Tenaya Targets Cash Into Fourth Quarter Of 2027 As Two Heart Gene Therapy Readouts Near
The heart-disease biotech held $66.8 million in cash on September 30 and plans year-end updates on TN-201 and TN-401.
Tenaya Therapeutics, a clinical-stage biotech developing therapies for the underlying causes of heart disease, expects its $66.8 million in cash to fund planned operations into the fourth quarter of 2027, it said Wednesday in its third-quarter report. By year-end it plans to report new data on two gene therapies and an update on talks with regulators about pivotal trials.
Cash down, loss narrower in the quarter
Cash and cash equivalents stood at $66.8 million on September 30, against $100.5 million on December 31, 2025. Total assets were $76.7 million and total liabilities $22.2 million.
The third-quarter net loss was $18.9 million, or $0.08 a share, versus $20.3 million, or $0.12 a share, a year earlier. Research and development spending was $14.9 million against $15.4 million, and general and administrative costs were $5.6 million in both quarters. Collaboration revenue was $1.7 million; the year-earlier quarter had none.
For the first nine months, the net loss was $81.6 million versus $70.4 million in the same period of 2025. Nine-month results include a $22.5 million impairment loss, with none in the prior-year period.
Year-end readouts on two gene therapies
Tenaya's two lead candidates are gene therapies in Phase 1b/2 testing: TN-201 for MYBPC3-associated hypertrophic cardiomyopathy and TN-401 for PKP2-associated arrhythmogenic right ventricular cardiomyopathy. The company has no approved products.
For TN-201, it plans longer-term data from the MyPEAK-1 trial by year-end: one-year data for Cohort 2 and two-year durability data for Cohort 1. A further regulatory interaction is planned on late-stage pivotal trial plans, with an update intended by year-end.
For TN-401, the FDA granted Regenerative Medicine Advanced Therapy designation in September, supported by positive interim data from the RIDGE-1 trial. Tenaya expects additional interim RIDGE-1 data by year-end, including one-year Cohort 2 and Cohort 1 durability data, and has meetings scheduled with regulators on pivotal planning. It plans to report that feedback with the data.
TN-301 and the capital question
TN-301, a small-molecule HDAC6 inhibitor, is in study-enabling work toward Phase 2 trials in patients. Tenaya intends to start at least one company-sponsored Phase 2 trial in the second half of 2027.
CEO Faraz Ali said the coming data and regulatory feedback should provide "important clarity on the path forward for our portfolio and capital allocation decisions."
Tenaya says the TN-201 and TN-401 data and the regulatory updates are due by year-end.
