0001193125-26-115202
SEC filingTaysha Gene Therapies, Inc. (TSHA) reported revenue of $9.8 million for the fiscal year ended December 31, 2025, derived from research and development activities and the recognition of revenue related to the expired Rett Option in the Astellas Transactions. This revenue was recognized as the Rett Option expired without exercise in October 2025. The company incurred a net loss of $109.0 million, compared to a net loss of $89.3 million for the year ended December 31, 2024, primarily due to elevated research and development expenses of $86.4 million and general and administrative expenses of $33.9 million, totaling operating expenses of $120.3 million. Loss from operations was $110.5 million, partially offset by total other income, net of $1.5 million. Balance sheet highlights include cash and cash equivalents of $319.8 million, total current assets of $324.6 million, and total assets of $343.3 million, supported by stockholders' equity of $246.9 million. Cash flows showed net cash used in operating activities of $93.1 million, offset by net cash provided by financing activities of $274.6 million from public offerings ($215.6 million underwritten, $48.4 million at-the-market), term loan proceeds ($49.9 million), resulting in a net increase in cash, cash equivalents, and restricted cash of $180.9 million. Looking forward, Taysha is advancing TSHA-102 for Rett syndrome, with dosing completion in REVEAL pivotal and ASPIRE trials expected in Q2 2026, FDA alignment on pivotal trial design and extrapolation for broad labeling in patients aged 2 years and older, positioning for potential BLA submission.
Taysha Gene Therapies, Inc. reported revenue of $9.8 million for FY 2025 ended December 31, 2025, from Astellas Transactions including the Rett Option expiration. Net loss widened to $109.0 million from $89.3 million in FY 2024, driven by research and development expenses of $86.4 million and general and administrative expenses of $33.9 million, totaling $120.3 million in operating expenses. Loss from operations was $110.5 million, mitigated by $1.5 million total other income, net, including $6.2 million change in fair value of term loan and $9.2 million interest income. Weighted average common shares outstanding basic and diluted were 319.7 million, with net loss per share basic and diluted at -$0. Total assets stood at $343.3 million, with accumulated deficit of $711.3 million.
Revenue of $9.8 million was recognized from research and development activities related to the Rett program under Astellas Transactions. This included point-in-time recognition upon expiration of the Rett Option in October 2025 without exercise, following delivery of the Rett Data Package. Prior revenue in 2024 and 2023 also stemmed from Astellas, including GAN Option recognition in 2023. No product sales revenue; future revenue expected from potential approvals or licenses. Deferred revenue of $9.8 million on balance sheet reflects timing.
No gross profit or gross margin disclosed, as revenue is collaboration-based without COGS. Operating loss of $110.5 million on $9.8 million revenue reflects high R&D intensity typical for clinical-stage biotech. Expenses rose with TSHA-102 trial advancement, milestone payments like $3.0 million Abeona Rett pivotal milestone, and stock-based compensation $13.3 million. Net loss per share -$0 basic and diluted.
Net cash used in operating activities was $93.1 million, adjusted from $109.0 million net loss by $13.3 million stock-based compensation, $3.0 million R&D license expense, and changes in working capital including -$9.8 million deferred revenue. Investing used $0.6 million mainly for property purchases. Financing provided $274.6 million, including $215.6 million public offering, $48.4 million at-the-market, $49.9 million 2025 Trinity term loan net, offset by $40.6 million prior loan prepayment. Net cash increase $180.9 million; cash and equivalents $319.8 million, total current assets $324.6 million. Term loan net $50.1 million, total liabilities $96.4 million, equity $246.9 million with $958.4 million additional paid-in capital.
Management anticipates continued expenses and losses as clinical trials advance, including TSHA-102 REVEAL pivotal (15 patients aged 6-<22 years, high dose, primary endpoint response rate on milestones) and ASPIRE (3 patients aged 2-<4 years for safety). Dosing completion expected Q2 2026; 6-month interim analysis may support BLA. FDA alignment on protocol, stats plan, extrapolation for broad label >=2 years. No approved products; funding via equity ($961.0 million gross historical), loans. Risks include clinical/regulatory hurdles, cash burn, cybersecurity, shareholder litigation.