Tenaya Therapeutics(TNYA) - 2024 Q3 - Quarterly Report

Financial Performance - Total operating expenses for Q3 2024 were $26.7 million, down from$30.9 million in Q3 2023, reflecting a decrease of $4.2 million, or 14$25.6 million, compared to a net loss of $29.1 million in Q3 2023, representing an improvement of$3.5 million, or 12%[66]. - Net loss for the nine months ended September 30, 2024, was $87.3 million, compared to a net loss of$94.1 million for the same period in 2023, reflecting an improvement of $6.8 million or 7$91.3 million, down from $99.7 million in 2023, a decrease of$8.5 million or 8%[72]. - Cash, cash equivalents, and investments in marketable securities totaled $79.5 million as of September 30, 2024, with an accumulated deficit of$490.6 million[78]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $72.1 million, compared to$80.1 million in 2023, indicating a reduction of $8.0 million[86]. - Net cash provided by financing activities for the nine months ended September 30, 2024, was$47.4 million, primarily from a follow-on offering, compared to $3.7 million in 2023[88]. Research and Development - Research and development expenses decreased by$2.7 million, or 12%, from $23.1 million in Q3 2023 to$20.4 million in Q3 2024, primarily due to a workforce reduction plan and lower costs for outside lab services[69]. - Research and development expenses decreased to $68.1 million for the nine months ended September 30, 2024, from$75.2 million in 2023, a reduction of $7.1 million or 9$1.5 million, or 19%, from $7.8 million in Q3 2023 to$6.4 million in Q3 2024, driven by reductions in employee-related costs and lower professional fees[70]. - General and administrative expenses were $23.2 million for the nine months ended September 30, 2024, down from$24.6 million in 2023, a decrease of $1.3 million or 5$1.235 billion in annual revenue or meets other specified criteria[93]. - The company is also a smaller reporting company, with a market value of stock held by non-affiliates below $700 million and annual revenue under$100 million in the most recently completed fiscal year[93]. - The company may continue to qualify as a smaller reporting company if its market value remains below $250 million or if it maintains annual revenue below$100 million[93]. - As a smaller reporting company, the company can present only the two most recent fiscal years of audited financial statements in its Annual Report on Form 10-K[93]. - The company has elected to use an extended transition period for complying with new or revised accounting standards, delaying adoption until it is no longer classified as an emerging growth company[93]. - The financial statements of the company may not be comparable to those of companies that comply with new accounting pronouncements as of public company effective dates[93]. - The company is not required to provide quantitative and qualitative disclosures about market risk due to its status as a smaller reporting company[94]. Funding and Financial Resources - The company has the right to draw down $20.0 million under a Loan Agreement with Silicon Valley Bank, with potential additional funds available upon meeting certain milestones[79][80]. - Interest income for the nine months ended September 30, 2024, was$3.9 million, down from $5.6 million in 2023, representing a decrease of$1.7 million or 30%[76].