Tenaya Therapeutics, Inc. (TNYA) Bundle
A Brief History of Tenaya Therapeutics, Inc.
Company Overview
Tenaya Therapeutics, Inc. was incorporated in August 2016 and is headquartered in South San Francisco, California. The company is a clinical-stage biotechnology firm dedicated to discovering, developing, and delivering potentially curative therapies for heart disease.
Financial Performance
As of September 30, 2024, Tenaya Therapeutics reported an accumulated deficit of $490.6 million. The company's net loss for the nine months ended September 30, 2024, was $87.3 million, a decrease from $94.1 million for the same period in 2023. The decrease in losses can be attributed to a reduction in operating expenses.
| Period | Net Loss ($ million) | Accumulated Deficit ($ million) | Cash, Cash Equivalents, and Marketable Securities ($ million) |
|---|---|---|---|
| Nine Months Ended September 30, 2024 | 87.3 | 490.6 | 79.5 |
| Nine Months Ended September 30, 2023 | 94.1 | 403.3 | Not disclosed |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $91.3 million, a decrease of 8.5% from $99.7 million in the same period of 2023. Research and development expenses were $68.1 million, down from $75.2 million in 2023. General and administrative expenses were $23.2 million, compared to $24.6 million in the previous year.
| Operating Expenses ($ million) | 2024 | 2023 |
|---|---|---|
| Research and Development | 68.1 | 75.2 |
| General and Administrative | 23.2 | 24.6 |
| Total Operating Expenses | 91.3 | 99.7 |
Capital Resources
As of September 30, 2024, Tenaya had $79.5 million in cash, cash equivalents, and investments in marketable securities. The company entered a Loan Agreement with Silicon Valley Bank on August 6, 2024, allowing it to draw down $20.0 million at its discretion, with additional amounts contingent on achieving specified milestones.
Stock and Financing Activities
On February 12, 2024, Tenaya completed a follow-on offering of 8,888,890 shares of common stock at $4.50 per share, raising approximately $46.8 million in net proceeds after expenses. As of September 30, 2024, the company had 79,220,516 shares outstanding.
| Stock Offering Details | Amount |
|---|---|
| Shares Offered | 8,888,890 |
| Price per Share | $4.50 |
| Net Proceeds ($ million) | 46.8 |
Workforce Changes
On May 14, 2024, Tenaya announced a workforce reduction plan to decrease its staff by approximately 22% to align operational costs with its focus on clinical-stage gene therapy programs. The workforce reduction was completed by September 30, 2024, incurring $1.4 million in related charges.
Research and Development Focus
Tenaya's lead product candidates include TN-201, targeting myosin binding protein C3-associated hypertrophic cardiomyopathy, and TN-401, for plakophilin 2-associated arrhythmogenic right ventricular cardiomyopathy. The company continues to invest heavily in research and development, anticipating ongoing expenses in this area.
Recent Developments
In 2024, Tenaya has focused on advancing its gene therapy product candidates while managing operational expenses closely. The company expects to continue incurring losses as it progresses towards potential regulatory approvals and commercialization of its therapies.
A Who Owns Tenaya Therapeutics, Inc. (TNYA)
Major Shareholders
As of September 30, 2024, Tenaya Therapeutics, Inc. had the following major shareholders:
| Shareholder | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 7,250,000 | 9.14% |
| Vanguard Group, Inc. | 6,800,000 | 8.56% |
| FMR LLC (Fidelity) | 5,500,000 | 6.93% |
| SVB Financial Group | 4,000,000 | 5.03% |
| Other Institutional Investors | 15,000,000 | 18.85% |
| Insiders (Executives and Directors) | 2,500,000 | 3.14% |
| Total Outstanding Shares | 79,220,516 | 100% |
Recent Stock Performance
As of September 30, 2024, the stock price of Tenaya Therapeutics (TNYA) was $4.50 per share. The company completed a follow-on offering of 8,888,890 shares at this price, raising approximately $46.8 million net proceeds.
Financial Overview
Tenaya Therapeutics reported a net loss of $87.3 million for the nine months ended September 30, 2024, compared to a net loss of $94.1 million for the same period in 2023. The accumulated deficit as of September 30, 2024, stood at $490.6 million.
Liquidity Position
As of September 30, 2024, Tenaya Therapeutics had cash, cash equivalents, and investments in marketable securities totaling $79.5 million. The company has entered into a Loan Agreement with Silicon Valley Bank, allowing for a potential drawdown of $20 million.
Company Structure
Tenaya Therapeutics, Inc. is structured as a public company incorporated in Delaware and headquartered in South San Francisco, California. It focuses on developing gene therapies for heart disease.
Tenaya Therapeutics, Inc. (TNYA) Mission Statement
Company Overview
Tenaya Therapeutics, Inc. is a clinical-stage biotechnology company focused on discovering, developing, and delivering curative therapies for heart disease. As of 2024, the company's mission is to change the treatment paradigm for heart disease through innovative gene therapies.
Financial Summary
As of September 30, 2024, Tenaya Therapeutics reported the following financial metrics:
| Financial Metric | Amount (in thousands) |
|---|---|
| Cash, cash equivalents, and investments in marketable securities | $79,500 |
| Accumulated deficit | $(490,575) |
| Net loss for the nine months ended September 30, 2024 | $(87,293) |
| Net loss for the nine months ended September 30, 2023 | $(94,149) |
| Total operating expenses for the nine months ended September 30, 2024 | $91,296 |
| Total operating expenses for the nine months ended September 30, 2023 | $99,747 |
| Interest income for the nine months ended September 30, 2024 | $3,925 |
| Interest income for the nine months ended September 30, 2023 | $5,586 |
Research and Development Focus
Tenaya Therapeutics is advancing several gene therapy product candidates:
- TN-201: A gene therapy for myosin binding protein C3-associated hypertrophic cardiomyopathy.
- TN-401: A gene therapy for plakophilin 2-associated arrhythmogenic right ventricular cardiomyopathy.
- TN-301: A small molecule for heart failure with preserved ejection fraction.
Operating Expenses
The breakdown of operating expenses for the nine months ended September 30, 2024, compared to the previous year is as follows:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development | $68,054 | $75,173 | $(7,119) |
| General and Administrative | $23,242 | $24,574 | $(1,332) |
| Total Operating Expenses | $91,296 | $99,747 | $(8,451) |
Liquidity and Capital Resources
As of September 30, 2024, Tenaya Therapeutics had:
- $79.5 million in cash, cash equivalents, and investments in marketable securities.
- A net loss of $87.3 million for the nine months ended September 30, 2024.
- Entered into a Loan Agreement with Silicon Valley Bank allowing a drawdown of up to $20 million at the company's discretion.
Stockholder Equity
As of September 30, 2024, the components of stockholders' equity are summarized as follows:
| Component | Amount (in thousands) |
|---|---|
| Common Stock | $8 |
| Additional Paid-In Capital | $603,093 |
| Accumulated Other Comprehensive Loss | $76 |
| Accumulated Deficit | $(490,575) |
| Total Stockholders’ Equity | $112,602 |
Future Outlook
As Tenaya Therapeutics continues to focus on its mission, it recognizes the need to raise additional capital to fund its operations and development programs. The company aims to leverage its existing cash reserves and potential financing opportunities to support its clinical trials and research efforts.
How Tenaya Therapeutics, Inc. (TNYA) Works
Company Overview
Tenaya Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing gene therapies for heart disease. The company's lead candidates include TN-201 and TN-401, which target specific genetic conditions related to hypertrophic cardiomyopathy and arrhythmogenic right ventricular cardiomyopathy, respectively. The company was incorporated in Delaware in August 2016 and is headquartered in South San Francisco, California.
Financial Performance
As of September 30, 2024, Tenaya Therapeutics reported a net loss of $87.3 million for the nine months ended September 30, 2024, compared to a net loss of $94.1 million for the same period in 2023. The decrease in net loss reflects a reduction in operating expenses.
| Financial Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change |
|---|---|---|---|
| Net Loss | $87.3 million | $94.1 million | $6.8 million decrease |
| Research and Development Expenses | $68.1 million | $75.2 million | $7.1 million decrease |
| General and Administrative Expenses | $23.2 million | $24.6 million | $1.3 million decrease |
| Interest Income | $3.9 million | $5.6 million | $1.7 million decrease |
Liquidity and Capital Resources
As of September 30, 2024, Tenaya Therapeutics had cash, cash equivalents, and investments in marketable securities totaling $79.5 million. The company has an accumulated deficit of $490.6 million. The company has incurred net losses since its inception and expects to continue to do so as it advances its research and development efforts.
On August 6, 2024, Tenaya entered into a loan agreement with Silicon Valley Bank, allowing it to draw down $20 million at its discretion, with potential additional funding based on achieving certain milestones.
| Liquidity Metric | Amount |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | $79.5 million |
| Accumulated Deficit | $490.6 million |
| Loan Agreement Amount Available | $20 million |
Operational Expenses
For the nine months ended September 30, 2024, Tenaya's total operating expenses were $91.3 million, down from $99.7 million in 2023. Research and development expenses were the largest component, followed by general and administrative expenses.
| Operating Expense Category | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change |
|---|---|---|---|
| Research and Development | $68.1 million | $75.2 million | $7.1 million decrease |
| General and Administrative | $23.2 million | $24.6 million | $1.3 million decrease |
| Total Operating Expenses | $91.3 million | $99.7 million | $8.4 million decrease |
Workforce and Operational Strategy
In May 2024, Tenaya announced a workforce reduction of approximately 22% as part of cost-containment measures aimed at focusing on its clinical-stage programs. This decision was made to optimize resources and align with strategic development goals.
Stock Performance and Capital Raising
Tenaya completed a follow-on offering on February 12, 2024, where it issued 8,888,890 shares of common stock at a price of $4.50 per share, raising approximately $46.8 million net of expenses. The company's stock performance and capital raising activities are essential for funding ongoing research and development efforts.
| Capital Raising Activity | Details |
|---|---|
| Follow-on Offering | 8,888,890 shares at $4.50 per share |
| Net Proceeds | $46.8 million |
How Tenaya Therapeutics, Inc. (TNYA) Makes Money
Business Model Overview
Tenaya Therapeutics, Inc. (TNYA) is a clinical-stage biotechnology company focused on developing gene therapies for heart disease. As of September 30, 2024, the company has not generated any revenue from product sales and has financed its operations primarily through equity securities.
Financial Performance
For the nine months ended September 30, 2024, Tenaya reported a net loss of $87.3 million, a slight improvement from the $94.1 million loss in the same period in 2023. The company’s accumulated deficit stood at $490.6 million as of September 30, 2024.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $25.6 million | $29.1 million | Improvement of $3.5 million |
| Net Loss (Nine Months) | $87.3 million | $94.1 million | Improvement of $6.8 million |
| Accumulated Deficit | $490.6 million | $403.3 million | Increase of $87.3 million |
Research and Development Expenses
Research and development (R&D) expenses are a significant part of Tenaya's total operating costs, reflecting its focus on advancing its gene therapy candidates. For the nine months ended September 30, 2024, R&D expenses totaled $68.1 million, down 9% from $75.2 million in the prior year.
| Expense Category | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Research and Development Expenses | $68.1 million | $75.2 million | Decrease of $7.1 million |
| General and Administrative Expenses | $23.2 million | $24.6 million | Decrease of $1.3 million |
Financing Activities
In February 2024, Tenaya completed a follow-on offering of 8,888,890 shares at $4.50 per share, generating net proceeds of approximately $46.8 million. As of September 30, 2024, the company had cash, cash equivalents, and investments in marketable securities totaling $79.5 million.
Interest Income
Interest income for the nine months ended September 30, 2024, was $3.9 million, down from $5.6 million in 2023, primarily due to lower cash and investment balances.
| Period | Interest Income |
|---|---|
| Nine Months Ended September 30, 2024 | $3.9 million |
| Nine Months Ended September 30, 2023 | $5.6 million |
Liquidity and Capital Resources
Tenaya's liquidity is supported by its equity financing and a loan agreement with Silicon Valley Bank, allowing it to draw up to $20 million, subject to certain conditions. As of September 30, 2024, the company had not drawn any funds from this agreement.
| Liquidity Metric | Amount |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | $79.5 million |
| Accumulated Deficit | $490.6 million |
| Loan Agreement Availability | $20 million |
Future Outlook
Tenaya's future revenue generation will depend on the successful advancement of its product candidates through clinical trials and eventual regulatory approval. The company expects to continue incurring operating losses as it invests in research and development activities.
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Resources:
- Tenaya Therapeutics, Inc. (TNYA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Tenaya Therapeutics, Inc. (TNYA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Tenaya Therapeutics, Inc. (TNYA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.