Dallas-based Taysha Gene Therapies (Nasdaq: TSHA) announced the pricing of an underwritten public offering of common stock and pre-funded warrants, raising approximately USD 200 million in gross proceeds to fund independent clinical advancement of its lead AAV-based gene therapy for Rett syndrome. Taysha regained full control of the program in October 2025 after Astellas Pharma's decision not to exercise its previously held licensing option on the asset.
The offering comprises 32,500,001 shares of common stock priced at USD 6.00 per share. Certain investors elected to receive pre-funded warrants to purchase 833,333 shares at USD 5.999 per warrant in lieu of common stock. Underwriters were granted a 30-day option to purchase up to an additional 5,000,000 shares at the public offering price, which is not reflected in the USD 200 million base gross proceeds figure. The offering was expected to close on or about June 26, 2026, subject to customary closing conditions. Jefferies, Goldman Sachs & Co. LLC, Piper Sandler, and Cantor acted as joint book-running managers, with Baird serving as lead manager.
The USD 200 million raise is the largest equity financing in Taysha's history, surpassing the approximately USD 150 million PIPE the company closed in August 2023, which at the time was structured to extend its cash runway into Q3 2025. The current offering substantially recapitalizes the company ahead of what management has positioned as an independent pivotal development phase for TSHA-102.
Company overview and pipeline
Taysha is a Dallas-based clinical-stage biotechnology company developing adeno-associated virus (AAV)-based gene therapies for severe monogenic central nervous system diseases. Its pipeline has been rationalized over the past two years to concentrate resources on a single lead program.
The lead asset is TSHA-102, an AAV9-based gene therapy in development for Rett syndrome, a rare X-linked neurodevelopmental disorder caused by loss-of-function mutations in the MECP2 gene. Rett syndrome currently has no approved disease-modifying therapy addressing the genetic root cause. TSHA-102 uses a self-complementary AAV9 vector to deliver a functional MECP2 transgene, with a novel regulatory construct designed to limit overexpression toxicity — a key challenge that has historically complicated MECP2 gene therapy development.