Tenaya Therapeutics, Inc. (TNYA): restructuring charge — Tenaya Q1 net loss $32.2M; cuts 22% workforce; cash runway into H2 2025

Tenaya Therapeutics, Inc.

2024-Q1 EPS reported -$0.40

Net loss $32.2M ($0.40/share) vs $31.7M ($0.43) in Q1 2023; R&D spend $25.1M.
Cash $122.2M at Mar 31; Feb follow-on raised $46.8M net; runway into H2 2025.
Workforce reduced ~22% with $1.3-1.5M severance charges expected in Q2 2024.
TN-201 initial Phase 1b data expected H2 2024; TN-401 RIDGE-1 sites activated.
Hired Dr. Whedy Wang as SVP Biometrics.

item 2.02 item 9.01 item 2.05

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Tenaya Therapeutics, Inc. reported financial results for first quarter ended March 31, 2024.

Period: first quarter ended March 31, 2024
Result: reported results

Exact text from the filing

On May 14, 2024, Tenaya Therapeutics, Inc. (“Tenaya”) issued a press release announcing Tenaya’s financial results for the quarter ended March 31, 2024 (“the Earnings Press Release”). The full text of the Earnings Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Tenaya Therapeutics, Inc. announced a restructuring with charges of $1.3 million to $1.5 million (approximately 22% of the workforce).

Type: restructuring
Charge: $1.3 million to $1.5 million
Headcount: approximately 22% of the workforce

Exact text from the filing

Employees impacted by the Workforce Reduction were notified on May 13, 2024, and represent approximately 22% of the workforce. In connection with the Workforce Reduction, Tenaya estimates that it will incur approximately $1.3 million to $1.5 million, of aggregate charges, primarily related to employee cash severance and continuing health benefits, which costs are expected to be substantially recognized during the second quarter of 2024.

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Tenaya Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-059539

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