TSHATaysha Gene Therapies, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- $10M
- 17% YoY
- Operating margin
- -1130.6%
- 3.0% YoY
- EBITDA
- −$109M
- 21% YoY
- Market cap
- $1.3B
- Employees
- —
- Net debt / EBITDA
- —
- −$417M net debt
- AI in 10-K
- 0.6
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes136% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes73% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.6 per 10K words · 24th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$7M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | — | $3M | $15M | $8M | $10M | 17% |
| Operating income | −$173M | −$162M | −$72M | −$91M | −$110M | 21% |
| Net income | −$175M | −$166M | −$112M | −$89M | −$109M | 22% |
| Operating cash flow | −$117M | −$88M | −$73M | −$81M | −$93M | 15% |
| Capex | $15M | $21M | $4M | $374K | $738K | 97% |
| Stock-based comp | $18M | $18M | $8M | $13M | $13M | 1.5% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 3, 2025 | Manning Paul B | SCHEDULE 13D/A | 9.8% | Passive |
| Aug 21, 2023 | Manning Paul B | SC 13D/A | 12.6% | Passive |
| Aug 18, 2023 | Astellas Pharma Inc. | SC 13D/A | 3.9% | Passive |
| Nov 2, 2022 | Manning Paul B | SC 13D/A | 11.2% | Passive |
| Oct 31, 2022 | Audentes Therapeutics, Inc. | SC 13D | 11.6% | Active |
| Oct 5, 2020 | Manning Paul B | SC 13D | 14.3% | Passive |
| Oct 5, 2020 | Session R.A. II | SC 13D | 25.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $7M · 12
- Net
- −$7M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $18M | 311 | — |
| FY2024 | $5M | $5M | 98 | — |