TNYA
Tenaya Therapeutics, Inc.Healthcare·Biotechnology
$0.87
$145M market cap
Revenue
$0.2M
Free Cash Flow
$-33.3M
Rev Growth
+0.0%
FCF Margin
-14778.7%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Tenaya Therapeutics, Inc., a biotechnology company, discovers, develops, and delivers therapies for heart disease in the United States. It develops its products through cellular regeneration, gene therapy, and precision medicine platforms. The company is developing TN-201, an adeno-associated virus (AAV)-based gene therapy to address genetic hypertrophic cardiomyopathy (gHCM) caused by haploinsufficient myosin binding protein C3 (MYBPC3) gene mutations; and TN-301, a small molecule inhibitor of
2-Year Price History
$0.77-78.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.2 | -18.3 | -20.1 | -19.3 | -19.2 | -19.3 | -0.0 | 80.9 | 10.1 | 153.0 | -247.1% | -- | -- |
| Act | 2025-Q4 | 0.0 | -19.0 | -20.8 | -20.2 | -13.9 | -14.0 | -0.1 | 100.6 | 10.8 | 153.0 | -163.3% | -- | -- |
Valuation & Metrics
Market Stats
Price$0.87
Market Cap$145M
Enterprise Value$74M
P/S Ratio643.5x
P/FCF--
EV/FCF--
FCF Margin (TTM)-14778.7%
FCF Yield-23.0%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.2M
Net Income$-39.5M
Free Cash Flow$-33.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin-16555.6%
Net Margin-17532.0%
FCF Margin-14778.7%
CapEx % of Revenue34.7%
SBC % of Revenue1220.0%
ROIC-205.2%
WC Change % Rev-5464.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares27.9M
Days to Cover8.6
Change (vs Prior)+7.0%
Need at least 2 settlement dates for chart
Employees
Headcount97
Revenue / Employee$2,320
Gross Profit / Employee$24,845
Cash Runway
29.2months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
19.1%(+3.7% YoY)
89 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
8.3%(+3.0% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.8%(+0.6% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $5.9M | $0.69 | +$5.9M | +$5.9M | — | $4.04T |
| MILLENNIUM MANAGEMENT LLC | $3.8M | $1.59 | +$582K | +$3.7M | -0.5% | $127.40B |
| Empery Asset Management, LP | $3.0M | $0.71 | −$780K | +$3.0M | -15.8% | $83.0M |
| CITADEL ADVISORS LLC | $2.9M | $1.46 | +$0 | +$2.9M | -0.4% | $138.22B |
| RENAISSANCE TECHNOLOGIES LLC | $2.6M | $1.06 | +$1.3M | +$1.5M | +1.2% | $63.91B |
| BlackRock, Inc.Passive | $2.6M | $1.56 | −$169K | −$1.1M | -0.2% | $5.69T |
| MARSHALL WACE, LLP | $1.9M | $0.83 | +$900K | +$1.9M | +0.6% | $92.71B |
| Burkehill Global Management, LP | $1.4M | $0.71 | +$0 | +$1.4M | +5.0% | $1.91B |
| Kalehua Capital Management LLC | $1.4M | $0.71 | +$0 | +$1.4M | -7.3% | $141M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $1.1M | $2.35 | +$254K | +$128K | +2.3% | $1.61T |
| ADAR1 Capital Management, LLC | $1.0M | $0.71 | +$2K | +$1.0M | +8.3% | $1.64B |
| TWO SIGMA INVESTMENTS, LP | $887K | $1.53 | +$10K | +$632K | -0.9% | $117.03B |
| JANE STREET GROUP, LLCMM | $817K | $1.10 | +$347K | +$804K | -0.1% | $92.10B |
| GSA CAPITAL PARTNERS LLP | $743K | $1.47 | −$281K | +$743K | -5.9% | $1.61B |
| Euclidean Capital LLC | $703K | $2.55 | +$0 | +$0 | -4.7% | $392M |
| VANGUARD FIDUCIARY TRUST COPassive | $703K | $0.69 | +$703K | +$703K | — | $395.83B |
| Alphabet Inc. | $632K | $5.63 | +$0 | +$0 | +0.2% | $4.02B |
| Raiffeisen Bank International AG | $620K | $1.03 | +$69K | +$620K | -0.8% | $6.94B |
| Mirador Capital Partners LP | $614K | $0.71 | +$211K | +$604K | -2.2% | $706M |
| STATE STREET CORPPassive | $491K | $3.14 | +$182K | −$288K | -0.2% | $2.89T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-2.26%
avg per quarter
Holders (ex-self)
-2.11%
excl. this stock
Buyers (this Q)
+0.42%
52 buyers · $0.01B in
Sellers (this Q)
-7.07%
20 sellers · $0.00B out
alpha coverage: 82% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-18.4%
how holders react when this stock falls
On quiet Qs
-3.4%
−10% to +10% baseline
On rallies (+10%+)
-11.6%
how they react when this stock rises
Holders' portfolio flow this Q
+5.7%
inflows — adds are organic
Sellers' portfolio flow this Q
-11.2%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-13.8%
Holder mid (any stock)
-12.0%
Holder rally (any stock)
-13.9%
Biggest decreases this quarter
Column Group LLCexited−$6.7MAnson Funds Management LPexited−$3.0MAlyeska Investment Group, L.P.exited−$2.8MSPHERA FUNDS MANAGEMENT LTD.exited−$1.1MEmpery Asset Management, LP−$780Kα-15.8GSA CAPITAL PARTNERS LLP−$281Kα-5.9Stonepine Capital Management, LLCexited−$250KBlackRock, Inc.−$169Kα-0.2Graham Capital Management, L.P.exited−$127KLighthouse Investment Partners, LLCexited−$62K
New buyers this quarter
Top-5 holders · 48.2%
VANGUARD CAPITAL MANAGEMENT LLC--
MILLENNIUM MANAGEMENT LLC--
Empery Asset Management, LP--
CITADEL ADVISORS LLC--
RENAISSANCE TECHNOLOGIES LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Column Group LLC—FMR LLC2KCasdin Capital, LLC362KRA CAPITAL MANAGEMENT, L.P.—PRICE T ROWE ASSOCIATES INC /MD/31KRTW INVESTMENTS, LP—Alphabet Inc.916KEuclidean Capital LLC1.0MOctagon Capital Advisors LP—Deep Track Capital, LP—HARVARD MANAGEMENT CO INC—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$2.0013010.0%
Last Year (3 analysts)$2.3316810.0%
Current Price$0.87
Analyst Ratings
6
Buy: 6Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$60K
12 txns · 3 insiders · 61,405 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$5.00M
6 txns · 1 insider · 7,751,009 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-18 | SELL | Ali Faraz | director, officer: Chief Executive Officer | 3,390 | $0.79 | $3K | $349K |
| 2026-05-18 | SELL | Tingley Whittemore | officer: Chief Medical Officer | 3,121 | $0.79 | $2K | $171K |
| 2026-05-18 | SELL | Higa Tomohiro | officer: SVP, Finance | 1,485 | $0.79 | $1K | $94K |
| 2026-02-25 | SELL | COLUMN GROUP III GP, LP | 10 percent owner | 1,862,545 | $0.56 | $1.05M | $0 |
| 2026-02-24 | SELL | COLUMN GROUP III GP, LP | 10 percent owner | 658,440 | $0.62 | $405K | $1.01M |
| 2026-02-23 | SELL | COLUMN GROUP III GP, LP | 10 percent owner | 306,000 | $0.60 | $183K | $1.17M |
| 2026-02-20 | SELL | COLUMN GROUP III GP, LP | 10 percent owner | 523,734 | $0.61 | $322K | $1.29M |
| 2026-02-17 | SELL | Higa Tomohiro | officer: SVP, Finance | 3,469 | $0.64 | $2K | $77K |
| 2026-02-17 | SELL | Tingley Whittemore | officer: Chief Medical Officer | 5,160 | $0.64 | $3K | $141K |
| 2026-02-17 | SELL | Ali Faraz | director, officer: Chief Executive Officer | 14,862 | $0.64 | $10K | $285K |
| 2026-02-11 | SELL | COLUMN GROUP III GP, LP | 10 percent owner | 4,056,573 | $0.68 | $2.76M | $1.60M |
| 2026-02-10 | SELL | COLUMN GROUP III GP, LP | 10 percent owner | 343,717 | $0.82 | $281K | $3.47M |
| 2025-11-17 | SELL | Ali Faraz | director, officer: Chief Executive Officer | 3,126 | $1.33 | $4K | $399K |
| 2025-11-17 | SELL | Higa Tomohiro | officer: SVP, Finance | 1,367 | $1.33 | $2K | $125K |
| 2025-11-17 | SELL | Tingley Whittemore | officer: Chief Medical Officer | 2,877 | $1.33 | $4K | $226K |
| 2025-08-18 | SELL | Ali Faraz | director, officer: Chief Executive Officer | 14,533 | $1.25 | $18K | $379K |
| 2025-08-18 | SELL | Higa Tomohiro | officer: SVP, Finance | 2,962 | $1.25 | $4K | $119K |
| 2025-08-18 | SELL | Tingley Whittemore | officer: Chief Medical Officer | 5,053 | $1.25 | $6K | $217K |
Order Flow (FINRA, ~3w lag)
59.6%retail-1.3pp
8.4%dark+0.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Tenaya Therapeutics: A Dilution Death-Spiral Shielded by Strategic Insider Repricing
Overall Risk
7/10
Fraud
2/10
Dilution
10/10
Insolvency
6/10
Earnings Overstated
2/10
Hidden Liabilities
4/10
Legal
3/10
Audit Warnings
2/10
Hidden Upside
8/10
Contextually Acceptable
4/10