Tenaya Therapeutics

Overview
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Precision Medicine?
Cell & Gene Therapy?
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Drug Discovery and Developers
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Tenaya Therapeutics is a biotechnology company that discovers and develops novel therapies for treating rare, genetic, and preventable forms of heart disease and heart failure. The company is developing drug candidates based on three different drug modalities: precision medicine, gene therapy, and regenerative medicine. As of March 2022, it had one program in Phase 1 clinical trials and  two programs in preclinical studies.

The company’s proprietary precision medicine platform combines the analysis of human genetics and machine learning algorithms to identify and validate new heart failure targets across its drug modalities (gene therapy, small molecules, and biologics). Tenaya’s precision medicine drug candidate in Phase 1 clinical trials, TN-301, is a small molecule for treating heart failure with preserved ejection fraction (HFpEF) and genetic dilated cardiomyopathy. The company received its patent approval for the HDAC6 inhibitor in TN-301 in Q3 2022. Additionally, the company has three drug candidates in development under gene therapy and one treatment under regenerative medicine. 

Funding and financials

Founded in 2016, California-based Tenaya was formed by scientists from Gladstone Institutes and the University of Texas Southwestern Medical Center. The company went public in August 2021 on the Nasdaq Global Select Market under the ticker symbol “TNYA”, raising USD 207 million from the initial public offering. In November 2022, the company closed an underwritten public offering for USD 75 million . The new funds were allocated towards advancing its lead products, TN-201, TN-301, and TN-40 towards clinical and preclinical stages.

For the six months ended June 2023, the company did not generate any revenue. However, it reported an increase in net loss by 17.3% YoY to USD 33.3 million. Its cash and cash equivalent as of June 2023 was at USD 151.6 million, compared to USD 204.2 million in December 2022, which the company believes will be adequate to fund operations until 1H 2025.

HQ location:
1650 Owens St. 4th floor San Francisco CA USA
Founded year:
2016
Employees:
101-250
IPO status:
Public
Total funding:
USD 373.0 mn
Last Funding:
USD 50.0 mn (Post IPO Equity; Feb 2024)
Last valuation:
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