Tenaya Therapeutics Q3 2026 loss narrows to $18.9M
Cash resources are expected to fund planned operations into the fourth quarter of 2027 as pivotal trial planning continues.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Tenaya Therapeutics, Inc. reported a third-quarter 2026 net loss of $18.9 million, or $0.08 per share, compared with $20.3 million, or $0.12 per share, in the prior-year quarter. Cash and cash equivalents were $66.8 million as of September 30, 2026; Tenaya expects these resources to fund planned operations into the fourth quarter of 2027. Collaboration revenue was $1.7 million, research and development expense was $14.9 million, and general and administrative expense was $5.6 million.
In September 2026, the FDA granted TN-401 regenerative medicine advanced therapy designation for PKP2-associated ARVC. By year end, Tenaya plans to report longer-term TN-201 data, including one-year Cohort 2 and two-year Cohort 1 durability data, and additional TN-401 interim data, including one-year Cohort 2 and Cohort 1 durability data. Tenaya intends to provide year-end updates on regulatory discussions about pivotal trial planning for both programs and intends to initiate at least one company-sponsored TN-301 Phase 2 trial in the second half of 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly net loss declined to $18.9 million from $20.3 million a year earlier.
Negative
- None.
Filing Explained
At September 30, cash was below its December 31 level, while the nine-month statements reported an impairment loss.
Tenaya's balance sheet reports cash and equivalents of
For the nine months ended
8-K Event Classification
Key Figures
Key Terms
Regenerative Medicine Advanced Therapy (RMAT) designation regulatory
pivotal trial medical
durability data medical
HDAC6 inhibitor technical
Earnings Snapshot
Tenaya expects cash and cash equivalents of $66.8 million as of September 30, 2026 to fund planned operations into the fourth quarter of 2027.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was TNYA's net loss in Q3 2026?
How much cash did TNYA report, and how long does it expect it to last?
Which TN-201 and TN-401 trial data does TNYA expect by year end?
What supported the FDA's TN-401 RMAT designation?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, Tenaya Therapeutics, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2026 (“Earnings Press Release”). The full text of the Earnings Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information furnished in this Item 2.02 and Item 9.01 (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Description |
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99.1 |
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Press Release of Tenaya Therapeutics, Inc., dated November 4, 2026 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TENAYA THERAPEUTICS, INC. |
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/s/ Jennifer Drimmer Rokovich |
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Jennifer Drimmer Rokovich |
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General Counsel and Secretary |
Date: November 4, 2026 |
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Exhibit 99.1
Tenaya Therapeutics Reports Third Quarter 2026 Financial Results and Provides Business Update
Received Regenerative Medicine Advanced Therapy (RMAT) Designation from U.S. FDA for TN-401 Gene Therapy for PKP2-Associated Arrhythmogenic Right Ventricular Cardiomyopathy
TN-201 and TN-401 Program Updates on Upcoming Data Readouts and Regulatory Interactions for Pivotal Trial Planning Anticipated by Year-End
Current Cash Position Provides Planned Runway into Fourth Quarter 2027
SOUTH SAN FRANCISCO, Calif., November 4, 2026 – Tenaya Therapeutics, Inc. (NASDAQ: TNYA), a clinical-stage biotechnology company with a mission to discover, develop and deliver potentially curative therapies that address the underlying causes of heart disease, today announced financial results for the third quarter ended September 30, 2026, and provided a corporate update.
“As we celebrate the tenth anniversary of Tenaya, we are entering one of the most important periods in the Company’s history,” said Faraz Ali, Chief Executive Officer of Tenaya. “The forthcoming data updates from TN-201 and TN-401, together with regulatory feedback on potential pivotal development pathways, are expected to inform potential opportunities to advance these programs toward late-stage development. We are also preparing to share our vision for TN-301’s potential and future clinical development. Collectively, these milestones are expected to provide important clarity on the path forward for our portfolio and capital allocation decisions, defining the next phase of growth for Tenaya.”
Business and Program Updates
TN-201 – Gene Therapy for MYBPC3-Associated Hypertrophic Cardiomyopathy (HCM)
TN-401 – Gene Therapy for PKP2-Associated Arrhythmogenic Right Ventricular Cardiomyopathy (ARVC)
TN-301 – Small Molecule HDAC6 Inhibitor for the Potential Treatment of Heart Failure with Preserved Ejection Fraction (HFpEF) and Related Cardiac, Metabolic, or Muscular Diseases
Third Quarter 2026 Financial Highlights
About Tenaya Therapeutics
Tenaya Therapeutics is a clinical-stage biotechnology company committed to a bold mission: to discover, develop and deliver potentially curative therapies that address the underlying drivers of heart disease. Tenaya’s pipeline includes clinical-stage candidates TN-201, a gene therapy for MYBPC3-associated hypertrophic cardiomyopathy (HCM); TN-401, a gene therapy for PKP2-associated arrhythmogenic right ventricular cardiomyopathy (ARVC); and TN-301, a highly specific small molecule HDAC6 inhibitor with broad potential clinical utility in cardiac, metabolic and muscular conditions, including heart failure with preserved ejection fraction (HFpEF) and Duchenne muscular dystrophy (DMD). Tenaya has employed a suite of integrated internal capabilities including modality agnostic target discovery and validation, to generate a portfolio of novel medicines based on genetic insights, aimed at the treatment of both rare genetic disorders and more prevalent heart conditions. For more information, visit www.tenayatherapeutics.com.
Forward Looking Statements
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Words such as “anticipated,” “potential,” “expected,” “vision,” “plans,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, among other things, planned timing for sharing data from RIDGE-1 and MyPEAK-1 and the expected content of such data releases; planned timing for providing regulatory updates on the TN-201 and TN-401 programs; the therapeutic potential for TN-201 as a treatment for MYBPC3-associated HCM, TN-401 as a treatment for PKP2-associated ARVC and TN-301 as a treatment for HFpEF or other related cardiac, metabolic, or muscular diseases; the impact of data and regulatory feedback on the pivotal development pathways for TN-201 and TN-401; the impact of the future clinical development plan for TN-301 and pivotal pathways for TN-201 and TN-401 on Tenaya’s overall portfolio and capital allocation decisions; the sufficiency of Tenaya’s cash resources to fund the company into fourth quarter of 2027; and statements made by Tenaya’s chief executive officer. The forward-looking statements contained herein are based upon Tenaya’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. These forward-looking statements are neither promises nor guarantees and are subject to a variety of risks and uncertainties, including but not limited to: availability of data at the referenced times; the timing and progress of Tenaya’s clinical trials; unexpected concerns that may arise as a result of the occurrence of adverse safety events by patients who received Tenaya products; the potential failure of Tenaya’s product candidates to demonstrate safety and/or efficacy in clinical testing; the potential for any clinical trial results to differ from preclinical, interim, preliminary, topline or expected results; the potential for the FDA
to conclude at any time that Tenaya’s clinical programs may not have an appropriate risk/benefit profile; Tenaya’s ability to enroll and maintain patients in clinical trials; risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics and operating as an early stage company; Tenaya’s ability to develop, initiate or complete preclinical studies and clinical trials, and obtain approvals, for any of its product candidates; Tenaya’s continuing compliance with applicable legal and regulatory requirements; regulatory developments in the United States and foreign countries; Tenaya’s ability to raise any additional funding it will need to continue to pursue its business and product development plans; Tenaya’s reliance on third parties; Tenaya’s manufacturing, commercialization and marketing capabilities and strategy; the loss of key scientific or management personnel; competition in the industry in which Tenaya operates; Tenaya’s ability to obtain and maintain intellectual property protection for its product candidates and platform technology; general economic and market conditions; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in documents that Tenaya files from time to time with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this press release, and Tenaya assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Tenaya Contacts
Michelle Corral |
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Investors |
Anne-Marie Fields |
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TENAYA THERAPEUTICS, INC.
Condensed Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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Collaboration revenue |
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$ |
1,697 |
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$ |
— |
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$ |
3,032 |
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$ |
— |
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Operating expenses: |
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Research and development |
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14,866 |
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15,363 |
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46,313 |
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53,809 |
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General and administrative |
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5,648 |
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5,573 |
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16,501 |
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18,747 |
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Impairment loss |
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666 |
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— |
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22,487 |
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— |
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Loss on lease termination, net |
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— |
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— |
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1,368 |
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— |
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Loss on disposal of property and equipment |
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89 |
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— |
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89 |
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— |
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Total operating expenses |
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21,269 |
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20,936 |
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86,758 |
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72,556 |
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Loss from operations |
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(19,572 |
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(20,936 |
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(83,726 |
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(72,556 |
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Other income, net: |
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Interest income |
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635 |
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658 |
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2,126 |
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2,107 |
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Other (loss) income, net |
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(1 |
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3 |
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(3 |
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27 |
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Total other income, net |
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634 |
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661 |
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2,123 |
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2,134 |
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Net loss before income tax expense |
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(18,938 |
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(20,275 |
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(81,603 |
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(70,422 |
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Income tax expense |
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— |
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— |
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— |
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— |
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Net loss |
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$ |
(18,938 |
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$ |
(20,275 |
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$ |
(81,603 |
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$ |
(70,422 |
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Net loss per share, basic and diluted |
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$ |
(0.08 |
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$ |
(0.12 |
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$ |
(0.37 |
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$ |
(0.48 |
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Weighted-average shares used in computing net loss per share, basic and diluted |
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226,006,534 |
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163,345,972 |
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220,188,197 |
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145,531,495 |
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Condensed Balance Sheet Data
(In thousands)
(Unaudited)
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September 30, |
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December 31, |
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2026 |
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2025 |
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Cash and cash equivalents |
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$ |
66,797 |
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$ |
100,547 |
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Total assets |
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$ |
76,681 |
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$ |
146,921 |
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Total liabilities |
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$ |
22,164 |
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$ |
23,656 |
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Total liabilities and stockholders’ equity |
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$ |
76,681 |
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$ |
146,921 |
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