Estados financieros detallados de Tenaya Therapeutics, Inc. (TNYA): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 263.7%, margen operativo -79.3%, margen neto -77.2%.
Al precio actual de $0.66, TNYA presenta beneficios negativos (P/E no significativo) y un ROE del -108.05%. La capitalización bursátil es de $143M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Coste de Ventas | $2.0M | $2.5M | $4.0M | $8.7M | $8.7M | $8.5M | $8.4M |
| Beneficio Bruto | -$2.0M | -$2.5M | -$4.0M | -$8.7M | -$8.7M | -$8.5M | -$8.4M |
| I+D | $23.1M | $31.1M | $54.4M | $94.5M | $98.0M | $86.7M | $68.6M |
| Generales y Administrativos | $4.6M | $5.3M | $14.4M | $22.4M | $24.5M | $20.7M | $24.7M |
| Gastos Operativos | $27.7M | $36.4M | $68.8M | $116.9M | $122.5M | $107.5M | $84.9M |
| Beneficio Operativo | -$27.7M | -$38.9M | -$72.8M | -$125.6M | -$131.2M | -$115.9M | -$93.3M |
| EBITDA | -$25.7M | -$35.9M | -$68.7M | -$115.0M | -$115.4M | -$102.7M | -$82.2M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$26.2M | -$38.4M | -$72.7M | -$123.7M | -$124.1M | -$111.1M | -$90.6M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$25.8M | -$38.4M | -$72.7M | -$123.7M | -$124.1M | -$111.1M | -$90.6M |
| BPA | $-0.95 | $-0.93 | $-1.69 | $-2.76 | $-1.68 | $-1.31 | $-0.59 |
| BPA Diluido | $-0.95 | $-0.93 | $-1.69 | $-2.76 | $-1.68 | $-1.31 | $-0.59 |
| Acciones en Circulación (Diluidas) | $27.2M | $41.1M | $41.3M | $44.8M | $73.8M | $84.8M | $153.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | $225000 | $1.1M |
| Beneficio Bruto | 0 | $3.9M | -$1.5M | $1.1M |
| Beneficio Operativo | -$20.9M | -$20.8M | -$20.1M | -$44.1M |
| EBITDA | -$18.4M | -$18.3M | -$17.5M | -$41.7M |
| Beneficio Neto | -$20.3M | -$20.2M | -$19.3M | -$43.4M |
| BPA | $-0.12 | $-0.12 | $-0.09 | $-0.20 |
| BPA Diluido | $-0.12 | $-0.12 | $-0.09 | $-0.20 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $23.9M | $128.5M | $38.1M | $95.3M | $45.7M | $4.3M | $100.5M |
| Inversiones a Corto | $2.8M | 0 | $213.2M | $91.3M | $59.0M | $57.1M | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | $2.2M | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $27.7M | $130.0M | $255.4M | $193.8M | $111.6M | $67.4M | $105.6M |
| Inmovilizado Material | $9.6M | $17.2M | $54.7M | $62.7M | $53.3M | $47.7M | $37.1M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $38.0M | $148.2M | $316.6M | $278.9M | $170.5M | $119.9M | $146.9M |
| Cuentas por Pagar | $600000 | $1.0M | $10.7M | $9.6M | $5.6M | $5.2M | $3.6M |
| Deuda a Corto | 0 | 0 | $2.0M | 0 | 0 | $2.8M | 0 |
| Pasivos Corrientes | $4.1M | $5.0M | $21.8M | $24.2M | $22.7M | $16.0M | $15.4M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | $7.8M |
| Pasivos Totales | $81.7M | $8.7M | $38.1M | $35.6M | $31.1M | $27.1M | $23.7M |
| Reservas | -$44.4M | -$82.8M | -$155.5M | -$279.2M | -$403.3M | -$514.4M | -$605.0M |
| Patrimonio Neto | -$43.7M | $139.4M | $278.5M | $243.4M | $139.4M | $92.9M | $123.3M |
| Deuda Total | 0 | 0 | $15.7M | $15.1M | $12.4M | $13.6M | $10.8M |
| Deuda Neta | -$26.6M | -$128.5M | -$235.6M | -$171.4M | -$92.2M | -$47.8M | -$89.7M |
| Capital Circulante | $23.6M | $124.9M | $233.6M | $169.5M | $88.8M | $51.4M | $90.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $56.3M | $100.5M | $80.9M | $78.1M |
| Activos Totales | $105.0M | $146.9M | $135.1M | $93.5M |
| Pasivos Totales | $22.1M | $23.7M | $28.9M | $24.1M |
| Patrimonio Neto | $82.9M | $123.3M | $106.2M | $69.4M |
| Deuda Total | $11.5M | $10.8M | $10.1M | $3.9M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$26.2M | -$38.4M | -$72.7M | -$123.7M | -$124.1M | -$111.1M | -$90.6M |
| Amortizaciones | $2.0M | $2.5M | $3.0M | $6.5M | $8.7M | $8.5M | $8.8M |
| Compensación en Acciones | $414000 | $741000 | $3.0M | $11.5M | $15.3M | $16.5M | $13.0M |
| Cambio en Capital Circulante | -$250000 | -$234000 | $4.7M | -$849000 | -$5.6M | -$7.9M | -$2.5M |
| Flujo de Caja Operativo | -$24.1M | -$35.4M | -$60.8M | -$104.4M | -$102.1M | -$90.5M | -$68.3M |
| Inversiones (CapEx) | -$2.9M | -$9.8M | -$25.1M | -$20.6M | -$1.2M | -$1.0M | -$618000 |
| Adquisiciones | $2657 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$3000 | -$1000 | -$13000 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$27.0M | -$45.2M | -$85.9M | -$125.1M | -$103.3M | -$91.5M | -$68.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$15.6M | -$13.9M | -$19.2M | -$22.8M |
| Inversiones (CapEx) | -$26000 | -$67000 | -$11000 | -$170000 |
| Flujo de Caja Libre | -$15.6M | -$14.0M | -$19.2M | -$23.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.9M | $2.7M | $2.2M | $3.9M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Beneficio Neto (anual) | | -48.9% | -89.4% | -70.1% | -0.3% | +10.4% | +18.5% |
| Crecimiento BPA (anual) | | +2.1% | -81.7% | -63.3% | +39.1% | +22.0% | +55.0% |
| Cambio en Acciones (anual) | | +51.2% | +0.4% | +8.6% | +64.6% | +15.0% | +80.3% |
| Crecimiento FCF (anual) | | -67.3% | -90.1% | -45.5% | +17.4% | +11.4% | +24.7% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.99 | $-1.10 | $-2.08 | $-2.79 | $-1.40 | $-1.08 | $-0.45 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $27.2M | $41.1M | $41.3M | $44.8M | $73.8M | $84.8M | $153.0M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -108.05% |
| Rentabilidad sobre capital invertido | -136.78% |
| Rentabilidad sobre activos | -110.24% |
| Margen bruto | 263.67% |
| Margen operativo | -7929.89% |
| Margen neto | -7723.97% |
Salud financiera
| Deuda / Patrimonio | 0.06 |
| Ratio corriente | 4.52 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -4.36 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -16.16 | -16.51 | -11.21 | -0.73 | -1.93 | -1.09 | -1.21 |
| P/VC | -9.55 | 4.53 | 2.81 | 0.37 | 1.71 | 1.31 | 0.88 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |