Tenaya Therapeutics, Inc.
TNYAHealthcare|Biotechnology|US
$0.36
+0.04 (+13.99%)
DCF Value
$0.57
Tangible Book / Share
$0.24
Cash / Share
$0.30
Financials
Financial Snapshot
Market Cap
$82.1M
Enterprise Value
$18.2M
Revenue (TTM)
$3.0M
Net Income (TTM)
-$101.8M
Cash & Investments
$66.8M
Net Cash
$63.9M
Free Cash Flow (TTM)
-$54.6M
Operating CF (TTM)
-$54.4M
Debt/Equity
0.05
Cash Runway & Burn Rate
Cash on Hand
$66.8M
Quarterly Burn
$13.6M
Monthly Burn
$4.5M
Est. Runway
~4.9 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $26.6M | $128.5M | $251.3M | $186.5M | $104.6M | $61.4M | $100.5M | $66.8M | |
| Operating Cash Flow | -$24.1M | -$35.4M | -$60.8M | -$104.4M | -$102.1M | -$90.5M | -$68.3M | -$54.4M | |
| Free Cash Flow | -$27.0M | -$45.2M | -$85.9M | -$125.1M | -$103.3M | -$91.5M | -$68.9M | -$54.6M | |
| Capital Expenditure | -$2.9M | -$9.8M | -$25.1M | -$20.6M | -$1.2M | -$1.0M | -$618.0K | -$237.0K | |
| Financing Cash Flow | $30.5M | $147.3M | $209.0M | $77.8M | $4.0M | $47.7M | $108.4M | $64.7M |
R&D Spending
R&D (TTM)
$61.1M
R&D Intensity
2015.5%
R&D Growth vs Prior
-10.9%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.0M | |
| R&D Expense | $23.1M | $31.1M | $54.4M | $94.5M | $98.0M | $86.7M | $68.6M | $61.1M | |
| R&D % of Revenue | — | — | — | — | — | — | — | 2015.5% | |
| SG&A | $4.6M | $5.3M | $14.4M | $22.4M | $24.5M | $20.7M | $24.7M | $22.5M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.0M | |
| Cost of Revenue | $2.0M | $2.5M | $4.0M | $8.7M | $8.7M | $8.5M | $8.4M | -$2.2M | |
| Gross Profit | -$2.0M | -$2.5M | -$4.0M | -$8.7M | -$8.7M | -$8.5M | -$8.4M | $5.2M | |
| R&D | $23.1M | $31.1M | $54.4M | $94.5M | $98.0M | $86.7M | $68.6M | $61.1M | |
| SG&A | $4.6M | $5.3M | $14.4M | $22.4M | $24.5M | $20.7M | $24.7M | $22.5M | |
| Operating Income | -$27.7M | -$38.9M | -$72.8M | -$125.6M | -$131.2M | -$115.9M | -$93.3M | -$104.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$26.2M | -$38.4M | -$72.7M | -$123.7M | -$124.1M | -$111.1M | -$90.6M | -$101.8M | |
| Net Income | -$25.8M | -$38.4M | -$72.7M | -$123.7M | -$124.1M | -$111.1M | -$90.6M | -$101.8M | |
| EPS (Diluted) | -0.95 | -0.93 | -1.69 | -2.76 | -1.68 | -1.31 | -0.59 | -0.49 | |
| EBITDA | -$25.7M | -$35.9M | -$69.8M | -$117.2M | -$115.4M | -$102.7M | -$82.2M | -$96.0M | |
| Shares Out. (M) | 27.20 | 41.12 | 41.29 | 44.82 | 73.79 | 84.82 | 152.97 | 226.01 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.9M | $128.5M | $38.1M | $95.3M | $45.7M | $4.3M | $100.5M | $66.8M | |
| Short-Term Investments | $2.8M | $0.00 | $213.2M | $91.3M | $59.0M | $57.1M | $0.00 | $0.00 | |
| Total Current Assets | $27.7M | $130.0M | $255.4M | $193.8M | $111.6M | $67.4M | $105.6M | $71.0M | |
| Total Assets | $38.0M | $148.2M | $316.6M | $278.9M | $170.5M | $119.9M | $146.9M | $76.7M | |
| Total Current Liabilities | $4.1M | $5.0M | $21.8M | $24.2M | $22.7M | $16.0M | $15.4M | $18.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.8M | $0.00 | |
| Total Liabilities | $81.7M | $8.7M | $38.1M | $35.6M | $31.1M | $27.1M | $23.7M | $22.2M | |
| Stockholders' Equity | -$43.7M | $139.4M | $278.5M | $243.4M | $139.4M | $92.9M | $123.3M | $54.5M | |
| Retained Earnings | -$44.4M | -$82.8M | -$155.5M | -$279.2M | -$403.3M | -$514.4M | -$605.0M | -$686.6M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$24.1M | -$35.4M | -$60.8M | -$104.4M | -$102.1M | -$90.5M | -$68.3M | -$54.4M | |
| Capital Expenditure | -$2.9M | -$9.8M | -$25.1M | -$20.6M | -$1.2M | -$1.0M | -$618.0K | -$237.0K | |
| Free Cash Flow | -$27.0M | -$45.2M | -$85.9M | -$125.1M | -$103.3M | -$91.5M | -$68.9M | -$54.6M | |
| Investing Cash Flow | -$5.6M | -$7.0M | -$238.6M | $83.7M | $48.7M | $1.1M | $56.1M | -$222.0K | |
| Financing Cash Flow | $30.5M | $147.3M | $209.0M | $77.8M | $4.0M | $47.7M | $108.4M | $64.7M | |
| Issuance of Stock | $0.00 | $0.00 | $188.5M | $77.4M | $3.9M | $46.8M | $108.4M | $58.2M | |
| Repurchase of Stock | -$3.0K | -$1.0K | -$13.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $414.0K | $741.0K | $3.0M | $11.5M | $15.3M | $16.5M | $13.0M | $8.3M | |
| Net Change in Cash | $832.0K | $104.8M | -$90.4M | $57.0M | -$49.3M | -$41.6M | $96.2M | -$9.2M |
Dilution Tracker
Shares outstanding grew 272.0% over 5 years — significant dilution
Shares Outstanding
228M
5-Year Share Growth
+272.0%
Stock Issuance (TTM)
$58.2M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 27.20 | 41.12 | 41.29 | 44.82 | 73.79 | 84.82 | 152.97 | 226.01 | |
| Change vs Prior % | — | 51.2% | 0.4% | 8.6% | 64.6% | 15.0% | 80.3% | 47.7% | |
| Stock Issuance | $0.00 | $0.00 | $188.5M | $77.4M | $3.9M | $46.8M | $108.4M | $58.2M | |
| Stock Repurchase | -$3.0K | -$1.0K | -$13.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $414.0K | $741.0K | $3.0M | $11.5M | $15.3M | $16.5M | $13.0M | $8.3M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | — | — | 172.1% | |
| Operating Margin % | — | — | — | — | — | — | — | -3446.6% | |
| Net Margin % | — | — | — | — | — | — | — | -3356.8% | |
| EBITDA Margin % | — | — | — | — | — | — | — | -3165.4% | |
| FCF Margin % | — | — | — | — | — | — | — | -1802.3% | |
| ROE % | 58.9% | -27.5% | -26.1% | -50.8% | -89.0% | -119.7% | -73.5% | -115.2% | |
| ROA % | -67.8% | -25.9% | -23.0% | -44.3% | -72.8% | -92.7% | -61.7% | -132.7% | |
| ROIC % | -81.8% | -27.2% | -24.5% | -48.6% | -86.3% | -108.6% | -69.4% | -173.3% | |
| R&D / Revenue % | — | — | — | — | — | — | — | 2015.5% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -24.8% | -62.1% | -116.5% | 0.3% | 2.5% | 0.4% | |
| Operating Income | 0.0% | -40.4% | -87.1% | -72.5% | -4.4% | 11.6% | 19.5% | |
| Net Income | 0.0% | -48.9% | -89.4% | -70.1% | -0.3% | 10.4% | 18.5% | |
| EPS (Diluted) | 0.0% | 2.1% | -81.7% | -63.3% | 39.1% | 22.0% | 55.0% | |
| Operating Cash Flow | 0.0% | -47.1% | -71.6% | -71.7% | 2.3% | 11.3% | 24.6% | |
| Free Cash Flow | 0.0% | -67.3% | -90.1% | -45.5% | 17.4% | 11.4% | 24.7% | |
| R&D Expense | 0.0% | 34.3% | 74.9% | 73.8% | 3.7% | -11.5% | -20.9% | |
| SG&A Expense | 0.0% | 16.8% | 169.9% | 55.5% | 9.4% | -15.2% | 19.2% | |
| Total Assets | 0.0% | 289.9% | 113.7% | -11.9% | -38.9% | -29.7% | 22.5% | |
| Book Value / Share | 0.0% | 310.9% | 98.9% | -19.5% | -65.2% | -42.1% | -26.4% | |
| Debt | 0.0% | 0.0% | 0.0% | -3.8% | -17.7% | 9.5% | -20.4% | |
| Diluted Shares | 0.0% | 51.2% | 0.4% | 8.6% | 64.6% | 15.0% | 80.3% |
Valuation
P/E (TTM)At Loss
P/S27.08
P/B1.49
10Y Low / Med / High0.37 / 1.71 / 4.53
EV/EBITDAAt Loss
EV/Revenue5.99
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.57
Tangible Book / Share
$0.24
Net Current Assets / Share
$0.21
Graham Net-Net
$0.20
Cash / Share
$0.30
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -16.16 | -16.51 | -11.21 | -0.73 | -1.93 | -1.09 | -1.21 | -0.74 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 27.08 | |
| P/B Ratio | -9.55 | 4.53 | 2.81 | 0.37 | 1.71 | 1.31 | 0.88 | 1.49 | |
| EV/EBITDA | -15.30 | -14.00 | -10.90 | -0.08 | -1.78 | -1.27 | -0.23 | -0.19 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.99 |
Analyst Estimates & Quality
Altman Z-Score
-13.83
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $4.5M | $1.8M | $1.1M |
| Net Income | -$73.4M | -$54.4M | -$167.4M |
| EPS | $-0.49 | $-0.35 | $-0.40 |
| # Analysts (EPS) | 3 | 3 | 4 |