Tenaya Therapeutics appoints new interim principal accounting officer

In a recent 8-K filing with the SEC, Tenaya Therapeutics, Inc. announced the appointment of Mr. Tomohiro Higa as the Interim Principal Accounting Officer (PAO), effective Thursday. Mr. Higa, who has been with the company since January 2020, will continue to serve as Senior Vice President, Finance while taking on his new role. According to InvestingPro data, Tenaya maintains a strong liquidity position with a current ratio of 5.27, indicating robust short-term financial stability.

Mr. Higa’s extensive finance background includes previous positions at CytomX Therapeutics (NASDAQ:CTMX), Inc., OncoMed Pharmaceuticals, Inc., and Amgen Inc (NASDAQ:AMGN). He holds a B.A. in Economics and an M.B.A. from The University of Chicago Booth School of Business. It is noted that Mr. Higa has no familial relationships with any directors or executive officers at Tenaya and no material interests in any transactions that would require disclosure under SEC regulations. The appointment comes as the company faces significant market challenges, with InvestingPro analysis showing the stock has declined over 77% in the past year.

In addition to Mr. Higa’s appointment, the company disclosed a repricing of stock options for CEO Faraz Ali. As of Thursday, certain underwater options—those with an exercise price greater than the current market value—were repriced to $1.21 per share. This is contingent on either Mr. Ali remaining with the company until July 24, 2025, or a change in control occurring before that date. The repricing aims to retain and motivate Mr. Ali by adjusting the value of his options without diluting company stock or increasing cash expenditures. With the stock currently trading near its 52-week low of $0.99, InvestingPro analysis suggests the company may be undervalued, though it faces challenges with rapid cash burn and high volatility (Beta 2.85).

The total number of shares affected by the repricing is approximately 915,875, with the original exercise prices ranging from $5.64 to $15.19 per share. Tenaya’s Board of Directors approved the repricing after consulting with an independent compensation advisor, considering the significant portion of Mr. Ali’s options that were underwater.

This information is based on a press release statement filed with the SEC.

In other recent news, Tenaya Therapeutics has been the subject of several noteworthy developments. H.C. Wainwright has maintained a Buy rating on Tenaya, following the company’s announcement of an $8 million grant from the California Institute of Regenerative Medicine (CIRM) to support its ongoing Phase 1b RIDGE-1 study of TN-401 gene therapy. The firm’s endorsement is significant, given that the trial has enrolled over 100 participants across 18 clinical sites.

Tenaya Therapeutics also announced the repricing of certain stock options to motivate and retain its employees. The repricing affects options with an original exercise price per share of $3.00 or higher, including options for the company’s Chief Medical (TASE:PMCN) Officer, Whit Tingley.

The company continues to make strides in its gene therapy clinical trials, particularly with its TN-201 and TN-401 gene therapy candidates. Initial data from the first cohort of the MyPEAK-1 Phase 1b/2 clinical trial for TN-201 is expected in the first half of 2025.

Additionally, Tenaya reported the resignation of Ms. Chihiro Saito, Senior Vice President, Accounting and Financial Operations, and Interim Principal Accounting Officer, who has chosen to pursue a different opportunity. These are among the recent developments involving Tenaya Therapeutics.

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