Taysha Gene Therapies Inc (TSHA)
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Taysha builds a "living medicine" from a virus that is meant to stop one of the cruelest childhood diseases — Rett syndrome. The stock turns up in our insolvency warning scanner, and at first that fits: not a cent of revenue, $753.7 million in accumulated deficit, a loss that keeps growing. But whoever reads the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026 pauses: $276.6 million in cash, runway per the company into 2028, no going-concern qualification from the auditor. The warning label is a smoke detector, not a fire — the real bet lies elsewhere. Not investment advice — just a cash count behind the red warning sign.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.09 | -135.90 | 2 | -43.90 | -929.00 | -18 | -18 |
| 2025: Q1 | -0.08 | – | 2 | -32.50 | -935.20 | -22 | -22 |
| 2025: Q2 | -0.09 | – | 2 | 78.60 | -1,353.60 | -20 | -20 |
| 2025: Q3 | -0.09 | – | 0 | -100.00 | – | -24 | -24 |
| 2025: Q4 | -0.09 | – | 6 | 171.30 | -507.80 | -27 | -27 |
| 2026: Q1 | -0.12 | – | 0 | -100.00 | – | -41 | -44 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Surprisingly solid for a clinical biotech: $276.6 million in cash (March 31, 2026), runway per the report "into 2028", and in 2025 the cash balance even rose by $180.9 million. Unlike comparable warning-scanner hits, there is NO going-concern qualification from the auditor.
TSHA-102 carries strong FDA designations (Breakthrough Therapy, RMAT, Fast Track, Orphan Drug) and showed an early response rate of 83 percent (5 of 6 patients, high dose, May 2025 data cut). The design of the pivotal REVEAL trial is aligned with the FDA. But the trial is small and single-arm — the outcome remains open.
TSHA-102 is, per the company's own report, the "sole product candidate in clinical development". The entire company value hangs on one molecule and a single FDA decision — without a second pillar as a safety net. A no, or the demand for a further trial (as in the Replimune case), would let the only load-bearing pillar give way.
Without revenue, Taysha finances itself almost entirely through new shares: $274.6 million fresh in 2025 alone (of which $264.0 million through shares), about 287 million shares plus pre-funded warrants. The capital need does not end with the cash lasting into 2028 — an approval process and building commercial operations are likely to cost further shares.
The warning scanner "Going Concern (Distress-Proxy)" flags Taysha for real (Altman Z near zero, Piotroski 4 of 9, rating D) — but the metric is structurally strict for a revenue-less lab. At the same time a strong price rally is under way (plus 178.7 percent over twelve months, data as of July 13, 2026) and about 96 percent of the shares are held by institutions: the market takes the bet seriously but has not decided it.
Taysha is the opposite of what the red warning sign suggests: more solid financially than the insolvency scanner implies ($276.6 million in cash, runway into 2028, no going-concern qualification) — and nonetheless one of the riskiest bets on the market. Because the entire value hangs on a single drug, TSHA-102 against Rett syndrome, and on a single FDA decision. No revenue, a growing loss, constant dilution — set against strong medical designations and encouraging early data. A binary event. Not investment advice.
- Taysha reports on a calendar-year basis (fiscal year ends December 31). Program and trial updates appear partly mid-year via press release — when in doubt, reconcile against the filing periods.
- The financing chart sums the three 2025 capital sources per the 10-K (May 2025 placement $215.6 million, Trinity loan $50.0 million Tranche A, ATM sale $48.4 million); the reported net financing inflow for 2025 was $274.6 million.
- Price and scanner figures are dated July 13, 2026 (plus 178.7 percent over twelve months; about 287 million shares); analyses are evergreen, daily prices are not a buy argument.
About the Company
Taysha Gene Therapies, Inc., ein Biotechnologieunternehmen im klinischen Stadium, konzentriert sich auf Entwicklung und Vermarktung von AAV-basierten Gentherapien zur Behandlung schwerer monogener Erkrankungen des zentralen Nervensystems.
| Next Earnings | 11. Aug 2026 |
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Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.