Tenaya Therapeutics slumps after $60 million share sale

Tenaya Therapeutics

12/12/2025 16:36

** 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

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))