Tenaya Stock Plunges After $60 Million Equity Offering

Tenaya Therapeutics, Inc. (NASDAQ:TNYA) stock is trading lower on Friday, with a session volume of 42.39 million compared to the average volume of 3.51 million as per data from Benzinga Pro. • Tenaya Therapeutics stock is feeling bearish pressure. What’s pressuring TNYA stock? On Thursday, Tenaya Therapeutics priced its underwritten public offering of 50 million units at $1.20 per unit for gross proceeds of $60 million. Each unit consists of one share and a warrant to purchase one share of common stock at an exercise price of $1.50 per share. Tenaya will use the proceeds to fund the ongoing and planned development of its clinical and early-stage product candidates, particularly TN-201 and TN-401, and for working capital and other general corporate purposes. On Thursday, Tenaya Therapeutics shared interim data from the ongoing RIDGE-1 Phase 1b/2 trial of TN-401 gene therapy for arrhythmogenic right ventricular cardiomyopathy (ARVC). ARVC is a form of arrhythmogenic cardiomyopathy (ACM) that primarily impacts the right ventricle, caused by mutations in the plakophilin-2 gene, PKP2. ACM is an inherited heart muscle disease where the heart muscle is replaced by fibrous and fatty tissue, leading to ventricular arrhythmias (irregular heartbeat) and impaired function. Data reported include safety, biopsy and arrhythmia results from three patients who received TN-401 at a dose of 3E13 vg/kg. Patient follow-up at the time of data cut-off ranged from 20 to 40 weeks post-dose. Initial results focus on interim data for cohort one as of an October 2025 data cut-off. TN-401 was well tolerated, increased PKP2 protein expression from baseline in two of three patients, and demonstrated evidence of meaningful improvements in arrhythmia burden. No incidents of thrombotic microangiopathy (TMA) or cardiotoxicities were observed. To date, no implantable cardioverter-defibrillator (ICD) shocks or arrhythmias associated with TN-401 have occurred. All patients have tapered off immunosuppressive medicines. Enrollment and dosing of three patients at the 6E13 vg/kg dose (cohort two) is complete, with no new SAEs related to TN-401 reported in the cohort to date. Biopsies demonstrate robust transduction and expression detected in all patients within the first eight weeks. Clinically meaningful improvements in electrical instability were observed in the first two patients with greater than six months of follow-up after TN-401 dosing. On Thursday, Tenaya Therapeutics received official notification from the U.S. Food and Drug Administration (FDA) that the clinical hold on the MyPEAK-1 Phase 1b/2a trial of TN-201 has been removed. TN-201 is being developed for the potential treatment of Myosin Binding Protein C3 (MYBPC3)-associated hypertrophic cardiomyopathy. TNYA Price Action: Tenaya stock is down 37.44% at 85 cents at publication on Friday. Read Next: Chamath Palihapitiya Argues State-Level AI Laws Threaten US Dominance, Backing Trump’s AI Overhaul: ‘China Is Unified’ Photo: Shutterstock