Tenaya Therapeutics, Inc.

What they do

Tenaya discovers and develops precision medicines targeting the genetic drivers of heart disease. Its lead clinical-stage candidates are TN-201, an AAV9 gene therapy for MYBPC3-associated hypertrophic cardiomyopathy (HCM), and TN-401, a gene therapy for PKP2-associated arrhythmogenic right ventricular cardiomyopathy (ARVC). A third clinical-stage asset, TN-301, is an oral small molecule HDAC6 inhibitor being developed for heart failure with preserved ejection fraction (HFpEF) and other cardiac, metabolic, muscular and pulmonary diseases.

Revenue drivers

• Collaboration revenue (Alnylam) — A multi-target research collaboration with Alnylam Pharmaceuticals, entered in March 2026, reimburses Tenaya for research efforts and included a $10 million upfront payment; this is the only revenue source reflected in recent quarters.
• TN-201 (MYBPC3-associated HCM) — Pre-revenue gene therapy candidate in Phase 1b/2 (MyPEAK-1); Tenaya's strategy is to develop, manufacture and commercialize rare-disease programs such as this one itself, with selective partnering.
• TN-401 (PKP2-associated ARVC) — Pre-revenue gene therapy candidate in Phase 1b/2 (RIDGE-1); like TN-201, intended for self-development and commercialization for this rare cardiomyopathy.
• TN-301 and earlier-stage pipeline — Pre-revenue HDAC6 small molecule inhibitor and undisclosed earlier programs; for prevalent indications, management's stated plan is to out-license or partner rather than commercialize itself.

Recent performance

Quarterly revenue was $225,000 in Q1 2026 and $1.1 million in Q2 2026, versus $0 in the comparable 2025 quarters, reflecting the Alnylam collaboration. Annual net losses have narrowed from $123.7 million in 2022 and $124.1 million in 2023 to $111.1 million in 2024 and $90.6 million in 2025, with operating cash use declining from $102.1 million in 2023 to $68.3 million in 2025. At June 30, 2026, Tenaya reported $78.1 million in cash and equivalents, $93.5 million in total assets, $24.1 million in total liabilities and $69.4 million in shareholder equity. In Q2 2026 the company reported interim MyPEAK-1 and RIDGE-1 data showing echocardiographic and symptom improvements and no dose-limiting toxicities.

Strategy

Tenaya is prioritizing late-stage development of TN-201 and TN-401, with enrollment complete in MyPEAK-1 at doses needed to characterize dose response and support pivotal trial planning. Management is engaging regulators on late-stage pathways for both gene therapies, citing EMA PRIME designation and FDA Rare Disease Evidence Principles acceptance for TN-201 in pediatric patients. It also plans to advance TN-301 toward a Phase 2 trial start in the second half of 2027. The March 2026 Alnylam collaboration is intended to leverage its discovery platform and reimburse research costs, and the company says it will partner or out-license programs in prevalent indications while self-developing rare-disease programs.

Risks

• No approved products or product revenue — All revenue to date comes from collaboration reimbursement; TN-201, TN-401 and TN-301 remain investigational and may never receive marketing approval.
• Clinical and regulatory uncertainty — The Phase 1b/2 trials involve small patient numbers, and pivotal trial designs and regulatory alignment for TN-201 and TN-401 are still being discussed as of the Q2 2026 update.
• Cash runway and continued losses — Tenaya used $68.3 million of cash in operations in 2025 and reported $90.6 million in net loss for 2025, with management stating the Alnylam upfront payment extends cash runway only through Q3 2027.
• Listing-rule and corporate events — The company disclosed a delisting notice or listing-rule failure and director or officer changes in a January 2026 8-K, and terminated a material agreement in July 2026.

Outlook

Management plans to report additional interim data from MyPEAK-1 for TN-201 and provide updates on regulatory discussions for pivotal trial plans for both TN-201 and TN-401 in Q4 2026. TN-301 is being advanced toward a Phase 2 trial start in the second half of 2027. The company states the $10 million Alnylam upfront payment extends its cash runway through Q3 2027.