Detailed financial statements for Tenaya Therapeutics, Inc. (TNYA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Tenaya Therapeutics, Inc., a clinical-stage biotechnology company, discovers, develops, and delivers therapies for heart disease in the United States. Its lead product candidate includes TN-201, a gene therapy for myosin binding protein C3-associated hypertrophic cardiomyopathy that is in Phase 1b/2 clinical trial; TN-401, a gene therapy for plakophilin 2-associated arrhythmogenic right ventricular cardiomyopathy, which is in Phase 1b/2 clinical trial; and TN-301, a small mol...
Analysis Summary
Trailing-twelve-month margins: gross margin 263.7%, operating margin -79.3%, net margin -77.2%.
At the current price of $0.66, TNYA has negative trailing earnings (P/E not meaningful) and an ROE of -108.05%. Market capitalisation stands at $143M.
Balance sheet quality for TNYA: current ratio of 6.8, net cash position of $89.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $2.0M | $2.5M | $4.0M | $8.7M | $8.7M | $8.5M | $8.4M |
| Gross Profit | -$2.0M | -$2.5M | -$4.0M | -$8.7M | -$8.7M | -$8.5M | -$8.4M |
| Research & Development | $23.1M | $31.1M | $54.4M | $94.5M | $98.0M | $86.7M | $68.6M |
| Selling, General & Admin | $4.6M | $5.3M | $14.4M | $22.4M | $24.5M | $20.7M | $24.7M |
| Operating Expenses | $27.7M | $36.4M | $68.8M | $116.9M | $122.5M | $107.5M | $84.9M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$26.2M | -$38.4M | -$72.7M | -$123.7M | -$124.1M | -$111.1M | -$90.6M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$25.8M | -$38.4M | -$72.7M | -$123.7M | -$124.1M | -$111.1M | -$90.6M |
| EPS | $-0.95 | $-0.93 | $-1.69 | $-2.76 | $-1.68 | $-1.31 | $-0.59 |
| EPS (Diluted) | $-0.95 | $-0.93 | $-1.69 | $-2.76 | $-1.68 | $-1.31 | $-0.59 |
| Shares Outstanding (Diluted) | $27.2M | $41.1M | $41.3M | $44.8M | $73.8M | $84.8M | $153.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | $225000 | $1.1M |
| Gross Profit | 0 | $3.9M | -$1.5M | $1.1M |
| Operating Income | -$20.9M | -$20.8M | -$20.1M | -$44.1M |
| EBITDA | -$18.4M | -$18.3M | -$17.5M | -$41.7M |
| Net Income | -$20.3M | -$20.2M | -$19.3M | -$43.4M |
| EPS | $-0.12 | $-0.12 | $-0.09 | $-0.20 |
| EPS (Diluted) | $-0.12 | $-0.12 | $-0.09 | $-0.20 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $23.9M | $128.5M | $38.1M | $95.3M | $45.7M | $4.3M | $100.5M |
| Short-term Investments | $2.8M | 0 | $213.2M | $91.3M | $59.0M | $57.1M | 0 |
| Receivables | 0 | 0 | 0 | $2.2M | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $27.7M | $130.0M | $255.4M | $193.8M | $111.6M | $67.4M | $105.6M |
| Property, Plant & Equipment | $9.6M | $17.2M | $54.7M | $62.7M | $53.3M | $47.7M | $37.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $38.0M | $148.2M | $316.6M | $278.9M | $170.5M | $119.9M | $146.9M |
| Accounts Payable | $600000 | $1.0M | $10.7M | $9.6M | $5.6M | $5.2M | $3.6M |
| Short-term Debt | 0 | 0 | $2.0M | 0 | 0 | $2.8M | 0 |
| Total Current Liabilities | $4.1M | $5.0M | $21.8M | $24.2M | $22.7M | $16.0M | $15.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $7.8M |
| Total Liabilities | $81.7M | $8.7M | $38.1M | $35.6M | $31.1M | $27.1M | $23.7M |
| Retained Earnings | -$44.4M | -$82.8M | -$155.5M | -$279.2M | -$403.3M | -$514.4M | -$605.0M |
| Total Equity | -$43.7M | $139.4M | $278.5M | $243.4M | $139.4M | $92.9M | $123.3M |
| Total Debt | 0 | 0 | $15.7M | $15.1M | $12.4M | $13.6M | $10.8M |
| Net Debt | -$26.6M | -$128.5M | -$235.6M | -$171.4M | -$92.2M | -$47.8M | -$89.7M |
| Working Capital | $23.6M | $124.9M | $233.6M | $169.5M | $88.8M | $51.4M | $90.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $56.3M | $100.5M | $80.9M | $78.1M |
| Total Assets | $105.0M | $146.9M | $135.1M | $93.5M |
| Total Liabilities | $22.1M | $23.7M | $28.9M | $24.1M |
| Total Equity | $82.9M | $123.3M | $106.2M | $69.4M |
| Total Debt | $11.5M | $10.8M | $10.1M | $3.9M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$26.2M | -$38.4M | -$72.7M | -$123.7M | -$124.1M | -$111.1M | -$90.6M |
| Depreciation & Amortization | $2.0M | $2.5M | $3.0M | $6.5M | $8.7M | $8.5M | $8.8M |
| Stock-based Compensation | $414000 | $741000 | $3.0M | $11.5M | $15.3M | $16.5M | $13.0M |
| Change in Working Capital | -$250000 | -$234000 | $4.7M | -$849000 | -$5.6M | -$7.9M | -$2.5M |
| Operating Cash Flow | -$24.1M | -$35.4M | -$60.8M | -$104.4M | -$102.1M | -$90.5M | -$68.3M |
| Capital Expenditure | -$2.9M | -$9.8M | -$25.1M | -$20.6M | -$1.2M | -$1.0M | -$618000 |
| Acquisitions | $2657 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$3000 | -$1000 | -$13000 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$27.0M | -$45.2M | -$85.9M | -$125.1M | -$103.3M | -$91.5M | -$68.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$15.6M | -$13.9M | -$19.2M | -$22.8M |
| Capital Expenditure | -$26000 | -$67000 | -$11000 | -$170000 |
| Free Cash Flow | -$15.6M | -$14.0M | -$19.2M | -$23.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.9M | $2.7M | $2.2M | $3.9M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -48.9% | -89.4% | -70.1% | -0.3% | +10.4% | +18.5% |
| EPS Growth (YoY) | | +2.1% | -81.7% | -63.3% | +39.1% | +22.0% | +55.0% |
| Shares Change (YoY) | | +51.2% | +0.4% | +8.6% | +64.6% | +15.0% | +80.3% |
| FCF Growth (YoY) | | -67.3% | -90.1% | -45.5% | +17.4% | +11.4% | +24.7% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.99 | $-1.10 | $-2.08 | $-2.79 | $-1.40 | $-1.08 | $-0.45 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $27.2M | $41.1M | $41.3M | $44.8M | $73.8M | $84.8M | $153.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -108.05% |
| Return on Invested Capital | -136.78% |
| Return on Assets | -110.24% |
| Gross Margin | 263.67% |
| Operating Margin | -7929.89% |
| Net Margin | -7723.97% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 4.52 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -4.36 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -16.16 | -16.51 | -11.21 | -0.73 | -1.93 | -1.09 | -1.21 |
| P/B | -9.55 | 4.53 | 2.81 | 0.37 | 1.71 | 1.31 | 0.88 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |