Tenaya Therapeutics Inc. (TNYA) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, TNYA scores 46 out of 100, a letter grade of D, with the verdict label "Roarable Sell — Underperform / Distribution Warning." The five pillars are: Fundamental Cash Engine at 8/20 (ROIC -35%; FCF yield 0%), Whale 13F Flow at 13/20 (institutional accumulation and options positioning), Insider Conviction at 5/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit at 10/20 (beta 1.0; sector sensitivity), and Forensic Balance Sheet at 10/20 (Altman Z 2.5; Piotroski F 3/9; Debt/Equity 0.5).

Weakest pillar is Insider Conviction, followed closely by the Fundamental Cash Engine. Per the SEC financials, FY 2025 free cash flow was $-68.9M against reported cash of $100.5M, so the cash engine is consuming capital rather than generating it. Whale flow is the strongest pillar at 13/20, which indicates some institutional positioning, though the source data does not break out the direction or size of those positions. Upside drivers for a prospective investor would need to come from a change in the cash-consumption trajectory, which the source data does not show. Valuation tradeoffs are difficult to assess because P/E, forward P/E, EV/EBITDA, and EPS are all unavailable in the source data. Investors should weigh the stock's price of $0.37 against a market cap of $90.8M and a 52-week range of $0.36 to $1.56 as indicators of market sentiment rather than valuation.

Tenaya Therapeutics Inc. is a NASDAQ-listed issuer in the Health Care sector, within the Biotechnology: Biological Products (No Diagnostic Substances) industry, per the profile. Per the SEC financials, the company reports revenue of $0.0M in each of FY 2023, FY 2024, and FY 2025, indicating no reported revenue in the source data. Customers and the specific products or programs are not available in source data. Income is not generated in the reported periods, as net losses are shown in each year.

Per the SEC financials, operating losses narrowed from $-131.2M in FY 2023 to $-93.3M in FY 2025, and free cash flow outflow narrowed from $-102.1M to $-68.9M over the same period. Gross, operating, and net margins are each reported as 0% in the market data, and ROIC is -35%. Per the Roarable RQD rating, the Altman Z-Score is 2.5 and the Piotroski F-Score is 3 of 9, with a Debt/Equity ratio of 0.5. Reported cash rose from $4.3M in FY 2024 to $100.5M in FY 2025, though the source data does not explain the funding source for that change.

Per the recent news and catalysts section, six headlines are tagged to TNYA, each labeled YELLOW with the impact label MARKET WIRE. Sources include Barron's, ChartMill, Yahoo Finance UK, Yahoo! Finance Canada, and two additional outlets. Several headlines are generic summaries of market action and institutional positioning and do not identify a specific clinical, regulatory, or financing event. One headline references a price of $0.39 with support at $0.37 and resistance at $0.41, and another references a 7.11% rise to $0.58; these price-level headlines are not reconciled with the current price of $0.37 in the market data. Per the Butterfly Supply-Chain Graph, no supply-chain links and no proprietary signals are recorded. Key risk watch items per the source data are the cash-consumption trend in the financials and the pillar scores, and the conflicting price references across headlines.

Per the Butterfly Supply-Chain Graph, the supply chain is listed as NONE, with no butterfly links. Not available in source data for upstream dependencies, downstream customers, or sector correlations beyond the sector and industry classification. Second-order bottlenecks cannot be identified from the source data. Investors should watch for the disclosure of supplier, partner, or customer relationships in future filings, as these are absent here.

• What specific clinical, regulatory, or financing events underlie the reported cash balance increase from $4.3M to $100.5M between FY 2024 and FY 2025?
• What is the company's expected trajectory for free cash flow, given that it was negative in every reported period?
• Which institutional holders and insiders account for the 13/20 whale-flow and 5/20 insider-conviction pillar scores, and in what direction are they trading?
• Why do the news headlines reference price levels of $0.39, $0.58, and support and resistance zones that differ from the current $0.37 price in the market data?
• What analyst estimates, valuation multiples, and EPS figures would be needed to assess the stock's valuation relative to its losses?