Tenaya Therapeutics, Inc. (NASDAQ:TNYA) Shares are trading lower on Friday, with session volume of 42.39 million compared to the average volume of 3.51 million, according to data from Benzinga Pro.
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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 product candidates, primarily 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 affects the right ventricle, caused by mutations in thevlakophilin-2 gene, PKP2.
ACM is an inherited heart muscle disease in which the heart muscle is replaced by fibrous and fatty tissue, leading to ventricular arrhythmias (irregular heartbeat) and reduced function.
The data reported include safety, biopsy and arrhythmia results from three patients receiving TN-401 at a dose of 3E13 vg/kg.
Patient follow-up at data cutoff ranged from 20 to 40 weeks postdose.
Initial results focus on interim data for cohort one from the October 2025 data cutoff.
TN-401 was well tolerated, increased PKP2 protein expression from baseline in two of three patients and showed evidence of meaningful improvements in arrhythmia burden.
No incidents of thrombotic microangiopathy (TMA) or cardiotoxicity were observed.
To date, no implantable cardioverter defibrillator (ICD) shocks or arrhythmias associated with TN-401 have occurred.
All patients were tapered off immunosuppressive medications.
Enrollment and dosing of three patients at a dose of 6E13 vg/kg (cohort two) has been completed, and no new SAEs related to TN-401 have been 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 more than six months of follow-up after TN-401 administration.
On Thursday, Tenaya Therapeutics received official notice from the U.S. Food and Drug Administration (FDA) that the clinical block for the MyPEAK-1 Phase 1b/2a trial of TN-201 has been lifted.
TN-201 is being developed for the potential treatment of Myosin Binding Protein C3 (MYBPC3)-associated hypertrophic cardiomyopathy.
TNYA Price promotion: Tenaya shares fell 37.44% to 85 cents when published on Friday.
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