Tenaya Therapeutics Q3 net loss narrows

Overview

• US heart disease therapy developer's Q3 net loss narrowed, beating analyst expectations

• Q3 operating loss was lower than analyst expectations

• Company expects cash to fund operations into Q4 2027

Outlook

• Company expects to report longer-term follow-up data from the MyPEAK-1 trial data by year end

• Company to provide additional interim RIDGE-1 clinical trial data by year end

• Tenaya plans to start at least one Phase 2 TN-301 trial in H2 2027

Result Drivers

• REGULATORY DESIGNATION - FDA granted RMAT designation to TN-401, supported by positive interim data from RIDGE-1 trial

• CASH - As of September 30, 2026, cash and cash equivalents were $66.8 million

• LOWER R&D EXPENSES - R&D expenses declined year-over-year, partly due to lower stock-based compensation

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Tenaya Therapeutics, Inc. is $3.50, about 871.4% above its November 3 closing price of $0.36

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)