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): $0.383
Market Cap: $85.9 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -87%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -90%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -113%, 3Y Excs Rtn is -158%

Meaningful short interest
Short 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 stock
Mkt Price is 0.4

Not profitable at operating income level
Op 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 compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 717%

Not cash flow generative
CFO/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 negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -125%

High stock price volatility
Vol 12M is 101%

Key risks
TNYA key risks include [1] potential for significant clinical and regulatory setbacks for its novel therapies, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -87%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -90%
2 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -113%, 3Y Excs Rtn is -158%
4 Meaningful short interest
Short 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%
5 Penny stock
Mkt Price is 0.4
6 Not profitable at operating income level
Op 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%
7 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 717%
8 Not cash flow generative
CFO/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%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -125%
10 High stock price volatility
Vol 12M is 101%
11 Key risks
TNYA key risks include [1] potential for significant clinical and regulatory setbacks for its novel therapies, Show more.

TNYA in ETFs

Weight = TNYA's share of each fund

VTI0.00%
IBB0.01%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/14/2026

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.

Show more
Updated on 10/14/2026

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)630202610222026Change
Stock Price ($)0.740.39-47.5%
Change Contribution By: 
Total Revenues ($ Mil)01493.3%
P/S Multiple712.463.2-91.1%
Shares Outstanding (Mil)217218-0.3%
Cumulative Contribution-47.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/22/2026
ReturnCorrelation
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)331202610222026Change
Stock Price ($)0.690.39-44.0%
Change Contribution By: 
Total Revenues ($ Mil)019.2233720368547763E17%
P/S Multiple∞63.2 
Shares Outstanding (Mil)175218-19.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/22/2026
ReturnCorrelation
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)930202510222026Change
Stock Price ($)1.620.39-76.0%
Change Contribution By: 
Total Revenues ($ Mil)019.2233720368547763E17%
P/S Multiple∞63.2 
Shares Outstanding (Mil)163218-25.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/22/2026
ReturnCorrelation
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)930202310222026Change
Stock Price ($)2.550.39-84.8%
Change Contribution By: 
Total Revenues ($ Mil)019.2233720368547763E17%
P/S Multiple∞63.2 
Shares Outstanding (Mil)73218-66.3%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/22/2026
ReturnCorrelation
TNYA-84.8% 
Market (SPY)84.8%28.5%
Sector (XLV)47.5%19.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TNYA Return23%-89%61%-56%-50%-45%-97%
Peers Return11%-18%105%-34%7%-7%23%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
TNYA Win Rate50%8%42%33%33%40% 
Peers Win Rate43%55%53%37%50%42% 
S&P 500 Win Rate75%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

EventTNYAS&P 500
2025 US Tariff Shock
  % Loss-65.4%-18.8%
  % Gain to Breakeven188.7%23.1%
  Time to Breakeven93 days79 days
2024 Yen Carry Trade Unwind
  % Loss-16.9%-7.8%
  % Gain to Breakeven20.4%8.5%
  Time to Breakeven113 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-65.3%-9.5%
  % Gain to Breakeven187.9%10.5%
  Time to Breakeven101 days24 days
2023 SVB Regional Banking Crisis
  % Loss-17.4%-6.7%
  % Gain to Breakeven21.1%7.1%
  Time to Breakeven26 days31 days

Compare to CYTK, BBIO, SRPT, RCKT, NTLA

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.

EventTNYAS&P 500
2025 US Tariff Shock
  % Loss-65.4%-18.8%
  % Gain to Breakeven188.7%23.1%
  Time to Breakeven93 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-65.3%-9.5%
  % Gain to Breakeven187.9%10.5%
  Time to Breakeven101 days24 days

Compare to CYTK, BBIO, SRPT, RCKT, NTLA

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.

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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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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:

  1. 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.
  2. 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.
  3. 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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Tenaya Therapeutics Addressable Markets

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.

AI Analysis | Feedback

Tenaya Therapeutics (TNYA) is poised for potential revenue growth over the next 2-3 years, driven primarily by the advancement and prospective commercialization of its pipeline assets, strategic collaborations, and favorable regulatory pathways. Here are 3-5 expected drivers of future revenue growth:
  • 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

TNYA has trailed 81% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that TNYA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
15%
of 453 industry peers · -77.2% return
3Y
26%
of 399 industry peers · -80.4% return
5Y
19%
of 363 industry peers · -98.2% return
No Biotechnology peer with a comparable growth profile has beaten TNYA by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is TNYA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y 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%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Tenaya Therapeutics Earnings Notes12/16/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TNYACYTKBBIOSRPTRCKTNTLAMedian
NameTenaya T.Cytokine.BridgeBi.Sarepta .Rocket P.Intellia. 
Mkt Price0.3962.2968.4018.272.3011.0514.66
Mkt Cap0.18.213.41.90.31.51.7
Rev LTM1687131,97406064
Op Inc LTM-83-708-478-62-192-423-308
FCF LTM-53-581-43875-170-349-260
FCF 3Y Avg-76-473-508-302-196-384-343
CFO LTM-52-555-434111-170-347-258
CFO 3Y Avg-76-460-502-195-190-380-287

Growth & Margins

TNYACYTKBBIOSRPTRCKTNTLAMedian
NameTenaya T.Cytokine.BridgeBi.Sarepta .Rocket P.Intellia. 
Rev Chg LTM--21.1%202.4%-20.4%-12.6%-3.9%
Rev Chg 3Y Avg-848.7%1,323.7%31.5%-4.7%440.1%
Rev Chg Q--57.1%120.4%-34.3%--46.2%-40.3%
QoQ Delta Rev Chg LTM493.3%-36.0%23.0%-9.6%--10.0%-9.6%
Op Inc Chg LTM19.7%-29.4%26.0%-6,578.0%27.4%17.3%18.5%
Op Inc Chg 3Y Avg14.8%-14.2%-0.3%-2,191.0%8.3%1.9%0.8%
Op Mgn LTM-6,192.9%-1,046.1%-67.0%-3.2%--711.7%-711.7%
Op Mgn 3Y Avg--5,944.2%-190.1%-0.2%--940.1%-565.1%
QoQ Delta Op Mgn LTM31,966.2%-441.1%19.9%-3.2%--75.1%-3.2%
CFO/Rev LTM-3,919.5%-820.8%-60.9%5.6%--582.5%-582.5%
CFO/Rev 3Y Avg--4,684.0%-176.1%-10.9%--728.8%-452.5%
FCF/Rev LTM-3,939.2%-858.2%-61.4%3.8%--586.0%-586.0%
FCF/Rev 3Y Avg--4,704.2%-178.7%-16.5%--738.8%-458.7%

Valuation

TNYACYTKBBIOSRPTRCKTNTLAMedian
NameTenaya T.Cytokine.BridgeBi.Sarepta .Rocket P.Intellia. 
Mkt Cap0.18.213.41.90.31.51.7
P/S63.7121.618.81.0-24.824.8
P/Op Inc-1.0-11.6-28.0-30.9-1.4-3.5-7.6
P/EBIT-1.0-10.7-26.9-32.5-38.5-3.5-18.8
P/E-0.8-9.2-19.4-14.1-15.0-3.7-11.6
P/CFO-1.6-14.8-30.817.4-1.5-4.3-2.9
Total Yield-121.5%-10.9%-5.2%-7.1%-6.6%-26.9%-9.0%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-49.4%-6.8%-6.3%-8.9%-43.5%-25.5%-17.2%
D/E0.00.20.20.50.10.00.1
Net D/E-0.90.00.10.1-1.0-0.2-0.1

Returns

TNYACYTKBBIOSRPTRCKTNTLAMedian
NameTenaya T.Cytokine.BridgeBi.Sarepta .Rocket P.Intellia. 
1M Rtn-43.0%-7.8%-1.2%-12.2%-31.3%-12.9%-12.6%
3M Rtn-49.7%-24.0%-17.5%15.1%-29.9%-0.5%-20.7%
6M Rtn-43.2%-4.9%-4.6%-10.5%-37.5%-30.4%-20.5%
12M Rtn-77.1%13.8%28.5%-18.7%-39.5%-55.0%-29.1%
3Y Rtn-80.4%95.4%182.2%-83.6%-86.3%-58.0%-69.2%
1M Excs Rtn-40.6%-4.7%4.7%-3.0%-23.2%-9.8%-7.3%
3M Excs Rtn-53.2%-26.2%-21.9%13.2%-31.2%-0.3%-24.1%
6M Excs Rtn-50.9%-12.6%-12.3%-18.3%-45.2%-38.0%-28.2%
12M Excs Rtn-92.5%-5.9%12.1%-35.5%-55.9%-72.6%-45.7%
3Y Excs Rtn-157.8%1.0%80.0%-160.1%-161.7%-136.4%-147.1%

Comparison Analyses

null

Financials

Segment Financials

Operating Income by Segment
$ Mil202520242023
Discovering, developing and delivering curative therapies that address the underlying drivers of-93-116-131
Total-93-116-131


Net Income by Segment
$ Mil202520242023
Discovering, developing and delivering curative therapies that address the underlying drivers of-91-111-124
Total-91-111-124


Assets by Segment
$ Mil2023202220212020
Discovering, developing and delivering curative therapies that address the underlying drivers of171279314148
Total171279314148


Price Behavior

Price Behavior
Market Price$0.39 
Market Cap ($ Bil)0.1 
First Trading Date07/30/2021 
Distance from 52W High-77.2% 
   50 Days200 Days
DMA Price$0.61$0.72
DMA Trenddowndown
Distance from DMA-36.6%-46.2%
 3M1YR
Volatility72.0%100.5%
Downside Capture518.02425.77
Upside Capture25.85174.91
Correlation (S&P 500)31.6%33.5%
TNYA Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.650.751.101.672.202.03
Up Beta-0.42-0.700.152.432.971.61
Down Beta2.632.732.321.051.451.64
Up Capture-4%29%64%117%204%1868%
Bmk +ve Days6162766132424
Stock +ve Days7162660113330
Down Capture198%228%184%185%177%113%
Bmk -ve Days16263760120328
Stock -ve Days15263866137400

[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%1.266.8%
Equity (SPY)14.8%12.7%0.8033.0%
Gold (GLD)-2.2%28.4%-0.0910.0%
Commodities (DBC)52.1%20.7%1.91-2.5%
Real Estate (VNQ)4.7%13.9%0.0812.4%
Bitcoin (BTCUSD)-22.4%43.4%-0.4719.0%

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%0.3921.7%
Equity (SPY)13.0%17.1%0.5730.1%
Gold (GLD)17.1%18.9%0.725.5%
Commodities (DBC)9.3%19.5%0.364.3%
Real Estate (VNQ)1.1%18.9%-0.0523.8%
Bitcoin (BTCUSD)8.0%51.7%0.3314.6%

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%0.5821.5%
Equity (SPY)15.4%17.9%0.7329.8%
Gold (GLD)11.9%16.4%0.595.5%
Commodities (DBC)8.3%18.1%0.374.9%
Real Estate (VNQ)5.2%20.7%0.2122.9%
Bitcoin (BTCUSD)63.0%66.2%1.0313.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity22.9 Mil
Short Interest: % Change Since 91520265.9%
Average Daily Volume3.0 Mil
Days-to-Cover Short Interest7.6 days
Basic Shares Quantity217.6 Mil
Short % of Basic Shares10.5%

Earnings Returns History

Updated 9/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-7.5%-2.7%-11.4%
5/6/20267.4%21.4%-7.9%
3/11/20264.0%-4.2%-19.6%
11/10/202511.7%3.9%9.4%
8/6/2025-1.7%27.6%100.1%
5/7/2025-2.1%-13.8%40.9%
3/10/20256.8%44.4%-17.6%
11/6/202412.1%-6.3%60.5%
...
SUMMARY STATS   
# Positive1298
# Negative91213
Median Positive7.2%14.5%8.6%
Median Negative-3.4%-6.7%-15.0%
Max Positive30.9%44.4%100.1%
Max Negative-12.6%-23.7%-29.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-7.5%-2.7%-11.4%
5/6/20267.4%21.4%-7.9%
3/11/20264.0%-4.2%-19.6%
11/10/202511.7%3.9%9.4%
8/6/2025-1.7%27.6%100.1%
5/7/2025-2.1%-13.8%40.9%
3/10/20256.8%44.4%-17.6%
11/6/202412.1%-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%
8/9/20235.5%-8.1%-25.8%
5/10/20237.6%5.1%4.7%
3/8/2023-12.6%-21.4%-20.4%
11/10/202230.9%22.5%7.8%
8/10/2022-0.5%-8.4%-13.1%
5/11/20227.1%-1.7%-20.3%
3/23/202212.5%14.5%0.8%
11/10/20215.9%-23.7%-29.3%
9/8/20210.2%-2.3%-7.5%
SUMMARY STATS   
# Positive1298
# Negative91213
Median Positive7.2%14.5%8.6%
Median Negative-3.4%-6.7%-15.0%
Max Positive30.9%44.4%100.1%
Max Negative-12.6%-23.7%-29.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202503/11/202610-K
09/30/202511/10/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202403/10/202510-K
09/30/202411/06/202410-Q
06/30/202408/08/202410-Q
03/31/202405/14/202410-Q
12/31/202303/18/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/08/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202503/11/202610-K
09/30/202511/10/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202403/10/202510-K
09/30/202411/06/202410-Q
06/30/202408/08/202410-Q
03/31/202405/14/202410-Q
12/31/202303/18/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/08/202310-K
09/30/202211/10/202210-Q
06/30/202208/10/202210-Q
03/31/202205/11/202210-Q
12/31/202103/23/202210-K
09/30/202111/10/202110-Q
06/30/202109/08/202110-Q
03/31/202107/30/2021424B4

Recent Forward Guidance

Updated 10/8/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2027 Cash RunwayReported      


Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Cash RunwayReported 2027.5 0 AffirmedGuidance: 2027.5 for 2027

Q4 2025 Earnings Reported 3/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Cash RunwayReported 2027.5    

Q3 2025 Earnings Reported 11/10/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Cash RunwayReported     AffirmedGuidance: 2026.5 for 2026

Insider Activity

Updated 9/11/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Ali, FarazChief Executive OfficerDirectSell81720260.7122,23215,778296,507Form
2Tingley, WhittemoreChief Medical OfficerDirectSell81720260.717,4245,270151,949Form
3Ali, FarazChief Executive OfficerDirectSell51920260.793,3902,690349,107Form
4Tingley, WhittemoreChief Medical OfficerDirectSell51920260.793,1212,477171,018Form
5Higa, TomohiroSVP, FinanceDirectSell51920260.791,4851,17893,809Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Ali, FarazChief Executive OfficerDirectSell81720260.7122,23215,778296,507Form
2Tingley, WhittemoreChief Medical OfficerDirectSell81720260.717,4245,270151,949Form
3Ali, FarazChief Executive OfficerDirectSell51920260.793,3902,690349,107Form
4Tingley, WhittemoreChief Medical OfficerDirectSell51920260.793,1212,477171,018Form
5Higa, TomohiroSVP, FinanceDirectSell51920260.791,4851,17893,809Form
6Column, Group Iii Gp, LP See FootnoteSell22620260.563,511,826  Form
7Column, Group Iii Gp, LP See FootnoteSell22620260.62658,440405,1381,014,803Form
8Column, Group Iii Gp, LP See FootnoteSell22420260.60306,000182,7431,169,622Form
9Column, Group Iii Gp, LP See FootnoteSell22420260.61523,734322,0441,292,654Form
10Higa, TomohiroSVP, FinanceDirectSell21720260.643,4692,23177,027Form
11Ali, FarazChief Executive OfficerDirectSell21720260.6414,8629,557285,121Form
12Tingley, WhittemoreChief Medical OfficerDirectSell21720260.645,1603,319140,607Form
13Column, Group Iii Gp, LP See FootnoteSell21220260.684,056,5732,761,7151,598,643Form
14Column, Group Iii Gp, LP See FootnoteSell21220260.82343,717280,5073,471,116Form
15Higa, TomohiroSVP, FinanceDirectSell111720251.331,3671,818124,981Form
16Tingley, WhittemoreChief Medical OfficerDirectSell111720251.332,8773,826226,002Form
17Ali, FarazChief Executive OfficerDirectSell111720251.333,1264,158398,556Form
Core Cache Last Updated: 10/22/2026