Tenaya Therapeutics, Inc. (NASDAQ: TNYA) priced an underwritten public offering of 50 million units at $1.20 per unit, generating a gross $60 million before underwriting discounts and commissions. Each unit consists of one share of common stock and a warrant to purchase one share at $1.50, exercisable immediately and expiring five years from issuance. The offering is expected to close on or about December 15, 2025, subject to customary closing conditions.
The net proceeds will be directed toward advancing the company’s clinical‑stage gene‑therapy candidates TN‑201 and TN‑401, as well as for working capital and other general corporate purposes. Prior to the offering, Tenaya reported $56.3 million in cash at the end of Q3 2025, giving the company a runway into 2026. The new capital infusion is projected to extend that runway by several months, providing additional flexibility to fund the next phases of the MyPEAK‑1 and RIDGE‑1 trials.
The announcement coincided with the FDA’s lifting of the clinical hold on the MyPEAK‑1 trial for TN‑201, a key milestone that allows dosing to resume and accelerates the path toward regulatory milestones. The lift of the hold, combined with the capital raise, signals that Tenaya’s lead candidate is progressing on schedule.
Investors reacted to the pricing with a sharp decline in the company’s share price—down 11.05%—reflecting concerns about dilution from the issuance of 50 million new shares and the potential exercise of warrants. The market’s focus on the dilutive impact underscores the high cost of gene‑therapy development and the need for substantial capital to sustain the pipeline.
Tenaya’s pipeline centers on rare genetic heart diseases, with TN‑201 targeting MYBPC3‑associated hypertrophic cardiomyopathy and TN‑401 addressing PKP2‑associated arrhythmogenic right ventricular cardiomyopathy. Both candidates have received Fast Track, Orphan Drug, and Rare Pediatric Disease designations from the FDA, and the company leverages an AAV9‑based delivery platform and in‑house manufacturing capabilities. The offering, priced at $1.20 per unit, is significantly lower than the company’s previous public offerings, reflecting current market conditions and the early stage of the pipeline.
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