Tenaya Therapeutics (TNYA) AI Stock Analysis

• Market Cap: $112.47M
• Dividend Yield: N/A
• Average Volume (3M): 4.50M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.48
• Revenue Growth: N/A
• EPS Growth: 23.55%
• Country: US
• Employees: 97
• Sector: Healthcare
• Sector Strength: 64
• Industry: Biotechnology
• EPS (TTM): -1.31
• Shares Outstanding: 162,582,640
• 10 Day Avg. Volume: 3,169,975
• 30 Day Avg. Volume: 4,503,150
• 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: 1369.57% 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

Clinical Development

TNYA published preclinical data from the TN-201 program for the treatment of MYBPC3 hypertrophic cardiomyopathy in Nature, showcasing its potential efficacy.

Financial Stability

TNYA's current proforma cash is modeled at ~$107M, including a recent $48.9M equity raise and an $8M grant, providing a financial runway into 1H26.

Operational Performance

TNYA reported a decrease in R&D and SG&A expenses, reflecting a positive trend in managing operational costs.

Negative Factors

Market Reaction

Investors were left wanting more from this first cut, leading to a negative stock reaction.

Price Target Adjustment

The net result of the changes is a decrease in the price target from $18 to $6.

Probability of Success

A lower probability of success for TN-201 is now estimated at 30% compared to 45% previously.

Tenaya Therapeutics Business Overview & Revenue Model

Company Description

Tenaya Therapeutics (TNYA) is a biotechnology company focused on discovering, developing, and delivering curative therapies for heart disease. The company operates within the biopharmaceutical sector and is committed to advancing a pipeline of novel therapies aimed at addressing the underlying causes of various forms of heart disease through gene therapy, cellular regeneration, and precision medicine approaches.

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: 0.69
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 0.69 is above the 20-day moving average (MA) of 0.64, below the 50-day MA of 0.92, and below the 200-day MA of 2.14, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 44.26 is Neutral, neither overbought nor oversold. The STOCH value of 40.45 is Neutral, 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
BEAM	50 Neutral	$2.22B	―	-43.94%	―	-83.18%	-144.95%
Sector *	49 Neutral	$6.86B	0.72	-52.93%	2.49%	20.83%	1.11%
TNYA	47 Neutral	$112.47M	―	-95.69%	―	―	23.55%
CRSP	46 Neutral	$3.26B	―	-19.20%	―	-89.95%	-123.71%
SGMO	41 Neutral	$192.64M	―	-187.83%	―	-67.20%	64.66%
EDIT	39 Underperform	$107.87M	―	-98.10%	―	-58.64%	-40.05%
NTLA	39 Underperform	$869.55M	―	-54.00%	―	59.55%	3.09%

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.