10-K · March 11, 2026
Tenaya is a clinical-stage cardiovascular-focused biotech advancing two AAV9 gene therapies (TN-201 for MYBPC3 HCM and TN-401 for PKP2 ARVC) and a selective HDAC6 small molecule (TN-301). The 10-K reports full-year…
Earnings analysis · 10-Q
TNYA earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Tenaya Therapeutics reported significant improvements in its Q1 2026 financials, with a net loss reduced to $19.3 million from $26.9 million over the same quarter last year. This was marked by a successful collaboration…
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Tenaya Therapeutics reported significant improvements in its Q1 2026 financials, with a net loss reduced to $19.3 million from $26.9 million over the same quarter last year. This was marked by a successful collaboration with Alnylam Pharmaceuticals which contributed to collaboration revenues of $0.2 million, indicating an upward trend in operational efficiency despite ongoing losses.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.09
What stood out
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Decreased Net Loss from Prior Year
Net loss decreased to $19.3 million in Q1 2026, from $26.9 million in Q1 2025, marking a 28% improvement.
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Collaboration Revenue Started
Collaboration revenue of $0.2 million reported for Q1 2026, compared to none in the prior year.
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Reduction in Operating Expenses
Total operating expenses dropped by 26%, from $27.5 million in Q1 2025 to $20.3 million in Q1 2026.
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Improvement in R&D Expenses
Research and development expenses were reduced to $14.8 million in Q1 2026, a decrease of 30% from $21.1 million in Q1 2025.
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Cash Position Remains Strong
As of March 31, 2026, cash and cash equivalents totaled $80.9 million, providing stability amidst ongoing losses.
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Continued Clinical Advancements
Ongoing clinical trials for TN-201 and TN-401 expected to bolster future revenue potential.
What to watch
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Regulatory Approval Risks
With ongoing reliance on collaborations, any delays or failures in meeting regulatory requirements could impact clinical trial timelines.
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Operational Losses Persist
Despite improvements, continued operational losses remain a risk with accumulated deficit of $624.3 million.
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Dependence on Third-Party Manufacturers
Reliance on third-party suppliers for raw materials and clinical trial management could lead to supply disruptions.
Management's outlook
No specific numeric guidance was provided for revenue or EPS in this 10-Q filing.
Earlier filings 4
10-Q · November 10, 2025
Tenaya reported improved operating results in Q3 2025 with lower operating expenses and a narrower net loss, but remains unprofitable and reliant on financing. Cash and liquidity were materially strengthened during the…
10-Q · May 7, 2025
Tenaya reported a narrower operating loss and improved EPS in Q1 2025 driven by lower R&D and G&A, while completing a March follow-on that materially bolstered liquidity. Cash and equivalents rose to $53.8M (and total…
10-Q · November 6, 2024
Tenaya reported an improving operating profile in Q3 2024 with total operating expenses of $26,711 (in thousands), down from $30,920 in Q3 2023, and a narrower net loss of $25,634 (in thousands) (EPS of $(0.30) vs…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.