Taysha Gene Therapies Reports Full-Year 2024 Financial Results and Provides Corporate Update
Rhea-AI Summary
Taysha Gene Therapies (NASDAQ: TSHA) has reported its full-year 2024 financial results and provided updates on its TSHA-102 gene therapy program for Rett syndrome. The company has completed dosing of 10 patients in Part A of both REVEAL trials, with 6 patients receiving high dose (1x1015 total vg) and 4 receiving low dose (5.7x1014 total vg).
Key highlights include no treatment-related serious adverse events or dose-limiting toxicities across all treated patients. The company expects to provide updates on the pivotal trial design and clinical data from both REVEAL trials in H1 2025.
Financial results show R&D expenses increased to $66.0 million in 2024 from $56.8 million in 2023, while G&A expenses decreased slightly to $29.0 million. Net loss for 2024 was $89.3 million ($0.36 per share). The company reported cash and cash equivalents of $139.0 million, expected to support operations into Q4 2026.
Positive
- Strong safety profile with no treatment-related SAEs or DLTs
- Completed dosing of all 10 patients in Part A of REVEAL trials
- $139M cash position provides runway into Q4 2026
- Net loss per share improved from $0.96 in 2023 to $0.36 in 2024
Negative
- R&D expenses increased by $9.2M to $66.0M in 2024
- Net loss of $89.3M for 2024
Insights
Taysha Gene Therapies' full-year 2024 results reveal a company strategically focused on advancing its lead candidate TSHA-102 for Rett syndrome while demonstrating improved financial efficiency. With $139 million in cash providing runway into Q4 2026, Taysha has secured approximately two years to reach critical clinical milestones without immediate financing pressure.
The
The company's market capitalization of approximately
The safety profile reported across both dosing cohorts is particularly encouraging for a CNS-directed gene therapy, where safety concerns often derail development. Completing the 10-patient Part A portion of both REVEAL trials positions Taysha to finalize the pivotal trial design with FDA in H1 2025, a critical regulatory milestone that could significantly de-risk the program.
For investors, Taysha represents a focused bet on a single lead program with binary outcome potential. Success in the pivotal trial could drive substantial valuation growth, while the current price appears to build in significant risk discount. The upcoming H1 2025 data readouts and regulatory pathway clarification represent near-term catalysts that could significantly impact investor sentiment.
High dose and low dose of TSHA-102 continue to be generally well tolerated with no treatment-related SAEs or DLTs in all pediatric, adolescent and adult patients treated (high dose, n=6; low dose, n=4) across both REVEAL trials as of February 2025 data cutoff
Completed dosing of the 10 patients in Part A of both REVEAL trials; maturing dataset continues to support advancement toward pivotal Part B trial
Productive ongoing discussions with the FDA to solidify regulatory pathway for TSHA-102; update on pivotal trial design expected in H1 2025
Clinical data from cohort two (high dose) and cohort one (low dose) of both REVEAL trials expected in H1 2025
Conference call and live webcast today at 8:30 AM Eastern Time
DALLAS, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Taysha Gene Therapies, Inc. (Nasdaq: TSHA) (Taysha or the Company), a clinical-stage biotechnology company focused on advancing adeno-associated virus (AAV)-based gene therapies for severe monogenic diseases of the central nervous system (CNS), today reported financial results for the full year ended December 31, 2024, and provided a corporate update.
“We are pleased with the pace at which our TSHA-102 clinical program is advancing across a broad range of ages and stages of patients with Rett syndrome. TSHA-102 continues to be well tolerated in the pediatric, adolescent and adult patients treated across the high dose and low dose cohorts of our two REVEAL trials. With dosing of the 10 patients in Part A of our REVEAL trials complete, we have a strong, maturing dataset in hand to further solidify the regulatory pathway for TSHA-102 with the U.S. Food and Drug Administration (FDA),” said Sean P. Nolan, Chairman and Chief Executive Officer of Taysha. “We remain encouraged by our productive, ongoing discussions with the FDA, and we look forward to providing an update on the pivotal trial design for our TSHA-102 program in the first half of 2025. We also expect to provide an update on the clinical data from Part A, including the low and high dose cohorts in our adolescent and adult trial, as well as our pediatric trial, in the first half of 2025. We remain confident in our differentiated gene therapy candidate, which we believe has potential to provide meaningful therapeutic benefit to a broad population of patients with Rett syndrome.”
Recent Corporate and TSHA-102 Program Highlights
- Completed Dosing of the 10 Patients in Part A of the REVEAL Trials. Dosing of the 10 patients with Rett syndrome in Part A, the dose escalation portion of the REVEAL Phase 1/2 adolescent/adult trial and the REVEAL Phase 1/2 pediatric trial, has been completed. The dataset includes six patients in cohort two (high dose, 1x1015 total vector genomes (vg)) and four patients in cohort one (low dose, 5.7x1014 total vg). The Company believes this maturing dataset continues to support advancement toward the pivotal Part B trial for TSHA-102.
- High Dose (1x1015 total vg) and Low Dose (5.7x1014 total vg) of TSHA-102 Continue to be Generally Well Tolerated. TSHA-102 was generally well tolerated with no treatment-related serious adverse events (SAEs) or dose-limiting toxicities (DLTs) in the 10 pediatric, adolescent and adult patients dosed across the two REVEAL Phase 1/2 trials as of the February 17, 2025, data cutoff. This includes six patients in the high dose cohort and four patients in the low dose cohort.
Anticipated Milestones
Regulatory Update
- Update on the pivotal trial design for TSHA-102 expected in the first half of 2025
REVEAL Adolescent and Adult Trial
- Safety and efficacy data in cohort two (high dose; n=3) and an update on safety and efficacy data in cohort one (low dose; n=2) expected in the first half of 2025
REVEAL Pediatric Trial
- Safety and efficacy data in cohort two (high dose; n=3) and an update on safety and efficacy data in cohort one (low dose; n=2) expected in the first half of 2025
Full-Year 2024 Financial Highlights
Research and Development Expenses: Research and development expenses were
General and Administrative Expenses: General and administrative expenses were
Net Loss: Net loss for the full year ended December 31, 2024, was
Cash and Cash Equivalents: As of December 31, 2024, Taysha had
Conference Call and Webcast Information
Taysha management will hold a conference call and webcast today at 8:30 a.m. ET to review its financial and operating results and provide a corporate update. The dial-in number for the conference call is 877-407-0792 (U.S./Canada) or 201-689-8263 (international). The conference ID for all callers is 13751800. The live webcast and replay may be accessed by visiting Taysha’s website.
About TSHA-102
TSHA-102 is a self-complementary intrathecally delivered AAV9 investigational gene transfer therapy in clinical evaluation for Rett syndrome. Designed as a one-time treatment, TSHA-102 aims to address the genetic root cause of the disease by delivering a functional form of MECP2 to cells in the CNS. TSHA-102 utilizes a novel miRNA-Responsive Auto-Regulatory Element (miRARE) technology designed to mediate levels of MECP2 in the CNS on a cell-by-cell basis without risk of overexpression. TSHA-102 has received Regenerative Medicine Advanced Therapy, Fast Track and Orphan Drug and Rare Pediatric Disease designations from the FDA, Orphan Drug designation from the European Commission and Innovative Licensing and Access Pathway designation from the Medicines and Healthcare products Regulatory Agency.
About Rett Syndrome
Rett syndrome is a rare neurodevelopmental disorder caused by mutations in the X-linked MECP2 gene encoding methyl CpG-binding protein 2 (MeCP2), which is essential for regulating neuronal and synaptic function in the brain. The disorder is characterized by loss of communication and hand function, slowing and/or regression of development, motor and respiratory impairment, seizures, intellectual disabilities and shortened life expectancy. Rett syndrome progression is divided into four key stages, beginning with early onset stagnation at 6 to 18 months of age followed by rapid regression, plateau and late motor deterioration. Rett syndrome primarily occurs in females and is one of the most common genetic causes of severe intellectual disability. Currently, there are no approved disease-modifying therapies that treat the genetic root cause of the disease. Rett syndrome caused by a pathogenic/likely pathogenic MECP2 mutation is estimated to affect between 15,000 and 20,000 patients in the U.S., EU, and U.K.
About Taysha Gene Therapies
Taysha Gene Therapies (Nasdaq: TSHA) is a clinical-stage biotechnology company focused on advancing adeno-associated virus (AAV)-based gene therapies for severe monogenic diseases of the central nervous system. Its lead clinical program TSHA-102 is in development for Rett syndrome, a rare neurodevelopmental disorder with no approved disease-modifying therapies that address the genetic root cause of the disease. With a singular focus on developing transformative medicines, Taysha aims to address severe unmet medical needs and dramatically improve the lives of patients and their caregivers. The Company’s management team has proven experience in gene therapy development and commercialization. Taysha leverages this experience, its manufacturing process and a clinically and commercially proven AAV9 capsid in an effort to rapidly translate treatments from bench to bedside. For more information, please visit www.tayshagtx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” “plans,” and “future” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements concerning the potential of TSHA-102, including the reproducibility and durability of any favorable results initially seen in patients dosed to date in clinical trials, including with respect to functional milestones, and our other product candidates to positively impact quality of life and alter the course of disease in the patients we seek to treat, our research, development and regulatory plans for our product candidates, including the timing of initiating additional trials and reporting data from our clinical trials, the potential for these product candidates to receive regulatory approval from the FDA or equivalent foreign regulatory agencies, the clinical potential of intrathecal administration and our current cash resources supporting our planned operating expenses and capital requirements into the fourth quarter of 2026. Forward-looking statements are based on management’s current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail in our Securities and Exchange Commission (“SEC”) filings, including in our Annual Report on Form 10-K for the full-year ended December 31, 2024, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in other filings that we make from time to time with the SEC. These forward-looking statements speak only as of the date hereof, and we disclaim any obligation to update these statements except as may be required by law.
| Taysha Gene Therapies, Inc. | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (in thousands, except share and per share data) | ||||||||
| For the Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 8,333 | $ | 15,451 | ||||
| Operating expenses: | ||||||||
| Research and development | 66,001 | 56,778 | ||||||
| General and administrative | 28,953 | 30,047 | ||||||
| Impairment of long-lived assets | 4,838 | 1,065 | ||||||
| Total operating expenses | 99,792 | 87,890 | ||||||
| Loss from operations | (91,459) | (72,439) | ||||||
| Other income (expense): | ||||||||
| Change in fair value of warrant liability | 16 | (34,718) | ||||||
| Change in fair value of term loan | (4,583) | (1,538) | ||||||
| Loss on debt extinguishment | — | (1,398) | ||||||
| Interest income | 6,940 | 3,572 | ||||||
| Interest expense | (102) | (4,998) | ||||||
| Other expense | (110) | (47) | ||||||
| Total other income (expense), net | 2,161 | (39,127) | ||||||
| Net loss | $ | (89,298) | $ | (111,566) | ||||
| Net loss per common share, basic and diluted | $ | (0.36) | $ | (0.96) | ||||
| Weighted average common shares outstanding, basic and diluted | 250,134,421 | 116,121,482 | ||||||
| Taysha Gene Therapies, Inc. | ||||||||
| Condensed Consolidated Balance Sheet Data | ||||||||
| (in thousands, except share and per share data) | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 139,036 | $ | 143,940 | ||||
| Restricted cash | 449 | 449 | ||||||
| Prepaid expenses and other current assets | 2,645 | 3,479 | ||||||
| Assets held for sale | — | 2,000 | ||||||
| Total current assets | 142,130 | 149,868 | ||||||
| Restricted cash | 2,151 | 2,151 | ||||||
| Property, plant and equipment, net | 7,485 | 10,826 | ||||||
| Operating lease right-of-use assets | 8,381 | 9,582 | ||||||
| Other non-current assets | 217 | 304 | ||||||
| Total assets | $ | 160,364 | $ | 172,731 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,592 | $ | 6,366 | ||||
| Accrued expenses and other current liabilities | 12,862 | 12,284 | ||||||
| Deferred revenue | 9,773 | 18,106 | ||||||
| Total current liabilities | 26,227 | 36,756 | ||||||
| Term loan, net | 43,942 | 40,508 | ||||||
| Operating lease liability, net of current portion | 17,361 | 18,953 | ||||||
| Other non-current liabilities | 1,309 | 1,577 | ||||||
| Total liabilities | 88,839 | 97,794 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 2 | 2 | ||||||
| Additional paid-in capital | 677,859 | 587,942 | ||||||
| Accumulated other comprehensive loss | (4,031) | — | ||||||
| Accumulated deficit | (602,305) | (513,007) | ||||||
| Total stockholders’ equity | 71,525 | 74,937 | ||||||
| Total liabilities and stockholders' equity | $ | 160,364 | $ | 172,731 | ||||
Company Contact:
Hayleigh Collins
Director, Head of Corporate Communications and Investor Relations
Taysha Gene Therapies, Inc.
hcollins@tayshagtx.com
Media Contact:
Carolyn Hawley
Inizio Evoke
Carolyn.hawley@inizioevoke.com
FAQ
What are the key safety findings for TSHA-102 in the REVEAL trials as of February 2025?
How many patients have completed dosing in TSHA's REVEAL trials for Rett syndrome?
What is TSHA's cash runway based on their 2024 financial results?
When will TSHA announce the next clinical data update for TSHA-102?
