Tenaya Therapeutics reported second quarter collaboration revenue of $1.11 million and a net loss of $0.20 per share, missing consensus estimates of $10.0 million and a loss of $0.08 per share. The wider-than-expected loss was primarily driven by a one-time $21.8 million non-cash impairment charge related to a lease termination as part of cost-reduction efforts.
Key Highlights
- The company reported a Q2 net loss of $43.4 million, or $0.20 per share, which included a $21.8 million non-cash impairment charge from terminating its manufacturing center lease.
- Tenaya ended the quarter with $78.1 million in cash and cash equivalents, which it expects will fund operations through the third quarter of 2027, bolstered by a $10 million upfront payment from its Alnylam collaboration.
- The company shared positive interim data from Phase 1b/2 clinical trials for its gene therapies, TN-201 and TN-401, with both demonstrating meaningful improvements in key disease characteristics.