Tenaya Therapeutics (TNYA) Q4 2025 earnings summary

Executive summary

• Reported promising clinical data for TN-201 and TN-401 gene therapies in Q4 2025, with additional data readouts and regulatory alignment planned for 2026.

• Entered a multi-target research collaboration with Alnylam Pharmaceuticals, including an upfront payment and potential milestones.

• December 2025 financing raised $55.8M, extending cash runway into the second half of 2027.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $100.5M as of December 31, 2025, up from $61.4M at year-end 2024.

• R&D expenses were $14.8M for Q4 and $68.6M for FY 2025, down from $18.7M and $86.7M in 2024.

• G&A expenses were $6.0M for Q4 and $24.7M for FY 2025, compared to $6.0M and $29.2M in 2024.

• Net loss for Q4 2025 was $20.2M ($0.12/share), and $90.6M ($0.59/share) for FY 2025, both improved from prior year.

Outlook and guidance

• Cash resources, including proceeds from the public offering and Alnylam collaboration, expected to fund operations into the second half of 2027.

• Plans to share additional clinical data and pursue regulatory alignment for TN-201 and TN-401 pivotal trials in 2026.

• Advancement of TN-301 toward clinical trials in HFPEF and DMD indications planned for 2026.