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Mar 31, 2024
Tenaya Therapeutics Q1 2024 Earnings Report
Tenaya Therapeutics' financial performance and business progress were reported for Q1 2024.
Key Takeaways
Tenaya Therapeutics reported a net loss of $32.2 million for the first quarter of 2024. The company's cash, cash equivalents, and investments totaled $122.2 million, expected to fund operations into the second half of 2025. Clinical trials for TN-201 and TN-401 are ongoing, with initial data from the MyPEAK-1 trial expected in the second half of 2024.
Enrollment continues in the MyPEAK-1 Phase 1b clinical trial of TN-201, with initial data expected in the second half of 2024.
Clinical sites activated for the RIDGE-1 Phase 1b clinical trial of TN-401, with patient dosing planned for the second half of 2024.
Cost containment measures announced, including a workforce reduction of approximately 22%.
Net proceeds of $46.8 million raised in a first-quarter financing, extending the cash runway into the second half of 2025.
Tenaya Therapeutics
Tenaya Therapeutics
Forward Guidance
Tenaya Therapeutics expects current cash, cash equivalents and investments in marketable securities will be sufficient to fund the company into the second half of 2025. The company will focus on dosing patients and generating clinical data for its TN-201 and TN-401 programs.
Positive Outlook
- Cash runway extends into the second half of 2025.
- Focus on generating clinical data for TN-201.
- Focus on generating clinical data for TN-401.
- Advancing a pipeline of novel therapies.
- Sites activated for RIDGE-1 Phase 1b clinical trial of TN-401
Challenges Ahead
- Committed plan to reduce its workforce by approximately 22%.
- Net loss of $32.2 million for the first quarter of 2024.
- Cost containment measures implemented.
- Reliance on clinical trial data for future progress.
- Early stage company with associated risks.