MeritValue

Tenaya Therapeutics, Inc.

TNYAdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Tenaya Therapeutics, Inc. earns about -122% on invested capital, but has diluted owners by 763% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$72.7M1−$123.7M2−$124.1M3−$111.1M4−$90.6M4
Operating cash flow−$60.8M5−$104.4M6−$102.1M7−$90.5M8−$68.3M8
Capital expenditure$25.1M9$20.6M10$1.24M11$1.03M12$618,00012
Free cash flow (derived)−$85.9M5−$125.1M6−$103.3M7−$91.5M8−$68.9M8
Total debt—————
Cash & equivalents$38.1M13$95.3M14$45.7M15$4.32M16$100.5M16
Diluted shares17.7M44.8M73.8M84.8M153.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$8.06
your share of equity
Profit it earned you last year
−$5.92
Free cash flow it threw off
−$4.5
Debt you’d be carrying
—

10 shares is a claim on $8.06 of net worth that earned you −$5.92 and generated −$4.5 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-122% avg · 5y
FY21 -24%FY22 -66%FY23 -105%FY24 -99%FY25 -315%

It earned an average -122% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+763% shares · 5y

Share count is up 763% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-006725 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-032828 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-036329 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-102252 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-006725 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-032828 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-036329 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-102252 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-006725 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-032828 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-036329 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-102252 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-006725 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-032828 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-036329 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-102252 (CashAndCashEquivalentsAtCarryingValue)