AVROBIO(AVRO) - 2024 Q4 - Annual Results

Financial Performance - The net loss for Q4 2024 was $12.4 million, compared to a net loss of$7.9 million for Q4 2023[11]. - Net loss for Q4 2024 was $12,373,000, compared to a net loss of$7,869,000 in Q4 2023, representing a 57.5% increase in losses[18]. - Net loss per share for Q4 2024 was $0.84, compared to$5.01 in Q4 2023[18]. - Comprehensive loss for the year ended December 31, 2024 was $57,973,000, compared to$42,834,000 in 2023[18]. Cash and Assets - Tectonic reported cash and cash equivalents of $141.2 million as of December 31, 2024, with a private placement in February 2025 generating approximately$185.0 million, providing a cash runway into Q4'28[6]. - Cash and cash equivalents increased significantly to $141,239,000 in 2024 from$28,769,000 in 2023[20]. - Total assets grew to $152,905,000 in 2024, up from$39,399,000 in 2023[20]. - Working capital improved to $135,247,000 in 2024 from a deficit of$10,004,000 in 2023[20]. - Total stockholders' equity improved to $140,776,000 in 2024, compared to a deficit of$84,636,000 in 2023[20]. Expenses - Research and development expenses increased to $9.2 million for Q4 2024, up from$7.1 million in Q4 2023, primarily due to higher costs related to clinical trials[11]. - General and administrative expenses rose to $4.8 million for Q4 2024, compared to$2.3 million in Q4 2023, driven by increased audit, legal, and professional service costs[11]. - Total operating expenses for Q4 2024 were $13,989,000, an increase of 49.5$9,372,000 in Q4 2023[18]. - Research and development expenses rose to $9,155,000 in Q4 2024, up 29.3$7,081,000 in Q4 2023[18]. Clinical Trials and Research - The TX45 Phase 1b trial interim analysis showed a 17.9% reduction in Pulmonary Capillary Wedge Pressure (PCWP) and over 30% reduction in Pulmonary Vascular Resistance (PVR) in patients with Group 2 Pulmonary Hypertension in Heart Failure with Preserved Ejection Fraction (PH-HFpEF)[7]. - The APEX Phase 2 trial topline results for TX45 are expected in 2026, following positive interim results from the ongoing Phase 1b trial[6]. - The TX2100 GPCR antagonist for Hereditary Hemorrhagic Telangiectasia (HHT) is expected to initiate Phase 1 trials in Q4 2025 or Q1 2026[11]. - Tectonic's ongoing clinical trials aim to address significant unmet medical needs in pulmonary hypertension and hereditary bleeding disorders[13]. - Tectonic hosted a Key Opinion Leader webinar in December 2024 discussing the treatment landscape for patients with Group 2 PH-HFpEF[7]. - The company plans to present full results from the Phase 1b Part A trial of TX45 at a future medical meeting in 2025[7]. Interest Income - Interest income for Q4 2024 was $1,735,000, a significant increase from$132,000 in Q4 2023[18].