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Tectonic Therapeutic, Inc., a biotechnology company, focuses on the discovery and development of therapeutic proteins and antibodies to modulate the activity of G protein coupled receptors (GPCRs). It develops GEODe technology platform to enable the discovery and development of GPCR-targeted biologic medicines. The company's lead product is TX45, a Fc-relaxin fusion molecule that activates the RXFP1 receptor, the GPCR target of the hormone, and relaxin. It is also developing TX2100 for the treatment of hereditary hemorrhagic telangiectasia; GPCR modulator bispecific for treating fibrosis; and other GPCR modulators. The company is headquartered in Watertown, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-71M | $-74M | $-60M | -29.5% | - | - |
| 2024 | $0M | $-56M | $-58M | $-59M | -41.2% | - | - |
| 2023 | $0M | $-41M | $-43M | $-41M | 50.6% | - | - |
| 2022 | $0M | $-31M | $-32M | $-30M | 70.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0 | 0 | 0 |
| Operating Expense | 32.83 | 44.65 | 58.02 | 84.04 |
| Operating Income | -32.83 | -44.65 | -58.02 | -84.04 |
| EBITDA | -31.03 | -41.19 | -56.23 | -71.48 |
| EBIT | -32.04 | -42.67 | -57.88 | -72.86 |
| Pretax Income | -32.18 | -42.82 | -57.98 | -72.92 |
| Tax Provision | 0 | 0 | 0 | 1.23 |
| Net Income | -32.18 | -42.82 | -57.98 | -74.15 |
| Net Income Common Stockholders | -32.18 | -42.82 | -57.98 | -74.15 |
| Total Expenses | 32.83 | 44.65 | 58.02 | 84.04 |
| Interest Expense | 0.14 | 0.15 | 0.11 | 0.06 |
| Interest Income | 0.15 | 0.58 | 4.26 | 11.30 |
| Research And Development | 25.65 | 36.97 | 41.36 | 63.49 |
| Selling General And Administration | 7.18 | 7.68 | 16.65 | 20.55 |
| Normalized EBITDA | -31.67 | -42.45 | -52.62 | -71.48 |
| Normalized Income | -32.82 | -44.08 | -54.37 | -74.15 |
| Basic EPS | -2.18 | -2.91 | -6.83 | 0 |
| Diluted EPS | -2.18 | -2.91 | -6.83 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0.21 |
| Total Unusual Items | 0.64 | 1.25 | -3.61 | 0 |
| Total Unusual Items Excluding Goodwill | 0.64 | 1.25 | -3.61 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -32.18 | -42.82 | -57.98 | -74.15 |
| Reconciled Depreciation | 1.01 | 1.48 | 1.65 | 1.38 |
| Net Interest Income | 0.01 | 0.43 | 4.15 | 11.23 |
| Net Income From Continuing And Discontinued Operation | -32.18 | -42.82 | -57.98 | -74.15 |
| Total Operating Income As Reported | -32.83 | -44.65 | -58.02 | -84.04 |
| Diluted Average Shares | 14.73 | 14.73 | 8.49 | 0 |
| Basic Average Shares | 14.73 | 14.73 | 8.49 | 0 |
| Diluted NI Availto Com Stockholders | -32.18 | -42.82 | -57.98 | -74.15 |
| Net Income Including Noncontrolling Interests | -32.18 | -42.82 | -57.98 | -74.15 |
| Net Income Continuous Operations | -32.18 | -42.82 | -57.98 | -74.15 |
| Other Income Expense | 0.65 | 1.40 | -4.12 | -0.12 |
| Other Non Operating Income Expenses | 0 | 0.14 | -0.51 | -0.12 |
| Gain On Sale Of Security | 0.64 | 1.25 | -3.61 | 0 |
| Net Non Operating Interest Income Expense | 0.01 | 0.43 | 4.15 | 11.23 |
| Interest Expense Non Operating | 0.14 | 0.15 | 0.11 | 0.06 |
| Interest Income Non Operating | 0.15 | 0.58 | 4.26 | 11.30 |
| General And Administrative Expense | 7.18 | 7.68 | 16.65 | 20.55 |
| Other Gand A | 3.24 | 3.74 | 8.79 | 9 |
| Salaries And Wages | 3.94 | 3.94 | 7.86 | 11.55 |
| Operating Revenue | 0 | 0 | 0 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Tectonic Therapeutic, Inc.this co. | TECX | $510M | - | 2.02 | -29.5% | -3.09 |
| SI-BONE, Inc. | SIBN | $528M | - | 2.93 | -10.6% | -25.11 |
| Personalis, Inc. | PSNL | $528M | - | 1.98 | -31.1% | -4.25 |
| Tactile Systems Technology, Inc. | TCMD | $512M | 27.44 | 2.31 | 8.7% | 12.18 |
| Altimmune, Inc. | ALT | $511M |
| - |
| 1.30 |
| -39.2% |
| -1.10 |
| Aquestive Therapeutics, Inc. | AQST | $503M | - | -14.67 | 248.9% | -5.90 |
| XOMA Royalty Corporation | XOMA | $497M | 28.08 | 5.79 | 37.8% | 38.75 |
| Entrada Therapeutics, Inc. | TRDA | $494M | - | 1.50 | -47.0% | -1.40 |
| Esperion Therapeutics, Inc. | ESPR | $492M | - | -1.55 | 7.5% | 14.42 |
| Peer Median | - | 27.76 | 1.74 | -1.6% | -1.25 | |