$TNYA
Tenaya Therapeutics Inc

2022 Q2 Form 10-Q Financial Statement

#000095017022009363 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.743M $6.999M $3.515M
YoY Change 78.78% 99.12% 78.52%
% of Gross Profit
Research & Development $20.88M $24.16M $9.590M
YoY Change 91.42% 151.88% 31.42%
% of Gross Profit
Depreciation & Amortization $1.297M $966.0K $689.0K
YoY Change 76.46% 40.2% 17.98%
% of Gross Profit
Operating Expenses $28.62M $31.15M $13.11M
YoY Change 87.83% 137.73% 41.43%
Operating Profit -$28.62M -$31.15M -$13.11M
YoY Change 87.83% 137.73%
Interest Expense $222.0K $99.00K $9.000K
YoY Change 2366.67% 1000.0% -84.21%
% of Operating Profit
Other Income/Expense, Net $222.0K $98.00K $7.000K
YoY Change 722.22% 1300.0% -95.57%
Pretax Income -$28.40M -$31.06M -$13.10M
YoY Change 86.7% 137.1% 44.71%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$28.40M -$31.06M -$13.10M
YoY Change 86.7% 137.1% 44.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.69 -$0.75
Diluted Earnings Per Share -$687.5K -$752.5K -$333.1K
COMMON SHARES
Basic Shares Outstanding 41.31M 41.29M
Diluted Shares Outstanding 41.30M 41.27M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.9M $210.5M $128.4M
YoY Change 61.7% 63.86%
Cash & Equivalents $31.01M $25.97M $128.4M
Short-Term Investments $149.9M $184.5M
Other Short-Term Assets $4.777M $3.328M $1.311M
YoY Change 257.56% 153.85%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $185.7M $213.8M $129.8M
YoY Change 64.01% 64.76%
LONG-TERM ASSETS
Property, Plant & Equipment $53.01M $49.38M $25.68M
YoY Change 112.82% 92.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.710M $6.579M $4.325M
YoY Change -37.13% 52.12%
Total Long-Term Assets $70.24M $67.72M $30.01M
YoY Change 60.82% 125.66%
TOTAL ASSETS
Total Short-Term Assets $185.7M $213.8M $129.8M
Total Long-Term Assets $70.24M $67.72M $30.01M
Total Assets $255.9M $281.5M $159.8M
YoY Change 63.12% 76.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.347M $8.888M $2.092M
YoY Change 6.51% 324.86%
Accrued Expenses $9.498M $8.132M $3.677M
YoY Change 202.2% 121.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.74M $19.10M $5.910M
YoY Change 91.23% 223.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $217.0K $212.0K $7.055M
YoY Change 7133.33% -97.0%
Total Long-Term Liabilities $217.0K $212.0K $7.055M
YoY Change 7133.33% -97.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.74M $19.10M $5.910M
Total Long-Term Liabilities $217.0K $212.0K $7.055M
Total Liabilities $32.06M $32.40M $12.97M
YoY Change 29.83% 149.9%
SHAREHOLDERS EQUITY
Retained Earnings -$215.0M -$186.6M
YoY Change 93.52%
Common Stock $4.000K $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $223.9M $249.1M -$93.94M
YoY Change
Total Liabilities & Shareholders Equity $255.9M $281.5M $159.8M
YoY Change 63.12% 76.2%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$28.40M -$31.06M -$13.10M
YoY Change 86.7% 137.1% 44.71%
Depreciation, Depletion And Amortization $1.297M $966.0K $689.0K
YoY Change 76.46% 40.2% 17.98%
Cash From Operating Activities -$25.43M -$28.76M -$15.79M
YoY Change 111.58% 82.13% 91.66%
INVESTING ACTIVITIES
Capital Expenditures -$7.176M $8.595M $4.323M
YoY Change 121.76% 98.82% -1093.79%
Acquisitions
YoY Change
Other Investing Activities $37.39M $25.03M $0.00
YoY Change -100.0%
Cash From Investing Activities $30.21M $16.43M -$4.323M
YoY Change -1033.56% -480.15% -286.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 260.0K 15.00K 20.02M
YoY Change -120.03% -99.93% -34.74%
NET CHANGE
Cash From Operating Activities -25.43M -28.76M -15.79M
Cash From Investing Activities 30.21M 16.43M -4.323M
Cash From Financing Activities 260.0K 15.00K 20.02M
Net Change In Cash 5.040M -12.31M -97.00K
YoY Change -130.45% 12587.63% -100.39%
FREE CASH FLOW
Cash From Operating Activities -$25.43M -$28.76M -$15.79M
Capital Expenditures -$7.176M $8.595M $4.323M
Free Cash Flow -$18.25M -$37.35M -$20.11M
YoY Change 107.83% 85.71% 157.75%

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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to clinical trials accrued liabilities, income tax valuation allowance and stock-based compensation</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> Management bases its estimates on historical experience, the current economic environment, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.</span></p>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company invests in a variety of financial instruments and, by its Board approved investment policy, limits the amount of credit exposure with any one issuer, industry or geographic area for investments other than instruments backed by the U.S. federal government.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">There have been no material revisions in our significant accounting policies described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
600000
CY2022Q1 tnya Impairment Charges On Marketable Securities Related To Other Than Temporary
ImpairmentChargesOnMarketableSecuritiesRelatedToOtherThanTemporary
0
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Remainder Of Fiscal Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRemainderOfFiscalYearFairValue
184500000
CY2022Q1 tnya Available For Sale Securities Debt Maturities One And Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesOneAndTwoYearsFairValue
3000000.0
CY2022Q1 tnya Accrued Property And Equipment
AccruedPropertyAndEquipment
1622000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
59775000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
52445000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10391000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9425000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
49384000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
43020000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1000000.0
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
700000
CY2022Q1 tnya Accrued Compensation And Related Expenses
AccruedCompensationAndRelatedExpenses
2401000
CY2021Q4 tnya Accrued Compensation And Related Expenses
AccruedCompensationAndRelatedExpenses
3667000
CY2022Q1 tnya Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
2822000
CY2021Q4 tnya Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
2863000
CY2021Q4 tnya Accrued Property And Equipment
AccruedPropertyAndEquipment
2023000
CY2022Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
791000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
344000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
496000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
162000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8132000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9059000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1200000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1200000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
300000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
400000
CY2022Q1 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P6Y6M
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.095
CY2022Q1 tnya Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
6905000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
21213000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5763000
CY2022Q1 tnya Lessee Operating Tenant Improvement Receivable
LesseeOperatingTenantImprovementReceivable
282000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
15168000
CY2022Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
The holders of common stock are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the board of directors, subject to the prior rights of the preferred stockholders.
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2775000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3792000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3910000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2445000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1386000
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8010314
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6366312
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.97
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.83
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.016
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.021
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.006
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.010
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2094000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
432000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4882411
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27931838

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