TECX · Tectonic Therapeutic, Inc.

Tectonic Therapeutic reported a Q1 2026 net loss of $25.2 million, up from $15.9 million in Q1 2025, primarily due to increased research and development expenses of $20.9 million (versus $13.0 million prior year), driven by CRO and CDMO costs for the ongoing TX45 Phase 2 trials and higher employee-related expenses including non-cash stock-based compensation from headcount growth. General and administrative expenses rose to $6.4 million from $5.3 million, also reflecting elevated stock-based compensation. Cash and equivalents stood at $236.9 million as of March 31, 2026, down from $253.8 million at December 31, 2025, supporting operations into Q4 2028 through key TX45 Phase 2 readouts in PH-HFpEF and PH-ILD, and TX2100 advancement. CEO Alise Reicin highlighted progress in dosing TX2100 Phase 1a in HHT, ongoing TX45 APEX enrollment nearing completion, and TX45 ALPINE initiation in PH-ILD. Upcoming milestones include TX2100 Phase 1a topline by end Q3 2026 and potential Phase 2 in early 2027, alongside TX45 APEX data in late Q4 2026 or early Q1 2027. Board enhancements with François Nader as Chair and Jessica Chutter as director bolster governance amid pipeline execution.