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Tenaya Therapeutics

TNYA on Nasdaq. Tenaya Therapeutics sells no products yet; it develops genetic heart disease therapies for patients. Market value $126m.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 31 December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
-50.4%low

For every $100 of what the whole company costs, it produced $-50.36 of spare cash last year. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-103.5%five-year median

Each dollar kept in the business earns -103 cents a year. Above 10 is good.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

Five years of cash, in billions

-0.1
-0.1
-0.1
-0.1
-0.1
20212022202320242025
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
0.000.000.000.000.00
Shares outstanding
0.04bn0.07bn0.08bn0.17bn0.22bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)No
  • Debt0.00× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 442% more shares since 2021

Dates

Next results (estimated)
n/a
Last annual report (10-K)
11 March 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

None of the long-term investors we follow own it. 101 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • The Column Group Opportunity III, LP
    Passive investor
    at least 23.1%−2.3 pts
    (filed with 7 related holders)
    Since 25 February 2026
    What they said

    The information set forth in Item 4 of the Original Schedule 13D is incorporated herein by reference.

    Read the filing
  • Integrated Core Strategies (US) LLC
    Passive investor
    at least 5.2%
    (filed with 3 related holders)
    Since 17 August 2026
  • at least 5.0%−5.0 pts
    (filed with 2 related holders)
    Since 30 June 2025
  • Casdin Capital, LLC
    Passive investor
    at least 4.3%
    (filed with 3 related holders)
    Since 4 March 2025
    What they said

    No material changes from the Schedule 13D amendment filed by the Reporting Persons on December 7, 2022.

    Read the filing
  • Woodline Partners LP
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • JPMORGAN CHASE & CO.
    Passive investor
    Sold down below 5%
    Since 28 February 2025
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $52,201.

  • Ali Faraz
    Chief Executive Officer, Director
    Sold
    Date
    17 August 2026
    Shares
    22,232
    Price
    $0.71
    Value
    $15,778
  • Tingley Whittemore
    Chief Medical Officer
    Sold
    Date
    17 August 2026
    Shares
    7,424
    Price
    $0.71
    Value
    $5,270
  • Ali Faraz
    Chief Executive Officer, Director
    Sold
    Date
    18 May 2026
    Shares
    3,390
    Price
    $0.79
    Value
    $2,678
  • Tingley Whittemore
    Chief Medical Officer
    Sold
    Date
    18 May 2026
    Shares
    3,121
    Price
    $0.79
    Value
    $2,466
  • Higa Tomohiro
    SVP, Finance
    Sold
    Date
    18 May 2026
    Shares
    1,485
    Price
    $0.79
    Value
    $1,173
  • Higa Tomohiro
    SVP, Finance
    Sold
    Date
    17 February 2026
    Shares
    3,469
    Price
    $0.64
    Value
    $2,220
  • Ali Faraz
    Chief Executive Officer, Director
    Sold
    Date
    17 February 2026
    Shares
    14,862
    Price
    $0.64
    Value
    $9,512
  • Tingley Whittemore
    Chief Medical Officer
    Sold
    Date
    17 February 2026
    Shares
    5,160
    Price
    $0.64
    Value
    $3,302
  • Higa Tomohiro
    SVP, Finance
    Sold
    Date
    17 November 2025
    Shares
    1,367
    Price
    $1.33
    Value
    $1,818
  • Tingley Whittemore
    Chief Medical Officer
    Sold
    Date
    17 November 2025
    Shares
    2,877
    Price
    $1.33
    Value
    $3,826

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.