The Grade One-winning hurdler made a perfect start to his career over fences at Chepstow in October and ran a fine race to chase home Dynaste at Cheltenham a month later.
But having been sent off a 1/12 favourite to regain the winning thread at Exeter last week, Fingal Bay jumped violently left for much of the journey before running out at the third last, after which the injury was discovered.
"He has unfortunately sustained a minor tendon injury. That was not the reason he was jumping so badly left at Exeter, but it does mean he's going to miss the season," Hobbs said. "It's really bad news as he's won the one novice chase, so next season he's going to have to run in conditions chases with little experience."