Taysha Gene Therapies (TSHA)
Market Price (8/14/2026): $5.99 | Market Cap: $2.2 BilSector: Health Care | Industry: Biotechnology
Taysha Gene Therapies (TSHA)
Market Price (8/14/2026): $5.99Market Cap: $2.2 BilSector: 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 -18% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. | 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 13% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -157 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2855% Expensive valuation multiplesP/SPrice/Sales ratio is 403x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -32%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%, Rev Chg QQuarterly Revenue Change % is null Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 331% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2410%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2472% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 84% 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 -11% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 19 Key risksTSHA key risks include [1] significant financial instability driven by an unsustainable cash burn rate that necessitates potentially dilutive capital raises, 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 -18% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. |
| 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 13% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -157 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2855% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 403x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -32%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%, Rev Chg QQuarterly Revenue Change % is null |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 331% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2410%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2472% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 84% |
| 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 -11% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 19 |
| Key risksTSHA key risks include [1] significant financial instability driven by an unsustainable cash burn rate that necessitates potentially dilutive capital raises, Show more. |
Qualitative Assessment
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Taysha Gene Therapies (TSHA) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Wider-than-expected fiscal Q2 2026 net loss and EPS miss.
Taysha Gene Therapies reported a net loss of $46.6 million for fiscal Q2 2026, which ended June 30, 2026, compared to a $26.9 million net loss in fiscal Q2 2025. The company also posted an Earnings Per Share (EPS) of -$0.13, missing the consensus estimate of -$0.11 by $0.02. This financial performance, announced on August 11, 2026, immediately contributed to a decline in the stock price.
2. Increased operating expenses without revenue.
Research and development (R&D) expenses for fiscal Q2 2026 rose substantially to $38.6 million, an increase from $20.1 million in fiscal Q2 2025. These higher costs were primarily driven by BLA-enabling manufacturing initiatives and increased clinical expenses for the REVEAL and ASPIRE trials. General and administrative (G&A) expenses also grew to $12.1 million from $8.6 million. The company continued to report no revenue in fiscal Q2 2026, highlighting a high cash burn rate without offsetting income.
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Taysha Gene Therapies (TSHA) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Wider-than-expected fiscal Q2 2026 net loss and EPS miss.
Taysha Gene Therapies reported a net loss of $46.6 million for fiscal Q2 2026, which ended June 30, 2026, compared to a $26.9 million net loss in fiscal Q2 2025. The company also posted an Earnings Per Share (EPS) of -$0.13, missing the consensus estimate of -$0.11 by $0.02. This financial performance, announced on August 11, 2026, immediately contributed to a decline in the stock price.
2. Increased operating expenses without revenue.
Research and development (R&D) expenses for fiscal Q2 2026 rose substantially to $38.6 million, an increase from $20.1 million in fiscal Q2 2025. These higher costs were primarily driven by BLA-enabling manufacturing initiatives and increased clinical expenses for the REVEAL and ASPIRE trials. General and administrative (G&A) expenses also grew to $12.1 million from $8.6 million. The company continued to report no revenue in fiscal Q2 2026, highlighting a high cash burn rate without offsetting income.
3. Share dilution from June 2026 public offering.
In June 2026, Taysha Gene Therapies completed an underwritten public offering of common stock and pre-funded warrants, generating $215.6 million in net proceeds. This offering included the issuance of 32,500,001 common shares and 833,333 pre-funded warrants, with an additional 5,000,000 shares from the underwriters' exercised option, which significantly increased the outstanding share base and resulted in dilution for existing shareholders.
4. High valuation amid persistent losses.
The company's stock trades at a premium valuation, with a Price-to-Book (P/B) ratio of 9.8x compared to the biotechnology industry average of approximately 2.5x, and an extreme Price-to-Sales (P/S) ratio of 303.59x. This high valuation, despite Taysha Gene Therapies being a clinical-stage company with ongoing unprofitability and negative cash flow, suggests that significant future growth is already priced into the stock, leaving it susceptible to downward pressure from any perceived disappointments, such as an earnings miss.
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Stock Movement Drivers
Fundamental Drivers
The -6.3% change in TSHA stock from 4/30/2026 to 8/13/2026 was primarily driven by a -43.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.39 | 5.99 | -6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 5 | -43.9% |
| P/S Multiple | 233.6 | 403.0 | 72.5% |
| Shares Outstanding (Mil) | 357 | 369 | -3.2% |
| Cumulative Contribution | -6.3% |
Market Drivers
4/30/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| TSHA | -6.3% | |
| Market (SPY) | 8.2% | 27.9% |
| Sector (XLV) | 15.3% | -7.4% |
Fundamental Drivers
The 32.8% change in TSHA stock from 1/31/2026 to 8/13/2026 was primarily driven by a 59.6% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.51 | 5.99 | 32.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 5 | -13.1% |
| P/S Multiple | 252.5 | 403.0 | 59.6% |
| Shares Outstanding (Mil) | 353 | 369 | -4.3% |
| Cumulative Contribution | 32.8% |
Market Drivers
1/31/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| TSHA | 32.8% | |
| Market (SPY) | 12.7% | 36.0% |
| Sector (XLV) | 9.3% | 5.2% |
Fundamental Drivers
The 119.4% change in TSHA stock from 7/31/2025 to 8/13/2026 was primarily driven by a 296.0% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.73 | 5.99 | 119.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 5 | -24.1% |
| P/S Multiple | 101.8 | 403.0 | 296.0% |
| Shares Outstanding (Mil) | 269 | 369 | -27.0% |
| Cumulative Contribution | 119.4% |
Market Drivers
7/31/2025 to 8/13/2026| Return | Correlation | |
|---|---|---|
| TSHA | 119.4% | |
| Market (SPY) | 24.1% | 26.7% |
| Sector (XLV) | 30.8% | 11.2% |
Fundamental Drivers
The 789.8% change in TSHA stock from 7/31/2023 to 8/13/2026 was primarily driven by a 6721.2% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.67 | 5.99 | 789.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 5 | -23.9% |
| P/S Multiple | 5.9 | 403.0 | 6721.2% |
| Shares Outstanding (Mil) | 63 | 369 | -82.9% |
| Cumulative Contribution | 789.8% |
Market Drivers
7/31/2023 to 8/13/2026| Return | Correlation | |
|---|---|---|
| TSHA | 789.8% | |
| Market (SPY) | 75.9% | 17.7% |
| Sector (XLV) | 31.4% | 11.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TSHA Return | -56% | -81% | -22% | -2% | 218% | 16% | -76% |
| Peers Return | -7% | 32% | 41% | -1% | 13% | -3% | 87% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| TSHA Win Rate | 17% | 42% | 25% | 33% | 67% | 50% | |
| Peers Win Rate | 42% | 67% | 58% | 50% | 83% | 22% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TSHA Max Drawdown | -64% | -88% | -74% | -70% | -45% | -26% | |
| Peers Max Drawdown | -27% | -19% | -12% | -23% | -29% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, APMD, ATTO, BRVE, CNSY.
[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 8/13/2026 (YTD)
How Low Can It Go
| Event | TSHA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.1% | -18.8% |
| % Gain to Breakeven | 45.1% | 23.1% |
| Time to Breakeven | 14 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.6% | -7.8% |
| % Gain to Breakeven | 11.9% | 8.5% |
| Time to Breakeven | 8 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -44.9% | -6.7% |
| % Gain to Breakeven | 81.4% | 7.1% |
| Time to Breakeven | 47 days | 31 days |
In The Past
Taysha Gene Therapies's stock fell -31.1% during the 2025 US Tariff Shock. Such a loss loss requires a 45.1% gain to breakeven.
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| Event | TSHA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.1% | -18.8% |
| % Gain to Breakeven | 45.1% | 23.1% |
| Time to Breakeven | 14 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -44.9% | -6.7% |
| % Gain to Breakeven | 81.4% | 7.1% |
| Time to Breakeven | 47 days | 31 days |
In The Past
Taysha Gene Therapies's stock fell -31.1% during the 2025 US Tariff Shock. Such a loss loss requires a 45.1% 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 Taysha Gene Therapies (TSHA)
Taysha Gene Therapies, Inc. is a biotechnology company focused on developing and commercializing advanced gene therapies. The company specializes in creating adeno-associated virus (AAV)-based gene treatments designed to address monogenic diseases, which are disorders caused by a single gene defect, primarily affecting the central nervous system. Their core mission revolves around leveraging this genetic approach to offer transformative solutions for rare and severe neurological conditions.
The company's pipeline includes several key investigational therapies targeting specific neurological disorders. Notable product candidates include TSHA-120 for giant axonal neuropathy, TSHA-102 for Rett syndrome, and therapies such as TSHA-121 and TSHA-118 aimed at treating CLN1 disease. Additionally, Taysha is developing TSHA-105 for SLC13A5 Deficiency and TSHA-101 for GM2 gangliosidosis. The primary market for Taysha's therapies consists of patients, often children, afflicted with these devastating and life-limiting inherited neurological diseases, offering them potential long-term treatment options where few or none currently exist.
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Like a Vertex Pharmaceuticals, but focused on gene therapies for rare, inherited central nervous system diseases.
A biotech company akin to Moderna, but developing gene therapies for severe neurological conditions instead of mRNA vaccines.
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- TSHA-120: A gene therapy in development for the treatment of giant axonal neuropathy.
- TSHA-102: A gene therapy in development for the treatment of Rett syndrome.
- TSHA-121: A gene therapy in development for the treatment of CLN1 disease.
- TSHA-118: A gene therapy in development for the treatment of CLN1 disease.
- TSHA-105: A gene therapy in development for the treatment of SLC13A5 Deficiency.
- TSHA-101: A gene therapy in development for the treatment of GM2 gangliosidosis.
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Taysha Gene Therapies, Inc. (TSHA) is a biopharmaceutical company focused on developing and commercializing gene therapies for rare monogenic diseases of the central nervous system. As such, its primary activities revolve around research, development, and clinical trials for its pipeline products. Therefore, Taysha does not currently have major commercial customers in the traditional sense of companies purchasing its approved products for widespread distribution or direct patient sales, as its therapies are largely still in development.
Once Taysha's gene therapies receive regulatory approval and are commercialized, sales would typically occur through the established healthcare supply chain rather than directly to individuals. The major categories of entities that would purchase and administer these specialized therapies include:
- Hospitals and Specialized Treatment Centers: These facilities would directly purchase and administer the gene therapies to patients, especially given the complexity and potential need for specialized infrastructure and medical expertise required for central nervous system therapies.
- Specialty Pharmacies: These pharmacies specialize in dispensing high-cost, complex, and often rare disease medications. They handle specialized storage, distribution, and often provide patient support programs for such therapies.
- Pharmaceutical Wholesalers/Distributors: Companies that act as intermediaries in the pharmaceutical supply chain, purchasing products from manufacturers like Taysha and then distributing them to hospitals, clinics, and specialty pharmacies.
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Catalent, Inc. (CTLT)
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Sean P. Nolan, Chairman and Chief Executive Officer
Sean P. Nolan has served as Chief Executive Officer at Taysha Gene Therapies since December 2022 and as Chairman of the Board of Directors since 2020. He is an accomplished biopharmaceutical executive with over 30 years of experience across commercial operations, global marketing, and corporate and business development. Prior to joining Taysha, Mr. Nolan served as President and Chief Executive Officer of AveXis, a gene therapy company, where he led the company through an initial public offering and transitioned it into a fully integrated global organization. Under his leadership, AveXis developed Zolgensma for spinal muscular atrophy, and the company was subsequently acquired by Novartis. He also previously served as Chief Business Officer at InterMune, where he built and led the U.S. commercial, business development, and global marketing functions through the successful launch of pirfenidone and the company's acquisition by Roche. Mr. Nolan has also held leadership roles at Reata Pharmaceuticals, Ovation Pharmaceuticals, and Lundbeck. He currently serves as Executive Chairman of Jaguar Gene Therapy and is a Board member of Affinia Therapeutics, Encoded Therapeutics, Itsari Oncology, Taysha Gene Therapies, and Ventas.
Kamran Alam, Chief Financial Officer
Kamran Alam was appointed Chief Financial Officer of Taysha Gene Therapies in May 2024. He is a finance executive with experience in follow-on financings and mergers and acquisitions. Mr. Alam previously served as Vice President, Finance and Deputy Chief Financial Officer at AveXis, where he played a key role in the company's acquisition by Novartis. Most recently, he served as Senior Vice President Finance and Principal Financial Officer at Rocket Pharma.
Sukumar (Suku) Nagendran, M.D., President and Head of Research & Development
Dr. Sukumar Nagendran was appointed President and Head of Research & Development at Taysha Gene Therapies in December 2022. He is an accomplished physician, drug developer, and biotech executive with more than 30 years of experience in gene therapy development, clinical development strategy, medical affairs, and diagnostics. Before joining Taysha, Dr. Nagendran served as Chief Medical Officer and President of R&D at Jaguar Gene Therapy. Prior to that, he was the Chief Medical Officer and Senior Vice President of AveXis Inc. before its acquisition by Novartis. His career also includes key leadership positions at Quest Diagnostics, Pfizer, Novartis, Daiichi Sankyo, and Reata Pharmaceuticals. Dr. Nagendran currently serves on the Board of Directors for several companies, including SalioGen Therapeutics, Solid Biosciences, Cove, Medocity, Project Healthy Minds, and Taysha Gene Therapies.
Mary Newman, Chief Operating Officer
Mary Newman joined Taysha Gene Therapies as Chief Operating Officer in May 2024. She brings over 30 years of experience in regulatory affairs and research and development within the biotechnology industry, with a focus on rare diseases. Ms. Newman most recently served as Senior Vice President of Regulatory Affairs at Astellas Gene Therapies (formerly Audentes Therapeutics), where she oversaw global regulatory strategic development, primary regulatory agency interactions, and regulatory compliance. She was previously Senior Vice President, Regulatory Affairs and Quality Assurance at SARcode Bioscience Inc., which was acquired by Shire Ltd. Ms. Newman has also held various management positions in Regulatory Affairs at BioMarin Pharmaceutical, Inc., Berlex Inc. (now Bayer HealthCare Pharmaceuticals Inc.), and Sequus Pharmaceuticals, Inc. (now Johnson & Johnson). Additionally, she is the CEO and Founder of Alchemy-Development Partners, providing strategic advice to small companies in rare disease treatment development.
David McNinch, Chief Commercial Officer
David McNinch was appointed Chief Commercial Officer of Taysha Gene Therapies in September 2025. His role at Taysha involves building the commercial infrastructure for the potential future launch of TSHA-102.
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The key risks for Taysha Gene Therapies (TSHA) are:
- Clinical Development and Regulatory Approval Failure: Taysha Gene Therapies' success is heavily dependent on the successful development and regulatory approval of its pipeline of adeno-associated virus-based gene therapies, including TSHA-120 for giant axonal neuropathy and TSHA-102 for Rett syndrome. There is a significant risk that these investigational therapies may fail to demonstrate sufficient efficacy or safety in ongoing or future clinical trials, or may not receive necessary regulatory approvals from health authorities. The development of gene therapies, particularly for complex central nervous system diseases, is inherently challenging, characterized by long development timelines, high costs, and the potential for unforeseen adverse events or insufficient therapeutic benefit.
- Funding and Commercialization Challenges: As a company focused on extensive research and development for novel gene therapies, Taysha Gene Therapies requires substantial capital. There is a continuous risk that the company may not be able to secure adequate funding to complete clinical trials, scale manufacturing, or prepare for commercialization. Furthermore, even if therapies are approved, the commercialization of high-cost, specialized gene therapies, especially for rare diseases, presents significant hurdles related to market access, pricing, reimbursement, and establishing a robust commercial infrastructure.
- Intellectual Property and Competition: The field of gene therapy is rapidly evolving and highly competitive. Taysha Gene Therapies faces risks related to its intellectual property, including the ability to obtain and maintain strong patent protection for its gene therapy candidates and technologies. There is also a risk of competition from other biotechnology and pharmaceutical companies developing similar or alternative treatments for the monogenic diseases of the central nervous system that Taysha is targeting. The emergence of more effective, safer, or more affordable therapies from competitors could negatively impact Taysha's market position and potential for success.
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Taysha Gene Therapies (symbol: TSHA) focuses on developing gene therapies for several monogenic diseases of the central nervous system. The addressable market sizes for its main product candidates are detailed below:
- TSHA-120 for Giant Axonal Neuropathy (GAN): The global market for Giant Axonal Neuropathy is estimated to be valued at USD 126.4 million in 2025 and is expected to reach USD 186.3 million by 2032, growing at a compound annual growth rate (CAGR) of 5.7%. Another estimate projects the global market at USD 78.2 million in 2024, reaching USD 230.6 million by 2030, with a CAGR of 19.8%. The U.S. market for GAN is estimated at USD 39.1 million in 2024 and is projected to reach USD 109.5 million by 2030, with an 18.7% CAGR.
- TSHA-102 for Rett Syndrome: The global Rett Syndrome market size was valued at USD 268 million in 2025 and is expected to reach USD 634.45 million by 2035, expanding at approximately 9% CAGR. Another source estimates the global market at USD 428.1 million in 2025, reaching USD 1019.7 million by 2032, with a CAGR of 13.2%. North America is projected to be the largest region, holding a 43.4% market share by 2035.
- TSHA-121 and TSHA-118 for CLN1 Disease: CLN1 disease is a form of Batten disease. The global Batten Disease Treatment Market was valued at USD 41.39 million in 2022 and is projected to reach USD 57.89 million by 2030, growing at a CAGR of 5.4%.
- TSHA-105 for SLC13A5 Deficiency: null
- TSHA-101 for GM2 Gangliosidosis: The global GM2 Gangliosidosis market is projected to reach an estimated value of $270 million in 2024 and grow to approximately $720 million by 2034, exhibiting a CAGR of around 10.5%. The global Sandhoff disease treatment market, a type of GM2 gangliosidosis, was valued at USD 260 million in 2024 and is predicted to reach around USD 456.42 million by 2034, with a 5.75% CAGR.
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Expected Drivers of Future Revenue Growth for Taysha Gene Therapies (TSHA)
Over the next 2-3 years, Taysha Gene Therapies (TSHA) is expected to drive future revenue growth primarily through the advancement and commercialization of its gene therapy pipeline, with a significant focus on its lead candidate, TSHA-102, for Rett syndrome. The key drivers include:
- Regulatory Approval and Commercial Launch of TSHA-102 for Rett Syndrome: Taysha's primary revenue driver is anticipated to be the successful regulatory approval and subsequent commercial launch of TSHA-102, its lead gene therapy candidate for Rett syndrome. The company has received Breakthrough Therapy designation from the FDA for TSHA-102 and has aligned with the FDA on the pivotal REVEAL trial protocol, which is intended to support a Biologics License Application (BLA) submission. An interim analysis from the REVEAL trial could potentially expedite the BLA submission, positioning TSHA-102 for a potential launch within the 2-3 year timeframe.
- Market Penetration and Patient Uptake of TSHA-102: Following regulatory approval, revenue growth will be driven by the successful market penetration and uptake of TSHA-102 within the Rett syndrome patient population. Rett syndrome represents a significant market opportunity with an estimated 15,000 to 20,000 patients across the U.S., EU, and U.K.. Positive clinical data, including a generally well-tolerated safety profile and a 100% response rate in gaining developmental milestones from Part A of the REVEAL trials, are expected to support adoption due to the profound unmet medical need. Taysha has also regained full global rights to TSHA-102, providing full strategic flexibility for commercialization.
- Advancement of Other Pipeline Candidates: Beyond TSHA-102, the progression of Taysha's other gene therapy candidates through clinical development represents a future revenue growth driver. Although TSHA-102 is the most advanced, the company's pipeline includes candidates such as TSHA-120 for giant axonal neuropathy (GAN), TSHA-121 and TSHA-118 for CLN1 disease, TSHA-105 for SLC13A5 Deficiency, and TSHA-101 for GM2 gangliosidosis. Successful clinical development and subsequent commercialization of these programs, particularly those nearing later stages of trials, could contribute to revenue growth towards the latter part of the 2-3 year outlook and beyond.
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Share Repurchases
No information is available regarding share repurchases made by Taysha Gene Therapies (TSHA) over the last 3-5 years.
Share Issuance
- In May 2025, Taysha Gene Therapies priced an underwritten public offering of common stock and pre-funded warrants, which was expected to generate approximately $200.0 million in gross proceeds.
- As of Q3 2025, Taysha Gene Therapies had 274 million shares outstanding, reflecting an increase of 0.4% from the prior quarter.
- The company has issued restricted stock units and stock options to new employees through its 2023 Inducement Plan in late 2025 and early 2026 as part of equity compensation.
Inbound Investments
- In October 2022, Astellas Pharma Inc. made a strategic investment of $50 million to acquire a 15% stake in Taysha's outstanding common stock. This agreement also included an exclusive option for Astellas to license two of Taysha's clinical-stage programs: TSHA-102 for Rett syndrome and TSHA-120 for Giant Axonal Neuropathy (GAN).
- In June 2024, Taysha Gene Therapies completed a Series B financing round that raised $95 million, led by Fidelity Management & Research Company and including investments from BlackRock, GV, Invus, and others.
- As of June 30, 2025, Taysha reported $312.8 million in cash and cash equivalents, which included $230.0 million in gross proceeds from a public follow-on offering in May 2025, reflecting the full exercise of the underwriters' option to purchase additional shares.
Outbound Investments
No information is available regarding strategic outbound investments made by Taysha Gene Therapies in other companies over the last 3-5 years.
Capital Expenditures
- In Q3 2025, Taysha Gene Therapies invested $108K in capital expenditures, primarily directed towards funding long-term assets and infrastructure.
- This Q3 2025 capital expenditure represented a significant increase of 5500.0% from the previous quarter.
- Capital expenditures of $374K in Q3 2025 significantly impacted the company's cash flow, contributing to a negative free cash flow of -$81.6M for the quarter.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 7.3% | 69.1% | 142.2% | CAH 399% · MCK 343% · COR 173% |
| Health Care Services | 20 | 20.4% | 33.2% | 7.3% | HIMS 244% · RDNT 153% · DGX 76% |
| Managed Health Care | 8 | 44.6% | -6.2% | 5.5% | OSCR 109% · HQY 54% · ELV 16% |
| Health Care Facilities | 24 | 8.4% | -10.5% | -15.0% | THC 281% · NHC 236% · ENSG 120% |
| Health Care Equipment | 51 | -2.5% | -12.3% | -17.5% | POCI 10400% · UFPT 413% · GKOS 287% |
| Health Care Supplies | 12 | 33.7% | -14.2% | -26.0% | LNTH 296% · HAE 48% · MMSI 37% |
| Pharmaceuticals | 63 | 0.7% | -3.0% | -38.7% | LQDA 2611% · INDV 1499% · ETON 823% |
| Health Care Technology | 21 | -20.3% | -53.8% | -71.8% | SPOK 135% · TALK 0% · HSTM -3% |
| Life Sciences Tools & Services | 108 | -1.7% | -35.0% | -74.3% | SNWV 1847% · ELMD 264% · MEDP 228% |
| Biotechnology ← | 365 | 5.5% | -31.6% | -79.0% | BRTX 110000% · CELZ 1671% · DNTH 1599% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Taysha Gene Therapies Earnings Notes | 12/16/2025 | |
| Taysha Gene Therapies Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.57 |
| Mkt Cap | 66.6 |
| Rev LTM | 5 |
| Op Inc LTM | -15 |
| FCF LTM | -11 |
| FCF 3Y Avg | -13 |
| CFO LTM | -11 |
| CFO 3Y Avg | -12 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -11.0% |
| Rev Chg 3Y Avg | -1.0% |
| Rev Chg Q | -43.8% |
| QoQ Delta Rev Chg LTM | -11.8% |
| Op Inc Chg LTM | -10.3% |
| Op Inc Chg 3Y Avg | -12.2% |
| Op Mgn LTM | -1,408.5% |
| Op Mgn 3Y Avg | -747.2% |
| QoQ Delta Op Mgn LTM | -540.4% |
| CFO/Rev LTM | -1,188.0% |
| CFO/Rev 3Y Avg | -658.5% |
| FCF/Rev LTM | -1,220.8% |
| FCF/Rev 3Y Avg | -676.6% |
Price Behavior
| Market Price | $5.99 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 09/24/2020 | |
| Distance from 52W High | -14.2% | |
| 50 Days | 200 Days | |
| DMA Price | $6.00 | $5.29 |
| DMA Trend | up | down |
| Distance from DMA | -0.1% | 13.2% |
| 3M | 1YR | |
| Volatility | 71.8% | 90.8% |
| Downside Capture | 174.95 | 175.81 |
| Upside Capture | 122.94 | 215.74 |
| Correlation (SPY) | 30.6% | 26.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.46 | 1.34 | 1.50 | 1.96 | 1.90 | 1.73 |
| Up Beta | 2.52 | 3.90 | 3.63 | 2.85 | 2.32 | 1.48 |
| Down Beta | -2.62 | -0.54 | -0.32 | 0.24 | 0.87 | 0.99 |
| Up Capture | 137% | 139% | 124% | 314% | 461% | 3699% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 23 | 34 | 63 | 128 | 369 |
| Down Capture | 340% | 123% | 177% | 170% | 142% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 20 | 29 | 58 | 115 | 350 |
[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 TSHA | |
|---|---|---|---|---|
| TSHA | 106.4% | 90.6% | 1.16 | - |
| Sector ETF (XLV) | 30.2% | 15.5% | 1.49 | 11.5% |
| Equity (SPY) | 22.2% | 12.8% | 1.29 | 26.2% |
| Gold (GLD) | 29.6% | 28.5% | 0.90 | 6.9% |
| Commodities (DBC) | 36.9% | 20.1% | 1.45 | -14.9% |
| Real Estate (VNQ) | 15.2% | 13.9% | 0.78 | 4.3% |
| Bitcoin (BTCUSD) | -47.3% | 42.9% | -1.37 | 14.2% |
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 TSHA | |
|---|---|---|---|---|
| TSHA | -19.2% | 136.6% | 0.32 | - |
| Sector ETF (XLV) | 6.4% | 15.0% | 0.24 | 16.3% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 23.1% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 1.4% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | -0.2% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 18.1% |
| Bitcoin (BTCUSD) | 9.2% | 52.8% | 0.36 | 16.0% |
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 TSHA | |
|---|---|---|---|---|
| TSHA | -12.7% | 129.3% | 0.28 | - |
| Sector ETF (XLV) | 10.2% | 16.6% | 0.50 | 16.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 23.2% |
| Gold (GLD) | 11.9% | 16.2% | 0.60 | 1.4% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 0.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 17.5% |
| Bitcoin (BTCUSD) | 60.3% | 66.1% | 1.00 | 14.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -4.1% | ||
| 5/6/2026 | 0.6% | -1.3% | -15.1% |
| 3/19/2026 | 2.5% | 2.9% | 44.5% |
| 11/4/2025 | -4.3% | -12.8% | 13.5% |
| 8/12/2025 | 5.4% | 6.2% | 17.8% |
| 5/15/2025 | 8.0% | 21.9% | 7.2% |
| 2/26/2025 | -4.7% | -4.1% | 5.9% |
| 11/13/2024 | 2.7% | -9.0% | -6.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 14 |
| # Negative | 10 | 9 | 8 |
| Median Positive | 5.4% | 8.7% | 11.5% |
| Median Negative | -4.2% | -9.0% | -13.8% |
| Max Positive | 188.2% | 159.8% | 308.7% |
| Max Negative | -19.1% | -19.5% | -40.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -4.1% | ||
| 5/6/2026 | 0.6% | -1.3% | -15.1% |
| 3/19/2026 | 2.5% | 2.9% | 44.5% |
| 11/4/2025 | -4.3% | -12.8% | 13.5% |
| 8/12/2025 | 5.4% | 6.2% | 17.8% |
| 5/15/2025 | 8.0% | 21.9% | 7.2% |
| 2/26/2025 | -4.7% | -4.1% | 5.9% |
| 11/13/2024 | 2.7% | -9.0% | -6.3% |
| 8/12/2024 | -2.4% | 7.7% | 9.6% |
| 6/26/2024 | -17.2% | -12.4% | -7.9% |
| 3/19/2024 | 31.6% | 36.0% | 7.1% |
| 11/14/2023 | 26.3% | 30.8% | 16.5% |
| 8/14/2023 | 188.2% | 159.8% | 308.7% |
| 5/15/2023 | -0.2% | 12.8% | 6.0% |
| 3/28/2023 | -0.3% | 8.7% | 2.4% |
| 11/8/2022 | 10.0% | 16.0% | 2.0% |
| 8/11/2022 | -19.1% | -19.3% | -29.9% |
| 5/16/2022 | -3.5% | -19.5% | -12.5% |
| 3/31/2022 | 6.0% | 6.0% | -40.5% |
| 11/10/2021 | 5.1% | -1.7% | -5.1% |
| 8/16/2021 | -9.0% | -2.6% | 14.8% |
| 5/11/2021 | 2.3% | 8.2% | 17.0% |
| 3/3/2021 | 0.0% | 5.5% | -19.5% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 14 |
| # Negative | 10 | 9 | 8 |
| Median Positive | 5.4% | 8.7% | 11.5% |
| Median Negative | -4.2% | -9.0% | -13.8% |
| Max Positive | 188.2% | 159.8% | 308.7% |
| Max Negative | -19.1% | -19.5% | -40.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/19/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/19/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 03/03/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 09/25/2020 | 424B4 |
Recent Forward Guidance
Updated 8/12/2026Latest: Q2 2026 Earnings Reported 8/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Affirmed | Guidance: 0 for 2028 | |||||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Affirmed | Guidance: 0 for 2028 | |||||
Q4 2025 Earnings Reported 3/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Affirmed | Guidance: 2,028 for 2028 | |||||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | 2,028 | Affirmed | Actual: 0 for 2028 | ||||
Insider Activity
Updated 7/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 7102026 | 6.24 | 200,000 | 1,248,000 | 5,843,198 | Form |
| 2 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 4132026 | 4.46 | 200,000 | 892,000 | 5,068,389 | Form |
| 3 | Alam, Kamran | CHIEF FINANCIAL OFFICER | Direct | Sell | 2062026 | 4.52 | 1,655 | 7,481 | 6,518,432 | Form |
| 4 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 1272026 | 4.61 | 26,918 | 124,092 | 6,073,163 | Form |
| 5 | Nolan, Sean P | Chief Executive Officer | Direct | Sell | 1272026 | 4.61 | 41,312 | 190,448 | 13,407,065 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 7102026 | 6.24 | 200,000 | 1,248,000 | 5,843,198 | Form |
| 2 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 4132026 | 4.46 | 200,000 | 892,000 | 5,068,389 | Form |
| 3 | Alam, Kamran | CHIEF FINANCIAL OFFICER | Direct | Sell | 2062026 | 4.52 | 1,655 | 7,481 | 6,518,432 | Form |
| 4 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 1272026 | 4.61 | 26,918 | 124,092 | 6,073,163 | Form |
| 5 | Nolan, Sean P | Chief Executive Officer | Direct | Sell | 1272026 | 4.61 | 41,312 | 190,448 | 13,407,065 | Form |
| 6 | Alam, Kamran | CHIEF FINANCIAL OFFICER | Direct | Sell | 1272026 | 4.61 | 23,849 | 109,944 | 6,655,853 | Form |
| 7 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 1272026 | 4.75 | 89,132 | 423,377 | 6,385,458 | Form |
| 8 | Nolan, Sean P | Chief Executive Officer | Direct | Sell | 1272026 | 4.75 | 136,789 | 649,748 | 14,010,453 | Form |
| 9 | Alam, Kamran | CHIEF FINANCIAL OFFICER | Direct | Sell | 1272026 | 4.75 | 78,968 | 375,098 | 6,971,266 | Form |
| 10 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 1142026 | 4.71 | 200,000 | 942,000 | 4,740,328 | Form |
| 11 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 12012025 | 4.51 | 260,047 | 1,172,812 | 4,539,040 | Form |
| 12 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 12012025 | 4.75 | 110,125 | 523,094 | 4,780,585 | Form |
| 13 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 9122025 | 3.23 | 200,000 | 646,000 | 3,250,798 | Form |
| 14 | Nagendran, Sukumar | President and Head of R&D | Direct | Sell | 8222025 | 2.85 | 57,054 | 162,604 | 3,321,074 | Form |
| 15 | Alam, Kamran | CHIEF FINANCIAL OFFICER | Direct | Sell | 8222025 | 2.85 | 54,491 | 155,299 | 3,384,669 | Form |
Investor Activity (13F)
Updated Aug 14, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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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