Financial Performance - Net loss for Q1 2025 was $15,906 thousand, a 5% increase from the net loss of $15,221 thousand in Q1 2024[108] - Cash used in operating activities was $13.1 million for the three months ended March 31, 2025, compared to $9.3 million in the same period of 2024[115] - As of March 31, 2025, the company had $306.2 million in cash and cash equivalents and an accumulated deficit of $164.5 million[114] Expenses - Research and development expenses increased by 21% from $10,818 thousand in Q1 2024 to $13,036 thousand in Q1 2025[108] - General and administrative expenses surged by 145% from $2,150 thousand in Q1 2024 to $5,262 thousand in Q1 2025[108] - Total operating expenses rose by 41% from $12,968 thousand in Q1 2024 to $18,298 thousand in Q1 2025[108] - Total research and development expenses increased by $2.2 million (21%) to $13.0 million for the three months ended March 31, 2025, compared to $10.8 million in the same period of 2024[110] - General and administrative expenses rose by $3.1 million (145%) to $5.3 million for the three months ended March 31, 2025, compared to $2.2 million in the same period of 2024[111] - The company expects to incur significant expenses and operating losses as it advances preclinical and clinical development, necessitating additional capital[113] - The company anticipates additional costs associated with operating as a public company and ongoing research and development activities[123] Revenue Generation - The company has not generated any revenue since inception and does not expect to do so in the foreseeable future[97] - The company has no approved products and has never generated revenue from product sales, relying on funding from various sources[114] Financing Activities - A private placement in February 2025 raised approximately $185.0 million by issuing 3,689,465 shares of common stock[94][95] - Net cash provided by financing activities was $178.1 million for the three months ended March 31, 2025, primarily from the sale of shares in a Private Placement[119] - Interest income increased significantly by 855%, from $256 thousand in Q1 2024 to $2,444 thousand in Q1 2025[108] - Interest income increased by $2.2 million for the three months ended March 31, 2025, primarily due to an increase in cash and cash equivalents following the Merger and Private Placement[112] Clinical Trials and Development - TX45 is currently in a Phase 1b hemodynamic clinical trial, with 19 patients dosed and preliminary data showing improvements in hemodynamics[92] - TX2100 is expected to enter a Phase 1 clinical trial in Q4 2025 or Q1 2026, pending results from IND enabling studies[93] Mergers and Acquisitions - A merger with AVROBIO was completed on June 20, 2024, enhancing the company's operational capabilities[96] Lease Obligations - Minimum lease payments due as of March 31, 2025, are $2.2 million in 2025, $0.5 million in 2026, and $0.1 million in 2027[127]
Tectonic Therapeutic, Inc.(TECX) - 2025 Q1 - Quarterly Report