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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% | - | 27.9% |
| 2024 | $0M | $-56M | $-58M | $-59M | -41.2% | - | 35.4% |
| 2023 | $0M | $-41M | $-43M | $-41M | 50.6% | - | 33.1% |
| 2022 | $0M | $-31M | $-32M | $-30M | 70.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 0 | 0 | 0 |
| Operating Revenue | - | 0 | 0 | 0 | 0 |
| Operating Expense | - | 32.83 | 44.65 | 58.02 | 84.04 |
| Research And Development | - | 25.65 | 36.97 | 41.36 | 63.49 |
| Selling General And Administration | - | 7.18 | 7.68 | 16.65 | 20.55 |
| Total Expenses | - | 32.83 | 44.65 | 58.02 | 84.04 |
| Operating Income | - | -32.83 | -44.65 | -58.02 | -84.04 |
| Total Operating Income As Reported | - | -32.83 | -44.65 | -58.02 | -84.04 |
| EBITDA | - | -31.03 | -41.19 | -56.23 | -71.48 |
| Normalized EBITDA | - | -31.67 | -42.45 | -52.62 | -71.48 |
| EBIT | - | -32.04 | -42.67 | -57.88 | -72.86 |
| Interest Income | - | 0.15 | 0.58 | 4.26 | 11.30 |
| Interest Expense | - | 0.14 | 0.15 | 0.11 | 0.06 |
| Net Interest Income | - | 0 | 0.43 | 4.15 | 11.23 |
| Other Non Operating Income Expenses | - | 0 | 0.14 | -0.51 | -0.12 |
| Other Income Expense | - | 0.64 | 1.40 | -4.12 | -0.12 |
| Interest Income Non Operating | - | 0.15 | 0.58 | 4.26 | 11.30 |
| Interest Expense Non Operating | - | 0.14 | 0.15 | 0.11 | 0.06 |
| Net Non Operating Interest Income Expense | - | 0 | 0.43 | 4.15 | 11.23 |
| Pretax Income | - | -32.18 | -42.82 | -57.98 | -72.92 |
| Tax Provision | - | - | - | 0 | 1.23 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -32.18 | -42.82 | -57.98 | -74.15 |
| Net Income From Continuing And Discontinued Operation | - | -32.18 | -42.82 | -57.98 | -74.15 |
| Net Income From Continuing Operation Net Minority Interest | - | -32.18 | -42.82 | -57.98 | -74.15 |
| Net Income | - | -32.18 | -42.82 | -57.98 | -74.15 |
| Net Income Common Stockholders | - | -32.18 | -42.82 | -57.98 | -74.15 |
| Net Income Including Noncontrolling Interests | - | -32.18 | -42.82 | -57.98 | -74.15 |
| Normalized Income | - | -32.82 | -44.08 | -54.37 | -74.15 |
| Diluted NI Availto Com Stockholders | - | -32.18 | -42.82 | -57.98 | -74.15 |
| Basic Average Shares | 14.73 | 14.73 | 14.73 | 8.49 | - |
| Diluted Average Shares | 14.73 | 14.73 | 14.73 | 8.49 | - |
| Reconciled Depreciation | - | 1.01 | 1.48 | 1.64 | 1.38 |
| Total Unusual Items | 7.13 | 0.64 | 1.25 | -3.61 | - |
| Total Unusual Items Excluding Goodwill | 7.13 | 0.64 | 1.25 | -3.61 | - |
| Gain On Sale Of Security | 7.13 | 0.64 | 1.25 | -3.61 | - |
| 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 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Tectonic Therapeutic, Inc.this co. | TECX | $550M | -7.41 | 2.19 | -29.5% | -4.16 |
| MiMedx Group, Inc. | MDXG | $563M | 11.59 | 2.19 | 18.9% | 5.27 |
| Rigel Pharmaceuticals, Inc. | RIGL | $560M | 1.52 | 1.43 | 93.8% | 4.35 |
| Ironwood Pharmaceuticals, Inc. | IRWD | $560M | 23.30 | -2.14 | -9.2% | 9.00 |
| Cytek Biosciences, Inc. | CTKB | $559M |
| - |
| - |
| - |
| - |
| -8.40 |
| 1.64 |
| -19.5% |
| -28.29 |
| Cerus Corporation | CERS | $559M | - | 8.70 | -24.3% | - |
| NeuroPace, Inc. | NPCE | $556M | -25.92 | 29.24 | -112.8% | -50.21 |
| Fulgent Genetics, Inc. | FLGT | $554M | -9.15 | 0.50 | -5.4% | -11.16 |
| Strata Critical Medical, Inc. | SRTA | $542M | 13.10 | 1.94 | 14.8% | -36.28 |
| Peer Median | - | 1.52 | 1.79 | -7.3% | -11.16 | |