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Tectonic Therapeutic, Inc.
TECXCIK 0001681087NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)New YorkFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-74.20M
Total Assets
$261.04M
Equity
$251.33M
Shares Out
18.78M
Op. Cash Flow
$-60.08M
Business
Tectonic Therapeutic, Inc. is a clinical-stage biotechnology company developing novel biologic medicines that modulate G protein-coupled receptors (GPCRs). Its main products and candidates include TX45, an engineered Fc-relaxin fusion in Phase 1/2 trials for Group 2 pulmonary hypertension (PH-HFpEF/HFrEF), TX2100, a VHH-Fc GPCR antagonist for hereditary hemorrhagic telangiectasia (HHT), and a bispecific GPCR modulator for fibrosis. Key business activities comprise discovery and engineering via its GEODe™ platform and clinical development programs. Tectonic conducts global clinical trials and relies on third-party contract development and manufacturing organizations and strategic collaborations for development and distribution.
Summary from filing dated 2025-03-20
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Research and development | 63 | 41 | 37 | 72 | 83 | |
| General and administrative | 21 | 17 | 8 | 33 | 36 | |
| Total operating expenses | 84 | 58 | 45 | 105 | 119 | |
| Loss from operations | −84 | −58 | −45 | −105 | −119 | |
| Interest income | 11 | 4 | 581,000 | — | — | |
| Interest expense | −63,000 | −107,000 | −152,000 | — | — | |
| Change in fair value of SAFE liabilities | 0 | −4 | 1 | — | — | |
| Other expense | −119,000 | −511,000 | 396,000 | — | — | |
| Total other income, net | 11 | 33,000 | 2 | −456,000 | −285,000 | |
| Loss before income tax | −73 | −58 | — | — | — | |
| Income tax expense | −1 | 0 | 377,000 | 0 | — | |
| Net loss | −74 | −58 | −43 | −106 | −119 | |
| Foreign currency translation adjustment | −105,000 | 9,000 | −11,000 | — | — | |
| Comprehensive loss | −74 | −58 | −43 | — | — | |
| Net loss per share, basic | −4.05 | −6.83 | −33.76 | −2.42 | −2.78 | |
| Net loss per share, diluted | −4.05 | −6.83 | −33.76 | −2.42 | −2.78 | |
| Weighted-average common shares outstanding, basic | 18 | 8 | 1 | 44 | 42,854 | |
| Weighted-average common shares outstanding, diluted | 18 | 8 | 1 | 44 | 42,854 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 254 | 141 | 29 | 93 | 190 | |
| Prepaid expenses and other current assets | 3 | 6 | 2 | 7 | 10 | |
| Restricted cash | 587,000 | 0 | 283,000 | 283,000 | 0 | |
| Total current assets | 257 | 147 | 31 | 100 | 199 | |
| Property and equipment, net | 1 | 2 | 3 | 3 | 4 | |
| Finance right-of-use assets, net | 495,000 | 919,000 | 1 | — | — | |
| Operating right-of-use assets | 874,000 | 2 | 3 | 1 | 1 | |
| Restricted cash | 485,000 | 587,000 | 587,000 | 0 | 492,000 | |
| Other assets | 640,000 | 156,000 | 31,000 | 40,000 | 74,000 | |
| Total assets | 261 | 153 | 39 | 104 | 204 | |
| Accounts payable | 1 | 976,000 | 409,000 | 384,000 | 3 | |
| Accrued expenses and other current liabilities | 7 | 8 | 8 | 12 | 16 | |
| Operating lease liability | 889,000 | 2 | 1 | 999,000 | 0 | |
| Finance lease liability | 344,000 | 489,000 | 475,000 | — | — | |
| Total current liabilities | 10 | 12 | 41 | 13 | 19 | |
| Operating lease liability, non-current | 0 | 132,000 | 2 | 188,000 | 0 | |
| Finance lease liability, non-current | 43,000 | 387,000 | 876,000 | — | — | |
| Total liabilities | 10 | 12 | 43 | 29 | 34 | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024; no shares issued and outstanding as of December 31, 2025 and December 31, 2024 | 0 | 0 | 0 | 0 | 0 | |
| Common stock, $0.0001 par value; 150,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 18,713,223 and 14,856,309 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 2,000 | 2,000 | 0 | 4,000 | 4,000 | |
| Additional paid-in capital | 474 | 289 | 6 | — | — | |
| Accumulated other comprehensive (loss) income | −96,000 | 9,000 | −11,000 | — | — | |
| Accumulated deficit | −223 | −149 | −91 | −489 | −384 | |
| Total stockholders' equity | 251 | 141 | −85 | −46 | 169 | |
| Total liabilities and stockholders' equity | 261 | 153 | 39 | 104 | 204 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net loss | −74 | −58 | −43 | −106 | −119 | |
| Depreciation and amortization expense | 1 | 2 | 1 | 1 | 1 | |
| Stock-based compensation expense | 10 | 3 | 1 | 12 | 19 | |
| Loss on sale of property and equipment | 153,000 | 0 | 9,000 | 59,000 | 0 | |
| Reduction in the carrying amount of the operating right-of-use assets | 2 | 434,000 | — | — | — | |
| Prepaid expenses and other current assets | 3 | −3 | −1 | 2 | −2 | |
| Other non-current assets | 17,000 | 544,000 | −5,000 | — | — | |
| Accounts payable | 116,000 | −1 | −165,000 | −3 | 804,000 | |
| Accrued expenses and other current liabilities | −552,000 | −6 | 2 | −4 | 2 | |
| Operating lease liabilities | −2 | −565,000 | −950,000 | — | — | |
| Net cash used in operating activities | −60 | −59 | −41 | −97 | −98 | |
| Purchase of property and equipment | −208,000 | −156,000 | −279,000 | −267,000 | −2 | |
| Proceeds from the sale of property and equipment | 70,000 | 0 | — | — | — | |
| Net cash used in investing activities | −138,000 | −156,000 | −279,000 | −267,000 | −2 | |
| Proceeds from the private placement, net of offering costs of $11,928 | 173 | 0 | — | — | — | |
| Proceeds from the Subscription Agreement, net of offering costs of $2,000 | 0 | 95 | — | — | — | |
| Cash acquired in connection with the Merger, net of transaction costs of $7,412 | 0 | 76 | — | — | — | |
| Proceeds from exercise of stock options | 1 | 2 | 121,000 | 58,000 | 920,000 | |
| Payments for employee taxes related to net share settlement of equity awards | −17,000 | 0 | — | — | — | |
| Payment of deferred offering costs | −468,000 | 0 | — | — | — | |
| Repayment of finance lease obligations | −489,000 | −475,000 | −499,000 | — | — | |
| Net cash provided by financing activities | 173 | 172 | 34 | 262,000 | 30 | |
| Effect of exchange rate changes on cash and cash equivalents | −95,000 | −8,000 | 16,000 | — | — | |
| Net increase in cash and cash equivalents and restricted cash | 113 | 112 | −7 | −97 | −70 | |
| Deferred offering costs included in accrued expenses and other liabilities | 35,000 | 0 | — | — | — | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 757,000 | 0 | — | — | — | |
| Conversion of SAFEs to Common Stock | 0 | 34 | — | — | — | |
| Conversion of Convertible Preferred Stock to Common Stock | 0 | 81 | 0 | — | — |
Filings
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