Tenaya Therapeutics Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Tenaya Therapeutics filed its Q1 2024 10-Q report on May 14, 2024, detailing financial activities and company information.</b>

AI Summary

Tenaya Therapeutics, Inc. (TNYA) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Tenaya Therapeutics, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key dates mentioned include March 31, 2024, and May 14, 2024 (filing date). The company's principal business address is in South San Francisco, California. The filing references various financial statement items including Additional Paid-In Capital, Research and Development Expense, and Accumulated Other Comprehensive Income.

Why It Matters

For investors and stakeholders tracking Tenaya Therapeutics, Inc., this filing contains several important signals. This 10-Q filing provides the latest quarterly financial snapshot for Tenaya Therapeutics, crucial for investors to assess the company's performance and financial health. The report includes details on stock options, equity plans, and subsequent events, offering insights into potential future dilution and strategic decisions.

Risk Assessment

Risk Level: medium — Tenaya Therapeutics, Inc. shows moderate risk based on this filing. The company is in the biotechnology sector, which is inherently high-risk due to long development cycles, regulatory hurdles, and clinical trial outcomes. Specific financial data like revenue and net income are not detailed in this header information, making a full financial risk assessment difficult.

Analyst Insight

Investors should review the full 10-Q filing to understand the company's financial position, R&D progress, and any disclosed risks or strategic initiatives.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• Q1 2024 — Fiscal Quarter (Reporting period)
• 12-31 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• Tenaya Therapeutics, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• South San Francisco, CA (location) — Business address city and state
• 0000950170-24-059576 (filing_id) — Accession number
• TNYA (ticker) — Ticker symbol

FAQ

Industry Context

Tenaya Therapeutics operates in the biotechnology sector, focusing on developing therapies for cardiovascular diseases. This sector is characterized by high R&D costs, long development timelines, and significant regulatory oversight.

Regulatory Implications

As a biotechnology company, Tenaya Therapeutics is subject to stringent regulations from bodies like the FDA regarding drug development, clinical trials, and marketing approvals.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements, including revenue, expenses, and cash flow.
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into the company's operational performance and strategic outlook.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing. Comparative data from the previous year's Q1 (ending March 31, 2023) would be found within the full report.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share TNYA Nasdaq Global Select

Filing Documents

• tnya-20240331.htm (10-Q) — 1621KB
• tnya-ex31_1.htm (EX-31.1) — 20KB
• tnya-ex31_2.htm (EX-31.2) — 20KB
• tnya-ex32_1.htm (EX-32.1) — 13KB
• 0000950170-24-059576.txt (&nbsp;) — 5900KB
• tnya-20240331.xsd (EX-101.SCH) — 792KB
• tnya-20240331_htm.xml (XML) — 880KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Condensed Balance Sheets as of March 31, 2024 and December 31, 2023 5 Condensed Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023 6 Condensed Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 7 Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023 8 Notes to Unaudited Condensed Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 77 Item 3. Defaults Upon Senior Securities 77 Item 4. Mine Safety Disclosures 77 Item 5. Other Information 77 Item 6. Exhibits 78

SIGNATURES

SIGNATURES 80 SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or Quarterly Report, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations and financial position, business strategy, development plans, planned preclinical studies and clinical trials, future results of clinical trials, expected research and development costs, regulatory strategy, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. In some cases, investors can identify forward-looking statements by terms such as "may," "will," "should," "would," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements about: our vision to change the treatment paradigm for heart disease; the ability of our ongoing preclinical studies and ongoing or planned clinical trials to demonstrate safety and efficacy of our product candidates, and other positive results; the timing, dosing, patient enrollment and populations, progress, and results of preclinical studies and ongoing or planned clinical trials for our current product candidates and other product candidates we may develop; the timing, scope and likelihood of regulatory filings and approvals, including timing of investigational new drugs (INDs), clinical trial applications (CTAs), U.S. Food and Drug Administration (FDA) approvals, and final regulatory approval of our current product candidates and any other future product candidates; our ability to develop and advanc

– FINANC IAL INFORMATION

PART I – FINANC IAL INFORMATION

Financi al Statements

Item 1. Financi al Statements. TENAYA THERAPEUTICS, INC. Condensed Ba lance Sheets (In thousands) (Unaudited) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 59,303 $ 45,681 Short-term investments in marketable securities 62,946 58,961 Prepaid expenses and other current assets 6,450 6,940 Total current assets 128,699 111,582 Property and equipment, net 41,396 43,277 Operating lease right-of-use assets 9,177 9,979 Other noncurrent assets 5,627 5,677 Total assets $ 184,899 $ 170,515 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,659 $ 5,630 Accrued and other current liabilities 8,435 12,784 Operating lease liabilities, current 4,064 4,319 Total current liabilities 19,158 22,733 Operating lease liabilities, noncurrent 7,302 8,105 Other noncurrent liabilities 259 253 Total liabilities 26,719 31,091 Commitments and contingencies (Note 5) Stockholders' equity: Common stock 8 7 Additional paid-in capital 593,802 542,805 Accumulated other comprehensive loss ( 120 ) ( 106 ) Accumulated deficit ( 435,510 ) ( 403,282 ) Total stockholders' equity 158,180 139,424 Total liabilities and stockholders' equity $ 184,899 $ 170,515 The accompanying notes are an integral part of these unaudited condensed financial statements. 5 TENAYA THERAPEUTICS, INC. Condensed Statements of Opera tions and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Operating expenses: Research and development $ 25,055 $ 25,605 General and administrative 8,707 8,118 Total operating expenses 33,762 33,723 Loss from operations ( 33,762 ) ( 33,723 ) Other income, net: Interest income 1,452 1,973 Other income, net 82 13 Total other income,