Tectonic Therapeutic Q2 net loss $20M; cash $287.4M; TX45 PH-ILD Phase 2 planned 2026

Tectonic Therapeutic, Inc.

2025-Q2 EPS reported -$2.00

Net loss of $20.0M in Q2 2025 vs $12.7M in Q2 2024; R&D expenses rose to $17.2M from $7.1M.
Cash and cash equivalents $287.4M as of June 30, 2025; expected cash runway into Q4 2028.
TX45 Phase 1b Part A results: 19% reduction in PCWP, 18.5% improvement in cardiac output, >30% PVR reduction in CpcPH.
Part B of TX45 Phase 1b in PH-HFrEF enrollment completed; topline results expected early Q4 2025.
New PH-ILD Phase 2 trial for TX45 to start in 2026; TX2100 Phase 1 expected Q1 2026.

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