# Taysha Gene Therapies (TSHA.US)

Canonical: https://gigainvestors.com/s/TSHA

Analysis as of: 2026-10-16T07:32:33.569Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $3.73 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 7

Chart: Net income; fiscal year observations.

- FY2019: -$1.1M

- FY2020: -$43M

- FY2021: -$175M

- FY2022: -$166M

- FY2023: -$112M

- FY2024: -$89M

- FY2025: -$109M

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -108.6%

- ROIC, second-lowest year: -1460.5%

- Years with nonpositive capital: 4

- Capital spending / revenue: 27.6%

- ROIC including acquisitions, ten-year median: -54179.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: -69329.8%

- FY2021: -1460.5%

- FY2022: -163.5%

- FY2023: -42.1%

- FY2024: -53.6%

- FY2025: -32.9%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$670M

- Net income, five-year total: -$650M

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$196M

- FY2022: -$166M

- FY2023: -$112M

- FY2024: -$88M

- FY2025: -$109M

### management: fail

- buybacks unrelated to price (informational)

- Per-share earnings: -1.14 to -0.36 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 53.3%

- Diluted shares, 5-year annual growth: 53.3%

- Per-share value change: $0.78

- Per-share value, starting three-year median: -$1.14

- Per-share value, ending three-year median: -$0.36

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, last three-year median: -42.1%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.07

- FY2020: -$1.14

- FY2021: -$4.64

- FY2022: -$3.78

- FY2023: -$0.96

- FY2024: -$0.36

- FY2025: -$0.34

### accounting: pass

- Sloan accruals: -4.6%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -8333.3%

- FY2020: -4.7%

- FY2021: -26.9%

- FY2022: -61.5%

- FY2023: -22.3%

- FY2024: -5.0%

- FY2025: -4.6%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 76% since Oct 2021 · "Taysha Gene Therapies shares tumble following pricing shares at $6.00 to raise $200M" (seekingalpha.com, Jun 2026) · sales +17.3%

Story as of 2026-10-16T09:59:43.866Z; price observation 2026-10-15.

- 2025-10-02: Taysha soars on FDA breakthrough therapy status for lead asset ([seekingalpha.com](https://seekingalpha.com/news/4501370-taysha-wins-fda-breakthrough-tag-lead-drug?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-06-25: Taysha Gene Therapies shares tumble following pricing shares at $6.00 to raise $200M ([seekingalpha.com](https://seekingalpha.com/news/4607053-taysha-gene-therapies-shares-tumble-following-pricing-shares-at-600-to-raise-200m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +17.3%; source https://www.sec.gov/Archives/edgar/data/1806310/000119312526115202/tsha-20251231.htm; observed 2026-03-19.

- FY2020: $0 

- FY2021: $0 

- FY2022: $2.5M 

- FY2023: $15M 

- FY2024: $8.3M 

- FY2025: $9.8M 

### Gross margin · FY2022

gross margin 0.6%; source https://www.sec.gov/Archives/edgar/data/1806310/000119312526115202/tsha-20251231.htm; observed 2026-03-19.

- FY2022: 0.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 9.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/1806310/000119312526115202/tsha-20251231.htm (filed 2026-03-19); FY2025: revenue 9773000; grossProfit 9773000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); TSHA.US: Taysha Gene Therapies, Inc., a clinical-stage biotechnology company, focuses on developing and commercializing adeno-associated virus-based gene therapies for the treatment of severe monogenic diseases of the central nervous system. The company primarily develops TSHA-120 for the treatment of giant axonal neuropathy; TSHA-102 for the treatment of Rett syndrome; TSHA-121 for the treatment of CLN7 disease; TSHA-118 for the treatment of CLN1 disease; TSHA-105 for the treatment of SLC13A5 deficiency; TSHA-113 for the treatment of tauopathies; TSHA-106 for the treatment of angelman syndrome; and TSHA-114 for the treatment of fragile X syndrome. The company has research, collaboration, and license agreement with The University of Texas Southwestern Medical Center. Taysha Gene Therapies, Inc. was incorporated in 2019 and is headquartered in Dallas, Texas.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: grossProfit / revenue = 100%.

- Source: https://www.sec.gov/Archives/edgar/data/1806310/000119312526115202/tsha-20251231.htm (filed 2026-03-19); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); 7-year return on capital observations [[2020,-693.2975510204082],[2021,-14.605306231327358],[2022,-1.6354506628118994],[2023,-0.420649275234483],[2024,-0.5363766007200921],[2025,-0.32927245294406093]]; median -1.0859136317659956. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2019: growth capex 0; upkeep 82000; owner earnings 3263000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); TSHA.US SharesStats.PercentInsiders = 9.447 percentage points; cache date 2026-10-15.

### What the price says

The price is 122 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Closing price 3.73 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.030568138999811992; price multiple 122.02247575565333. FY2025 cash earnings/share -0.33964320860652664. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-09: $22.40 per share

- 2020-10: $20.80 per share

- 2020-11: $22.62 per share

- 2020-12: $26.54 per share

- 2021-01: $26.00 per share

- 2021-02: $25.59 per share

- 2021-03: $20.30 per share

- 2021-04: $25.81 per share

- 2021-05: $22.50 per share

- 2021-06: $21.20 per share

- 2021-07: $17.29 per share

- 2021-08: $19.88 per share

- 2021-09: $18.62 per share

- 2021-10: $15.64 per share

- 2021-11: $12.98 per share

- 2021-12: $11.65 per share

- 2022-01: $7.95 per share

- 2022-02: $6.37 per share

- 2022-03: $6.52 per share

- 2022-04: $3.66 per share

- 2022-05: $2.55 per share

- 2022-06: $3.72 per share

- 2022-07: $4.07 per share

- 2022-08: $3.16 per share

- 2022-09: $1.93 per share

- 2022-10: $1.72 per share

- 2022-11: $2.21 per share

- 2022-12: $2.26 per share

- 2023-01: $1.64 per share

- 2023-02: $1.01 per share

- 2023-03: $0.80 per share

- 2023-04: $0.78 per share

- 2023-05: $0.70 per share

- 2023-06: $0.66 per share

- 2023-07: $0.67 per share

- 2023-08: $3.20 per share

- 2023-09: $3.16 per share

- 2023-10: $2.34 per share

- 2023-11: $1.76 per share

- 2023-12: $1.77 per share

- 2024-01: $1.52 per share

- 2024-02: $3.16 per share

- 2024-03: $2.87 per share

- 2024-04: $2.43 per share

- 2024-05: $3.43 per share

- 2024-06: $2.24 per share

- 2024-07: $2.21 per share

- 2024-08: $2.24 per share

- 2024-09: $2.01 per share

- 2024-10: $1.69 per share

- 2024-11: $3.24 per share

- 2024-12: $1.73 per share

- 2025-01: $1.50 per share

- 2025-02: $1.60 per share

- 2025-03: $1.39 per share

- 2025-04: $1.94 per share

- 2025-05: $2.71 per share

- 2025-06: $2.31 per share

- 2025-07: $2.73 per share

- 2025-08: $2.92 per share

- 2025-09: $3.27 per share

- 2025-10: $4.96 per share

- 2025-11: $4.74 per share

- 2025-12: $5.50 per share

- 2026-01: $4.51 per share

- 2026-02: $4.53 per share

- 2026-03: $4.47 per share

- 2026-04: $6.39 per share

- 2026-05: $5.87 per share

- 2026-06: $6.81 per share

- 2026-07: $5.86 per share

- 2026-08: $5.69 per share

- 2026-09: $4.87 per share

- 2026-10: $3.73 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1806310/000119312526115202/tsha-20251231.htm); period 2025-12-31, filed 2026-03-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.