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On Monday, Tenaya Therapeutics, Inc. received a notification from Nasdaq indicating a potential delisting due to its stock price not meeting the minimum bid price requirement. The biotech firm, specializing in biological products, has been given a 180-day period to regain compliance. According to InvestingPro data, the company’s stock has fallen nearly 90% over the past year, with shares currently trading at $0.45, well below their 52-week high of $4.96.
The Nasdaq Listing Qualifications Staff issued the notice after Tenaya’s common stock, traded under the ticker TNYA, closed below the required $1.00 per share threshold for 30 consecutive business days from March 3, 2025, to April 12, 2025. The company’s listing on the Nasdaq Global Select Market remains active for now, contingent on meeting other Nasdaq requirements. InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 4.22, though it’s currently experiencing rapid cash burn.
To address the shortfall, Tenaya’s stock must maintain a closing bid price of at least $1.00 for at least ten consecutive business days within the grace period, which extends until October 13, 2025. Nasdaq may extend this ten-day period at its discretion.
If Tenaya fails to meet the criteria by the deadline, it could be granted a second 180-day compliance period by transitioning to the Nasdaq Capital Market, provided it meets certain conditions, including a potential reverse stock split. With a market capitalization of approximately $73 million and analyst price targets ranging from $3 to $40, the stock shows significant potential volatility ahead. Get more insights and 13 additional ProTips with InvestingPro.
Tenaya is considering options to rectify the bid price deficiency and is committed to efforts to sustain its Nasdaq listing. However, there is no certainty that the company will achieve or maintain the required bid price or other Nasdaq standards.
This report is based on a press release statement.
In other recent news, Tenaya Therapeutics reported fourth-quarter earnings per share of ($0.28) and a full-year 2024 EPS of ($1.31), slightly outperforming both analyst expectations and consensus estimates. The company also disclosed a cash reserve of $61.4 million, with an additional $48.89 million raised from a recent financing round to sustain operations into mid-2026. In its ongoing clinical trials, Tenaya announced promising preclinical data for its gene therapy candidate TN-201, aimed at treating MYBPC3-associated hypertrophic cardiomyopathy (HCM), and is advancing its second gene therapy program, TN-401. Analysts from Canaccord Genuity and H.C. Wainwright have both lowered their price targets for Tenaya to $6 and $5, respectively, while maintaining a Buy rating, reflecting recent financial updates and clinical progress. The company also announced a public offering of common stock and warrants, with Leerink Partners and Piper Sandler as joint bookrunning managers. Additionally, Tenaya appointed Mr. Tomohiro Higa as the Interim Principal Accounting Officer, while also repricing stock options for CEO Faraz Ali to retain and motivate him. The company plans to present further data from its clinical trials at the upcoming American College of Cardiology meeting.
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