Tenaya Therapeutics (TNYA) AI Stock Analysis

• Market Cap: $81.10M
• Dividend Yield: N/A
• Average Volume (3M): 4.84M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.20
• Revenue Growth: N/A
• EPS Growth: 23.55%
• Country: US
• Employees: 97
• Sector: Healthcare
• Sector Strength: 77
• Industry: Biotechnology
• EPS (TTM): -1.31
• Shares Outstanding: 162,582,640
• 10 Day Avg. Volume: 2,903,621
• 30 Day Avg. Volume: 4,836,325
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• Price to Cash Flow (P/CF): -0.80
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $10.14
• Price Target Upside: 2012.50% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9

Tenaya Therapeutics scores 47, reflecting its position as a development-stage biotech firm with no revenue, substantial R&D expenses, and reliance on external financing. Technical indicators suggest bearish trends with potential for a rebound, while promising trial results for TN-201 improve the outlook. The negative P/E ratio and absence of dividends underscore the company's focus on future growth rather than immediate returns.

Positive Factors

Biomarker Data

Transgene RNA expression improved drastically for Patients 1 and 2 from Week 8 to 52.

Clinical Trial Results

Updated Ph1b/2a data for TN-201 showed additional signs of potential activity and a tolerable safety profile in a severe HCM patient population.

Patient Outcomes

All three patients heart failure symptoms improved and are now stable.

Negative Factors

Data Continuity Issues

The absence of data continuity and patient variability complicates the assessment of TN-201's effectiveness.

Data Interpretation Challenges

Baseline MyBP-C Expression Provides a Data Point but Lack of Follow-up Still Makes Protein Expression Data Challenging to Interpret.

Dose Optimization

The current dose of 3E13 vg/kg in Cohort 1 is unlikely to be the go-forward dose, indicating a need for further dose optimization.

Tenaya Therapeutics Business Overview & Revenue Model

Company Description

Tenaya Therapeutics, Inc., a biotechnology company, discovers, develops, and delivers therapies for heart disease in the United States. It develops its products through cellular regeneration, gene therapy, and precision medicine platforms. The company is developing TN-201, an adeno-associated virus (AAV)-based gene therapy to address genetic hypertrophic cardiomyopathy (gHCM) caused by haploinsufficient myosin binding protein C3 (MYBPC3) gene mutations; and TN-301, a small molecule inhibitor of histone deacetylase 6 (HDAC6i) for use in heart failure with preserved ejection fraction (HFpEF) and genetic dilated cardiomyopathy (gDCM). It is also developing TN-401, an AAV-based gene therapy that addresses genetic arrhythmogenic right ventricular cardiomyopathy (gARVC) caused by plakophilin 2 (PKP2) gene mutations; an AAV-based gene therapy designed to deliver the dwarf open reading frame (DWORF) gene in the heart for DCM; and Reprogramming program, an AAV-based approach for cardiac regeneration to replace heart cells lost in patients experiencing heart failure due to prior myocardial infarction. The company was incorporated in 2016 and is headquartered in South San Francisco, California.

How the Company Makes Money

Tenaya Therapeutics makes money primarily through the development and commercialization of its proprietary therapies for heart disease. Revenue streams include upfront payments, milestone payments, and royalties from partnerships and collaborations with larger pharmaceutical companies. Additionally, the company may generate income from licensing its technologies and intellectual property to other biotech firms. Tenaya also seeks to raise funds through equity financing, government grants, and research collaborations, which support ongoing research and development activities.

Tenaya Therapeutics Financial Statement Overview

Summary

Tenaya Therapeutics is in the development stage, typical for biotech firms, with no revenue and substantial R&D expenses leading to ongoing losses. The balance sheet is moderately leveraged but reflects decreasing equity due to accumulated deficits. The company is heavily reliant on financing to offset negative cash flows, a common trait for pre-revenue biotech companies investing in future growth.

Income Statement

Tenaya Therapeutics has consistently reported zero revenue, which is typical for early-stage biotech companies focused on R&D. The net profit margins are negative, driven by substantial R&D expenses and no offsetting revenue. This highlights the company's pre-revenue phase with ongoing losses.

Balance Sheet

The company's balance sheet shows a relatively low debt-to-equity ratio, indicating conservative leverage. However, the equity has been decreasing due to persistent losses. The equity ratio has diminished over time, reflecting a shrinking asset base compared to equity.

Cash Flow

The cash flow statement reveals negative free cash flow due to high operating expenses and capital expenditures. The operating cash flow has been consistently negative, indicating a reliance on external financing to sustain operations. Free cash flow growth is also negative, highlighting cash burn.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
0.00	0.00	0.00	0.00	0.00
	Gross Profit
0.00	-8.69M	-8.71M	-4.03M	-2.48M
	EBIT
-115.95M	-131.19M	-125.62M	-72.81M	-38.91M
	EBITDA
-115.95M	-122.51M	-114.95M	-68.70M	-36.43M
	Net Income Common Stockholders
-111.13M	-124.08M	-123.66M	-69.65M	-38.31M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
61.45M	104.64M	204.23M	251.30M	128.53M
	Total Assets
119.94M	170.51M	278.94M	314.19M	148.16M
	Total Debt
13.61M	12.42M	15.10M	13.71M	0.00
	Net Debt
9.29M	-33.26M	-80.17M	-24.42M	-128.53M
	Total Liabilities
27.09M	31.09M	278.94M	35.66M	229.48M
	Stockholders Equity
92.85M	139.42M	243.38M	278.53M	-81.31M
Cash Flow		Free Cash Flow
-91.53M	-103.31M	-125.05M	-85.93M	-45.21M
	Operating Cash Flow
-90.50M	-102.07M	-104.42M	-60.81M	-35.45M
	Investing Cash Flow
1.13M	48.72M	83.65M	-238.56M	-7.01M
	Financing Cash Flow
47.75M	4.05M	77.77M	208.97M	147.27M

Tenaya Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.48
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TNYA, the sentiment is Negative. The current price of 0.48 is below the 20-day moving average (MA) of 0.62, below the 50-day MA of 0.81, and below the 200-day MA of 2.03, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 35.47 is Neutral, neither overbought nor oversold. The STOCH value of 13.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TNYA.

Tenaya Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	48 Neutral	$6.35B	1.19	-46.87%	2.63%	17.16%	1.34%
TNYA	47 Neutral	$81.10M	―	-95.69%	―	―	23.55%
CRSP	46 Neutral	$2.81B	―	-19.20%	―	-89.95%	-123.71%
BEAM	46 Neutral	$1.52B	―	-43.94%	―	-83.18%	-144.95%
NTLA	41 Neutral	$686.32M	―	-54.00%	―	59.55%	3.09%
EDIT	39 Underperform	$85.47M	―	-98.10%	―	-58.64%	-40.05%
SGMO	38 Underperform	$147.52M	―	-187.83%	―	-67.20%	64.66%

Tenaya Therapeutics Corporate Events

Tenaya Therapeutics Announces Public Offering Pricing

On March 3, 2025, Tenaya Therapeutics announced the pricing of its public offering of 75 million units, expected to generate approximately $52.5 million in gross proceeds. The funds will support the development of clinical and early-stage product candidates, including TN-201 and TN-401, and general corporate purposes. The offering, managed by Leerink Partners and Piper Sandler, is anticipated to close on March 5, 2025, subject to customary conditions.

Tenaya Therapeutics Appoints Interim Accounting Officer

On February 6, 2025, Tenaya Therapeutics appointed Tomohiro Higa as the Interim Principal Accounting Officer. Higa, who has been with the company since January 2025, has a rich background in finance roles at several notable biopharmaceutical companies. In a separate decision, the company’s Board of Directors approved a repricing of underwater stock options for CEO Faraz Ali, effective the same day, to better align incentives and retain key leadership without additional equity grants or cash compensation. This repricing reduces the exercise price of Ali’s options to $1.21 per share, significantly lowering it from the previous range of $5.64 to $15.19 per share.

Tenaya Therapeutics Reprices Underwater Stock Options

On January 24, 2025, Tenaya Therapeutics’ Compensation Committee approved a repricing of underwater stock options for employees and certain service providers, reducing the exercise price to $1.21 per share. This initiative aims to retain and motivate staff without causing stock dilution or increasing cash compensation, addressing the challenge of substantial underwater options as the company seeks to align employee incentives with shareholder interests.