Tenaya Therapeutics (TNYA) AI Stock Analysis

• Market Cap: $138.38M
• Dividend Yield: N/A
• Average Volume (3M): 2.63M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.08
• Revenue Growth: N/A
• EPS Growth: 23.55%
• Country: US
• Employees: 97
• Sector: Healthcare
• Sector Strength: 37
• Industry: Biotechnology
• EPS (TTM): -0.24
• Shares Outstanding: 162,666,930
• 10 Day Avg. Volume: 2,819,748
• 30 Day Avg. Volume: 2,632,754
• PEG Ratio: -0.06
• Price to Book (P/B): 0.64
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.33
• Enterprise Value/Market Cap: 0.52
• Enterprise Value/Revenue: 2.02
• Enterprise Value/Gross Profit: -33.62
• Enterprise Value/Ebitda: -0.16
• 1Y Price Target: $11.20
• Price Target Upside: 1217.65% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 36 Underperform
• Price Target: ―

Tenaya Therapeutics' overall score is primarily impacted by its financial performance, characterized by pre-revenue status and high cash burn due to R&D expenses. Technical indicators highlight a bearish trend, with the stock trading below key moving averages and near oversold conditions. Valuation metrics reflect non-profitability and lack of dividend yield, typical for early-stage biotech firms.

Positive Factors

Clinical Development

The company's gene therapy for MYBPC3-associated hypertrophic cardiomyopathy remains on track to complete enrollment in Cohort 2, setting up initial data from the cohort as well as additional data from Cohort 1.

Financial Position

Tenaya has extended its cash runway into H2 2026 via a $48.8M equity raise, carrying the company through several key inflection points.

Strategic Planning

The restructuring plan focuses on clinical development of TN-201 and TN-401, which is expected to significantly reduce cash expense and extend Tenaya's cash runway into the second half of 2026.

Negative Factors

Financial Performance

Tenaya Therapeutics reported a net loss of $26.9 million in the first quarter of 2025.

Market Conditions

Tenaya’s shares were caught in a widespread biotech sell-off following Vinay Prasad’s appointment to head of the Center for Biologics Evaluation and Research.

Partnerships

Remove PoS-adjusted milestone payments for TN-301 in HFpEF as partnership no longer seems probable in the current environment.

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 a pre-revenue stage common for biotech firms, with no revenue and high R&D expenses leading to consistent losses. The balance sheet is lightly leveraged, but equity has been decreasing due to accumulated deficits. The company relies heavily on external financing to manage negative cash flows.

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
EBITDA	-102.66M	-122.51M	-114.95M	-68.70M	-36.43M
Net Income	-111.13M	-124.08M	-123.66M	-69.65M	-38.31M
Balance Sheet
Total Assets	119.94M	170.51M	278.94M	314.19M	148.16M
Cash, Cash Equivalents and Short-Term Investments	61.45M	104.64M	204.23M	251.30M	128.53M
Total Debt	13.61M	12.42M	15.10M	13.71M	0.00
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: Positive
• Last Price: 0.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TNYA, the sentiment is Positive. The current price of 0.85 is above the 20-day moving average (MA) of 0.70, above the 50-day MA of 0.58, and below the 200-day MA of 1.21, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 70.21 is Negative, neither overbought nor oversold. The STOCH value of 73.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TNYA.

Tenaya Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	52 Neutral	$7.46B	-0.04	-63.82%	2.49%	16.43%	<0.01%
VERU	49 Neutral	$87.44M	―	-88.03%	―	-21.28%	36.26%
PLRX	37 Underperform	$96.38M	―	-63.22%	―	-100.00%	-26.44%
TNYA	36 Underperform	$138.38M	―	-76.21%	―	―	23.55%
BDTX	33 Underperform	$177.98M	51.05	4.14%	―	―	33.97%
ELTX	30 Underperform	$149.09M	―	-744.59%	―	―	27.65%

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.