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what it is
Tenaya develops gene and small-molecule medicines for inherited heart disease.
how it gets paid
Last year Tenaya Therapeutics made n/a in revenue. TN-201 gene therapy was the main engine at $0M, or 20% of sales.
what just happened
Tenaya posted a $0.48 loss per share while revenue stayed at $0M.
At a glance
C++ balance sheet — some cracks in the foundation
-$1.31 fy2024 eps est
1.9 beta
~$185M market cap
small cap
xvary composite: 48/100 — below average
What they do
Tenaya develops gene and small-molecule medicines for inherited heart disease.
Tenaya has 3 lead programs and $0M trailing revenue. That is not a moat yet. You own 3 shots on goal, not a sales engine. If one program works, the story changes. If the pipeline slips, there is no revenue base to absorb it.
How they make money
n/a
annual revenue
TN-201 gene therapy
$0M
TN-301 small molecule
$0M
TN-401 gene therapy
$0M
AAV dilated cardiomyopathy program
$0M
Cardiac reprogramming platform
$0M
The products that matter
gene therapy for MYBPC3-linked HCM
TN-201
2026 regulatory milestone
This is the lead asset. Management has pivotal-study regulatory alignment planned for 2026, so this is the program most likely to move the stock next. If you remember one asset, make it this one.
lead asset
gene therapy for PKP2-linked ARVC
TN-401
Q4 2025 preclinical data
Preclinical data was reported in Q4 2025. That matters, but it also tells you this program is still early. Early programs create optionality. They do not fix a funding timeline.
earlier-stage follow-on
small-molecule heart failure program
HDAC6 inhibitors, including TN-301
preclinical stage
This sits even earlier on the timeline than TN-201. Think of it as scientific upside, not near-term valuation support. In a company with $0 revenue, distance still matters.
science-stage option
Key numbers
-$1.31
fy2024 eps est
n/a
fy rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $9M (4% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for TNYA right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Tenaya posted a $0.48 loss per share while revenue stayed at $0M.
That matches a business with 97 employees and 3 lead programs. You are funding research with cash, not with sales.
$0M
revenue
-$0.48
eps
n/a
n/a
loss per share
The $0.48 loss per share shows the company is still burning cash before any product sales exist.
source: company earnings report, 2026
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What could go wrong
This is not a diversified biotech puzzle. It is a concentrated bet on one lead asset, one funding path, and one listing clock. If TN-201 slips, capital gets tighter, or the stock stays below $1 too long, you feel it fast.
med
TN-201 gets delayed or draws regulatory pushback
Pivotal-study regulatory alignment is planned for 2026. If that timeline slips or the FDA pushes back on study design, the lead asset loses time precisely when the balance sheet can least afford it.
This is the program doing most of the work. If confidence in it breaks, most of the current equity story breaks with it.
med
Nasdaq compliance turns into a forced corporate action
The stock sits at $0.57 and needs 10 consecutive days above $1.00 by July 27, 2026. If it does not get there organically, management may need to fix the listing before it can fix sentiment.
A reverse split would not improve the science. It would only change the share count optics, and investors usually notice the difference.
med
Cash burn leads to dilution before de-risking
Tenaya lost $90.6M in 2025 and generated $0 in revenue. That is a direct setup for future capital raises unless outside funding arrives first.
If new capital comes in before a cleaner TN-201 path, your ownership gets diluted while the science is still unproven.
You own a binary biotech setup where the next real win has to come from data, financing, or both.
source: institutional data · regulatory filings · risk analysis
Pay attention to
deadline
Nasdaq $1.00 compliance clock
The stock needs 10 consecutive trading days above $1.00 by July 27, 2026. At $0.57, that is now an operating fact, not a footnote.
catalyst
TN-201 regulatory alignment in 2026
This is the cleanest upcoming milestone on the page. If the path to a pivotal study gets clearer, the story gets more investable fast.
funding
Losses versus market value
A $90.6M annual loss against a $185M market cap is not background noise. Watch for any sign the cash story is tightening faster than the clinical story is improving.
earnings
Next report estimated for May 13, 2026
The numbers themselves will still be thin. What matters is whether management gives you a cleaner funding and timeline read than the market has today.
Analyst rankings
coverage
thin
Analyst coverage in this snapshot is sparse. In human-speak, you do not have a broad Wall Street consensus to lean on here.
revenue outlook
$0
There is no revenue forecast for next year in the current data. That means analysts are still modeling science costs, not a launch.
volatility
1.9 beta
Beta measures how hard a stock tends to move versus the market. At 1.9, this usually amplifies whatever mood the tape is already in.
source: institutional data
Institutional activity
institutional ownership data for TNYA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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