Tenaya Therapeutics(TNYA) - 2024 Q2 - Quarterly Results

Financial Performance - Tenaya Therapeutics reported a net loss of $29.4 million, or$0.34 per share, for Q2 2024, compared to a net loss of $33.3 million, or$0.45 per share, for the same period in 2023[7]. - General and Administrative (G&A) expenses for Q2 2024 were $8.2 million, compared to$8.6 million in Q2 2023, with non-cash stock-based compensation included in G&A at $2.4 million[7]. - Tenaya's total operating expenses for Q2 2024 were$30.8 million, down from $35.1 million in Q2 2023[10]. Cash and Funding - As of June 30, 2024, Tenaya had cash, cash equivalents, and marketable securities totaling$99.3 million, which is expected to fund operations into the second half of 2025[7]. - Tenaya established a $45 million credit facility with Silicon Valley Bank, allowing for up to$15 million upon closing and an additional 30 million based on milestones[6]. Research and Development - Research and Development (R&D) expenses for Q2 2024 were 22.6 million, down from 26.5 million in Q2 2023, with non-cash stock-based compensation included in R&D at 2.2 million[7]. - The company plans to initiate dosing in its Phase 1b trial of TN-401 in the fourth quarter of 2024, with four clinical sites activated[3]. - Tenaya anticipates sharing interim Phase 1b results from the first cohort of patients in MyPEAK-1 in the second half of 2024[2]. - Interim data from the RIDGE™ study indicated that 84% of adults with PKP2-associated ARVC had neutralizing antibody titers of less than 1:20, meeting eligibility criteria for the trial[4]. Regulatory Designation - Tenaya received Rare Pediatric Disease Designation from the FDA for TN-201, which may qualify the company for a priority review voucher upon approval[2].