Tenaya's Bank Loan Backstop Has Expired, Cash Is Down To $66.8 Million, And Shares Sit At 37 Cents
Tenaya's cash fell from $78.1 million in June, its lender commitments are gone, and a reverse split is going to a vote.
Tenaya Therapeutics, a clinical-stage biotech developing heart-disease therapies, ended September with $66.8 million in cash, down from $78.1 million at June 30, and its quarterly report says every borrowing commitment under its Silicon Valley Bank loan has expired. Shares closed at $0.37 on Wednesday, and the company is asking holders to approve a reverse stock split.
The lender backstop is gone
The prior quarter's report said a further $20.0 million might be available from Silicon Valley Bank at the lender's discretion, and carried a risk factor on the loan's covenants. The new report drops both, and states that as of September 30 all borrowing commitments had expired with no term loans outstanding.
Funding since June has come from stock. Tenaya sold 3,341,727 shares through its at-the-market program in the third quarter for $2.4 million net. Management says cash should fund operations into the fourth quarter of 2027.
The company reported a third-quarter net loss of $18.9 million, against $20.3 million a year earlier. For the first nine months the loss was $81.6 million, versus $70.4 million, including a $22.5 million impairment tied mainly to closing its Union City manufacturing center.
A Nasdaq deadline and a reverse split
The filing says Nasdaq notified Tenaya on January 28 that its bid price was below $1.00. The stock moved to the Nasdaq Capital Market on July 31 for a second compliance period. An October 23 proxy asks stockholders to approve a reverse split, applied at the board's discretion. A risk factor warns the stock could be delisted if compliance is not regained.
Data and regulator feedback due by year end
Tenaya develops gene therapies: TN-201 for a form of hypertrophic cardiomyopathy and TN-401 for arrhythmogenic right ventricular cardiomyopathy. Both are in Phase 1b/2 trials, and it has no approved products. The company said in its earnings release that it plans year-end data for both, plus regulatory updates on pivotal-trial plans.
That feedback could raise spending: the filing says research and development outlays over the next twelve months depend on it. In the third quarter, clinical costs rose $2.1 million while manufacturing costs fell $2.6 million after the plant closure.
Revenue comes from a March research deal with Alnylam Pharmaceuticals, which carried a $10.0 million upfront fee. About $8.5 million remains to be recognized over a validation term of roughly 18 months.
The reverse-split vote follows the October 23 proxy, and Tenaya says its data and regulatory updates will arrive by year end.
Sources
- 10-Q Filing — Tenaya Therapeutics (TNYA) — SEC EDGAR
- 10-Q Filing — Tenaya Therapeutics (TNYA), Q2 FY2026 filed 2026-08-05 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, tnya-ex99_1.htm) — Tenaya Therapeutics, filed 2026-11-04 — SEC EDGAR
- Tenaya Therapeutics Reports Third Quarter 2026 Financial — globenewswire.com
