Taysha Gene Therapies(TSHA) - 2024 Q2 - Quarterly Results

Financial Performance - Taysha Gene Therapies reported a net loss of $20.9 million, or $0.09 per share, for Q2 2024, compared to a net loss of $24.6 million, or $0.38 per share, in Q2 2023[5]. - Research and development expenses decreased to $15.1 million in Q2 2024 from $19.8 million in Q2 2023, primarily due to a milestone fee in the prior year[4]. - General and administrative expenses increased to $7.3 million in Q2 2024 from $6.0 million in Q2 2023, driven by higher stock-based compensation and consulting fees[5]. - The accumulated deficit widened from $(513,007,000) to $(557,996,000), indicating ongoing investment in growth despite losses[14]. Cash and Assets - Cash and cash equivalents as of June 30, 2024, were $172.7 million, providing a runway into Q4 2026[5]. - Total current assets as of December 31, 2023, amount to $149,868,000, with cash and cash equivalents at $143,940,000[12]. - Total assets increased from $172,731,000 to $200,393,000, indicating a strong growth trajectory[14]. - The company holds $2,000,000 in assets held for sale, indicating potential divestitures or restructuring[12]. - The company has $449,000 in restricted cash, which may be earmarked for specific future obligations[12]. Liabilities and Equity - Total liabilities decreased from $97,794,000 to $91,525,000, reflecting a reduction in current liabilities from $36,756,000 to $34,176,000[13]. - Stockholders' equity increased significantly from $74,937,000 to $108,868,000, driven by an increase in additional paid-in capital from $587,942,000 to $664,457,000[14]. - Deferred revenue decreased from $18,106,000 to $13,583,000, suggesting a potential shift in revenue recognition[13]. - Operating lease liabilities remain stable, with a slight decrease in the current portion from $18,953,000 to $18,134,000[13]. Clinical Trials and Developments - TSHA-102 was generally well tolerated with no serious adverse events reported in both pediatric and adolescent/adult trials[2]. - Dosing of the second patient in the high dose cohort of the adolescent/adult trial is scheduled for Q3 2024[4]. - Safety and efficacy data from cohort two (n=3) and updates from cohort one (n=2) are expected in the first half of 2025[4]. - The pediatric trial has received clearance to expand into Canada, enhancing the study's geographical reach[3]. - Taysha aims to report clinical data from both high and low dose cohorts in the first half of 2025, focusing on further informing regulatory discussions[2]. Capital Raising - The company completed a public follow-on offering with total net proceeds of $76.8 million[3]. - The increase in common stock issued from 186,960,193 to 201,381,450 shares reflects ongoing capital raising efforts[14].