TNYA · Tenaya Therapeutics, Inc.

Tenaya Therapeutics delivered improved Q1 2026 financial results with net loss narrowing to $19.3 million or $0.09 per share from $26.9 million or $0.24 per share year-over-year, driven by R&D expense reduction to $14.8 million from $21.1 million and G&A to $5.4 million from $6.5 million, reflecting lower stock-based compensation and operational efficiencies in its clinical-stage biotech model. Cash position stood at $80.9 million as of March 31, 2026, bolstered by a $10 million upfront payment from the new Alnylam collaboration, providing runway into the second half of 2027 amid a catalyst-rich period. CEO Faraz Ali highlighted upcoming clinical milestones, including one-year Cohort 1 and initial Cohort 2 data from the RIDGE-1 Phase 1b/2 trial of TN-401 for PKP2-associated ARVC at ASGCT on May 15, 2026, following DSMB endorsement, and Q2 2026 data from MyPEAK-1 Phase 1b/2 trial of TN-201 for MYBPC3-associated HCM, with optimized immunosuppression protocols reducing patient burden. Preclinical TN-301 data at MDA 2026 showed superior grip strength improvement, reduced muscle injury, in DMD models versus givinostat, supporting advancement to trials for HFpEF and DMD with FDA designations. The Alnylam deal expands Tenaya's research engine with potential $1.1 billion in milestones, diversifying beyond gene therapies TN-201 and TN-401 toward broader cardiovascular opportunities.