TECX Stock — Tectonic Therapeutic Inc.: Cash, EV, Pipeline

What they do

We have developed a proprietary technology platform called GEODe™ (GPCRs Engineered for Optimal Discovery) with the aim of addressing these challenges and enabling the discovery and development of GPCR-targeted biologic medicines that can modify the course of disease.

Source: 10-K FY2025 via SEC EDGAR

Share price

$21.95

Market cap

$437.9M

Cash

$234.7M

Enterprise value

$203.2M

Balance sheet

Cash	$234.7M
Debt	$0.0M
Net cash	$234.7M
Enterprise value	$203.2M
Basic shares	19.9M shares
Fully diluted shares	22.8M shares
Fully diluted market cap	$500.0M
Cash per share	$11.76
Quarterly burn	$21.5M
Cash runway	10.9 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-11.

Share structure

Common

19.5M

Pre-funded warrants

0.0M

Options

2.3M

RSUs

0.5M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.5M

FDSO

22.8M

Cap table as of 2026-06-30.

Price history

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Next catalyst

TX45 · Jan 1-31 · guided in 7 wks

Recently reported

TX2100 Mixed · 2026-09-29

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDJan 1-31 in 7 wks	TX45 APEX Phase 2 in pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF)	Phase 2	pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF)	early Q1 2027
Jan 5 - Feb 16 in 8 wks	TX000045- Dose A	Phase 2	Pulmonary Hypertension; Heart Failure With Preserved Ejection Fraction	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

TX45

Phase 2 · Active Modality: antibody (relaxin-pathway agonist)

Target RXFP1

Partnerships Harvard: worldwide exclusive royalty-bearing license (low single-digit royalties; clinical/commercial milestones; patent rights to at least May 2041)

Indications

Group 2 pulmonary hypertension in heart failure with preserved ejection fraction (PH-HFpEF, enriched for CpcPH) (Phase 2)
Group 3 pulmonary hypertension associated with interstitial lung disease (PH-ILD) (Phase 2)

Catalysts

— 2026

Status note Ongoing 24-week APEX Phase 2 (TX000045-003) in PH-HFpEF (~180 subjects, two dosing regimens) with interim review recommending no changes. Separate 16-week open-label repeat-dose Phase 2 in Group 3 PH-ILD (up to 25 subjects) activated its first site in February 2026.

TX2100

Phase 1 · Active Modality: VHH-Fc fusion antagonist antibody

Target APJ (apelin receptor, APLNR)

Indications

Hereditary hemorrhagic telangiectasia (Phase 1)

Catalysts

— Q4 2026
— Early 2027

Status note Phase 1a healthy-volunteer trial (randomized, placebo-controlled, ascending dose) dosed its first subject in February 2026. A Phase 1b trial in severe HHT is also planned.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	TX000045- Dose A
Lead indication	Pulmonary Hypertension
Lead phase	Phase 2
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06616974	Phase 2	Active, not recruiting	Sponsor	Tectonic Therapeutic	—	Pulmonary Hypertension; Heart Failure With Preserved Ejection Fraction	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Tectonic Therapeutic on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	607,788	no change	0.10%	2026-08-14
Braidwell LP	596,900	-250,251	0.76%	2026-08-14
OrbiMed Advisors	226,600	no change	0.15%	2026-08-14
Ikarian Capital	205,837	+48,300	1.16%	2026-08-14
ADAR1 Capital Management	14,501	+1,500	0.02%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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TECX — Tectonic Therapeutic Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

TECX — Tectonic Therapeutic Inc.