Tectonic Therapeutic, Inc. Segments Disclosure
16. SEGMENT INFORMATION
The Company operates in one operating segment, and therefore one reportable segment, focused on the discovery and development of therapeutic proteins and antibodies that modulate the activity of GPCRs. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.
The determination of a single segment is consistent with the consolidated financial information regularly reviewed by the Chief Executive Officer, who serves as the CODM, in evaluating financial performance and allocating resources on a consolidated basis. The CODM primarily evaluates the Company’s performance based on net loss and significant expense categories.
No segment asset information is presented because the CODM focuses on cash and expense impact; segment assets are monitored at the same level as the Consolidated Balance Sheet.
The following table presents the segment net loss and significant segment expenses for the years ended December 31, 2025 and 2024:
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Year Ended December 31, |
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2025 |
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2024 |
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Employee-related expenses: |
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Research and development employee-related expenses |
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$ |
12,961 |
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$ |
11,135 |
|
General and administrative employee-related expenses |
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5,548 |
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5,553 |
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External research and development expenses: |
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Research and preclinical expenses |
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7,001 |
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|
|
8,477 |
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Clinical and development expenses |
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23,798 |
|
|
|
15,380 |
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Chemistry, manufacturing, and control expenses |
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10,052 |
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|
|
3,570 |
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Non-clinical science expenses |
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3,667 |
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|
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|
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|
|
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|
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Non-employee-related general and administrative expenses |
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|
8,985 |
|
|
|
8,733 |
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Other segment items1 |
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|
2,139 |
|
|
|
5,134 |
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Net loss |
|
$ |
74,151 |
|
|
$ |
57,982 |
|
1 Other segment expenses include expenses not captured in the primary employee-related, research and development, or general and administrative categories, such as stock-based compensation, depreciation and amortization, changes in the fair value of SAFE liabilities, income tax expense, interest income and interest expense.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 20, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.