Tectonic Therapeutic, Inc. TECX
The business and the industry in which Tectonic Therapeutic, Inc. (inclusive of its consolidated subsidiaries, "Tectonic," the "Company," "we," "us," or "our") operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled "Risk Factors" and elsewhere in this Annual Report on Form 10-K. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by Tectonic.
We are a clinical-stage biotechnology company focused on the discovery and development of therapeutic proteins and antibodies that modulate the activity of G-protein coupled receptors ("GPCRs"). The discovery of biologics that can modulate GPCRs has historically been quite challenging. We have developed a proprietary technology platform called GEODe (GPCRs Engineered for Optimal Discovery) with the aim of addressing these challenges and enabling the discovery and development of GPCR-targeted biologic medicines that can modify the course of disease. We focus on areas of significant unmet medical need, often where therapeutic options are poor or nonexistent, and where new medicines have the potential to improve patients' quality of life.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D | $63.5M | $41.4M | $37.0M | $72.2M | $83.1M | $87.2M | $55.0M | $35.1M | $15.2M | — |
| SG&A | $20.5M | $16.7M | $7.7M | $33.2M | $35.7M | $33.0M | $20.8M | $11.1M | $3.2M | — |
| Total operating expenses | $84.0M | $58.0M | $44.6M | $105.4M | $118.8M | $120.2M | $75.8M | $46.2M | $18.4M | — |
| Operating income | -$84.0M | -$58.0M | -$44.6M | -$105.4M | -$118.8M | -$120.2M | -$75.8M | -$46.2M | -$18.4M | — |
| Interest expense | $63.0K | $107.0K | $152.0K | — | — | — | — | — | — | — |
| Pre-tax income | -$72.9M | -$58.0M | -$42.82B | -$105.9M | — | — | — | — | — | — |
| Income tax | $1.2M | $0 | $0 | $0 | — | — | — | — | — | — |
| Net income | -$74.15B | -$57.98B | -$42.82B | -$105.9M | -$119.1M | -$119.7M | -$73.0M | -$46.4M | -$18.6M | — |
| EPS, basic | -4.05 | -6.83 | -33.76 | -2.42 | -2.78 | — | — | — | — | — |
| EPS, diluted | -4.05 | -6.83 | -33.76 | -2.42 | -2.78 | -3.31 | -2.66 | -3.62 | -8.38 | — |
| Shares, diluted (wtd. avg.) | $18.3M | $8.5M | $1.3M | $43.7M | $42.9K | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $253.8M | $141.2M | $29.4M | $36.6M | $190.1M | $260.2M | $187.5M | $126.8M | $6.0M | $5.4M |
| Total current assets | $257.4M | $146.9M | $30.9M | $100.0M | $199.1M | $267.2M | $195.7M | $130.0M | $6.3M | — |
| Property, plant and equipment | $1.2M | $2.2M | $3.1M | $2.9M | $4.1M | $3.1M | $3.7M | $2.6M | $349.0K | — |
| Total assets | $261.0M | $152.9M | $39.4M | $103.9M | $203.8M | $271.2M | $200.5M | $133.5M | $7.0M | — |
| Accounts payable | $1.1M | $976.0K | $409.0K | $384.0K | $3.5M | $2.7M | $3.9M | $2.8M | $527.0K | — |
| Total current liabilities | $9.7M | $11.6M | $40.9M | $13.1M | $19.4M | $16.6M | $14.0M | $10.6M | $2.6M | — |
| Long-term debt | — | — | — | $15.0M | $15.0M | — | — | — | — | — |
| Total liabilities | $9.7M | $12.1M | $43.4M | $28.6M | $34.4M | $16.9M | $14.5M | $11.3M | $3.7M | — |
| Retained earnings | -$222.7M | -$148.6M | -$90.6M | -$489.4M | -$383.5M | -$264.4M | -$144.7M | -$71.7M | -$23.5M | — |
| Total equity | $251.3M | $140.8M | -$84.6M | -$45.7M | $169.5M | $254.3M | $186.0M | $122.2M | -$23.1M | -$4.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$60.1M | -$59.1M | -$40.7M | -$97.2M | -$98.0M | -$98.8M | -$67.7M | -$37.6M | -$16.4M | — |
| Depreciation and amortisation | $1.4M | $1.6M | $1.5M | $1.4M | $1.4M | $1.2M | $850.0K | $380.0K | $45.0K | — |
| Stock-based compensation | $10.5M | $3.5M | $1.1M | $11.5M | $18.6M | $15.6M | $6.8M | $2.2M | $177.0K | — |
| Capital expenditure | $208.0K | $156.0K | $279.0K | $267.0K | $2.5M | $1.2M | $1.6M | $1.8M | $383.0K | — |
| Investing cash flow | -$138.0K | -$156.0K | -$279.0K | -$267.0K | -$2.5M | -$1.2M | -$1.6M | -$1.8M | -$383.0K | — |
| Financing cash flow | $173.4M | $171.7M | $33.7M | $262.0K | $30.4M | $172.6M | $130.0M | $160.3M | $17.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177467.
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