TSHA

MKT CAP:$2B

Taysha Gene Therapies, Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$6.58+$1.33 (+25.33%)

Apr 23, 2026

Company Details

Taysha Gene Therapies, Inc., a gene therapy company, focuses on developing and commercializing adeno-associated virus-based gene therapies for the treatment of monogenic diseases of the central nervous system. It primarily develops TSHA-120...

CEO

Sean Nolan

IPO Date

Sep 24, 2020

Website

www.tayshagtx.com

Key Metrics TTM

Revenue

$10M

+17.3% YoY

Net Income

-$109M

EPS (Diluted)

-$0.34

Free Cash Flow

-$94M

Revenue / Share

$0.03

Gross Margin

94.0%

Operating Margin

-1130.6%

Net Margin

-1115.3%

FCF Margin

-960.1%

P/S

163.8x

P/E

—

Earnings Reports

FY 2025

Mar 19, 2026

$10M+17.3%EPS -$0.34

Q4 2025

Mar 19, 2026

$5M+171.3%EPS -$0.08

Q3 2025

Nov 4, 2025

$0-100.0%EPS -$0.09

Q2 2025

Aug 12, 2025

$2M+78.6%EPS -$0.09

Q1 2025

May 15, 2025

$2M-32.5%EPS -$0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$50M
Q2 22	$0	$0	-$33M
Q3 22	$0	$0	-$25M
Q4 22	$3M	$823.0K	-$19M
Q1 23	$5M	$4M	-$17M
Q2 23	$2M	$2M	-$23M
Q3 23	$5M	$4M	-$16M
Q4 23	$4M	$4M	-$16M
Q1 24	$3M	$3M	-$24M
Q2 24	$1M	$1M	-$21M
Q3 24	$2M	$2M	-$26M
Q4 24	$2M	$2M	-$20M
Q1 25	$2M	$2M	-$21M
Q2 25	$2M	$2M	-$27M
Q3 25	$0	-$286.0K	-$34M
Q4 25	$5M	$5M	-$28M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	43.4x	—
Q1 23	6.0x	—
Q2 23	7.2x	—
Q3 23	32.8x	—
Q4 23	24.0x	—
Q1 24	40.7x	—
Q2 24	35.6x	—
Q3 24	41.1x	—
Q4 24	48.4x	—
Q1 25	41.9x	—
Q2 25	66.9x	—
Q3 25	130.0x	—
Q4 25	177.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$41M	-$52M
Q2 22	-$33M	-$41M
Q3 22	-$29M	-$32M
Q4 22	$14M	$12M
Q1 23	-$20M	-$24M
Q2 23	-$19M	-$19M
Q3 23	-$18M	-$21M
Q4 23	-$16M	-$16M
Q1 24	-$20M	-$20M
Q2 24	-$22M	-$22M
Q3 24	-$22M	-$22M
Q4 24	-$18M	-$18M
Q1 25	-$22M	-$22M
Q2 25	-$20M	-$20M
Q3 25	-$24M	-$24M
Q4 25	-$27M	-$27M

Capital Expenditures

Quarter	CapEx
Q1 22	$11M
Q2 22	$8M
Q3 22	$3M
Q4 22	$2M
Q1 23	$4M
Q2 23	$0
Q3 23	$4M
Q4 23	$17.0K
Q1 24	$140.0K
Q2 24	$201.0K
Q3 24	$35.0K
Q4 24	$2.0K
Q1 25	$378.0K
Q2 25	$2.0K
Q3 25	$108.0K
Q4 25	$250.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+54.7%
Q2 22	—	-18.1%
Q3 22	—	-49.8%
Q4 22	—	-57.4%
Q1 23	—	-57.2%
Q2 23	—	-22.8%
Q3 23	—	-19.9%
Q4 23	+44.0%	-6.4%
Q1 24	-27.5%	+30.5%
Q2 24	-53.6%	-13.1%
Q3 24	-62.3%	+35.8%
Q4 24	-43.9%	+10.6%
Q1 25	-32.5%	-14.5%
Q2 25	+78.6%	+28.2%
Q3 25	-100.0%	+22.9%
Q4 25	+171.3%	+53.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$5M	—
Q2 22	$4M	—
Q3 22	$4M	—
Q4 22	$4M	164.0%
Q1 23	$2M	35.6%
Q2 23	$2M	92.8%
Q3 23	$2M	43.0%
Q4 23	$2M	54.6%
Q1 24	$3M	93.8%
Q2 24	$3M	299.6%
Q3 24	$3M	187.8%
Q4 24	$3M	159.1%
Q1 25	$3M	143.1%
Q2 25	$3M	160.6%
Q3 25	$3M	—
Q4 25	$4M	64.3%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$38M	$11M	—
Q2 22	$24M	$10M	—
Q3 22	$17M	$9M	—
Q4 22	$14M	—	$6M
Q1 23	$13M	—	$8M
Q2 23	$20M	—	$5M
Q3 23	$12M	—	$8M
Q4 23	$13M	$7M	—
Q1 24	$21M	$7M	—
Q2 24	$15M	$7M	—
Q3 24	$15M	$8M	—
Q4 24	$15M	$7M	—
Q1 25	$16M	$8M	—
Q2 25	$20M	$9M	—
Q3 25	$25M	$8M	—
Q4 25	$25M	$9M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$97M	$0	$97M
Q2 22	$66M	$0	$66M
Q3 22	$34M	$0	$34M
Q4 22	$88M	$0	$88M
Q1 23	$63M	$0	$63M
Q2 23	$45M	$0	$45M
Q3 23	$164M	$0	$164M
Q4 23	$144M	$0	$144M
Q1 24	$124M	$0	$124M
Q2 24	$173M	$0	$173M
Q3 24	$158M	$0	$158M
Q4 24	$139M	$0	$139M
Q1 25	$117M	$0	$117M
Q2 25	$313M	$0	$313M
Q3 25	$297M	$0	$297M
Q4 25	$320M	$0	$320M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	38M	+0.2%	+3.2%
Q2 22	40M	+5.2%	+7.1%
Q3 22	41M	+2.0%	+7.7%
Q4 22	56M	+37.7%	+48.0%
Q1 23	63M	+12.2%	+65.7%
Q2 23	64M	+1.6%	+60.0%
Q3 23	126M	+95.7%	+207.1%
Q4 23	187M	+48.7%	+231.6%
Q1 24	231M	+23.7%	+265.5%
Q2 24	233M	+0.7%	+262.4%
Q3 24	268M	+15.0%	+113.1%
Q4 24	205M	-23.5%	+9.6%
Q1 25	269M	+31.4%	+16.5%
Q2 25	298M	+10.7%	+28.0%
Q3 25	353M	+18.6%	+31.9%
Q4 25	320M	-9.5%	+56.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	178
Q2 22	$0	178
Q3 22	$0	178
Q4 22	$38.5K	65
Q1 23	$72.4K	65
Q2 23	$36.8K	65
Q3 23	$73.0K	65
Q4 23	$69.3K	52
Q1 24	$65.6K	52
Q2 24	$21.4K	52
Q3 24	$34.4K	52
Q4 24	$27.7K	73
Q1 25	$31.5K	73
Q2 25	$27.2K	73
Q3 25	$0	73
Q4 25	$914	6K

Revenue / Employee