Tenaya Therapeutics(TNYA) - 2025 Q4 - Annual Results

Financial Performance - Tenaya Therapeutics reported a net loss of $20.2 million, or $0.12 loss per share, for Q4 2025, compared to a net loss of $23.8 million, or $0.28 per share, in Q4 2024[13]. - For the full year 2025, net loss decreased to $90.6 million, or $0.59 per share, from $111.1 million, or $1.31 per share, in 2024[13]. - The net loss for Q4 2025 was $20,175,000, compared to a net loss of $23,836,000 in Q4 2024, indicating an improvement of approximately 15%[17]. - The net loss per share for the year ended December 31, 2025, was $0.59, down from $1.31 in 2024, reflecting a reduction of about 55%[17]. Cash and Investments - Cash, cash equivalents, and investments in marketable securities were $100.5 million as of December 31, 2025, up from $61.4 million a year earlier[13]. - Cash, cash equivalents, and marketable securities increased to $100,547,000 in 2025 from $61,446,000 in 2024, marking a growth of approximately 63.7%[19]. - Total assets rose to $146,921,000 in 2025, up from $119,940,000 in 2024, representing an increase of about 22.5%[19]. - Total liabilities decreased to $23,656,000 in 2025 from $27,086,000 in 2024, a reduction of approximately 12.5%[19]. Expenses - Research and Development (R&D) expenses for Q4 2025 were $14.8 million, a decrease from $18.7 million in Q4 2024[13]. - General and Administrative (G&A) expenses were $6.0 million for Q4 2025, consistent with Q4 2024[13]. - Total operating expenses for the year ended December 31, 2025, were $93,331,000, a reduction of about 19.6% compared to $115,948,000 in 2024[17]. - Research and development expenses for Q4 2025 were $14,798,000, down from $18,688,000 in Q4 2024, representing a decrease of approximately 21%[17]. Collaborations and Future Plans - Tenaya expects to achieve significant milestones in 2026, including additional patient enrollment and data reporting for TN-201 and TN-401 gene therapies[10]. - The company plans to pursue regulatory alignment for pivotal trial plans for both TN-201 and TN-401 in 2026[3]. - Tenaya entered into a collaboration with Alnylam Pharmaceuticals, receiving an upfront payment of up to $10 million and potential milestone payments totaling up to $1.1 billion[10]. - Tenaya plans to advance TN-301, a small molecule HDAC6 inhibitor, toward clinical trials in 2026, targeting heart failure and related diseases[7][10]. Clinical Trials - TN-201 and TN-401 gene therapies showed promising data in clinical trials, with TN-201 demonstrating improved MyBP-C protein levels and TN-401 showing robust transduction and RNA expression[6][10]. Other Income - Interest income for the year ended December 31, 2025, was $2,682,000, down from $4,737,000 in 2024, a decline of approximately 43.3%[17]. - Other income, net for the year ended December 31, 2025, was $52,000, compared to $82,000 in 2024, reflecting a decrease of about 36.6%[17]. Share Information - The weighted-average shares used in computing net loss per share for 2025 were 152,971,250, compared to 86,162,841 in 2024, indicating an increase of about 77.5%[17].