Taysha Gene Therapies
TSHA on Nasdaq. Taysha Gene Therapies develops gene therapies for patients with rare genetic nervous system diseases. Market value $1.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-9.27 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 50 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.39 a share, 19% above its 1-year low
Over the past year the price has ranged from $3.69 to $7.30.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $3m | $15m | $8m | $10m |
| Operating margin | |||||
| Operating margin | n/a | -6492.7% | -468.8% | -1097.6% | -1130.6% |
| Debt to equity | |||||
| Debt to equity | 0.39 | 41.54 | 0.56 | 0.63 | 0.20 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.19bn | 0.20bn | 0.27bn | 0.33bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.20× equity
- Revenue growth, five yearsStrong, 57.5% a year
- Buying back its own sharesNo, 422% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $0 last quarter, down 100% on a year ago.
- A loss of $47 million, compared with a loss of $27 million a year ago.
- It loses 2792 cents on each $1 of sales, compared with 1161 cents a year earlier.
- Over the past 12 months it spent $133 million more cash than it brought in, compared with $83 million a year earlier.
- 24% more shares than a year ago. Each share owns a bit less of the company.
- It has $406 million more cash than debt, up from $271 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2m |
| December 2024 | $2m |
| March 2025 | $2m |
| June 2025 | $2m |
| September 2025 | $0 |
| December 2025 | $5m |
| March 2026 | $0 |
| June 2026 | $0 |
| Quarter to | Amount |
|---|---|
| September 2024 | -$26m |
| December 2024 | -$19m |
| March 2025 | -$22m |
| June 2025 | -$27m |
| September 2025 | -$33m |
| December 2025 | -$28m |
| March 2026 | -$42m |
| June 2026 | -$47m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 209 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $296,235
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $3m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $296,235 | <0.1% |
Largest holders overall
- Avoro Capital Advisors$163mAdded
- RA Capital Management, L.P.$160m
- Goldman Sachs Group$155m
- BlackRock$141mAdded
- Vestal Point Capital, LP$132mAdded
- Morgan Stanley$112mCut
- RTW Investments, LP$92m
- FMR$91mCut
- Vanguard Capital Management$85mAdded
- State Street$78m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
10 investors own more than 5%.
- Roderick Wong, M.D.Passive investor10.0%+4.1 ptsSince 31 March 2025
- RA Capital Management, L.P.Passive investorat least 9.9%0.0 pts(filed with 3 related holders)Since 30 June 2026
- Paul B ManningPassive investorat least 9.8%(filed with 5 related holders)Since 30 May 2025
- RTW Investments, LPPassive investorat least 7.0%−1.3 pts(filed with 1 related holder)Since 31 March 2026
- BlackRock, Inc.Passive investor6.5%+1.3 ptsSince 31 December 2025
- Vestal Point Capital, LPPassive investorat least 6.3%+1.3 pts(filed with 1 related holder)Since 31 March 2026
- Morgan StanleyPassive investorat least 5.1%−1.6 pts(filed with 1 related holder)Since 30 June 2026
- THE GOLDMAN SACHS GROUP, INC.Passive investorat least 5.1%(filed with 1 related holder)Since 26 June 2025
- FMR LLCPassive investorat least 4.9%−1.3 pts(filed with 1 related holder)Since 31 December 2025
- Octagon Capital Advisors LPPassive investorat least 3.3%−1.8 pts(filed with 2 related holders)Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
Roderick Wong, M.D. Passive investor | 10.0%+4.1 pts | 31 March 2025 | |
RA Capital Management, L.P. Passive investor | at least 9.9%0.0 pts (filed with 3 related holders) | 30 June 2026 | |
Paul B Manning Passive investor | at least 9.8% (filed with 5 related holders) | 30 May 2025 | |
RTW Investments, LP Passive investor | at least 7.0%−1.3 pts (filed with 1 related holder) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.5%+1.3 pts | 31 December 2025 | |
Vestal Point Capital, LP Passive investor | at least 6.3%+1.3 pts (filed with 1 related holder) | 31 March 2026 | |
Morgan Stanley Passive investor | at least 5.1%−1.6 pts (filed with 1 related holder) | 30 June 2026 | |
THE GOLDMAN SACHS GROUP, INC. Passive investor | at least 5.1% (filed with 1 related holder) | 26 June 2025 | |
FMR LLC Passive investor | at least 4.9%−1.3 pts (filed with 1 related holder) | 31 December 2025 | |
Octagon Capital Advisors LP Passive investor | at least 3.3%−1.8 pts (filed with 2 related holders) | 30 September 2025 |
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 $7m, $3m of it under preset trading plans.
- Nagendran SukumarPresident and Head of R&D, DirectorSoldunder a preset trading plan
- Date
- 10 July 2026
- Shares
- 200,000
- Price
- $6.24
- Value
- $1m
- Nagendran SukumarPresident and Head of R&D, DirectorSoldunder a preset trading plan
- Date
- 10 April 2026
- Shares
- 200,000
- Price
- $4.46
- Value
- $892,000
- Alam KamranCHIEF FINANCIAL OFFICERSold
- Date
- 4 February 2026
- Shares
- 1,655
- Price
- $4.52
- Value
- $7,481
- Alam KamranCHIEF FINANCIAL OFFICERSold
- Date
- 26 January 2026
- Shares
- 23,849
- Price
- $4.61
- Value
- $109,944
- Nagendran SukumarPresident and Head of R&D, DirectorSold
- Date
- 26 January 2026
- Shares
- 26,918
- Price
- $4.61
- Value
- $124,092
- Nolan Sean P.Chief Executive Officer, DirectorSold
- Date
- 26 January 2026
- Shares
- 41,312
- Price
- $4.61
- Value
- $190,448
- Alam KamranCHIEF FINANCIAL OFFICERSold
- Date
- 23 January 2026
- Shares
- 78,968
- Price
- $4.75
- Value
- $375,098
- Nagendran SukumarPresident and Head of R&D, DirectorSold
- Date
- 23 January 2026
- Shares
- 89,132
- Price
- $4.75
- Value
- $423,377
- Nolan Sean P.Chief Executive Officer, DirectorSold
- Date
- 23 January 2026
- Shares
- 136,789
- Price
- $4.75
- Value
- $649,748
- Nagendran SukumarPresident and Head of R&D, DirectorSoldunder a preset trading plan
- Date
- 12 January 2026
- Shares
- 200,000
- Price
- $4.71
- Value
- $942,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 July 2026 | Nagendran Sukumar President and Head of R&D, Director | Sold under a preset trading plan | 200,000 | $6.24 | $1m |
| 10 April 2026 | Nagendran Sukumar President and Head of R&D, Director | Sold under a preset trading plan | 200,000 | $4.46 | $892,000 |
| 4 February 2026 | Alam Kamran CHIEF FINANCIAL OFFICER | Sold | 1,655 | $4.52 | $7,481 |
| 26 January 2026 | Alam Kamran CHIEF FINANCIAL OFFICER | Sold | 23,849 | $4.61 | $109,944 |
| 26 January 2026 | Nagendran Sukumar President and Head of R&D, Director | Sold | 26,918 | $4.61 | $124,092 |
| 26 January 2026 | Nolan Sean P. Chief Executive Officer, Director | Sold | 41,312 | $4.61 | $190,448 |
| 23 January 2026 | Alam Kamran CHIEF FINANCIAL OFFICER | Sold | 78,968 | $4.75 | $375,098 |
| 23 January 2026 | Nagendran Sukumar President and Head of R&D, Director | Sold | 89,132 | $4.75 | $423,377 |
| 23 January 2026 | Nolan Sean P. Chief Executive Officer, Director | Sold | 136,789 | $4.75 | $649,748 |
| 12 January 2026 | Nagendran Sukumar President and Head of R&D, Director | Sold under a preset trading plan | 200,000 | $4.71 | $942,000 |
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
Your first deep dive is free.
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.