Tectonic Q3 net loss $19M; positive TX45 Phase 1b data in PH-HFrEF

Tectonic Therapeutic, Inc.

2025-Q3 EPS reported -$3.02

Net loss of $19.0M in Q3 2025 vs $17.7M in Q3 2024; R&D expenses $16.9M.
Cash and equivalents $268.4M as of Sept 30, 2025; runway into Q4 2028.
TX45 Part B: 29.2% reduction in PCWP, 17.3% improvement in cardiac output in PH-HFrEF.
TX45 APEX Phase 2 in PH-HFpEF over 50% enrolled; topline results expected in 2026.
TX2100 Phase 1 for HHT to start Q1 2026; TX45 PH-ILD Phase 2 planned in 2026.

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