Tenaya Stock Plunges After $60 Million Equity Offering

Core Viewpoint - Tenaya Therapeutics is experiencing bearish pressure on its stock following the announcement of a public offering and interim clinical trial data for its gene therapy candidates [2][3][8]. Group 1: Stock Performance - Tenaya Therapeutics stock is trading lower, down 37.44% to 85 cents, with a session volume of 42.39 million compared to the average volume of 3.51 million [1][8]. Group 2: Public Offering - The company priced its underwritten public offering of 50 million units at $1.20 per unit, aiming for gross proceeds of $60 million [2]. - Each unit consists of one share and a warrant to purchase one share of common stock at an exercise price of $1.50 per share [2]. Group 3: Clinical Developments - Proceeds from the public offering will be used to fund the development of clinical and early-stage product candidates, particularly TN-201 and TN-401, as well as for working capital [3]. - Interim data from the RIDGE-1 Phase 1b/2 trial of TN-401 for arrhythmogenic right ventricular cardiomyopathy (ARVC) was shared, showing safety and efficacy results [3][4]. - TN-401 was well tolerated, with increased PKP2 protein expression in two of three patients and meaningful improvements in arrhythmia burden [5][6]. - No incidents of thrombotic microangiopathy or cardiotoxicities were reported, and no ICD shocks or arrhythmias associated with TN-401 have occurred [6][7]. - The FDA has removed the clinical hold on the MyPEAK-1 Phase 1b/2a trial of TN-201, which targets MYBPC3-associated hypertrophic cardiomyopathy [7].