Tectonic Q1 net loss $15.9M; cash $306M; TX45 Phase 1b shows PCWP reduction 17.9%

Tectonic Therapeutic, Inc.

2025-Q1 EPS reported -$0.93

Net loss of $15.9M for Q1 2025 vs $15.2M in Q1 2024; R&D expenses $13.0M, G&A $5.3M.
Cash and equivalents $306.2M as of Mar 31, 2025, providing runway into Q4 2028; $185M PIPE closed Feb 2025.
TX45 Phase 1b Part A: 17.9% reduction in PCWP in PH-HFpEF; >30% PVR reduction in CpcPH subgroup.
Full Phase 1b Part A data to be presented May 17, 2025 at ESC Heart Failure Congress.
Part B of TX45 Phase 1b (PH-HFrEF) enrolling; topline expected 2H 2025; APEX Phase 2 data expected 2026.

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