What is Tenaya Therapeutics, Inc.'s earnings per share (EPS)?

Tenaya Therapeutics, Inc. (TNYA) reported diluted earnings per share of $-0.59 for fiscal year 2025. This represents a 55.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Tenaya Therapeutics, Inc. Financials

TNYA

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Tenaya Therapeutics, Inc. (TNYA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TNYA FY2025 2026-05-06

Cash replenishment, not revenue generation, is driving Tenaya’s model as R&D-heavy losses are repeatedly offset by financing.

From FY2023 to FY2025, operating cash burn improved from -$102.1M to -$68.3M while cash on hand rose from $45.7M to $100.5M, but that stronger liquidity came with $108.4M of financing cash inflow rather than internal cash generation. The non-obvious point is that the balance sheet recovery reflects both tighter spending and fresh capital, and the stronger cash position was paired with a much larger share count.

The expense base is still overwhelmingly research-led: FY2025 R&D spending was $68.6M versus SG&A of $24.7M, and both were lower than two years earlier. That means the narrower loss is being driven mainly by expense pacing, not by scale benefits from a growing commercial business.

FY2025 free cash flow of -$68.9M was close to operating cash flow of -$68.3M. Because capital spending was only $618K, this is an asset-light cash-burn model where the main cash need is funding ongoing operations and research rather than building a heavy physical asset base.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Tenaya Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Tenaya Therapeutics, Inc. carries a low D/E ratio of 0.19, meaning only $0.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 6.84, Tenaya Therapeutics, Inc. holds $6.84 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Tenaya Therapeutics, Inc. generates a -73.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -119.7% the prior year.

Piotroski F-Score Weak

3/9

Tenaya Therapeutics, Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.75x

For every $1 of reported earnings, Tenaya Therapeutics, Inc. generates $0.75 in operating cash flow (-$68.3M OCF vs -$90.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$84.9M

YoY+21.0%

Tenaya Therapeutics, Inc.'s EBITDA was -$84.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.0% from the prior year.

Net Income

-$90.6M

YoY+18.5%

Tenaya Therapeutics, Inc. reported -$90.6M in net income in fiscal year 2025. This represents an increase of 18.5% from the prior year.

EPS (Diluted)

$-0.59

YoY+55.0%

Tenaya Therapeutics, Inc. earned $-0.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 55.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$68.9M

YoY+24.7%

Tenaya Therapeutics, Inc. generated -$68.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 24.7% from the prior year.

Cash & Debt

$100.5M

YoY+2225.9%

5Y CAGR-4.8%

Tenaya Therapeutics, Inc. held $100.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

217M

YoY+150.5%

Tenaya Therapeutics, Inc. had 217M shares outstanding in fiscal year 2025. This represents an increase of 150.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-73.5%

YoY+46.2pp

Tenaya Therapeutics, Inc.'s ROE was -73.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 46.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$68.6M

YoY-20.9%

5Y CAGR+17.1%

Tenaya Therapeutics, Inc. invested $68.6M in research and development in fiscal year 2025. This represents a decrease of 20.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$618K

YoY-39.7%

5Y CAGR-42.4%

Tenaya Therapeutics, Inc. invested $618K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 39.7% from the prior year.

TNYA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$68.6M-20.9%	$86.7M-11.5%	$98.0M+3.7%	$94.5M+73.8%	$54.4M+74.9%	$31.1M
SG&A Expenses	$24.7M-15.3%	$29.2M-11.9%	$33.2M+6.7%	$31.1M+68.8%	$18.4M+135.7%	$7.8M
Operating Income	-$93.3M+19.5%	-$115.9M+11.6%	-$131.2M-4.4%	-$125.6M-72.5%	-$72.8M-87.1%	-$38.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$90.6M+18.5%	-$111.1M+10.4%	-$124.1M-0.3%	-$123.7M-70.1%	-$72.7M-89.4%	-$38.4M
EPS (Diluted)	$-0.59+55.0%	$-1.31+22.0%	$-1.68+39.1%	$-2.76+32.7%	$-4.10	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$225K	N/A	N/A	N/A	$0	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$14.8M	N/A	$15.4M-11.6%	$17.4M-17.6%	$21.1M	N/A	$20.4M-10.2%	$22.6M
SG&A Expenses	$5.4M	N/A	$5.6M-17.0%	$6.7M+3.9%	$6.5M	N/A	$6.4M-22.2%	$8.2M
Operating Income	-$20.1M	N/A	-$20.9M+13.1%	-$24.1M+12.5%	-$27.5M	N/A	-$26.7M+13.3%	-$30.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	-$19.3M	N/A	-$20.3M+12.9%	-$23.3M+13.3%	-$26.9M	N/A	-$25.6M+12.9%	-$29.4M
EPS (Diluted)	$-0.09	N/A	$-0.12+14.3%	$-0.14+41.7%	$-0.24	N/A	$-0.30+11.8%	$-0.34

TNYA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$146.9M+22.5%	$119.9M-29.7%	$170.5M-38.9%	$278.9M-11.2%	$314.2M+112.1%	$148.2M
Current Assets	$105.6M+56.7%	$67.4M-39.6%	$111.6M-42.4%	$193.8M-24.1%	$255.4M+96.5%	$130.0M
Cash & Equivalents	$100.5M+2225.9%	$4.3M-90.5%	$45.7M-52.1%	$95.3M+149.9%	$38.1M-70.3%	$128.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$23.7M-12.7%	$27.1M-12.9%	$31.1M-12.6%	$35.6M-0.3%	$35.7M-84.5%	$229.5M
Current Liabilities	$15.4M-3.4%	$16.0M-29.7%	$22.7M-6.2%	$24.2M+11.4%	$21.8M+331.9%	$5.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$123.3M+32.8%	$92.9M-33.4%	$139.4M-42.7%	$243.4M-12.6%	$278.5M+442.5%	-$81.3M
Retained Earnings	-$605.0M-17.6%	-$514.4M-27.6%	-$403.3M-44.4%	-$279.2M-79.5%	-$155.5M-87.8%	-$82.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$135.1M-8.1%	$146.9M+40.0%	$105.0M-14.1%	$122.2M-15.1%	$144.0M+20.0%	$119.9M-14.7%	$140.6M-13.9%	$163.2M
Current Assets	$96.6M-8.5%	$105.6M+72.4%	$61.2M-19.3%	$75.9M-19.7%	$94.5M+40.2%	$67.4M-21.0%	$85.3M-18.8%	$105.0M
Cash & Equivalents	$80.9M-19.6%	$100.5M+78.6%	$56.3M-10.1%	$62.7M+16.5%	$53.8M+1143.9%	$4.3M-47.5%	$8.2M-85.8%	$58.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$10.6M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$28.9M+22.1%	$23.7M+7.0%	$22.1M-0.9%	$22.3M-9.1%	$24.6M-9.3%	$27.1M-3.2%	$28.0M-4.1%	$29.2M
Current Liabilities	$16.8M+8.7%	$15.4M+16.9%	$13.2M+4.4%	$12.7M-10.6%	$14.2M-11.4%	$16.0M-1.2%	$16.2M-3.2%	$16.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$106.2M-13.9%	$123.3M+48.7%	$82.9M-17.0%	$99.8M-16.4%	$119.4M+28.6%	$92.9M-17.5%	$112.6M-16.0%	$134.0M
Retained Earnings	-$624.3M-3.2%	-$605.0M-3.4%	-$584.8M-3.6%	-$564.6M-4.3%	-$541.3M-5.2%	-$514.4M-4.9%	-$490.6M-5.5%	-$464.9M

TNYA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$68.3M+24.6%	-$90.5M+11.3%	-$102.1M+2.3%	-$104.4M-71.7%	-$60.8M-71.6%	-$35.4M
Capital Expenditures	$618K-39.7%	$1.0M-17.3%	$1.2M-94.0%	$20.6M-17.9%	$25.1M+157.3%	$9.8M
Free Cash Flow	-$68.9M+24.7%	-$91.5M+11.4%	-$103.3M+17.4%	-$125.1M-45.5%	-$85.9M-90.1%	-$45.2M
Investing Cash Flow	$56.1M+4858.7%	$1.1M-97.7%	$48.7M-41.8%	$83.7M+135.1%	-$238.6M-3303.2%	-$7.0M
Financing Cash Flow	$108.4M+127.0%	$47.7M+1079.3%	$4.0M-94.8%	$77.8M-62.8%	$209.0M+41.9%	$147.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$13K+1200.0%	$1K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$19.2M-38.0%	-$13.9M+10.6%	-$15.6M+0.1%	-$15.6M+32.4%	-$23.1M-25.7%	-$18.4M+7.3%	-$19.8M+16.0%	-$23.6M
Capital Expenditures	$11K-83.6%	$67K+157.7%	$26K-81.7%	$142K-62.9%	$383K+87.7%	$204K+10.9%	$184K+152.1%	$73K
Free Cash Flow	-$19.2M-37.4%	-$14.0M+10.4%	-$15.6M+0.8%	-$15.8M+32.9%	-$23.5M-26.4%	-$18.6M+7.1%	-$20.0M+15.5%	-$23.7M
Investing Cash Flow	-$11K+83.6%	-$67K-100.8%	$8.9M-64.5%	$25.0M+12.0%	$22.3M+58.1%	$14.1M+146.9%	-$30.1M-239.2%	$21.6M
Financing Cash Flow	-$415K-100.7%	$58.2M+15226.8%	$380K+179.8%	-$476K-100.9%	$50.3M+13231.3%	$377K+1116.1%	$31K-94.6%	$570K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TNYA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-73.5%+46.2pp	-119.7%-30.7pp	-89.0%-38.2pp	-50.8%-24.7pp	-26.1%	N/A
Return on Assets	-61.7%+31.0pp	-92.7%-19.9pp	-72.8%-28.4pp	-44.3%-21.2pp	-23.2%+2.8pp	-25.9%
Current Ratio	6.84+2.6	4.22-0.7	4.91-3.1	7.99-3.7	11.73-14.1	25.78
Debt-to-Equity	0.19-0.1	0.29+0.1	0.22+0.1	0.15+0.0	0.13+3.0	-2.82
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-8917.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-8565.3%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-18.1%	N/A	-24.5%-1.2pp	-23.3%-0.8pp	-22.5%	N/A	-22.8%-0.8pp	-22.0%
Return on Assets	-14.3%	N/A	-19.3%-0.3pp	-19.1%-0.4pp	-18.7%	N/A	-18.2%-0.2pp	-18.0%
Current Ratio	5.75-1.1	6.84+2.2	4.64-1.4	6.00-0.7	6.68+2.5	4.22-1.1	5.27-1.0	6.28
Debt-to-Equity	0.27+0.1	0.19-0.1	0.27+0.0	0.22+0.0	0.21-0.1	0.29+0.0	0.25+0.0	0.22
FCF Margin	-8553.3%	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Tenaya Therapeutics, Inc. profitable?

No, Tenaya Therapeutics, Inc. (TNYA) reported a net income of -$90.6M in fiscal year 2025.

What is Tenaya Therapeutics, Inc.'s EBITDA?

Tenaya Therapeutics, Inc. (TNYA) had EBITDA of -$84.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Tenaya Therapeutics, Inc.'s return on equity (ROE)?

Tenaya Therapeutics, Inc. (TNYA) has a return on equity of -73.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tenaya Therapeutics, Inc.'s free cash flow?

Tenaya Therapeutics, Inc. (TNYA) generated -$68.9M in free cash flow during fiscal year 2025. This represents a 24.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Tenaya Therapeutics, Inc.'s operating cash flow?

Tenaya Therapeutics, Inc. (TNYA) generated -$68.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tenaya Therapeutics, Inc.'s total assets?

Tenaya Therapeutics, Inc. (TNYA) had $146.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tenaya Therapeutics, Inc.'s capital expenditures?

Tenaya Therapeutics, Inc. (TNYA) invested $618K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Tenaya Therapeutics, Inc. spend on research and development?

Tenaya Therapeutics, Inc. (TNYA) invested $68.6M in research and development during fiscal year 2025.

How many shares does Tenaya Therapeutics, Inc. have outstanding?

Tenaya Therapeutics, Inc. (TNYA) had 217M shares outstanding as of fiscal year 2025.

What is Tenaya Therapeutics, Inc.'s current ratio?

Tenaya Therapeutics, Inc. (TNYA) had a current ratio of 6.84 as of fiscal year 2025, which is generally considered healthy.

What is Tenaya Therapeutics, Inc.'s debt-to-equity ratio?

Tenaya Therapeutics, Inc. (TNYA) had a debt-to-equity ratio of 0.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tenaya Therapeutics, Inc.'s return on assets (ROA)?

Tenaya Therapeutics, Inc. (TNYA) had a return on assets of -61.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tenaya Therapeutics, Inc.'s cash runway?

Based on fiscal year 2025 data, Tenaya Therapeutics, Inc. (TNYA) had $100.5M in cash against an annual operating cash burn of $68.3M. This gives an estimated cash runway of approximately 18 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Tenaya Therapeutics, Inc.'s Piotroski F-Score?

Tenaya Therapeutics, Inc. (TNYA) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tenaya Therapeutics, Inc.'s earnings high quality?

Tenaya Therapeutics, Inc. (TNYA) has an earnings quality ratio of 0.75x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Tenaya Therapeutics, Inc.?

Tenaya Therapeutics, Inc. (TNYA) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.