The company remains in a pre-revenue phase with an operating margin of -89.2% in 2026Q1, reflecting the heavy fixed-cost burden of its internal gene therapy manufacturing infrastructure.
| Sales/Revenue | 225K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | -101K | 8.44M | 8.47M | 8.69M | 8.71M | 4.03M | 2.48M | 1.99M |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 326K | -8.44M | -8.47M | -8.69M | -8.71M | -4.03M | -2.48M | -1.99M |
| Gross Margin % | 144.89% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 0.38% | 2.52% | 0.3% | -116.47% | -62.1% | -24.84% | - |
| Operating Expenses | 86.18M | 84.89M | 107.48M | 122.51M | 116.91M | 68.78M | 36.43M | 27.71M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 23.71M | 24.72M | 20.74M | 24.47M | 22.37M | 14.39M | 5.33M | 4.56M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 62.37M | 68.61M | 86.74M | 98.04M | 94.54M | 54.39M | 31.1M | 23.15M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -8.44M | 0 | 0 | 0 | 0 | 0 | 1.03M |
| Operating Income | -85.86M | -93.33M | -115.95M | -131.19M | -125.62M | -72.81M | -38.91M | -27.71M |
| Operating Margin % | -38159.11% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 19.51% | 11.62% | -4.44% | -72.54% | -87.1% | -40.42% | - |
| EBITDA | -78.32M | -84.89M | -107.48M | -122.51M | -116.91M | -68.78M | -36.43M | -25.72M |
| EBITDA Margin % | -34808.89% | - | - | - | - | - | - | - |
| EBITDA Growth % | 22.26% | 21.01% | 12.27% | -4.79% | -69.97% | -88.81% | -41.62% | - |
| D&A (Non-Cash Add-back) | 7.54M | 8.44M | 8.47M | 8.69M | 8.71M | 4.03M | 2.48M | 1.99M |
| EBIT | -85.06M | -93.33M | -111.13M | -124.08M | -123.67M | -72.72M | -38.4M | -27.71M |
| Net Interest Income | 2.84M | 2.68M | 4.74M | 7.06M | 1.95M | 108K | 87K | 453K |
| Interest Income | 2.84M | 2.68M | 4.74M | 7.06M | 1.95M | 108K | 87K | 453K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.85M | 2.73M | 4.82M | 7.11M | 1.96M | 85K | 517K | 1.48M |
| Pretax Income | -83M | -90.6M | -111.13M | -124.08M | -123.67M | -72.72M | -38.4M | -26.23M |
| Pretax Margin % | -36891.11% | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -83M | -90.6M | -111.13M | -124.08M | -123.67M | -72.72M | -38.4M | -25.78M |
| Net Margin % | -36891.11% | - | - | - | - | - | - | - |
| Net Income Growth % | 21.52% | 18.48% | 10.44% | -0.34% | -70.05% | -89.4% | -48.94% | - |
| Net Income (Continuing) | -83M | -90.6M | -111.13M | -124.08M | -123.67M | -72.72M | -38.4M | -26.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.54 | -0.59 | -1.31 | -1.68 | -2.76 | -1.69 | -0.93 | -0.95 |
| EPS Growth % | 59.48% | 54.96% | 22.02% | 39.13% | -63.31% | -81.72% | 2.11% | - |
| EPS (Basic) | - | -0.59 | -1.31 | -1.68 | -2.76 | -1.69 | -0.93 | -0.95 |
| Diluted Shares Outstanding | 152.97M | 152.97M | 84.82M | 73.79M | 44.82M | 41.29M | 41.12M | 27.2M |
| Basic Shares Outstanding | 152.97M | 152.97M | 84.82M | 73.79M | 44.82M | 41.29M | 41.12M | 27.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical Trial Funding Gap
As reported in financial statements, TNYA's R&D expenditures remain the primary driver of operational losses, with quarterly spending peaking at $25.1M in 2024Q1 before moderating to $14.8M by 2026Q1, reflecting the high fixed-cost nature of maintaining internal cGMP manufacturing capabilities for its proprietary gene therapy pipeline.
The company's cost structure is heavily weighted toward research and development, which is necessary to sustain its multi-modality clinical programs. Investors should monitor whether the recent reduction in R&D spending represents a sustainable efficiency gain or a strategic deferral of clinical activities due to capital constraints.
Based on TNYA's reported figures, the company continues to operate with significant negative leverage, as operating losses have consistently tracked near the $20M to $33M range per quarter, indicating that the firm has yet to achieve the scale required to offset its substantial fixed overhead costs.
The lack of meaningful revenue generation means that every dollar of SG&A and R&D expense directly expands the operating deficit. This persistent gap suggests that the company remains entirely dependent on external financing to cover its ongoing operational requirements until a commercial-stage asset is successfully validated.
According to recent SEC filings, TNYA has utilized stock-based compensation as a key retention tool, with quarterly charges reaching as high as $4.6M in 2024Q2, which effectively shifts the burden of talent acquisition costs from cash outflows to long-term shareholder dilution and equity base expansion.
While SBC preserves cash in the short term, the consistent issuance of equity to retain specialized scientific talent may complicate future EPS recovery. Analysts should evaluate whether the current level of dilution is commensurate with the clinical progress achieved in the MyoAAV platform development.
Data from the latest income statement indicates that TNYA's net losses have remained stubbornly high, with a cumulative net loss exceeding $200M over the observed period, raising questions about the company's ability to reach critical clinical milestones without further dilutive capital raises in the near term.
Short-term observers may focus on the widening gap between the company's cash burn and its current liquidity position. The reliance on sporadic non-dilutive funding suggests that the current financial trajectory may be unsustainable without a significant partnership or a successful clinical data readout to improve market access.
Quick answers to the most common questions about buying TNYA stock.
For fiscal year 2025, Tenaya Therapeutics, Inc. (TNYA) reported total revenue of $0.0M.
Tenaya Therapeutics, Inc. (TNYA) reported a net loss of $90.6M for the fiscal year ending 2025.