Tenaya Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

Core Insights - Tenaya Therapeutics has initiated dosing in Cohort 2 of the MyPEAK-1 Phase 1b/2 clinical trial for TN-201, targeting MYBPC3-associated hypertrophic cardiomyopathy (HCM) [1][4] - The company reported promising early data from Cohort 1 of the MyPEAK-1 trial, with TN-201 showing good tolerability and evidence of transgene expression [4][3] - Financial results for Q4 and full year 2024 indicate a net loss of $111.1 million, with cash reserves expected to support operations into mid-2026 following a recent financing round [10][11][8] Clinical Development Updates - The MyPEAK-1 trial is designed to assess the safety and efficacy of TN-201 in patients with HCM due to MYBPC3 mutations, with data from Cohort 1 accepted for presentation at the American College of Cardiology meeting [4][3] - Initial data from the RIDGE-1 Phase 1b trial for TN-401, targeting PKP2-associated arrhythmogenic right ventricular cardiomyopathy (ARVC), is expected in the second half of 2025 [1][9] - The company plans to release data from its pediatric study, MyClimb, in the second half of 2025, which aims to characterize disease burden in MYBPC3 patients diagnosed before age 18 [4] Financial Performance - For Q4 2024, Tenaya reported R&D expenses of $18.7 million, down from $22.9 million in Q4 2023, while G&A expenses decreased to $6.0 million from $8.6 million [10][11] - The company’s cash position as of December 31, 2024, was $61.4 million, a decrease from $104.6 million in 2023, but bolstered by a recent public offering that raised approximately $48.9 million [10][18] - The net loss for Q4 2024 was $23.8 million, or $0.28 per share, compared to a net loss of $29.9 million, or $0.40 per share, in Q4 2023 [11][16]