0001193125-26-102252
SEC filingTenaya Therapeutics, Inc. reported a net loss of $90.6 million for fiscal year 2025, driven by total operating expenses of $93.3 million, primarily consisting of research and development costs of $68.6 million and general and administrative expenses of $24.7 million. The company generated $2.7 million in other income, mainly from interest income, partially offsetting the operating loss. Cash flow from operations was negative $68.3 million, but the company raised $108.4 million from financing activities, including $106.0 million from equity issuance, resulting in a net cash increase of $96.2 million. The balance sheet shows total assets of $146.9 million, with $100.5 million in cash and cash equivalents and $57.1 million in short-term marketable securities, providing liquidity for continued operations. The company's accumulated deficit increased to $605.0 million, reflecting ongoing investment in research and development activities.
Tenaya Therapeutics, Inc. reported a net loss of $90.6 million for fiscal year 2025, with no revenue reported during the period. The company's operating loss was $93.3 million, primarily driven by research and development expenses of $68.6 million and general and administrative expenses of $24.7 million. Other income of $2.7 million, mainly from interest income, partially offset the operating loss. The company reported basic and diluted net loss per share of $1.00, calculated using weighted-average shares of 153.0 million. Comprehensive loss was also $90.6 million, with a minor adjustment for net unrealized loss on marketable securities of $28,000. The company's financial performance reflects its continued investment in research and development activities as a clinical-stage biotechnology company.
No revenue was reported for fiscal year 2025. The company's financial statements show no revenue line items in the income statement, indicating that Tenaya Therapeutics is still in the research and development phase and has not yet generated commercial revenue from product sales. The document does not disclose any segment revenue breakdown, geographic revenue mix, or revenue growth drivers, as the company appears to be focused on developing its pipeline rather than commercial operations at this stage.
The company reported an operating loss of $93.3 million for fiscal year 2025, with no gross profit or gross margin reported due to the absence of revenue. Operating expenses totaled $93.3 million, consisting of $68.6 million in research and development (73.5% of total operating expenses) and $24.7 million in general and administrative expenses (26.5% of total operating expenses). Stock-based compensation expense was $13.0 million, representing a significant non-cash component of operating expenses. The company's cost structure reflects its focus on research and development activities, with no cost of goods sold reported.
Net cash used in operating activities was $68.3 million for fiscal year 2025. The company generated $56.1 million from investing activities, primarily from proceeds from sales and maturities of marketable securities totaling $56.7 million. Financing activities provided $108.4 million, mainly from $106.0 million in equity issuance proceeds. The net change in cash was an increase of $96.2 million. The balance sheet shows total assets of $146.9 million, including $100.5 million in cash and cash equivalents and $57.1 million in short-term marketable securities. Total liabilities were $23.7 million, with stockholders' equity of $123.3 million. The accumulated deficit increased to $605.0 million.
The filing does not provide specific management guidance, strategic priorities, or forward-looking statements about future performance. As a clinical-stage biotechnology company, Tenaya Therapeutics faces risks common to the industry, including the need for substantial additional funding to complete development of its product candidates, uncertainties in clinical trial outcomes, regulatory approval processes, and competition from other companies. The company's ability to continue operations depends on its ability to raise additional capital through equity or debt financing, as operating activities continue to consume cash resources.