Taysha Gene Therapies, Inc. (TSHA)

Price$5.45Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe valuation assumes meaningful clinical success, but encouraging early results justify some optimism.

At the observed price, 325.3 million shares imply about $1.68 billion of stock-market value. Subtracting cash minus debt of about $399 million leaves roughly $1.28 billion for the operating business. That is substantial for a company with no product sales, profits, or conventional earnings multiple. Investors are paying mainly for TSHA-102’s approval and commercial prospects. Positive early results support that bet, but the small, uncontrolled study and pending pivotal evidence make both upside and downside large, supporting a fair-priced verdict.

Big pictureThe cash reserve buys time, although spending and shareholder dilution have risen sharply.

June cash was $455.4 million against $56.7 million of debt, while current assets of $461.4 million covered current liabilities nearly 18 times. However, first-half operating cash use reached $81.3 million, nearly double the prior year’s $42.2 million, as trial and manufacturing work accelerated. If that six-month pace continued, cash would last about 2.8 years before debt, broadly matching management’s runway into late 2028. Outstanding shares climbed 59% from 204.9 million at 2024 year-end to 325.3 million, materially shrinking each older share’s ownership.

Business strengthPromising patient gains and full ownership help, but one unapproved therapy carries the whole business.

TSHA-102 targets Rett syndrome’s genetic cause, and Taysha now holds full rights, so approval would preserve more of the economics. In early testing, all 12 patients gained or regained at least one milestone after 12 months, and no severe treatment-related serious event or dose-limiting toxicity appeared among 33 treated patients by August. Yet there is no product revenue, and the pivotal study lacks a randomized comparison group. Demand is medically driven rather than economically cyclical, but a one-time therapy for 15,000–20,000 patients across the United States, Europe, and United Kingdom limits the pool.

What could change the storyThe next pivotal readout can validate today’s optimism or expose a costly valuation gap.

The clearest test is the 17-patient pivotal study’s six-month result and Food and Drug Administration feedback expected in the first half of 2027. Success requires at least 33% of patients to gain or regain a defined milestone, versus a 6.7% natural-history assumption. Repeating the earlier 12-of-12 result, preserving safety, and securing a broad label from age two would strengthen approval and revenue odds. Weak durability, new safety signals, or demands for a randomized trial would delay cash generation and make the roughly $1.28 billion operating-business value hard to defend.

AI: News

Pivotal dosing and durable gainsLonger follow-up stayed encouraging, while completing pivotal dosing moved the main therapy closer to a decision.

On June 22, Taysha said all 17 patients in the REVEAL pivotal study had been dosed. Separately, all 12 earlier-study patients had gained or regained at least one developmental milestone after 12 months, with 310 total functional gains. Twenty-nine treated patients had no treatment-related serious adverse event or dose-limiting toxicity. These company-reported, uncontrolled results improved the clinical case, but the small sample does not settle approval; six-month pivotal results and regulator feedback remain due in the first half of 2027.

Large follow-on financingA large stock sale funded development through a key decision, while diluting existing owners.

On June 24, Taysha priced 32.5 million common shares and pre-funded warrants covering 0.83 million shares; these warrants are nearly paid-up rights to receive stock. Underwriters later bought another 5 million shares. The deal produced $230 million gross and $215.6 million net. It materially lowered near-term financing risk and helped extend expected cash runway into late 2028. However, the new securities increased the share count, spreading any future TSHA-102 value across more owners.

Commercial manufacturing securedCatalent agreed to supply a future launch, reducing one practical barrier if regulators approve.

On August 3, Catalent became the planned primary commercial manufacturer for TSHA-102 after a development relationship dating to 2020. Its Food and Drug Administration-licensed Maryland facility will provide regulated manufacturing and commercial supply, and Catalent cited experience across more than 90 gene-therapy programs. The agreement improves launch readiness and may reduce scale-up risk, but no financial terms were disclosed and the value remains contingent on approval, reimbursement, and actual demand.

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Revenue

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$9.8M	$8.3M	$15.5M	$2.5M	—	—
Research & development	$86.4M	$66.0M	$56.8M	$91.2M	$131.9M	$31.9M
Operating expenses	$120.3M	$99.8M	$87.9M	$164.9M	$173.3M	$43.0M
Operating income	−$110.5M	−$91.5M	−$72.4M	−$162.4M	−$173.3M	−$43.0M
Operating margin	−1,130.65%	−1,097.55%	−468.83%	−6,492.69%	—	—
EBITDA	−$109.4M	−$90.2M	−$71.1M	−$161.3M	−$172.8M	−$43.0M
EBITDA margin	−1,118.93%	−1,082.61%	−459.96%	−6,445.84%	—	—
Net income	−$109.0M	−$89.3M	−$111.6M	−$166.0M	−$174.5M	−$60.0M
Net profit margin	−1,115.27%	−1,071.62%	−722.06%	−6,635.25%	—	—
Basic EPSper basic share	-$0.34	-$0.36	-$0.96	-$3.78	-$4.64	-$3.40
Diluted EPSper diluted share	-$0.34	-$0.36	-$0.96	-$3.78	-$4.64	-$3.40

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈7.87%of listed shares

Manning Paul B25.6M shares · May 30, 2025

View holders

Top 20 reported holders of TSHA
Holder	% owned
Manning Paul B	≈7.87%25.6M shares
Avoro Capital Advisors LLC	7.34%23.89M shares
RA CAPITAL MANAGEMENT, L.P.	7.24%23.56M shares
GOLDMAN SACHS GROUP INC	6.98%22.71M shares
BlackRock, Inc.	6.36%20.69M shares
Vestal Point Capital, LP	5.97%19.42M shares
MORGAN STANLEY	5.07%16.49M shares
RTW INVESTMENTS, LP	4.17%13.56M shares
FMR LLC	4.10%13.34M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.84%12.48M shares
STATE STREET CORP	3.51%11.42M shares
Siren, L.L.C.	3.03%9.85M shares
Octagon Capital Advisors LP	2.98%9.69M shares
GEODE CAPITAL MANAGEMENT, LLC	2.02%6.56M shares
Polar Capital Holdings Plc	1.57%5.12M shares
MPM BIOIMPACT LLC	1.38%4.5M shares
Nolan Sean P.	≈1.37%4.44M shares
D. E. Shaw & Co., Inc.	1.35%4.4M shares
BAKER BROS. ADVISORS LP	1.23%4M shares
WELLINGTON MANAGEMENT GROUP LLP	1.22%3.98M shares

Percentages use 325.3M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$5.06M disclosed value

Sells (SEC code S)14$6.37M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 10, 2026Form 4 · 10b5-1	Nagendran SukumarPresident and Head of R&D	SellCommon Stock	200.0K	$4.46	$892.0K	1.14M
Feb 4, 2026Form 4	Alam KamranCHIEF FINANCIAL OFFICER	SellCommon Stock	1.7K	$4.52	$7.5K	1.44M
Jan 26, 2026Form 4	Alam KamranCHIEF FINANCIAL OFFICER	SellCommon Stock	23.8K	$4.61	$109.9K	1.44M
Jan 26, 2026Form 4	Nagendran SukumarPresident and Head of R&D	SellCommon Stock	26.9K	$4.61	$124.1K	1.32M
Jan 26, 2026Form 4	Nolan Sean P.Chief Executive Officer	SellCommon Stock	41.3K	$4.61	$190.4K	2.91M