Tectonic Therapeutic, Inc.

NASDAQ•TECX

CEO: Dr. Alise S. Reicin M.D., Ph.D.

Sector: Healthcare

Industry: Biotechnology

Listing Date:

Tectonic Therapeutic, Inc., a clinical stage biotechnology company focuses on the discovery and development of therapeutic proteins and antibodies to modulate the activity of G-protein coupled receptors(GPCRs). It offers GEODe technology platform to enable the discovery and development of GPCR-targeted biologic medicines. The company's pipeline products include RXFP1 agonist, which is in ongoing phase 1a and 1b for the indication of heart failure with preserved ejection fraction; GPCR antagonist for indication of hereditary hemorrhagic telangiectasia; bi-functional GPCR modulator for indication of fibrosis; and GPCR modulators. Tectonic Therapeutic, Inc. is based in Watertown, Massachusetts.

Contact Information

490 Arsenal Way, Suite 210, Watertown, MA, 02472, United States

N/A

tectonictx.com

Market Cap

$571.36M

P/E (TTM)

-6.8

24.5

Dividend Yield

52W High

$36.03

52W Low

$14.39

52W Range

73%

Rank58Top 85.6%

2.3

F-Score

Modified Piotroski Analysis

Based on 9-year fundamentals

Weak • 2.3 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2017-2025

Financial Dashboard

Q1 2026 Data

Revenue

$0.00+0.00%

4-Quarter Trend

EPS

-$1.34+0.00%

4-Quarter Trend

FCF

-$18.43M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

TX45 Phase 1b Hemodynamics Positive TX45 showed 19.0% PCWP reduction in PH-HFpEF patients; HFrEF cohort saw 29.2% PCWP reduction.

R&D Spending Rises 53% Research and development expenses reached $63.5M USD, increasing 53% driven by TX45 and TX2100 advancement.

Strong 2025 Financing Activity Financing activities provided $173.4M USD, mainly from the February 2025 Private Placement to fund operations.

Cash Position Strong Cash and equivalents totaled $253.8M USD as of December 31, 2025, sufficient for over 12 months operations.

Risk Factors

Net Loss Increased 28% Net loss widened to $74.2M USD in 2025, reflecting ongoing high research and development investment costs.

Platform Development Uncertainty GEODe™ platform is early stage; clinical trials are lengthy, expensive, and success in regulatory approval is not guaranteed.

Reliance on Single Manufacturer Sole-source relationship with WuXi Biologics for TX45 supply poses risk from potential supply chain disruptions or regulatory issues.

Substantial Future Capital Needed Substantial additional funding required to complete Phase 3 trials and commercialization; failure to raise capital may halt development.

Outlook

TX45 APEX Trial Data Expected Expect topline results from ongoing TX45 APEX Phase 2 clinical trial in PH-HFpEF patients during 2026.

TX2100 Phase 1a Results Due Anticipate topline results from the TX2100 Phase 1a healthy volunteer clinical trial in the fourth quarter of 2026.

TX45 PH-ILD Phase 2 Planned Plan to initiate a Phase 2 clinical trial for TX45 in Group 3 PH-ILD patients, an orphan disease indication.

GEODe™ Platform Enhancements Continue enhancing GEODe™ platform, focusing on improved GPCR engineering, yeast display protocols, and biophysical properties.

Peer Comparison

Revenue (TTM)

VNDA

$217.78M

+8.2%

AMRN

$214.88M

+0.3%

CLLS

$68.09M

+42.9%

Gross Margin (Latest Quarter)

ACIU

100.0%

+0.0pp

VNDA

90.0%

+0.1pp

BLRX

80.1%

+0.0pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
CAPR	$1.18B	-12.9	-59.3%	6.5%
DRTS	$889.71M	-15.5	-73.2%	13.2%
TECX	$571.36M	-6.8	-32.3%	1.9%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

N/M

Revenue Volatile

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data