Where does the Tenaya Therapeutics security offering by Leerinkand Piper Sandler stand. How much of the $52 million was subscribed to and how many warrants were exercised. In all how many new shares. What was the effective dilution.

The Tenaya Therapeutics security offering by Leerink and Piper Sandler has been priced and is expected to close on March 5, 2025, subject to customary closing conditions. The offering consists of 75,000,000 units, priced at $0.70 per unit, with gross proceeds of approximately $52.5 million. Each unit consists of one share of common stock, a Series A Warrant to purchase one share of common stock at an exercise price of $0.80, which will be immediately exercisable and will expire five years from the date of issuance, and a Series B Warrant to purchase one-half of a share of common stock at an exercise price of $0.70, which will be immediately exercisable and expire on June 30, 2026.

The offering is expected to close on or about March 5, 2025, subject to satisfaction of customary closing conditions. Leerink Partners and Piper Sandler are acting as joint book-running managers for the offering. The securities are being offered by Tenaya pursuant to a Registration Statement on Form S-3, which was previously filed and declared effective by the SEC, and Tenaya has filed a preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the proposed offering.

The $52.5 million public offering represents a significant capital raise for Tenaya, which has a market capitalization of approximately $78.6 million as of the latest data available. The offering price of $0.70 per unit reflects a 26% discount to the current share price of $0.9469, indicating weak demand and/or urgent capital needs. The structure of the offering includes 100% warrant coverage at $0.80 and additional 50% warrant coverage at $0.70, creating potential for further dilution.

The 75 million new shares will approximately double the company's outstanding share count, significantly diluting existing shareholders. The substantial discount and complex warrant structure suggest challenging market conditions, and the substantial dilution will impact current investors. However, the capital infusion provides Tenaya with the runway to advance its heart disease therapies TN-201 and TN-401.

In conclusion, the Tenaya Therapeutics security offering by Leerink and Piper Sandler is a significant capital raise for the company, with the potential to double the share count and create further dilution for existing shareholders. The offering price reflects weak demand, and the complex warrant structure suggests challenging market conditions. The capital raised will be used to fund the ongoing and planned development of clinical and early-stage product candidates and for working capital and other general corporate purposes.