Tenaya maintains a conservative capital structure with a debt-to-equity ratio of 0.10, though the accumulated deficit has expanded to $624.3M as of 2026Q1.
| Total Current Assets | 96.56M | 105.59M | 67.38M | 111.58M | 193.75M | 255.36M | 129.96M | 27.74M |
| Cash & Short-Term Investments | 80.89M | 100.55M | 61.45M | 104.64M | 186.53M | 251.3M | 128.53M | 26.63M |
| Cash Only | 80.89M | 100.55M | 4.32M | 45.68M | 95.27M | 38.13M | 128.53M | 23.87M |
| Short-Term Investments | 0 | 0 | 57.12M | 58.96M | 91.25M | 213.17M | 0 | 2.75M |
| Accounts Receivable | 10.63M | 0 | 0 | 0 | 2.25M | 0 | 0 | 0 |
| Days Sales Outstanding | 4.31K | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 5.05M | 5.04M | 842K | 1.16M | 938K | 4.06M | 0 | 0 |
| Total Non-Current Assets | 38.51M | 41.34M | 52.56M | 58.93M | 85.19M | 61.29M | 18.2M | 10.26M |
| Property, Plant & Equipment | 34.72M | 37.09M | 47.75M | 53.26M | 62.7M | 54.7M | 17.18M | 9.57M |
| Fixed Asset Turnover | 0.01x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 838K | 419K | 0 | 0 | 17.7M | 547K | 0 | 485K |
| Other Non-Current Assets | 3.79M | 3.83M | 4.82M | 5.68M | 4.79M | 3.58M | 1.01M | 199K |
| Total Assets | 135.07M | 146.92M | 119.94M | 170.51M | 278.94M | 316.65M | 148.16M | 38M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | -34.15% | 22.5% | -29.66% | -38.87% | -11.91% | 113.72% | 289.89% | - |
| Total Current Liabilities | 16.78M | 15.44M | 15.97M | 22.73M | 24.25M | 21.77M | 5.04M | 4.12M |
| Accounts Payable | 1.91M | 3.58M | 5.16M | 5.63M | 9.58M | 10.72M | 1.02M | 600K |
| Days Payables Outstanding | -10.51K | 154.94 | 222.5 | 236.55 | 401.24 | 972.21 | 149.5 | 110.11 |
| Short-Term Debt | 3.12M | 3.02M | 2.78M | 0 | 0 | 1.99M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 11.75M | 8.56M | 5.81M | 9.27M | 6.97M | 5.39M | 1.22M | 1.94M |
| Current Ratio | 5.75x | 6.84x | 4.22x | 4.91x | 7.99x | 11.73x | 25.78x | 6.73x |
| Quick Ratio | 5.75x | 6.84x | 4.22x | 4.91x | 7.99x | 11.73x | 25.78x | 6.73x |
| Cash Conversion Cycle | 14.82K | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 12.1M | 8.22M | 11.11M | 8.36M | 11.32M | 16.35M | 3.68M | 77.62M |
| Long-Term Debt | 7M | 7.81M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 25.79M | 0 | 10.83M | 8.11M | 11.09M | 13.71M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 2.46M | 0 | 0 |
| Other Non-Current Liabilities | 5.1M | 410K | 281K | 253K | 228K | 182K | 3.68M | 77.62M |
| Total Liabilities | 28.88M | 23.66M | 27.09M | 31.09M | 35.57M | 38.12M | 8.72M | 81.74M |
| Total Debt | 10.12M | 10.83M | 13.61M | 12.42M | 15.1M | 15.7M | 0 | 0 |
| Net Debt | -70.77M | -89.72M | 9.29M | -33.26M | -80.17M | -22.43M | -128.53M | -23.87M |
| Debt / Equity | 0.10x | 0.09x | 0.15x | 0.09x | 0.06x | 0.06x | - | - |
| Debt / EBITDA | -0.13x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.90x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | 106.19M | 123.27M | 92.85M | 139.42M | 243.38M | 278.53M | 139.44M | -43.74M |
| Equity Growth % | -30.22% | 32.75% | -33.4% | -42.71% | -12.62% | 99.75% | 418.8% | - |
| Book Value per Share | 0.69 | 0.81 | 1.09 | 1.89 | 5.43 | 6.75 | 3.39 | -1.61 |
| Total Shareholders' Equity | 106.19M | 123.27M | 92.85M | 139.42M | 243.38M | 278.53M | 139.44M | -43.74M |
| Common Stock | 21K | 21K | 8K | 7K | 7K | 4K | 0 | 1K |
| Retained Earnings | -624.28M | -605.01M | -514.41M | -403.28M | -279.2M | -155.53M | -82.81M | -44.42M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.96K |
| Accumulated OCI | 0 | 0 | 28K | -106K | -378K | -141K | -87K | -74.04K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Gap
As reported in recent financial filings, TNYA's cash and equivalents stood at $80.9M in 2026Q1, a notable decline from the $100.5M reported in 2025Q4, which underscores the company's ongoing reliance on capital markets to sustain its high-burn clinical development programs and internal manufacturing operations.
The current ratio of 5.75 suggests a superficial appearance of liquidity, yet this metric is heavily skewed by the company's pre-revenue status and lack of significant short-term liabilities. Investors should monitor the rapid depletion of cash reserves, as the current burn rate may necessitate further dilutive financing to reach critical clinical milestones.
Based on TNYA's reported figures, net property, plant, and equipment (PPE) decreased to $34.7M in 2026Q1 from a peak of $53.3M in 2023Q4, indicating that the company has transitioned from an initial phase of heavy infrastructure investment toward a more maintenance-focused capital expenditure model.
The concentration of assets in specialized manufacturing facilities reflects the company's strategic decision to internalize cGMP production, which creates a significant fixed-cost burden. While this vertical integration may offer long-term regulatory advantages, it currently ties up capital in non-liquid assets that provide no immediate contribution to revenue generation.
According to the company's balance sheet data, the accumulated deficit has ballooned to $624.3M as of 2026Q1, reflecting the persistent and substantial operational losses inherent in the firm's multi-modality gene therapy development strategy since its inception.
The erosion of equity through consistent net losses highlights the high-risk nature of the business model, where shareholder value is entirely dependent on future clinical success. The reliance on equity-based financing to offset these losses suggests that existing shareholders face ongoing dilution risks as the company attempts to bridge the gap to commercialization.
As indicated by the latest financial statements, TNYA maintains a conservative debt-to-equity ratio of 0.10, suggesting that the company has avoided significant reliance on traditional debt financing to fund its operations, likely due to the absence of stable cash flows to service interest obligations.
While the low leverage profile prevents immediate insolvency risks from debt maturity, it also reflects the limited access to non-dilutive capital for a pre-revenue biotechnology firm. The company's financial flexibility remains constrained by its inability to leverage its balance sheet, forcing a continued dependence on equity markets.
Quick answers to the most common questions about buying TNYA stock.
As of 2025, Tenaya Therapeutics, Inc. (TNYA) had total assets of $146.9M including $105.6M in current assets.
Tenaya Therapeutics, Inc. (TNYA) carries total debt of $10.8M, offset by $100.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tenaya Therapeutics, Inc. (TNYA) has total shareholders' equity (book value) of $123.3M ($0.81 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tenaya Therapeutics, Inc. (TNYA) reported a current ratio of 6.84x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.