Taysha Gene Therapies, Inc.

TSHA

HealthcareBiotechnologyNASDAQ

$6.85

Market Cap: $1.71B

Taysha Gene Therapies, Inc. (TSHA) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$10.62 – $39.95	$19.80	+325.7%
Revenue DCF 10Y	$0.19 – $16.74	$0.19	-95.8%
▸ Trading Multiples
EV/Revenue	$1.20 – $5.75	$1.32	-71.6%

Valuation History

DCF Analysis

Taysha Gene Therapies, Inc. (TSHA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.19

Market Price

$6.85

Upside / Downside

-97.2%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -1130.7% to a target of 13.3% over 5 years, discounted at a WACC of 8.6%, Taysha Gene Therapies, Inc. (TSHA) has an intrinsic value of $0.19 per share (range: $0.19 – $16.74).

Key Assumptions

Current Operating Margin

-1130.7%

Target Operating Margin

13.3%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

263.4%

Target CapEx/Rev

30.9%

D&A/Revenue

20.6%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	4	-61.3%	-901.8%	-34	-34	1	(9)	1	-43	-41
2027	145	3723.2%	-673.0%	-974	-974	30	(314)	-207	-1,052	-929
2028	204	40.7%	-444.3%	-905	-905	42	(394)	-86	-1,171	-952
2029	493	142.0%	-215.5%	-1,062	-1,062	101	(840)	-424	-1,377	-1,031
2030	925	87.7%	13.3%	123	97	190	(1,361)	-633	-440	-303
2031	1,202	30.0%	13.3%	160	127	248	(1,490)	-406	-709	-450
2032	1,563	30.0%	13.3%	208	165	322	(1,573)	-528	-558	-326
2033	2,032	30.0%	13.3%	271	214	418	(1,573)	-687	-253	-136
2034	2,462	21.2%	13.3%	328	259	507	(1,333)	-630	63	31
2035	2,759	12.1%	13.3%	368	291	568	(852)	-436	442	202

Enterprise Value Bridge

Sum of PV(FCFF)-3,936

Terminal Value (Gordon Growth at 3.0%)8,108

PV of Terminal Value3,697

Enterprise Value-240

(–) Net Debt-302

Equity Value62

(÷) Shares Outstanding320

Fair Value per Share$0.19

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.6%	$2	$6	$9	$13	$17
7.6%	$-2	$1	$4	$6	$9
8.6%	$-4	$-2	$0	$2	$5
9.6%	$-6	$-4	$-2	$-0	$2
10.6%	$-6	$-5	$-4	$-2	$-1

Current price: $6.85. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -146.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Taysha Gene Therapies, Inc. (TSHA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$19.80

Market Price

$6.85

Upside / Downside

+189.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1130.7%

Target Operating Margin

13.3%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

263.4%

Target CapEx/Rev

30.9%

D&A/Revenue

20.6%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	4	-61.3%	-901.8%	-34	-34	1	(8)	1	-42	-41
2027	145	3723.2%	-673.0%	-974	-974	30	(247)	-207	-985	-870
2028	204	40.7%	-444.3%	-905	-905	42	(252)	-86	-1,029	-837
2029	493	142.0%	-215.5%	-1,062	-1,062	101	(381)	-424	-918	-687
2030	925	87.7%	13.3%	123	97	190	(286)	-633	635	438

Enterprise Value Bridge

Sum of PV(FCFF)-1,997

Terminal Value (Gordon Growth at 3.0%)11,641

PV of Terminal Value8,024

Enterprise Value6,027

(–) Net Debt-302

Equity Value6,329

(÷) Shares Outstanding320

Fair Value per Share$19.80

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.6%	$34	$35	$37	$38	$40
7.6%	$24	$25	$26	$28	$29
8.6%	$18	$19	$20	$21	$22
9.6%	$14	$14	$15	$16	$17
10.6%	$11	$11	$12	$13	$13

Current price: $6.85. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$1.28

Market Price

$6.85

Upside / Downside

-81.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Taysha Gene Therapies, Inc. (TSHA) has a fair value of $1.28 based on 4 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Taysha Gene Therapies, Inc.TSHA	2,190	193.2x	944.2x
AnaptysBio, Inc.ANAB	1,795	6.7x	14.1x
Nektar TherapeuticsNKTR	1,517	29.9x	39.7x
Xencor, Inc.XNCR	912	8.3x	8.9x
Atai Beckley N.VATAI	726	157.2x	—
Industry Median		19.1x	14.1x
(*) Revenue		10	2
= Enterprise Value		187	28
(-) Net Debt		-302	-302
Equity Value		488	330
(/) Outstanding shares		320	320
Fair Price		$2	$1

Selected Fair Value (avg of trailing + forward)

$1.28

-81.3%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$10.62 – $39.95

$19.80

+325.7%

Revenue DCF 10Y

$0.19 – $16.74

$0.19

-95.8%

▸ Trading Multiples

EV/Revenue

$1.20 – $5.75

$1.32

-71.6%

DCF Analysis

Taysha Gene Therapies, Inc. (TSHA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.19

Market Price

$6.85

Upside / Downside

-97.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-1130.7%

Target Operating Margin

13.3%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

263.4%

Target CapEx/Rev

30.9%

D&A/Revenue

20.6%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	4	-61.3%	-901.8%	-34	-34	1	(9)	1	-43	-41
2027	145	3723.2%	-673.0%	-974	-974	30	(314)	-207	-1,052	-929
2028	204	40.7%	-444.3%	-905	-905	42	(394)	-86	-1,171	-952
2029	493	142.0%	-215.5%	-1,062	-1,062	101	(840)	-424	-1,377	-1,031
2030	925	87.7%	13.3%	123	97	190	(1,361)	-633	-440	-303
2031	1,202	30.0%	13.3%	160	127	248	(1,490)	-406	-709	-450
2032	1,563	30.0%	13.3%	208	165	322	(1,573)	-528	-558	-326
2033	2,032	30.0%	13.3%	271	214	418	(1,573)	-687	-253	-136
2034	2,462	21.2%	13.3%	328	259	507	(1,333)	-630	63	31
2035	2,759	12.1%	13.3%	368	291	568	(852)	-436	442	202

Enterprise Value Bridge

Sum of PV(FCFF)-3,936

Terminal Value (Gordon Growth at 3.0%)8,108

PV of Terminal Value3,697

Enterprise Value-240

(–) Net Debt-302

Equity Value62

(÷) Shares Outstanding320

Fair Value per Share$0.19

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.6%	$2	$6	$9	$13	$17
7.6%	$-2	$1	$4	$6	$9
8.6%	$-4	$-2	$0	$2	$5
9.6%	$-6	$-4	$-2	$-0	$2
10.6%	$-6	$-5	$-4	$-2	$-1

Current price: $6.85. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$1.28

Market Price

$6.85

Upside / Downside

-81.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Taysha Gene Therapies, Inc. (TSHA) has a fair value of $1.28 based on 4 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Taysha Gene Therapies, Inc.TSHA	2,190	193.2x	944.2x
AnaptysBio, Inc.ANAB	1,795	6.7x	14.1x
Nektar TherapeuticsNKTR	1,517	29.9x	39.7x
Xencor, Inc.XNCR	912	8.3x	8.9x
Atai Beckley N.VATAI	726	157.2x	—
Industry Median		19.1x	14.1x
(*) Revenue		10	2
= Enterprise Value		187	28
(-) Net Debt		-302	-302
Equity Value		488	330
(/) Outstanding shares		320	320
Fair Price		$2	$1

Selected Fair Value (avg of trailing + forward)

$1.28

-81.3%