Tenaya Therapeutics (TNYA) Q1 2026 earnings summary

Executive summary

• Advancing gene therapies TN-201 and TN-401 for genetic cardiomyopathies, both in Phase 1b/2 trials, with multiple clinical milestones and regulatory alignment expected in 2026.

• TN-301, a small molecule for heart failure and muscular diseases, showed positive preclinical data and received Rare Pediatric Disease and Orphan Drug Designations.

• Entered a multi-target research collaboration with Alnylam Pharmaceuticals to identify and validate novel gene targets for cardiovascular disease, with $10M upfront and up to $1.13B in milestones.

• Enrollment and screening resumed in MyPEAK-1 trial after protocol amendments aligned with FDA input.

• Presented positive interim clinical data for TN-201 and TN-401, showing safety and early efficacy signals.

Financial highlights

• Cash and cash equivalents were $80.9M as of March 31, 2026, expected to fund operations into the second half of 2027.

• Collaboration revenue was $0.2M for Q1 2026, up from $0 in Q1 2025, due to new agreements.

• Research and development expenses decreased 30% year-over-year to $14.8M, mainly from workforce reduction and lower lab/manufacturing costs.

• General and administrative expenses fell 16% year-over-year to $5.4M.

• Net loss narrowed to $19.3M ($0.09 per share) from $26.9M ($0.24 per share) year-over-year.

Outlook and guidance

• Existing cash is expected to fund operations for at least the next 12 months and potentially into the second half of 2027.

• Anticipates presenting additional clinical data for TN-201 and TN-401 in 2026 and pursuing regulatory alignment for pivotal trials.

• Interim MyPEAK-1 data for Cohort 2 and updates from Cohort 1 expected in Q2 2026.

• TN-301 planned to advance toward clinical trials in 2026 for HFpEF and DMD indications.

• Expects continued operating losses and will require additional funding for late-stage development and commercialization.