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Tenaya Therapeutics Inc. (TNYA-3.54%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing gene therapies and small molecules for heart disease. Tenaya's lead product candidates include TN-201 for hypertrophic cardiomyopathy and TN-401 for arrhythmogenic right ventricular cardiomyopathy, both of which are in clinical trials.
Research and development expenses for 2024 were reported at $86.7 million, a decrease from $98.0 million in 2023, attributed to lower manufacturing and research costs. General and administrative expenses also decreased to $29.2 million from $33.2 million in the previous year.
The company reported a net loss of $111.1 million for 2024, compared to a net loss of $124.1 million in 2023. Interest income decreased to $4.7 million from $7.1 million due to lower cash balances.
Tenaya raised approximately $47.7 million through a follow-on offering in February 2024 and has $61.4 million in cash, cash equivalents, and investments as of December 31, 2024.
The company anticipates continued operating losses as it advances its clinical programs and expands its manufacturing capabilities. Tenaya plans to finance its operations through public or private equity offerings, debt financings, or strategic collaborations.
Tenaya's pipeline includes several early-stage programs targeting rare and prevalent forms of heart disease using various therapeutic approaches. The company is also focused on expanding its integrated capabilities, including AAV manufacturing and capsid engineering.
The filing outlines potential risks, including the need for additional capital, competition from other biotechnology companies, and regulatory challenges in developing gene therapies.
Tenaya's strategic goals include advancing its lead product candidates, expanding its pipeline, and establishing commercial-scale manufacturing capabilities. The company is also seeking to establish partnerships to accelerate its efforts and expand its global reach.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tenaya Therapeutics Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.