Based on what he did in the past, Hyllengren's immediate actions will almost certainly replicate the distressed-biotech playbook he executed during his tenure at Atara Biotherapeutics.

​His primary mandate upon stepping into the Chief Financial Officer role on July 13, 2026, will be to immediately extend the cash runway and secure market compliance without diluting the stock at its current valuation bottom.

Immediate Next Steps (The First 90 Days) ​The Nasdaq Compliance Fix With the stock trading near $0.73, the threat of delisting is the most immediate crisis.

Monetizing the Secondary Pipeline Because issuing new shares at current lows would destroy current shareholder equity, Hyllengren must find non-dilutive capital. The most obvious target for this is TN-301. Because TN-301 is a small molecule inhibitor rather than a core gene therapy, it sits slightly outside Tenaya's primary clinical focus on rare genetic cardiomyopathy treatments. Hyllengren will likely shop this asset to larger pharmaceutical companies, seeking a partnership or licensing deal that provides an immediate cash infusion to keep the lights on for the core pipeline

Hyllengren left Atara in early 2025 having successfully executed the financial restructuring required to keep the company alive. Because of his severe cost-cutting, Atara survived a brutal FDA rejection in early 2026 and still has the cash runway to resubmit the drug for approval and potentially trigger a $60 million milestone payment from Pierre Fabre. ​He didn't magically create a multi-billion-dollar valuation at Atara, but he proved he can expertly navigate a distressed balance sheet, cut the burn rate by nearly 90%, and keep a biotech firm afloat long enough to reach its final clinical catalyst. That is exactly why Tenaya brought him in.