TNYA

Tenaya is a pre-revenue, clinical-stage gene-therapy company whose value rests entirely on unproven Phase 1b/2 assets — TN-201 for MYBPC3 HCM, TN-401 for PKP2 ARVC and the TN-301 HDAC6 inhibitor. Five straight years of losses (FY2021 -$72.7M through FY2025 -$90.6M) and a -$605M accumulated deficit confirm there is no business here yet, only a research program. The one bright spot in the numbers — a 55% improvement in diluted EPS and a narrowing net loss — is largely an artifact of the share count exploding +147.8% to 217M, not of operating leverage; per-share losses look smaller because the loss is spread across far more stock. R&D was actually cut 20.9%, which trims burn but is not the sign of an accelerating pipeline you want to pay up for.

The balance sheet is the least-bad part of the story: $101M cash, only $23.7M total liabilities and a 0.19x liabilities/equity ratio, so near-term solvency isn't the immediate worry. But operating cash burn was -$68.3M in FY2025, implying roughly 1.5 years of runway before another raise — and given the 147.8% dilution already inflicted on shareholders and a stock at $0.79, the next financing is likely to be highly dilutive or done from a position of weakness. The March 2026 Alnylam research collaboration is a genuine positive (it reimburses research effort and validates the discovery platform), but it does not fund the expensive late-stage trials the pipeline needs.