What Motivated Tenaya Therapeutics (TNYA) Stock To Climb 16% After-Hours?

At the time of the last check, shares of Tenaya Therapeutics Inc. (NASDAQ: TNYA), a clinical-stage biotechnology firm, were up 16.39% to trade at $2.84 in after-hours trading.

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Which event will TNYA take part in?

The management of Tenaya Therapeutics (TNYA) has confirmed that they would attend the Piper Sandler 34th Annual Healthcare Conference. Tenaya Therapeutics will participate in a panel discussion titled “Heart to Heart with CV Players to Discuss 2023 Outlook” on November 29, 2022, from 2:30 to 3:25 p.m. ET.

The conference will be held in New York, NY, from November 29 to December 1. The following morning, November 30, 2022, from 8:30 to 8:55 a.m. ET, TNYA will participate in a fireside conversation. The Investors portion of the TNYA website will provide a webcast of the Piper Sandler event. Following the conference, a webcast replay will be accessible on the TNYA website for around 30 days.

TNYA has taken an equitable action

This past week, Tenaya Therapeutics completed the underwritten public offering of 22,613,307 shares of its common stock that had been previously disclosed. In addition, TNYA provided pre-funded warrants to buy up to 6,236,693 shares of its common stock to a select group of investors in place of common stock. Before subtracting underwriting discounts, commissions, and other TNYA-payable offering costs, the total gross proceeds from the offering were $75.0 million.

TNYA itself sold all of the shares and pre-funded warrants. Additionally, TNYA has given the underwriters a 30-day option to buy up to 4,327,500 more shares of its common stock. The offering’s joint book-running managers were Morgan Stanley and Piper Sandler. Chardan and H.C. Wainwright & Co. served as the offering’s co-lead managers.

TNYA declared a substantial cash position

Tenaya Therapeutics (TNYA), which just announced a business update for the third quarter that ended September 30, 2022, disclosed its solid financial position. The prolongation of TNYA’s cash runway to the middle of 2024 was announced. The management of TNYA is confident that the company’s current cash, cash equivalents, and investments will be enough to finance the further development of its product candidates. TNYA had $149.5 million in cash, cash equivalents, and investments in marketable securities at the end of the third quarter.