# Taysha Gene Therapies, Inc. (TSHA)

> Source: Nexqual · https://nexqual.com/TSHA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Taysha Gene Therapies, Inc. (TSHA), nexqual.com/TSHA" · informational, not investment advice.

**Price:** USD 4.01 (-2.79% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 4.12 · day 3.94–4.18 · 52w 3.46–7.3 · market cap $1.30B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.5M, net income -$150M (-2728.0% margin), free cash flow -$133M (SEC filings).
- 1 of 80 tracked superinvestors hold TSHA (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $2.1M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -18.9% vs S&P 500 +14.9%; 5Y -74.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.13, revenue estimate $618K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $2.5M | $15.5M | $8.3M | $9.8M | $5.5M |
| Operating income | -$173M | -$162M | -$72.4M | -$91.5M | -$110M | -$153M |
| Net income | -$175M | -$166M | -$112M | -$89.3M | -$109M | -$150M |
| EPS (diluted) | -$4.64 | -$3.78 | -$0.96 | -$0.36 | -$0.34 | — |
| Free cash flow | -$132M | -$109M | -$76.9M | -$81.6M | -$93.8M | -$133M |
| Operating margin | — | -6492.7% | -468.8% | -1097.6% | -1130.6% | -2792.3% |
| Net margin | — | -6635.3% | -722.1% | -1071.6% | -1115.3% | -2728.0% |
| Revenue growth | — | — | +517.5% | -46.1% | +17.3% | — |
| Cash + short-term investments | $149M | $87.9M | $144M | $139M | $320M | — |
| Total debt | $37.2M | $38.0M | $40.5M | $43.9M | $50.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 237.9x · EV/Sales 163.9x · P/B 3.4x · FCF yield -10.16% · Earnings yield -11.47% · Net cash $406M · EV $899M

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TSHA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.03% | $3.3M | Added +53.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-10 | Nagendran Sukumar | President and Head of R&D | 200,000 | $1.2M | 17.6% | Yes (adopted June 11, 2025) | Too little history (no open-market trades in 2024) |
| 2026-04-10 | Nagendran Sukumar | President and Head of R&D | 200,000 | $892K | 15% | Yes (adopted June 11, 2025) | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-17 | Wolfe Research | Initiated | Outperform |  |
| 2026-07-21 | Goldman Sachs | Target raised | Buy | $11 → $13 |
| 2026-07-02 | Citizens | Reiterated | Market Outperform | $11 |
| 2026-06-30 | Needham | Maintained | Buy | $12 |
| 2026-06-30 | Baird | Target raised | Outperform | $12 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -18.9% | -74.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -19.0% | -23.9% |
| Volatility (annualized) | 71.3% | 107.5% |
| Max drawdown | -49.7% (May 2026→Oct 2026) | -95.9% (Oct 2021→Jul 2023) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/TSHA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TSHA's own 10-K filed 2026-03-19 (https://www.sec.gov/Archives/edgar/data/1806310/000119312526115202/tsha-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | ABEONA THERAPEUTICS INC. (ABEO) | "License Agreement with Abeona (Rett Syndrome)" |
| Partner | Trinity Capital Inc. (TRIN) | "We have financed our operations with $961.0 million in gross proceeds from equity financings, including from pre-IPO private placements of convertible preferred stock, our initial public offering, or the IPO, and subsequ…" |
| Partner | Audentes Therapeutics | "We have financed our operations with $961.0 million in gross proceeds from equity financings, including from pre-IPO private placements of convertible preferred stock, our initial public offering, or the IPO, and subsequ…" |

Other companies that name TSHA in their own reports (relationship from TSHA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ABEONA THERAPEUTICS INC. (ABEO) | 10-K 2026-03-17 | "the license agreement between Abeona and UNC and the corresponding sublicense agreement between Abeona and Taysha relating to Taysha's" |

## Company outlook (8-K filed 2026-08-11)

- "We have also expanded our partnership with Catalent, establishing a robust commercial supply framework to support the potential launch of TSHA-102 and strong demand we expect following potential FDA approval."
- "Looking ahead, with a strengthened balance sheet, we remain focused on executing our BLA-enabling activities and anticipate reporting topline data from the REVEAL pivotal trial six-month interim analysis and FDA feedback on the BLA submission pathway in the first half of 2027." Recent Corporate and TSHA-102 Program Highlights • Completed Dosing in the REVEAL Pivotal Trial."
- "The interim analysis is expected to occur after all 17 patients complete six months of post-treatment follow-up."
- "Proceeds included full exercise of the underwriters' option to purchase additional shares; anticipated cash runway extends into the second half of 2028 and through potential BLA approval of TSHA-102."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.13 | $-0.12 | +2.5% | $618,180 | 4 |
| Next quarter (ends 2026-12-31) | $-0.13 | $-0.11 | +17.8% | $1.3M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.47 | $-0.44 | +7.7% | $1.8M | 5 |
| Next fiscal year (ends 2027-12-31) | $-0.46 | $-0.44 | +4.5% | $19.7M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±28.2%; last 8 reports averaged ±6.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 89.0% | ±28.2% |
| 2026-12-18 | 56 | 85.6% | ±26.9% |
| 2027-01-15 | 84 | 105.3% | ±40.0% |
| 2027-04-16 | 175 | 76.6% | ±42.5% |