotech cycle, investors are often asked to underwrite years of enrollment risk, financing risk and uncertain catalyst timing. Tenax is now in a different phase. LEVEL randomization has been completed. The company has submitted an abstract in anticipation of initial data analysis. The topline window has been narrowed to August 2026. The ESC late-breaking presentation is already scheduled.

That does not eliminate risk. It concentrates it. The stock is now less about whether Tenax can keep a Phase 3 program alive and more about whether the first registrational study can generate a readout strong enough to support the broader regulatory path. This is exactly the kind of setup that can attract biotech event traders: a finite date range, a clear endpoint, a disease with unmet need, prior supportive signal, specialist visibility and a company that has already funded itself beyond the immediate catalyst.

However, it is also the kind of setup that can punish sloppy interpretation. A Phase 3 cardiopulmonary readout is not a meme event. The market will not only read the headline p-value. It will parse the magnitude of the 6MWD benefit, consistency across timepoints, missing data, discontinuations, subgroup behavior, safety, tolerability, adverse events, arrhythmia signals, hypotension risk, open-label extension participation, and management commentary about the FDA path.

Company overview

Tenax Therapeutics is headquartered in Chapel Hill, North Carolina. The company describes itself as a Phase 3, development-stage pharmaceutical company using clinical insights to develop novel cardiopulmonary therapies. The current corporate identity is built almost entirely around levosimendan, with TNX-103 as the practical lead program.

Levosimendan is not a brand-new molecule. It has a long history in acute cardiac care outside the United States, where intravenous levosimendan has been authorized in many countries for hospitalized patients with acutely decompensated heart failure. Tenax’s strategy is different: the company is attempting to develop an oral formulation for chronic use in PH-HFpEF, a disease state where existing treatment options do not directly solve the pulmonary vascular and venous congestion problem that defines the condition.

This gives TENX a somewhat unusual profile. It is not a typical early-stage platform biotech selling investors on a broad discovery engine. It is also not a commercial-stage biotech with diversified revenue. It is a focused clinical execution story built around repurposing, reformulating and clinically validating a known pharmacologic mechanism in a disease where the unmet need is large and the regulatory evidence base is limited.

Pipeline snapshot

The key point is simple: investors should not treat Tenax as a diversified biotech pipeline. The current stock thesis is overwhelmingly dependent on the levosimendan PH-HFpEF program. That concentration can create upside if data are strong, but it also means the downside from weak data is not buffered by multiple independent late-stage assets.

The disease: PH-HFpEF

PH-HFpEF stands for pulmonary hypertension associated with heart failure with preserved ejection fraction. In plain English, this is a condition where patients have heart failure symptoms even though the heart’s pumping fraction is preserved, while pressure backs up into the pulmonary circulation. Patients may experience shortness of breath, exercise intolerance, congestion, reduced functional capacity and repeated clinical worsening events.

The disease is difficult because it sits between cardiology and pulmonary vascular medicine. It is not classic pulmonary arterial hypertension. It is related to left-sided heart disease and abnormal filling pressures. That matters because drugs that work in pulmonary arterial hypertension cannot simply be assumed to work in PH-HFpEF. The history of pulmonary hypertension associated with left heart disease includes several failed or mixed attempts to apply pulmonary vasodilator logic to a more complex hemodynamic problem.

Tenax’s thesis is that levosimendan may work through a different angle. Rather than only thinking about pulmonary arterial vasodilation, the company emphasizes venous tone, splanchnic circulation, volume distribution, pulmonary pressures and exercise hemodynamics. The biological idea is that reducing excessive stressed blood volume and improving hemodynamic efficiency may allow patients to walk farther and tolerate exertion better.

TNX-103: what oral levosimendan is trying to do

TNX-103 is Tenax’s oral formulation of levosimendan. Mechanistically, levosimendan is generally described as a calcium sensitizer and potassium-ATP channel activator. In the cardiopulmonary context, the company presents the drug as a potential way to improve venous tone, reduce volume overload and lower pulmonary pressures in PH-HFpEF patients.

The formulation matters. Earlier clinical work with levosimendan in PH-HFpEF used intravenous administration. Tenax is now trying to validate an oral formulation suitable for chronic treatment. That transition from IV signal to oral Phase 3 outcome is one of the central scientific and clinical questions in the stock.

If oral levosimendan works, the commercial logic could be meaningful. A chronic oral therapy for a disease with no approved product specifically for PH-HFpEF would be easier to imagine in practice than an intermittent infusion strategy. It could be used by cardiologists and pulmonary hypertension specialists in a patient group that currently has few disease-specific options. But the word “if” is doing heavy lifting. The formulation, exposure, dose, tolerability and endpoint performance all need to line up.

What the drug has to prove

• Efficacy: improvement in six-minute walk distance versus placebo, with a magnitude that looks clinically meaningful rather than merely statistically convenient.
• Consistency: a pattern across visits, subgroups and sensitivity analyses that supports a real treatment effect.
• Safety: no unacceptable signal around hypotension, arrhythmias, tolerability, discontinuations or other cardiopulmonary adverse events.
• Regulatory usability: data that can be integrated with LEVEL-2 and long-term exposure requirements into a credible approval package.

The HELP trial: supportive, but not definitive

The earlier HELP trial is the reason TENX is credible enough to attract attention before the Phase 3 data. In HELP, levosimendan treatment produced a 29.3-meter improvement in six-minute walk distance compared with placebo, with a reported p-value of 0.033. That is an important signal because six-minute walk distance is the same functional domain being tested in the Phase 3 program.

Still, the HELP trial should not be oversold. It was small. It used intravenous levosimendan. It did not significantly reduce the original primary endpoint of exercise pulmonary capillary wedge pressure at six weeks. The positive part of the study was the broader hemodynamic and functional signal, especially the 6MWD improvement. For investors, HELP is best understood as a mechanistic and clinical signal strong enough to justify Phase 3, not as proof that LEVEL will succeed.

This nuance is important. The bull case is not fiction, but it is not guaranteed. The company has a rational Phase 3 foundation. The market will soon learn whether that foundation is strong enough.

The Phase 3 program: LEVEL and LEVEL-2

Tenax is not running a one-study academic experiment. The company is building a registrational program around two Phase 3 studies: LEVEL and LEVEL-2. LEVEL is the near-term catalyst. LEVEL-2 is the larger global study that is expected to provide broader confirmation and safety exposure.

LEVEL

LEVEL is a registrational Phase 3, randomized, double-blind, placebo-controlled study evaluating TNX-103 in PH-HFpEF patients in the United States and Canada. The treatment duration is 12 weeks. The primary endpoint is change in six-minute walk distance from baseline to Week 12. Enrollment of more than 230 patients was completed in March 2026.

The December 2025 blinded sample size re-estimation is one of the most important pre-readout details. Tenax reported that the prespecified BSSR demonstrated the study was powered at well over 90% to detect a 25-meter change in six-minute walk distance. That does not reveal efficacy. It does not unblind the trial. But it suggests that the observed variability did not force the company into a larger or delayed trial design, and it supports the statistical setup heading into data.

LEVEL-2

LEVEL-2 is the second registrational study of TNX-103 in PH-HFpEF. It is global, double-blind, randomized and placebo-controlled. Tenax has disclosed that LEVEL-2 is ongoing, with a 26-week treatment duration and enrollment completion anticipated by the end of 2027. The primary efficacy concept remains functional improvement measured through six-minute walk distance, with additional safety and clinical-context data expected to matter for regulators.

LEVEL-2 matters because even a positive LEVEL readout may not automatically complete the regulatory story. The FDA and other regulators will need a full package. Safety exposure is especially relevant for a chronic cardiopulmonary therapy. The second study gives Tenax a route to confirm the treatment effect, deepen the safety database and support a potential future application if the program remains positive.

The July 2026 update: why the ESC announcement matters

On July 2, 2026, Tenax announced that LEVEL results will be presented in a Late-Breaking Clinical Science session at ESC Congress 2026. The company also said it expects to report topline data in August 2026 and is proceeding toward database lock and statistical analysis.

For a biotech catalyst stock, this announcement matters for three reasons. First, it narrows the timeline. Investors no longer need to frame LEVEL as a vague third-quarter event. Second, it gives the readout a high-profile medical venue. ESC is a major cardiology congress, and a late-breaking session can increase visibility if the data are meaningful. Third, it confirms that the company is close enough to the analysis stage to begin preparing scientific communication around the result.

That said, the announcement is not the result. A late-breaking presentation is a venue, not an approval. An abstract submission is not a guarantee of positive data. The market may treat the calendarization as constructive, but the only thing that ultimately matters is the actual topline package.

What the August data must show

The headline result will likely focus on the primary endpoint: change in six-minute walk distance from baseline to Week 12. But the market will judge the data on more than a single line. A clean result would ideally show statistical significance, clinically meaningful magnitude, consistency across analyses and an acceptable safety profile.

The 25-meter threshold referenced in the blinded sample size re-estimation will be watched carefully. Tenax said the study was powered at well over 90% to detect a 25-meter change in 6MWD. The earlier HELP trial showed a 29.3-meter improvement versus placebo. If LEVEL lands near or above that zone with a clean p-value and manageable safety, the stock narrative could change materially. If the result is statistically positive but small, mixed or burdened by safety issues, the reaction may be more complicated.

The most bullish version of the readout would not simply be “p-value positive.” It would show a treatment effect that physicians can understand, regulators can review, and investors can model as commercially meaningful.

Regulatory path: promising setup, incomplete package

Tenax’s regulatory story begins with the FDA clearance of the IND for oral levosimendan in PH-HFpEF, which enabled the company to proceed with the Phase 3 program. LEVEL is described as registrational. LEVEL-2 is described as the second registrational study. The company has also discussed safety exposure requirements across its program, including long-term open-label extension components.

This means a positive LEVEL readout could be highly important, but it should not be confused with immediate approval. In many biotech trades, the first positive Phase 3 trial starts a new debate rather than ending the debate. The next questions would include whether regulators require completion of LEVEL-2 before submission, whether the total safety database is sufficient, whether the effect size is robust enough, and whether the benefit-risk profile supports chronic use.

For investors, the key distinction is between program validation and regulatory completion. LEVEL can validate the thesis if positive. LEVEL-2 may still be needed to complete the broader evidence package. This is why TENX can remain reportable after August even in a positive scenario: the stock would likely transition from “does it work?” to “how big, how safe, how fast, and how fundable is the approval path?”

Financial position

Tenax entered the catalyst window with a much stronger cash position than many clinical-stage biotech peers. For the first quarter of 2026, the company reported cash and cash equivalents of $118.8 million as of March 31, 2026. Management stated that warrant exercises during and after the quarter helped extend the runway and that available capital is expected to fund operations through at least the first quarter of 2028.

Operating expenses are rising because the company is advancing two Phase 3 studies. R&D expense was $11.5 million in Q1 2026, up from $5.7 million in Q1 2025, primarily because of increased clinical and preclinical development costs associated with LEVEL and LEVEL-2. General and administrative expense was $5.0 million in Q1 2026, compared with $5.7 million in Q1 2025. Net loss was $15.7 million for Q1 2026, compared with $10.4 million in Q1 2025.

The reported cash runway reduces the immediate risk of an emergency financing before the August catalyst. That is important. It means the company does not appear forced to raise capital into the data window purely for survival. But it does not eliminate future financing risk. If LEVEL is positive, the company may choose to raise from strength to fund LEVEL-2, regulatory work, manufacturing readiness and commercial preparation. If LEVEL is negative, financing risk becomes harder because the asset thesis would be impaired.

Capital structure and dilution risk

The biggest trap in reading TENX quickly is looking only at basic shares outstanding. Tenax has common shares outstanding, pre-funded warrants, ordinary warrants and employee/director options. For a biotech with this kind of financing history, common-equivalent analysis is essential.

As of March 31, 2026, Tenax reported 24,275,500 common shares issued and outstanding. It also reported 24,566,607 pre-funded warrants outstanding with a $0.01 weighted-average exercise price. Because pre-funded warrants are effectively near-common equity once exercised, they should be considered when thinking about economic ownership and market capitalization on a fully converted basis.

The company also reported 10,472,699 ordinary warrants outstanding with a weighted-average exercise price of $6.23, and 7,874,932 options outstanding with a weighted-average exercise price of $7.34. At stock prices above those averages, a large portion of this overhang is economically relevant, although exact exercise behavior depends on holder decisions, contractual details and market conditions.

This is not automatically negative. Warrant exercises helped improve the cash position in Q1 2026. The company received $30.5 million from the exercise of warrants and pre-funded warrants during the quarter. That is the dual nature of biotech dilution: it expands the share base, but it can also strengthen the balance sheet and reduce going-concern pressure. For TENX, the cash runway improvement is real, but investors still need to model ownership on a broader base than basic shares alone.

Intellectual property, Orion license and manufacturing supply

Tenax’s levosimendan strategy depends on both patent protection and its license relationship with Orion Corporation. According to Tenax’s SEC filings, the company has license rights connected to levosimendan formulations and has expanded its rights over time, including rights related to oral levosimendan and other formulations for PH-HFpEF.

The Orion relationship also includes economics. Tenax’s filings describe regulatory and commercial milestone obligations, including a $10.0 million milestone due to Orion upon FDA approval of a levosimendan-based product, as well as other potential commercial milestones and royalties based on sales. These obligations are normal in licensed-drug development, but they should be included in any long-term modeling of economics if the program succeeds.

The June 2026 supply agreement is strategically relevant because it gives more structure to the manufacturing side of the oral levosimendan program. Orion will act as the primary supplier of orally administered levosimendan product for development and, if approved, commercial purposes. The agreement includes operational terms around forecasting, ordering, delivery, quality, pricing, non-conforming product provisions and certain alternative manufacturing rights. It also includes cost-sharing provisions related to scaling up Orion’s manufacturing capabilities.

The sixth amendment to the license agreement extends the U.S. regulatory approval milestone deadline to December 31, 2035. In practical terms, this gives Tenax more contractual runway around the levosimendan program. It should not be treated as clinical validation, but it is relevant to the asset’s long-term control and development flexibility.

Management and execution

Biotech catalyst stories often focus so heavily on the molecule that they ignore execution. In TENX, execution matters because the company is trying to run a global late-stage cardiopulmonary program with a small-company infrastructure. Enrollment, site activation, database lock, statistical analysis, safety monitoring, manufacturing planning and future regulatory interaction all require discipline.

The company has made commercial and financial leadership additions ahead of the potential data and regulatory transition. Tenax announced Thomas R. Staab as Chief Financial Officer in April 2026 and Timothy Healey as Chief Commercial Officer in May 2026. The timing is notable. If LEVEL is positive, Tenax will need to move quickly from a pure clinical-development identity toward regulatory planning, payer preparation, medical affairs and launch-readiness thinking. If LEVEL is negative, the commercial infrastructure becomes less relevant and cost discipline becomes more important.

The most important execution checkpoint now is clean delivery of the August readout. A small biotech can create value by being transparent, precise and disciplined with data communication. It can also damage credibility by overpromising, hiding complexity or presenting a messy dataset too aggressively. The late-breaking ESC slot increases visibility; it also increases scrutiny.

Analyst coverage and retail sentiment

TENX has attracted outside attention as the Phase 3 catalyst has moved closer, but this stock hub does not rely on analyst price targets as proof of value. Analyst opinions can help frame how some market participants model the opportunity, but they cannot predict blinded Phase 3 data and should not be treated as clinical evidence.

Retail sentiment is also catalyst-driven. On trader-focused platforms, discussion tends to revolve around the August readout, the prior HELP signal, the 25-meter powering assumption, cash runway, warrants and the possibility of a sharp re-rating if LEVEL is positive. That kind of sentiment can help volume and attention, but it can also amplify volatility. Retail enthusiasm does not reduce clinical risk.

Catalyst calendar

Bull case

The bull case starts with the disease. PH-HFpEF is a real unmet-need market. Patients are sick, treatment options are limited, and physicians need tools that improve function and quality of life. A chronic oral therapy that improves six-minute walk distance and has acceptable safety could become a meaningful specialty cardiopulmonary product.

The second part of the bull case is the prior signal. HELP was not perfect, but the 6MWD improvement was meaningful and statistically significant. Tenax then designed a Phase 3 program around the functional endpoint and reported that the blinded sample size re-estimation supported strong powering for a 25-meter effect. This gives investors a rational bridge from earlier data to the Phase 3 thesis.

The third part is the balance sheet. Tenax is not going into August with only a few months of cash. The reported runway through at least Q1 2028 gives the company a better negotiating position and reduces the immediate risk of a desperate financing before the readout. If LEVEL is positive, the company may still raise capital, but it could potentially do so from strength rather than weakness.

The fourth part is execution readiness. The Orion supply agreement and license amendment do not prove clinical success, but they reduce certain manufacturing and contractual uncertainties around the asset. In a positive-data scenario, those details could matter because investors would immediately shift attention from “does it work?” to “can it be developed, supplied, filed and ultimately commercialized?”

Bear case

The bear case starts with clinical uncertainty. The earlier HELP signal was generated in a small trial and with IV levosimendan. LEVEL is larger, oral and registrational. The drug may fail to reproduce the effect. The placebo group may perform better than expected. Variability in six-minute walk distance may dilute the signal. Missing data may complicate interpretation. Safety may create a benefit-risk problem.

The second bear argument is that even a positive readout may not be enough. If the result is modest, regulators may require more evidence. If LEVEL-2 is necessary before a filing, investors may face a longer road than a simple August win implies. A positive first Phase 3 can still leave years of development, spending and execution ahead.

The third bear argument is dilution and common-equivalent overhang. Tenax has improved its cash position through financings and warrant exercises, but the share base is more complex than basic shares alone. If the stock rises into or after data, additional warrant exercises or future capital raises can change ownership math. The effective shelf registration gives the company flexibility, but that flexibility can become dilution if used aggressively.

The fourth bear argument is single-asset concentration. TNX-201 is not currently the active value driver. If TNX-103 fails or becomes commercially less compelling, the company has limited near-term fallback value.

Scenario map

Key red flags

• Binary readout risk: the August 2026 LEVEL topline result is the dominant near-term event.
• Small prior study: HELP supports the thesis, but it was not a large Phase 3 trial and used IV levosimendan.
• Endpoint risk: six-minute walk distance can be clinically meaningful but also variable and sensitive to trial conduct.
• Safety risk: chronic use in cardiopulmonary patients requires careful monitoring for hypotension, arrhythmias, tolerability and serious adverse events.
• Regulatory uncertainty: a single positive study may not be enough for approval without LEVEL-2 and adequate safety exposure.
• Capital-structure complexity: pre-funded warrants, ordinary warrants and options make basic share count an incomplete picture.
• Shelf / future financing risk: the company has an effective universal shelf that may support future capital needs, but potential issuance could be dilutive.
• Single-asset dependence: the current company value is highly dependent on TNX-103 in PH-HFpEF.
• Commercial uncertainty: even if approved, pricing, adoption, payer acceptance and specialist uptake must be proven.

What would make TENX more interesting after August?

A strong Phase 3 readout would not be the end of the story. It would be the start of a new one. The best post-readout version of TENX would include a clean primary endpoint win, transparent data disclosure, supportive secondary outcomes, acceptable safety, clear commentary from cardiology specialists, and a regulatory plan that explains how LEVEL and LEVEL-2 fit into the approval strategy.

Management would also need to show discipline around financing. If the stock re-rates, a capital raise may be logical, especially with LEVEL-2 still ongoing. But the terms, size and timing would matter. Raising capital after de-risking can be smart. Raising too aggressively can cap upside and frustrate shareholders. This is a classic biotech balancing act.

Finally, the market would need to understand the commercial opportunity. A positive Phase 3 study in a no-approved-therapy setting can attract attention, but investors will ask about diagnosis, eligible patient identification, prescribing specialists, treatment duration, monitoring requirements, payer barriers and how Tenax would build or partner the commercial infrastructure.

Bottom line

TENX is one of the cleaner biotech catalyst setups on the calendar because the story is now simple to track: oral levosimendan, PH-HFpEF, LEVEL Phase 3, topline expected in August 2026, late-breaking ESC presentation on August 29, 2026. That clarity is valuable.

But clean does not mean safe. This remains a high-risk, development-stage biotech centered on a single clinical thesis. The prior HELP data give the story a rational foundation, and the company’s current cash runway reduces immediate financing pressure. The new Orion supply and license updates add useful contractual and manufacturing context. Yet the first Phase 3 readout must validate the thesis in a larger, oral, registrational setting. If it does, TENX could become a much more serious late-stage cardiopulmonary story. If it does not, the market will likely reprice the stock around cash, optionality and uncertainty.

For Merlintrader readers, the correct framing is not “buy or sell TENX.” The correct framing is: TENX is a Phase 3 biotech catalyst to monitor closely into August, with a clearly defined endpoint, meaningful prior signal, improved balance sheet, complex dilution map, updated Orion supply/licensing support and a binary clinical risk profile that demands disciplined position sizing and careful interpretation of the actual data.

Primary sources and reference links

• Tenax Therapeutics July 2, 2026 press release: LEVEL late-breaking ESC presentation and August topline timing
• Tenax Therapeutics Q1 2026 financial results and corporate update
• Tenax Therapeutics Form 10-Q for the quarter ended March 31, 2026
• Tenax Therapeutics Form 8-K dated June 30, 2026: Orion supply agreement and sixth license amendment
• Tenax Therapeutics Form 10-K for the year ended December 31, 2025
• ClinicalTrials.gov: LEVEL trial, NCT05983250
• ClinicalTrials.gov: LEVEL-2 trial, NCT07288398
• PubMed: HELP trial results for levosimendan in PH-HFpEF
• Tenax Therapeutics clinical trials overview
• ESC Congress 2026 official event page