Tectonic Therapeutic Inc. (NASDAQ: TECX) reported its fourth‑quarter and full‑year 2025 financial results, posting a net loss of $19.23 million for the quarter and $74.15 million for the year. The company’s GAAP earnings per share for the quarter were –$1.03, beating consensus estimates of –$1.11 by $0.08. Cash and cash equivalents stood at $268.40 million as of September 30 2025, giving the company a runway that extends into the fourth quarter of 2028.
The Q4 loss widened from $12.37 million in the same period a year earlier, while the full‑year loss increased from $57.98 million in 2024. Cash balances as of December 31 2025 rose to $253.8 million from $141.2 million at the end of 2024, underscoring the company’s growing liquidity cushion.
Clinical progress accelerated this period. The first patient in the Phase 1a trial of TX2100, a therapy for hereditary hemorrhagic telangiectasia, was dosed in February 2026, and the first site for the Phase 2 trial of TX45 in pulmonary hypertension associated with interstitial lung disease opened for screening in February 2026. The company also continues its APEX Phase 2 study in pulmonary hypertension associated with heart failure with preserved ejection fraction, with topline results expected in 2026.
Alise Reicin, M.D., President and Chief Executive Officer, said, “Over the last 12 months, we have made significant progress expanding our clinical pipeline. In February 2026 we advanced our second program, TX2100, a potential novel treatment for patients with HHT, and dosed the first patient in a Phase 1a clinical trial in normal healthy volunteers. This marks an important milestone for Tectonic which now has two programs in clinical development to address patient populations with high unmet need and no approved therapy.” She added, “Our team continued to advance our lead asset TX45 with the positive topline data from Part B of our Phase 1b study in patients with HFrEF. Following our recent presentation of the full Part A data set at the ESC Heart Failure 2025 Congress, the improvements demonstrated in both left heart function and pulmonary hemodynamics across both PH‑HFrEF and PH‑HFpEF populations suggest TX45 has the potential to be effective in a broad patient population. Enrollment continues in our global APEX Phase 2 trial in PH‑HFpEF, and we expect to report topline results from that study in 2026.”
The market reacted positively, with the company’s shares closing at $23.93, up 3.55 %. The EPS beat was a key driver of the rally, as investors welcomed the company’s ability to maintain profitability metrics despite ongoing R&D investment and a strong cash position that supports a multi‑year runway.
Tectonic’s results reinforce its strategy of leveraging the GEODe™ platform to develop GPCR‑targeted biologics for high‑unmet‑need indications. The widening net loss reflects continued investment in clinical development, while the robust cash balance and extended runway provide the flexibility to pursue the next phases of its pipeline. Management’s confidence in the clinical trajectory of TX45 and TX2100, coupled with the company’s growing liquidity, positions Tectonic to navigate the next two years of development and potential regulatory milestones.
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