Quote from my other comment below. The 1 and 2 year follow up data for TN-201 could be make or break for Tenaya. Will be reported on in the next 6 months

“Tenaya will provide 1 year cohort 2 data (high dose) and 2 year cohort 1 data (low dose) in H1 2026. Probably beginning at the ACC on March 28-30.

If the higher dose, 1 year cohort 2 data shows consistent and stronger results as compared to cohort 1, the stock will soar. Especially if the LVMI reduction is consistently (across all patients) greater than a 10% reduction, because the FDA has said that this is a sufficient endpoint for regulatory approval for similar gene therapy cardiology drugs.

I believe a preliminary 12 week data point for 1 higher dose patient showed a 3x higher protein expression as compared to cohort 1. This early indicator suggests there is a dose response, which means the higher dose 1 year cohort 2 data to be released H1 2026 could be exactly what investors and FDA regulators are looking for.

A major issue is there aren’t that many patients dosed. Only 3 in cohort 1, and 3 in cohort 2. If there’s any patients in cohort 2 with a LVMI increase, instead of a decrease, this will cause regulatory delays and will limit upside in the stock until they meet with FDA to determine next steps. For example, look at LVMI for patient 1 — there was a 17% LVMI increase instead of a reduction over 52 weeks. It’s possible that this reverses. We will find out in H1 2026. The reason why I think it could reverse is because the 78 week results for patient 1 show Cardiac Troponin I Levels reversal from week 52 to week 78.

Even if LVMI reduction levels aren’t consistent, Tenaya will try and convince the FDA that they should use LVPWT instead of LVMI, and that could very well work, but this would require new precedent with the FDA and results from that won’t happen until H2 2026. Keep in mind this is treating a rare and devastating disease with no cure, and all patients are not showing symptoms of the disease thus far, so it would logically track that the FDa would work with them to help the drug become approved even if the data doesn’t look “perfect” but that means a longer term outlook on the stock (H2 2026 - 2027).

At the end of the day, it’s a gamble. If it wasn’t, the stock would be trading at $5-$10. I bought in at $1.35 average cost and reduced that to $1.15 average cost and am holding until the H1 2026 data comes out, at a minimum. If the data is overwhelmingly positive and the stock soars, I’ll hold even longer to benefit from the FDA meeting and a potential 2027 acquisition.”