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TECX

Tectonic Therapeutic, Inc.

TECX

Tectonic Therapeutic, Inc. • NASDAQ
$21.44 ▲ 0.23% (+0.05)
Market Cap $401.28 M
52w High $61.07
52w Low $13.70
Dividend Yield 0%
P/E -7.97
Volume 88.53K
Outstanding Shares 18.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $21.89M ▼ $-19.035M ▲ 0% $-1.02 ▲ $-19.021M ▼
Q2-2025 $0 $22.332M ▲ $-19.984M ▼ 0% $-1.07 ▼ $-18.651M ▼
Q1-2025 $0 $18.298M ▲ $-15.906M ▼ 0% $-0.93 ▼ $-15.526M ▼
Q4-2024 $0 $13.991M ▼ $-12.373M ▲ 0% $-0.84 ▲ $-11.843M ▲
Q3-2024 $0 $19.637M $-17.717M 0% $-1.2 $-17.268M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $268.435M ▼ $277.001M ▼ $9.473M ▼ $267.528M ▼
Q2-2025 $287.381M ▼ $295.313M ▼ $11.547M ▼ $283.766M ▼
Q1-2025 $306.246M ▲ $314.829M ▲ $13.793M ▲ $301.036M ▲
Q4-2024 $141.239M ▼ $152.905M ▼ $12.129M ▼ $140.776M ▼
Q3-2024 $159.095M $168.717M $18.356M $150.361M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-19.035M ▲ $-17.815M ▼ $-166K ▼ $-457K ▲ $-18.461M ▲ $-17.996M ▼
Q2-2025 $-35.89M ▼ $-14.719M ▼ $55K ▲ $-4.169M ▼ $-18.865M ▼ $-14.746M ▼
Q1-2025 $-15.906M ▼ $-13.083M ▲ $-27K ▼ $178.122M ▲ $165.007M ▲ $-13.11M ▲
Q4-2024 $-12.373M ▲ $-16.821M ▲ $-3K ▲ $-1.069M ▲ $-17.856M ▲ $-16.824M ▲
Q3-2024 $-17.717M $-19.604M $-153K $-6.287M $-26.029M $-19.757M

Five-Year Company Overview

Income Statement

Income Statement TECX is a classic early-stage biotech: all expenses, no product revenue yet. The income statement shows steady research and operating costs leading to ongoing losses each year. The loss levels look relatively contained for a biotech platform company, but there is still no sign of commercial income to offset spending. Changes in per‑share loss are heavily influenced by capital structure events (like the reverse split), not by big shifts in the underlying business. Overall, the story here is simple: the company is still firmly in the investment and development phase, not in the earnings phase.

Balance Sheet

Balance Sheet The balance sheet is lean and largely made up of cash and other liquid assets, with very little debt. Equity dipped negative at one point, then recovered, likely reflecting funding rounds and accounting adjustments related to the SPAC structure rather than operational performance. The very small amount of debt reduces financial risk but also underscores that the business is almost entirely equity‑financed. In practical terms, TECX looks like a cash-rich R&D shell: few hard assets, modest scale, and a balance sheet that lives or dies based on continued access to capital.

Cash Flow

Cash Flow Cash flows are consistently negative from operations, as you would expect from a pre‑revenue biotech funding clinical trials and platform development. There is essentially no spending on physical assets, so free cash flow closely mirrors the operating cash burn. This makes the cash runway and funding strategy critical: as long as they can keep replenishing cash (or as long as their reported runway holds), the model is sustainable for development; if capital markets tighten or trials take longer than expected, pressure on the company would escalate quickly.

Competitive Edge

Competitive Edge TECX competes in a crowded biotechnology universe but occupies a relatively specialized niche: biologic drugs aimed at GPCR targets, an area many others find technically difficult. Its proprietary GEODe platform and focus on serious, underserved conditions give it a differentiated scientific angle, especially in rare cardiopulmonary diseases and vascular disorders. However, this edge is still mostly theoretical from a commercial standpoint—no approved drugs, early clinical data, and multiple other companies working on related biology. The competitive position is promising on paper but remains unproven until later-stage trials validate both the science and the real-world benefit.

Innovation and R&D

Innovation and R&D Innovation is the core of TECX’s identity. The GEODe platform is designed to make notoriously tricky GPCR targets more accessible to biologic drugs, which, if successful, could unlock a stream of new medicines. The lead program, TX45, has early clinical signals in a cardiopulmonary condition with no approved therapies, and a second program for a rare vascular disease is following behind. The pipeline is still concentrated in just a couple of assets, so scientific and clinical risk is high: a setback in one major program would be felt across the whole company. Overall, this is a high-innovation, high‑uncertainty R&D story, with value tied tightly to upcoming trial results and the ability to spin out additional candidates from the platform.

Summary

TECX looks like a textbook platform biotech: no revenues yet, controlled but persistent losses, cash as the primary asset, and a business model entirely dependent on successful drug development and continued funding. The main strengths are a focused technology platform, a clear niche in GPCR-targeted biologics, early positive data in a disease with significant unmet need, and a reported cash runway that appears to cover key near‑term milestones. The main risks are the usual ones for clinical-stage biotech—trial setbacks, regulatory uncertainty, concentration in a small number of programs, and reliance on capital markets. For observers, the pivotal watchpoints are the progress and data quality from TX45 and the advancement of follow‑on programs; those outcomes will likely determine whether TECX evolves into a sustainable commercial company or remains an interesting but unproven scientific platform.

NEWS

October 29, 2025 · 4:01 PM UTC

Tectonic Therapeutic Announces Positive Topline Data from Phase 1b Part B Clinical Trial for TX45 in Patients with Group 2 Pulmonary Hypertension in HFrEF

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