Tenaya Therapeutics slumps after $60 million share sale
ReutersDec 12, 2025 4:36 PM
Shares of drug developer Tenaya Therapeutics TNYA.O slump 42.3% to $0.79
TNYA announces pricing of 50 million units at $1.20 apiece for gross proceeds of $60 million
Each unit includes one common share and a warrant to buy an additional share at an exercise price of $1.50 apiece
Proceeds will be used to fund the development of its experimental drug candidates, mainly TN-201 and TN-401, and other general purposes
Leerink Partners and Piper Sandler were lead joint book-running managers for offering
H.C. Wainwright cuts PT to $3 from $5 on dilution from the capital raise, among other reasons
All eight brokerages covering the stock rate it "buy" or higher; median PT $5 - data compiled by LSEG
As of last close, TNYA stock down 4.9% YTD
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