Tenaya Therapeutics (TNYA)
Market Price (10/23/2026): $0.383 | Market Cap: $85.9 MilSector: Health Care | Industry: Biotechnology
Tenaya Therapeutics (TNYA)
Market Price (10/23/2026): $0.383Market Cap: $85.9 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -87% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -90% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -113%, 3Y Excs Rtn is -158% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Penny stockMkt Price is 0.4 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -83 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6193% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 717% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3919%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3939% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -125% High stock price volatilityVol 12M is 101% Key risksTNYA key risks include [1] potential for significant clinical and regulatory setbacks for its novel therapies, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -87% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -90% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -113%, 3Y Excs Rtn is -158% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Penny stockMkt Price is 0.4 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -83 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6193% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 717% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3919%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3939% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -125% |
| High stock price volatilityVol 12M is 101% |
| Key risksTNYA key risks include [1] potential for significant clinical and regulatory setbacks for its novel therapies, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Tenaya Therapeutics (TNYA) stock has lost about 50% since 6/30/2026 because of the following key factors:
1. Tenaya Therapeutics reported a significant miss in its fiscal Q2 2026 earnings. The company announced its fiscal Q2 2026 results on August 5, 2026, reporting an Earnings Per Share (EPS) of -$0.20, which substantially missed the consensus analyst estimate of -$0.07. Additionally, quarterly revenue came in at $1.11 million, falling well short of the $10 million consensus estimate. This considerable deviation from analyst expectations likely contributed to negative investor sentiment.
2. The company experienced an increased net loss driven by a non-cash impairment charge in fiscal Q2 2026. For fiscal Q2 2026, Tenaya Therapeutics reported a net loss of $43.4 million, or $0.20 per share, which was higher than the $23.3 million loss reported in the prior year's comparable quarter. This increase was primarily due to a $21.8 million non-cash impairment and a $1.4 million lease-termination loss related to its decommissioned Genetic Medicines Manufacturing Center. While non-cash, the impairment signals a write-down of asset value and can be viewed negatively by the market.
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Tenaya Therapeutics (TNYA) stock has lost about 50% since 6/30/2026 because of the following key factors:
1. Tenaya Therapeutics reported a significant miss in its fiscal Q2 2026 earnings. The company announced its fiscal Q2 2026 results on August 5, 2026, reporting an Earnings Per Share (EPS) of -$0.20, which substantially missed the consensus analyst estimate of -$0.07. Additionally, quarterly revenue came in at $1.11 million, falling well short of the $10 million consensus estimate. This considerable deviation from analyst expectations likely contributed to negative investor sentiment.
2. The company experienced an increased net loss driven by a non-cash impairment charge in fiscal Q2 2026. For fiscal Q2 2026, Tenaya Therapeutics reported a net loss of $43.4 million, or $0.20 per share, which was higher than the $23.3 million loss reported in the prior year's comparable quarter. This increase was primarily due to a $21.8 million non-cash impairment and a $1.4 million lease-termination loss related to its decommissioned Genetic Medicines Manufacturing Center. While non-cash, the impairment signals a write-down of asset value and can be viewed negatively by the market.
3. Persistent concerns surrounding capital requirements and potential future dilution for a pre-revenue biotechnology company. Despite positive interim clinical data for its TN-201 and TN-401 gene therapies, Tenaya Therapeutics, as a clinical-stage biotechnology company, operates at a loss due to substantial research and development expenses. The continuous need for capital in pre-revenue companies often necessitates future dilutive financing rounds, which can exert downward pressure on stock performance. Analysts have also highlighted the need for additional financing prior to achieving profitability as a reason for a negative outlook. While a $10 million upfront payment from an Alnylam collaboration extended the cash runway into fiscal Q3 2027, the inherent financial challenges of a company reliant on future funding remain an ongoing investor concern.
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Stock Movement Drivers
Fundamental Drivers
The -47.5% change in TNYA stock from 6/30/2026 to 10/22/2026 was primarily driven by a -91.1% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.74 | 0.39 | -47.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 493.3% |
| P/S Multiple | 712.4 | 63.2 | -91.1% |
| Shares Outstanding (Mil) | 217 | 218 | -0.3% |
| Cumulative Contribution | -47.5% |
Market Drivers
6/30/2026 to 10/22/2026| Return | Correlation | |
|---|---|---|
| TNYA | -47.5% | |
| Market (SPY) | 2.3% | 30.1% |
| Sector (XLV) | 14.3% | 13.3% |
Fundamental Drivers
The -44.0% change in TNYA stock from 3/31/2026 to 10/22/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.69 | 0.39 | -44.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 63.2 | |
| Shares Outstanding (Mil) | 175 | 218 | -19.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 10/22/2026| Return | Correlation | |
|---|---|---|
| TNYA | -44.0% | |
| Market (SPY) | 17.8% | 33.3% |
| Sector (XLV) | 24.2% | 11.1% |
Fundamental Drivers
The -76.0% change in TNYA stock from 9/30/2025 to 10/22/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.62 | 0.39 | -76.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 63.2 | |
| Shares Outstanding (Mil) | 163 | 218 | -25.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 10/22/2026| Return | Correlation | |
|---|---|---|
| TNYA | -76.0% | |
| Market (SPY) | 15.6% | 30.2% |
| Sector (XLV) | 31.9% | 7.1% |
Fundamental Drivers
The -84.8% change in TNYA stock from 9/30/2023 to 10/22/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.55 | 0.39 | -84.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 63.2 | |
| Shares Outstanding (Mil) | 73 | 218 | -66.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2023 to 10/22/2026| Return | Correlation | |
|---|---|---|
| TNYA | -84.8% | |
| Market (SPY) | 84.8% | 28.5% |
| Sector (XLV) | 47.5% | 19.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TNYA Return | 23% | -89% | 61% | -56% | -50% | -45% | -97% |
| Peers Return | 11% | -18% | 105% | -34% | 7% | -7% | 23% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| TNYA Win Rate | 50% | 8% | 42% | 33% | 33% | 40% | |
| Peers Win Rate | 43% | 55% | 53% | 37% | 50% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TNYA Max Drawdown | - | -91% | -77% | -82% | -74% | -62% | |
| Peers Max Drawdown | -58% | -55% | -43% | -53% | -61% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CYTK, BBIO, SRPT, RCKT, NTLA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/22/2026 (YTD)
How Low Can It Go
| Event | TNYA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -65.4% | -18.8% |
| % Gain to Breakeven | 188.7% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.9% | -7.8% |
| % Gain to Breakeven | 20.4% | 8.5% |
| Time to Breakeven | 113 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -65.3% | -9.5% |
| % Gain to Breakeven | 187.9% | 10.5% |
| Time to Breakeven | 101 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.4% | -6.7% |
| % Gain to Breakeven | 21.1% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
In The Past
Tenaya Therapeutics's stock fell -65.4% during the 2025 US Tariff Shock. Such a loss loss requires a 188.7% gain to breakeven.
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Asset Allocation
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| Event | TNYA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -65.4% | -18.8% |
| % Gain to Breakeven | 188.7% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -65.3% | -9.5% |
| % Gain to Breakeven | 187.9% | 10.5% |
| Time to Breakeven | 101 days | 24 days |
In The Past
Tenaya Therapeutics's stock fell -65.4% during the 2025 US Tariff Shock. Such a loss loss requires a 188.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Tenaya Therapeutics (TNYA)
Tenaya Therapeutics is a biotechnology company dedicated to discovering, developing, and delivering innovative therapies for a range of heart diseases. The company leverages cutting-edge platforms, including gene therapy, cellular regeneration, and precision medicine, to address the fundamental causes of cardiac conditions rather than just managing symptoms, aiming to restore heart function for patients.
The company's pipeline features several advanced product candidates. TN-201 is an adeno-associated virus (AAV)-based gene therapy targeting genetic hypertrophic cardiomyopathy (gHCM) caused by specific MYBPC3 gene mutations. Another gene therapy, TN-401, is being developed for genetic arrhythmogenic right ventricular cardiomyopathy (gARVC) linked to PKP2 gene mutations. Additionally, Tenaya is advancing TN-301, a small molecule inhibitor, for heart failure with preserved ejection fraction (HFpEF) and genetic dilated cardiomyopathy (gDCM). Other programs include an AAV-based gene therapy for dilated cardiomyopathy (DCM) and a cellular reprogramming approach to regenerate heart cells lost due to myocardial infarction.
Tenaya Therapeutics primarily serves patients suffering from serious and often life-threatening heart conditions, particularly those with a genetic basis or advanced heart failure, where current treatment options are limited. By focusing on these specific patient populations, the company aims to provide disease-modifying therapies that could significantly improve outcomes for individuals with high unmet medical needs in the United States market.
AI Analysis | Feedback
Here are 1-3 brief analogies for Tenaya Therapeutics (TNYA):
Vertex Pharmaceuticals for genetic heart diseases.
Sarepta Therapeutics for genetic heart diseases.
A specialized Regeneron Pharmaceuticals, entirely dedicated to developing innovative treatments for heart disease.
AI Analysis | Feedback
- TN-201: An AAV-based gene therapy designed to treat genetic hypertrophic cardiomyopathy (gHCM) caused by MYBPC3 gene mutations.
- TN-301: A small molecule inhibitor (HDAC6i) aimed at treating heart failure with preserved ejection fraction (HFpEF) and genetic dilated cardiomyopathy (gDCM).
- TN-401: An AAV-based gene therapy targeting genetic arrhythmogenic right ventricular cardiomyopathy (gARVC) caused by PKP2 gene mutations.
- DWORF gene therapy: An AAV-based gene therapy intended to deliver the dwarf open reading frame (DWORF) gene to the heart for dilated cardiomyopathy (DCM).
- Reprogramming program: An AAV-based approach for cardiac regeneration to replace heart cells lost in patients with heart failure due to myocardial infarction.
AI Analysis | Feedback
Tenaya Therapeutics (TNYA) is a biotechnology company primarily engaged in the discovery, development, and delivery of therapies for heart disease. As a pre-commercial stage company focused on research and development of drug candidates (e.g., TN-201, TN-301, TN-401), Tenaya Therapeutics does not currently have major customers in the traditional sense of selling commercialized products or services to other companies or individuals.
Their business model involves developing proprietary therapeutic candidates through various clinical stages. If successful, these therapies would ultimately be prescribed by healthcare professionals to patients and distributed through pharmaceutical channels, potentially through partnerships with larger pharmaceutical companies for commercialization.
Therefore, Tenaya Therapeutics does not have "major customers" as described in the request.
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AI Analysis | Feedback
Faraz Ali, Chief Executive Officer
Mr. Ali joined Tenaya Therapeutics as Chief Executive Officer in June 2018. Prior to Tenaya, he served as Chief Business Officer at REGENXBIO, where he was responsible for corporate development, commercial planning, portfolio strategy, alliance management, and corporate communications. He was also a Vice President at bluebird bio, overseeing new product planning, program management, patient advocacy, and external affairs. Earlier in his career, Mr. Ali held increasing global commercial leadership roles at Genzyme Corporation, contributing to the launch of multiple first-in-class enzyme replacement therapies for rare diseases. He began his career at General Electric, with technical roles at GE Healthcare and business assignments at GE Corporate. Mr. Ali received his MBA from Harvard Business School and his B.S. from Stanford University. Tenaya Therapeutics was backed by The Column Group, a venture capital firm, when Mr. Ali was appointed CEO. He also served as a consultant for Third Rock Ventures, another venture capital firm.
Tomohiro Higa, Senior Vice President, Finance and Interim Principal Accounting Officer
Mr. Higa serves as Tenaya's Senior Vice President, Finance and Interim Principal Accounting Officer. He joined Tenaya in 2020 as Vice President and Head of the Finance department, bringing over 20 years of experience in finance roles within biopharmaceutical companies. During his tenure at Tenaya, he has been instrumental in establishing key financial systems and processes, including guiding the company through its transition from a private to a public entity, and directing its financial planning activities. Before joining Tenaya, Mr. Higa was a Senior Director, Finance at CytomX Therapeutics, Inc.
Whit Tingley, M.D., Ph.D., Chief Medical Officer
Dr. Tingley became Tenaya's Chief Medical Officer in December 2018. His previous roles include Vice President of Clinical Development, Cardiology, at Cytokinetics, and nine years at Genentech/Roche, where he advanced to Therapeutic Area Lead for Cardiovascular and Metabolism Research and Early Development. Dr. Tingley also served as an adjunct associate professor of medicine in the cardiology division at the University of California, San Francisco (UCSF) and worked as an attending cardiologist. He earned his M.D. and Ph.D. degrees from the Johns Hopkins University School of Medicine.
Kee-Hong Kim, Ph.D., Chief Technology Officer
Dr. Kim is the Chief Technology Officer at Tenaya Therapeutics. He joined the company in March 2019 as Senior Vice President of Manufacturing and Technical Operations. Prior to Tenaya, Dr. Kim was Senior Vice President, Head of Technical Operations, at Agilis Biotherapeutics, where he was responsible for gene therapy drug product manufacturing and establishing clinical and commercial supply chains. He also held positions as Head of Gene Therapy Process Development and Global CMC Lead of Gene Therapy at Shire, and previously led his own biopharma consulting firm after serving as Director of Process Development at Avalanche Biotechnology (now Adverum).
Kathy Ivey, Ph.D., Senior Vice President, Research
Dr. Ivey holds the position of Senior Vice President, Research, at Tenaya Therapeutics. She was promoted to this role in 2024 and is responsible for leading all non-clinical research and discovery initiatives at the company.
AI Analysis | Feedback
The key risks to Tenaya Therapeutics (TNYA) are as follows:
- Clinical Development and Regulatory Approval Risk: As a biotechnology company primarily engaged in research and development, Tenaya Therapeutics' success hinges on its ability to successfully advance its numerous product candidates (including TN-201, TN-301, and TN-401) through preclinical and clinical trials and ultimately secure regulatory approvals. Failures in clinical trials, unexpected safety concerns, or an inability to obtain regulatory clearances for its therapies would significantly and adversely impact the business, as the company currently has no commercialized products.
- Competition: The therapeutic area of heart disease is highly competitive, with established pharmaceutical companies and other biotechnology firms actively developing treatments for conditions such as genetic hypertrophic cardiomyopathy (gHCM), heart failure with preserved ejection fraction (HFpEF), genetic dilated cardiomyopathy (gDCM), and arrhythmogenic right ventricular cardiomyopathy (gARVC). The potential for existing or new competitors to develop more effective, safer, or more cost-efficient therapies could limit the market opportunity and commercial success of Tenaya's product candidates, even if approved.
- Funding and Capital Requirements: The discovery, development, and delivery of novel therapies, particularly complex gene therapies, are capital-intensive processes. Tenaya Therapeutics is engaged in multiple expensive programs, and its ability to continue funding its extensive research and development efforts, conduct clinical trials, and pursue regulatory approvals relies on securing substantial ongoing financing. A failure to raise sufficient capital on acceptable terms could lead to delays, curtailment, or even abandonment of its development programs.
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AI Analysis | Feedback
For Tenaya Therapeutics (TNYA), the addressable markets for their main products are as follows:
- TN-201 (MYBPC3-associated hypertrophic cardiomyopathy (gHCM)): Null
- TN-301 (Heart failure with preserved ejection fraction (HFpEF)): The global congestive heart failure drugs market, which includes HFpEF, was valued at approximately USD 18 billion in 2024 and is projected to reach USD 53.9 billion by 2034.
- TN-301 (Genetic dilated cardiomyopathy (gDCM)): The global dilated cardiomyopathy therapeutic market was estimated at approximately USD 397.54 million in 2026, with projections to reach USD 488.01 million by 2031. In 2023, the US market for dilated cardiomyopathy was approximately USD 329.4 million. Genetic and familial etiologies constituted 32.45% of the dilated cardiomyopathy therapeutic market share in 2025.
- TN-401 (PKP2-associated arrhythmogenic right ventricular cardiomyopathy (gARVC)): More than 70,000 people in the U.S. alone are estimated to have PKP2-associated ARVC.
- AAV-based gene therapy (DWORF gene in the heart for DCM): The global dilated cardiomyopathy therapeutic market was estimated at approximately USD 397.54 million in 2026, with projections to reach USD 488.01 million by 2031. In 2023, the US market for dilated cardiomyopathy was approximately USD 329.4 million.
- Reprogramming program (cardiac regeneration to replace heart cells lost in patients experiencing heart failure due to prior myocardial infarction): The global myocardial infarction (MI) therapeutics market size was valued at USD 22.73 billion in 2024 and is projected to grow to USD 33.78 billion by 2033.
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- Commercialization of Lead Gene Therapies (TN-201 and TN-401): Tenaya's lead gene therapy candidates, TN-201 for MYBPC3-associated hypertrophic cardiomyopathy (HCM) and TN-401 for PKP2-associated arrhythmogenic right ventricular cardiomyopathy (ARVC), have shown promising interim clinical data. The company plans to engage with regulatory bodies throughout 2026 to align on pivotal study pathways for both programs, with updates expected in the latter half of the year. Successful progression through these regulatory discussions and subsequent clinical development could pave the way for potential commercialization, which analysts project could generate significant revenue for Tenaya in 2027 and 2028.
- Advancement and Potential Commercialization of Small Molecule TN-301: Tenaya's small molecule HDAC6 inhibitor, TN-301, is being developed for heart failure with preserved ejection fraction (HFpEF), genetic dilated cardiomyopathy (gDCM), and Duchenne Muscular Dystrophy (DMD). Preclinical studies have demonstrated TN-301's efficacy in DMD models, restoring muscle performance and correcting cardiac defects. Following positive Phase 1 safety data, Tenaya intends to advance TN-301 into Phase 2 clinical development in 2026, targeting HFpEF and DMD as prioritized indications. The successful progression and eventual commercialization of TN-301 would diversify Tenaya's revenue streams beyond its gene therapy programs.
- Milestone Payments from Alnylam Pharmaceuticals Collaboration: Tenaya has established a multi-target research collaboration with Alnylam Pharmaceuticals aimed at identifying and validating novel gene targets for cardiovascular diseases. This partnership includes an upfront payment of up to $10 million and the potential for over $1.1 billion in milestone payments. These milestone payments, contingent on the achievement of specific development and regulatory events, represent a significant non-product revenue driver for Tenaya over the next few years.
- Potential for Accelerated Regulatory Approvals: Encouraging trends observed in the clinical data for Tenaya's gene therapy programs, such as improvements in left ventricular mass index (LVMI) and vector copy number (VCN), may support the possibility of accelerated regulatory approvals for its therapies. Expedited approval pathways could significantly shorten the time to market, allowing Tenaya to generate product revenue sooner than conventional development timelines.
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Share Issuance
- In December 2025, Tenaya Therapeutics closed an underwritten public offering of 50,000,000 units, each consisting of one share of common stock and a warrant, generating net proceeds of $55.8 million.
- The company completed a public offering in March 2025, which netted approximately $48.8 million.
- Tenaya's Initial Public Offering (IPO) in July 2021 resulted in a significant capital infusion, raising $150 million.
Inbound Investments
- In March 2026, Tenaya entered into a multi-target research collaboration with Alnylam Pharmaceuticals, which includes an upfront payment of up to $10.0 million and potential development, regulatory, and sales-based milestones totaling up to $1.13 billion.
Capital Expenditures
- In the last 12 months (prior to March 2026), capital expenditures were -$755,000.
- Capital expenditures in Q3 2025 were $26,000, focused on funding long-term assets and infrastructure.
- In 2025, Tenaya decommissioned its internal manufacturing center (GMMC) and transitioned to third-party contract development and manufacturing organizations (CDMOs) as a cost-saving measure.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 15.4% | 55.7% | 98.5% | CAH 471% · MCK 396% · COR 189% |
| Health Care Services | 20 | 19.4% | 46.6% | 16.2% | HIMS 284% · RDNT 123% · DGX 83% |
| Health Care Facilities | 24 | 1.1% | 19.2% | 5.8% | NHC 289% · THC 283% · ENSG 150% |
| Managed Health Care | 8 | 39.7% | 2.1% | 3.2% | OSCR 96% · HQY 49% · ELV 11% |
| Health Care Equipment | 50 | -3.1% | 6.3% | -12.6% | UFPT 374% · GKOS 293% · TMDX 163% |
| Pharmaceuticals | 61 | -11.9% | 5.1% | -33.1% | LQDA 1006% · KNSA 654% · CORT 474% |
| Health Care Supplies | 11 | 20.8% | -3.2% | -38.6% | LNTH 341% · HAE 62% · MMSI 30% |
| Life Sciences Tools & Services | 109 | -10.1% | -10.2% | -67.3% | MEDP 250% · NTRA 249% · IRTC 76% |
| Biotechnology ← | 364 | -22.7% | -23.5% | -80.8% | DNTH 1103% · ELVN 1075% · TRVI 961% |
| Health Care Technology | 22 | -26.5% | -63.2% | -82.3% | VEEV 1% · DOCS -48% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Tenaya Therapeutics Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.66 |
| Mkt Cap | 1.7 |
| Rev LTM | 64 |
| Op Inc LTM | -308 |
| FCF LTM | -260 |
| FCF 3Y Avg | -343 |
| CFO LTM | -258 |
| CFO 3Y Avg | -287 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -3.9% |
| Rev Chg 3Y Avg | 440.1% |
| Rev Chg Q | -40.3% |
| QoQ Delta Rev Chg LTM | -9.6% |
| Op Inc Chg LTM | 18.5% |
| Op Inc Chg 3Y Avg | 0.8% |
| Op Mgn LTM | -711.7% |
| Op Mgn 3Y Avg | -565.1% |
| QoQ Delta Op Mgn LTM | -3.2% |
| CFO/Rev LTM | -582.5% |
| CFO/Rev 3Y Avg | -452.5% |
| FCF/Rev LTM | -586.0% |
| FCF/Rev 3Y Avg | -458.7% |
Segment Financials
Operating Income by Segment| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Discovering, developing and delivering curative therapies that address the underlying drivers of | -93 | -116 | -131 |
| Total | -93 | -116 | -131 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Discovering, developing and delivering curative therapies that address the underlying drivers of | -91 | -111 | -124 |
| Total | -91 | -111 | -124 |
| $ Mil | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|
| Discovering, developing and delivering curative therapies that address the underlying drivers of | 171 | 279 | 314 | 148 |
| Total | 171 | 279 | 314 | 148 |
Price Behavior
| Market Price | $0.39 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 07/30/2021 | |
| Distance from 52W High | -77.2% | |
| 50 Days | 200 Days | |
| DMA Price | $0.61 | $0.72 |
| DMA Trend | down | down |
| Distance from DMA | -36.6% | -46.2% |
| 3M | 1YR | |
| Volatility | 72.0% | 100.5% |
| Downside Capture | 518.02 | 425.77 |
| Upside Capture | 25.85 | 174.91 |
| Correlation (S&P 500) | 31.6% | 33.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.65 | 0.75 | 1.10 | 1.67 | 2.20 | 2.03 |
| Up Beta | -0.42 | -0.70 | 0.15 | 2.43 | 2.97 | 1.61 |
| Down Beta | 2.63 | 2.73 | 2.32 | 1.05 | 1.45 | 1.64 |
| Up Capture | -4% | 29% | 64% | 117% | 204% | 1868% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 16 | 26 | 60 | 113 | 330 |
| Down Capture | 198% | 228% | 184% | 185% | 177% | 113% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 15 | 26 | 38 | 66 | 137 | 400 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNYA | |
|---|---|---|---|---|
| TNYA | -78.9% | 100.5% | -1.07 | - |
| Sector ETF (XLV) | 26.6% | 16.3% | 1.26 | 6.8% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 33.0% |
| Gold (GLD) | -2.2% | 28.4% | -0.09 | 10.0% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -2.5% |
| Real Estate (VNQ) | 4.7% | 13.9% | 0.08 | 12.4% |
| Bitcoin (BTCUSD) | -22.4% | 43.4% | -0.47 | 19.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNYA | |
|---|---|---|---|---|
| TNYA | -54.3% | 105.9% | -0.22 | - |
| Sector ETF (XLV) | 9.0% | 15.3% | 0.39 | 21.7% |
| Equity (SPY) | 13.0% | 17.1% | 0.57 | 30.1% |
| Gold (GLD) | 17.1% | 18.9% | 0.72 | 5.5% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 4.3% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 23.8% |
| Bitcoin (BTCUSD) | 8.0% | 51.7% | 0.33 | 14.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNYA | |
|---|---|---|---|---|
| TNYA | -30.4% | 106.6% | -0.13 | - |
| Sector ETF (XLV) | 11.8% | 16.7% | 0.58 | 21.5% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 29.8% |
| Gold (GLD) | 11.9% | 16.4% | 0.59 | 5.5% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 4.9% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 22.9% |
| Bitcoin (BTCUSD) | 63.0% | 66.2% | 1.03 | 13.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -7.5% | -2.7% | -11.4% |
| 5/6/2026 | 7.4% | 21.4% | -7.9% |
| 3/11/2026 | 4.0% | -4.2% | -19.6% |
| 11/10/2025 | 11.7% | 3.9% | 9.4% |
| 8/6/2025 | -1.7% | 27.6% | 100.1% |
| 5/7/2025 | -2.1% | -13.8% | 40.9% |
| 3/10/2025 | 6.8% | 44.4% | -17.6% |
| 11/6/2024 | 12.1% | -6.3% | 60.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 8 |
| # Negative | 9 | 12 | 13 |
| Median Positive | 7.2% | 14.5% | 8.6% |
| Median Negative | -3.4% | -6.7% | -15.0% |
| Max Positive | 30.9% | 44.4% | 100.1% |
| Max Negative | -12.6% | -23.7% | -29.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -7.5% | -2.7% | -11.4% |
| 5/6/2026 | 7.4% | 21.4% | -7.9% |
| 3/11/2026 | 4.0% | -4.2% | -19.6% |
| 11/10/2025 | 11.7% | 3.9% | 9.4% |
| 8/6/2025 | -1.7% | 27.6% | 100.1% |
| 5/7/2025 | -2.1% | -13.8% | 40.9% |
| 3/10/2025 | 6.8% | 44.4% | -17.6% |
| 11/6/2024 | 12.1% | -6.3% | 60.5% |
| 8/8/2024 | -1.1% | 11.9% | -10.1% |
| 5/14/2024 | -3.4% | -5.0% | -15.0% |
| 3/18/2024 | -6.0% | 0.8% | -10.8% |
| 11/8/2023 | -3.6% | -7.1% | 1.5% |
| 8/9/2023 | 5.5% | -8.1% | -25.8% |
| 5/10/2023 | 7.6% | 5.1% | 4.7% |
| 3/8/2023 | -12.6% | -21.4% | -20.4% |
| 11/10/2022 | 30.9% | 22.5% | 7.8% |
| 8/10/2022 | -0.5% | -8.4% | -13.1% |
| 5/11/2022 | 7.1% | -1.7% | -20.3% |
| 3/23/2022 | 12.5% | 14.5% | 0.8% |
| 11/10/2021 | 5.9% | -23.7% | -29.3% |
| 9/8/2021 | 0.2% | -2.3% | -7.5% |
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 8 |
| # Negative | 9 | 12 | 13 |
| Median Positive | 7.2% | 14.5% | 8.6% |
| Median Negative | -3.4% | -6.7% | -15.0% |
| Max Positive | 30.9% | 44.4% | 100.1% |
| Max Negative | -12.6% | -23.7% | -29.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/11/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/10/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/18/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/11/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/10/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/18/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/23/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 09/08/2021 | 10-Q |
| 03/31/2021 | 07/30/2021 | 424B4 |
Recent Forward Guidance
Updated 10/8/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 Cash Runway | Reported | |||||||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | Reported | 2027.5 | 0 | Affirmed | Guidance: 2027.5 for 2027 | |||
Q4 2025 Earnings Reported 3/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | Reported | 2027.5 | ||||||
Q3 2025 Earnings Reported 11/10/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash Runway | Reported | Affirmed | Guidance: 2026.5 for 2026 | |||||
Insider Activity
Updated 9/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ali, Faraz | Chief Executive Officer | Direct | Sell | 8172026 | 0.71 | 22,232 | 15,778 | 296,507 | Form |
| 2 | Tingley, Whittemore | Chief Medical Officer | Direct | Sell | 8172026 | 0.71 | 7,424 | 5,270 | 151,949 | Form |
| 3 | Ali, Faraz | Chief Executive Officer | Direct | Sell | 5192026 | 0.79 | 3,390 | 2,690 | 349,107 | Form |
| 4 | Tingley, Whittemore | Chief Medical Officer | Direct | Sell | 5192026 | 0.79 | 3,121 | 2,477 | 171,018 | Form |
| 5 | Higa, Tomohiro | SVP, Finance | Direct | Sell | 5192026 | 0.79 | 1,485 | 1,178 | 93,809 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ali, Faraz | Chief Executive Officer | Direct | Sell | 8172026 | 0.71 | 22,232 | 15,778 | 296,507 | Form |
| 2 | Tingley, Whittemore | Chief Medical Officer | Direct | Sell | 8172026 | 0.71 | 7,424 | 5,270 | 151,949 | Form |
| 3 | Ali, Faraz | Chief Executive Officer | Direct | Sell | 5192026 | 0.79 | 3,390 | 2,690 | 349,107 | Form |
| 4 | Tingley, Whittemore | Chief Medical Officer | Direct | Sell | 5192026 | 0.79 | 3,121 | 2,477 | 171,018 | Form |
| 5 | Higa, Tomohiro | SVP, Finance | Direct | Sell | 5192026 | 0.79 | 1,485 | 1,178 | 93,809 | Form |
| 6 | Column, Group Iii Gp, LP | See Footnote | Sell | 2262026 | 0.56 | 3,511,826 | Form | |||
| 7 | Column, Group Iii Gp, LP | See Footnote | Sell | 2262026 | 0.62 | 658,440 | 405,138 | 1,014,803 | Form | |
| 8 | Column, Group Iii Gp, LP | See Footnote | Sell | 2242026 | 0.60 | 306,000 | 182,743 | 1,169,622 | Form | |
| 9 | Column, Group Iii Gp, LP | See Footnote | Sell | 2242026 | 0.61 | 523,734 | 322,044 | 1,292,654 | Form | |
| 10 | Higa, Tomohiro | SVP, Finance | Direct | Sell | 2172026 | 0.64 | 3,469 | 2,231 | 77,027 | Form |
| 11 | Ali, Faraz | Chief Executive Officer | Direct | Sell | 2172026 | 0.64 | 14,862 | 9,557 | 285,121 | Form |
| 12 | Tingley, Whittemore | Chief Medical Officer | Direct | Sell | 2172026 | 0.64 | 5,160 | 3,319 | 140,607 | Form |
| 13 | Column, Group Iii Gp, LP | See Footnote | Sell | 2122026 | 0.68 | 4,056,573 | 2,761,715 | 1,598,643 | Form | |
| 14 | Column, Group Iii Gp, LP | See Footnote | Sell | 2122026 | 0.82 | 343,717 | 280,507 | 3,471,116 | Form | |
| 15 | Higa, Tomohiro | SVP, Finance | Direct | Sell | 11172025 | 1.33 | 1,367 | 1,818 | 124,981 | Form |
| 16 | Tingley, Whittemore | Chief Medical Officer | Direct | Sell | 11172025 | 1.33 | 2,877 | 3,826 | 226,002 | Form |
| 17 | Ali, Faraz | Chief Executive Officer | Direct | Sell | 11172025 | 1.33 | 3,126 | 4,158 | 398,556 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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