Tenaya Therapeutics (TNYA) Q3 2026 earnings summary

Executive summary

• Clinical pipeline centers on TN-201 and TN-401 gene therapies in Phase 1b/2 trials; TN-301 is planned for a company-sponsored Phase 2 trial in H2 2027.

• Q3 net loss was $18.9M, or $0.08 per share; cash of $66.8M is expected to fund planned operations into Q4 2027.

• Near-term milestones include TN-201 and TN-401 clinical data and regulatory feedback on pivotal-trial planning, expected by year-end 2026.

Financial highlights

• Q3 collaboration revenue was $1.7M versus $3.0M in Q3 2025; 9M revenue was $14.9M versus $15.4M.

• Q3 operating expenses were $21.3M versus $20.9M YoY; operating loss was $19.6M versus $20.9M, and net loss was $18.9M versus $20.3M.

• 9M operating expenses rose 20% to $86.8M, including $22.5M impairment and $1.4M lease-termination loss; net loss increased 16% to $81.6M from $70.4M.

• 9M R&D declined 14% to $46.3M and G&A declined 12% to $16.5M; Q3 R&D was $14.9M versus $15.4M, while G&A was $5.6M in both periods.

Outlook and guidance

• TN-201 longer-term MyPEAK-1 data and pivotal-planning regulatory update, and additional TN-401 RIDGE-1 data and regulatory update, are expected by year-end 2026.

• TN-301 study-enabling work is underway; at least one company-sponsored Phase 2 trial is planned for H2 2027, subject to enabling toxicology work.

• R&D spending over the next 12 months will depend on trial data, regulatory alignment on pivotal plans for TN-201 and TN-401, and TN-301 Phase 2 plans.