Tenaya Therapeutics (NASDAQ: TNYA) trims Q1 loss, lands Alnylam deal
Rhea-AI Filing Summary
Tenaya Therapeutics reported first quarter 2026 results and a broad pipeline update. Collaboration revenue was $225,000, total operating expenses were $20.3 million, and net loss narrowed to $19.3 million, or $0.09 per share, compared with a $26.9 million loss a year earlier.
Cash and cash equivalents were $80.9 million as of March 31, 2026, and together with a $10.0 million upfront payment from a new Alnylam collaboration are expected to fund operations into the second half of 2027. The company highlighted upcoming 2026 data readouts for gene therapies TN-201 and TN-401, preclinical progress for TN-301, and design-stage work on gene editing candidate TN-501.
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Insights
Tenaya pairs tighter spending with new collaboration funding while advancing multiple cardiology programs.
Tenaya reduced first quarter 2026 operating expenses to $20.3M from $27.5M, narrowing net loss to $19.3M. R&D and G&A both declined, while collaboration revenue of $0.2M appeared for the first time, reflecting new partnership activity.
A multi-target research collaboration with Alnylam brought an upfront payment of $10.0M and potential milestones of up to $1.1B, alongside research cost reimbursement. This non-dilutive funding helps support development of gene therapies TN-201 and TN-401, HDAC6 inhibitor TN-301, and gene-editing candidate TN-501.
The company now expects existing cash plus the Alnylam upfront to fund operations into the second half of 2027, extending runway while it pursues key 2026 readouts from the MyPEAK-1 and RIDGE-1 Phase 1b/2 studies and prepares TN-301 for patient trials.
8-K Event Classification
Key Figures
Key Terms
Phase 1b/2 medical
HDAC6 inhibitor medical
Rare Pediatric Disease Designation regulatory
Orphan Drug Designation regulatory
arrhythmogenic right ventricular cardiomyopathy medical
gene editing therapeutic candidate medical
Earnings Snapshot
Tenaya expects existing cash plus a $10.0M Alnylam upfront payment to fund planned operations into the second half of 2027.
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 May 6, 2026, Tenaya Therapeutics, Inc. issued a press release announcing its financial results for the quarter ended March 31, 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 May 6, 2026 |
104 |
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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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By: |
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/s/ Jennifer Drimmer Rokovich |
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Jennifer Drimmer Rokovich |
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General Counsel and Secretary |
Date: May 6, 2026 |
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Exhibit 99.1
Tenaya Therapeutics Reports First Quarter 2026 Financial Results and Provides Business Update
One-Year Cohort 1 Data and Initial Cohort 2 Data from RIDGE™-1 Phase 1b/2 Trial of TN-401 for PKP2-Associated ARVC to be Presented at ASGCT 2026
New Data from Both Cohorts of the MyPEAK™-1 Phase 1b/2 Trial of TN-201 for Adults with MYBPC3-Associated HCM Expected in the Second Quarter 2026
Preclinical Data at MDA 2026 Highlighted TN-301’s Activity in Duchenne Muscular Dystrophy Disease Models; Distinct Mechanism of HDAC6 Inhibition Supportive of TN-301’s Potential in Multiple Indications
Entered Research Collaboration with Alnylam to Identify and Validate Genetic Targets for Cardiovascular Conditions
SOUTH SAN FRANCISCO, Calif., May 6, 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 first quarter ended March 31, 2026, and provided a corporate update.
“We are entering a catalyst-rich period for Tenaya, with multiple clinical milestones expected across our lead gene therapy programs throughout 2026. Building on the encouraging initial readouts we reported in 2025, we believe the additional data expected this year from both TN-201 and TN-401 may support alignment on registrational pathways for these novel gene therapies,” said Faraz Ali, Chief Executive Officer of Tenaya.
Mr. Ali continued, “While our focus remains on the advancement of TN-201 and TN-401 for patients suffering from these genetic cardiomyopathies, we also announced meaningful steps in the direction of our next horizon of opportunities to address unmet patient needs and to create value for stockholders. We presented new preclinical data for TN‑301, our clinical-stage small molecule candidate, in Duchenne muscular dystrophy adding to the body of compelling preclinical evidence for the broad clinical utility of this molecule in multiple prevalent and rare cardiac and cardiac-adjacent indications. Advancing TN‑301 toward a trial in patients reflects our commitment to building a diversified portfolio grounded in mechanistic insight and translational rigor. The recently announced collaboration with Alnylam also reinforces the strength of Tenaya's innovation engine and expands the reach and impact of our modality-agnostic research capabilities.”
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
Research
First 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, 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 “expected,” “believe,” “may,” “focused,” “commitment,” “will,” “plans,” 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; the potential for additional data from Tenaya’s TN-201 and TN-401 programs to support regulatory alignment on registrational pathways; Tenaya’s focus on the advancement of TN-201 and TN-401; Tenaya’s commitment to the building a diversified portfolio and advance TN-301 toward clinical trials; the potential for Tenaya to receive development, regulatory and sales-based milestone payments, as well as research reimbursement under the collaboration with Alnylam; planned presentation for TN-501; the sufficiency of Tenaya’s cash resources to fund the company into the second half 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 in Tenaya’s clinical trials; 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 ability to achieve the expected benefits from the collaboration with Alnylam; the occurrence of any event, change or other circumstance that could give rise to the termination of the collaboration with Alnylam; 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 comply with specified operating covenants and restrictions in its loan agreement; 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 |
Media |
Ten Bridge Communications |
TENAYA THERAPEUTICS, INC.
Condensed Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
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Three Months Ended March 31, |
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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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$ |
225 |
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$ |
— |
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Operating expenses: |
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Research and development |
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14,843 |
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21,076 |
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General and administrative |
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5,447 |
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6,462 |
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Total operating expenses |
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20,290 |
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27,538 |
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Loss from operations |
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(20,065 |
) |
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(27,538 |
) |
Other income, net: |
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Interest income |
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793 |
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635 |
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Other income, net |
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— |
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39 |
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Total other income, net |
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793 |
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674 |
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Net loss before income tax expense |
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(19,272 |
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(26,864 |
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Income tax expense |
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— |
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— |
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Net loss |
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$ |
(19,272 |
) |
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$ |
(26,864 |
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Net loss per share, basic and diluted |
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$ |
(0.09 |
) |
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$ |
(0.24 |
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Weighted-average shares used in computing net loss per share, basic and diluted |
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216,883,164 |
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109,869,278 |
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Condensed Balance Sheet Data
(In thousands)
(Unaudited)
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March 31, |
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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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$ |
80,887 |
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$ |
100,547 |
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Total assets |
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$ |
135,070 |
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$ |
146,921 |
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Total liabilities |
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$ |
28,881 |
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$ |
23,656 |
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Total liabilities and stockholders’ equity |
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$ |
135,070 |
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$ |
146,921 |
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