Tenaya Therapeutics(TNYA) - 2023 Q4 - Annual Report

Financial Performance - The company reported total operating expenses of $131.2 million for the year ended December 31, 2023, an increase of 4% from $125.6 million in 2022[483]. - The company incurred a net loss of $124.1 million for the year ended December 31, 2023, compared to a net loss of $123.7 million in 2022, reflecting a marginal increase of $419, or 0%[491]. - Net cash used in operating activities for the year ended December 31, 2023, was $102.1 million, compared to $104.4 million in 2022[501][502]. - Net cash provided by investing activities for the year ended December 31, 2023, was $48.7 million, down from $83.7 million in 2022[503][504]. - Net cash provided by financing activities for the year ended December 31, 2023, was $4.0 million, significantly lower than $77.8 million in 2022[505]. - The company expects to incur operating losses in the foreseeable future, with operating expenses anticipated to remain relatively flat over the next twelve months[497]. Research and Development - Research and development expenses were $98.0 million in 2023, up 4% from $94.5 million in 2022, primarily due to an increase of $8.9 million in personnel-related costs[485]. - The company initiated dosing in the MyPeak-1 Phase 1b clinical trial for TN-201 in October 2023, with initial data expected in the second half of 2024[473]. - The FDA cleared the IND application for TN-401 in October 2023, with patient dosing planned to begin in the second half of 2024[476]. - TN-301 showed positive results in a Phase 1 clinical trial, demonstrating good tolerability and pharmacokinetic properties supportive of once-daily dosing[479]. - The company plans to advance its lead gene therapy product candidates, TN-201 and TN-401, and expand clinical trials into late-stage development[498]. Funding and Capital - The company completed a follow-on offering on February 12, 2024, raising approximately $46.5 million from the sale of 8,888,890 shares at $4.50 per share[493]. - The company raised approximately $76.9 million from the purchase of an additional 2,816,409 shares of common stock after deducting underwriting discounts and commissions[495]. - As of December 31, 2023, the company has approximately $71.0 million available for issuance under its "at-the-market" equity offering[496]. Company Status and Classification - The company has not generated any revenue to date and has an accumulated deficit of $403.3 million as of December 31, 2023[492]. - The company is classified as an emerging growth company and a smaller reporting company, with annual revenue below $100 million and market value of stock held by non-affiliates less than $700 million[517][519]. Lease Obligations - The company has future minimum lease payments of approximately $5.1 million and $10.9 million remaining on its South San Francisco and Union City leases, respectively[506]. Off-Balance Sheet Arrangements - The company has not engaged in any off-balance sheet arrangements since inception[509]. Interest Income - Interest income increased significantly by 261% to $7.1 million in 2023, up from $2.0 million in 2022, primarily due to higher interest rates on investments[490].