Tenaya Therapeutics, Inc.
TNYA evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for TNYA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TNYA
Tenaya Therapeutics is a clinical-stage biopharmaceutical company developing gene therapies for heart disease, anchored in human genetics and AAV-based delivery.
Key risk: Substantial additional funding needed
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 1 clinical trial for Tenaya Therapeutics, Inc..
Tenaya Therapeutics is a clinical-stage biopharmaceutical company developing gene therapies for heart disease, anchored in human genetics and AAV-based delivery.
- Tenaya focuses on discovering and developing precision medicines for cardiovascular conditions, leveraging human genetics and human disease models [sec_mda · as of 2026-08-05].
- The company has internalized expertise in capsid engineering, novel promoter constructs, and AAV-based delivery to the heart [sec_mda · as of 2026-08-05].
- Lead gene therapy candidates include TN-201 and TN-401, currently in clinical development [sec_mda · as of 2025-08-06].
- As of June 30, 2025, the company had an ATM offering capacity of approximately $69.8 million [sec_mda · as of 2025-08-06].
- Cash and equivalents were $78.5M as of 2026-06-30, with a net loss of $43.4M for the period [sec].
What works
- Tenaya's platform is anchored in human genetics and human disease models, which may increase the probability of identifying relevant targets [sec_mda · as of 2026-08-05].
- The company has built proprietary capabilities in capsid engineering and AAV delivery, potentially enabling more effective cardiac gene therapies [sec_mda · as of 2026-08-05].
- Tenaya has two lead gene therapy candidates (TN-201 and TN-401) advancing in clinical trials, indicating a focused pipeline [sec_mda · as of 2025-08-06].
What to weigh
- Tenaya has a history of operating losses and expects to continue incurring losses for the foreseeable future [sec_mda · as of 2025-08-06].
- The company will require substantial additional funding to complete development and commercialize any product candidates [sec_mda · as of 2026-08-05].
- There is no guarantee that Tenaya will generate significant revenue from product sales, and it may need to raise capital through equity or debt offerings [sec_mda · as of 2026-08-05].
From the filings
Quoted directly from source documents.
Tenaya's platform is based on human genetics and human disease models.
“Early on in our company history, we invested in differentiated capabilities to enable modality-agnostic target identification and validation, anchored in human genetics and the use of human disease models.”
SEC MD&A · August 5, 2026
Tenaya has internalized expertise in capsid engineering and AAV delivery.
“we also internalized expertise in capsid engineering, novel promoter constructs and manufacturing anchored on the use of adeno-associated viruses (AAVs) as the method of delivery to the heart.”
SEC MD&A · August 5, 2026
The company expects to need additional funding to complete development.
“In order to complete the development of our product candidates and commercialize our product candidates, if approved, we will require substantial additional funding.”
SEC MD&A · August 5, 2026
Tenaya's lead candidates are TN-201 and TN-401.
“continue to advance our lead gene therapy product candidates, TN-201 and TN-401;”
SEC MD&A · August 6, 2025
Catalyst timeline
- 2023-08-10 · Phase 2 Start: First-in-Human, Open-Label, Safety, Tolerability, Dose-Finding, Pharmacodynamic and Cardiac Transgen - NCT: NCT05836259 — This Phase 2 trial is recruiting and will evaluate safety, tolerability, and pharmacodynamic effects of TN-201.
Risks & what to watch (3)›
Key risks
- Substantial additional funding needed — Tenaya will require substantial additional funding to complete development and commercialize products [sec_mda · as of 2026-08-05].
- History of operating losses — The company expects to continue incurring operating losses for the foreseeable future [sec_mda · as of 2025-08-06].
- No guaranteed revenue from products — There is no assurance that Tenaya will generate significant revenue from product sales [sec_mda · as of 2026-08-05].
What to watch
- Progress of lead gene therapy candidates TN-201 and TN-401 in clinical trials [sec_mda · as of 2025-08-06].
- Cash runway and potential need for additional financing, given $78.5M cash as of 2026-06-30 [sec].
- Any updates from the Phase 2 trial (NCT05836259) for TN-201, which is currently recruiting [catalyst].
- Regulatory and manufacturing developments as the company transitions to late-stage clinical development [sec_mda · as of 2025-08-06].
Sources: Catalysts · SEC MD&A · Generated August 25, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
68.2 months
D/E 0.35 · 0% dilution
Lead: Phase 1/Phase 2
3 candidates
No upcoming catalysts tracked
0 buys · 11 sells (180d)
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
100
Total value held
$37.0M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 16,964,576 | $11.7M |
| millennium management llc | 5,456,666 | $3.8M |
| citadel advisors llc | 4,376,000 | $3.0M |
| renaissance technologies llc | 3,713,761 | $2.6M |
| blackrock, inc. | 3,703,955 | $2.6M |
| marshall wace, llp | 2,705,390 | $1.9M |
| geode capital management, llc | 1,559,939 | $1.1M |
| adar1 capital management, llc | 1,507,800 | $1.0M |
| two sigma investments, lp | 1,280,390 | $887K |
| jane street group, llc | 1,224,481 | $848K |
Showing top 10 of 100 institutional holders of Tenaya Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 22.2%
- Days to cover
- 4.5
- Shares short
- 25,187,788
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TNYA short interestGovernance
Frequently asked questions
What is the AI investment thesis for Tenaya Therapeutics, Inc.?
Tenaya Therapeutics is a clinical-stage biopharmaceutical company developing gene therapies for heart disease, anchored in human genetics and AAV-based delivery.
What is Tenaya Therapeutics, Inc.'s lead drug candidate?
Tenaya Therapeutics, Inc.'s most advanced tracked candidate is tn-201 (Phase 1/Phase 2) for Hypertrophic Cardiomyopathy.
Who is the CEO of Tenaya Therapeutics, Inc.?
Mr. Faraz Ali M.B.A. is the chief executive officer of Tenaya Therapeutics, Inc. (TNYA).
Where is Tenaya Therapeutics, Inc. headquartered?
Tenaya Therapeutics, Inc. (TNYA) is headquartered in South San Francisco, CA, United States.
What therapeutic areas does Tenaya Therapeutics, Inc. focus on?
Tenaya Therapeutics, Inc. develops therapies across Gene Therapy, Cardiovascular.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.