Tenaya Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was $1.7 million (collaboration revenue), compared to $0 in the same period in 2025.
• Research and development (R&D) expenses were $14.9 million for the third quarter of 2026, down from $15.4 million in the same period in 2025; non-cash stock-based compensation within R&D was $0.8 million in 2026 versus $1.5 million in 2025.
• General and administrative (G&A) expenses were $5.6 million for the third quarter of 2026, matching the $5.6 million reported in 2025; non-cash stock-based compensation within G&A was $0.9 million in 2026 versus $1.4 million in 2025.
• Net loss was $18.9 million, or $0.08 per share, for the third quarter ended September 30, 2026, compared to a net loss of $20.3 million, or $0.12 per share, for the same period in 2025.
• For the nine months ended September 30, 2026, total operating expenses were $86.8 million, including a $22.5 million impairment loss and $1.4 million in loss on lease termination, compared to $72.6 million in the same period in 2025.
• Cash and cash equivalents were $66.8 million as of September 30, 2026, down from $100.5 million as of December 31, 2025.

Guidance and Future Outlook:

• Tenaya expects its current cash resources to fund planned operations into the fourth quarter of 2027.
• The company plans to report longer-term follow-up data from the MyPEAK-1 clinical trial (TN-201) by year-end, including one-year data for Cohort 2 and two-year durability data for Cohort 1.
• Tenaya anticipates providing an update on regulatory feedback regarding pivotal trial plans for TN-201 and TN-401 by year-end.
• Additional interim data from the RIDGE-1 clinical trial (TN-401) is expected to be reported by year-end, including one-year data for Cohort 2 and durability data for Cohort 1.
• Tenaya intends to initiate at least one company-sponsored Phase 2 clinical trial for TN-301 in the second half of 2027.

Business Segments and Product Lines:

• TN-201 (Gene Therapy for MYBPC3-Associated HCM): The company is in ongoing discussions with regulatory authorities to explore late-stage pivotal trial plans, with an additional interaction planned.
• TN-401 (Gene Therapy for PKP2-Associated ARVC): Received Regenerative Medicine Advanced Therapy (RMAT) designation from the U.S. FDA in September 2026, supported by positive interim data from the RIDGE-1 Phase 1b/2 clinical trial. Management is engaging with regulators to discuss late-stage pivotal trial planning.
• TN-301 (Small Molecule HDAC6 Inhibitor for HFpEF and related diseases): Currently conducting study-enabling work to advance the candidate toward Phase 2 clinical trials.

Other Key Points:

• The company celebrated its tenth anniversary in 2026.
• CEO Faraz Ali stated that forthcoming data updates and regulatory feedback are expected to inform capital allocation decisions and define the next phase of growth.
• The press release includes a detailed list of forward-looking risks, including clinical trial progress, safety events, regulatory approvals, and funding requirements.