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Tectonic Therapeutic, Inc.(TECX) - 2025 Q1 - Quarterly Results

Tectonic Therapeutic First Quarter 2025 Financial Results and Business Highlights Business Highlights and Upcoming Milestones The company reported positive TX45 trial data, initiated further studies, and secured financing to extend its cash runway - Interim analysis from the TX45 Phase 1b Part A trial demonstrated meaningful improvements in patients with Group 2 Pulmonary Hypertension in Heart Failure with Preserved Ejection Fraction (PH-HFpEF)6 - Positive interim results from Part A (n=16) showed a 17.9% reduction in Pulmonary Capillary Wedge Pressure (PCWP) and over 30% reduction in Pulmonary Vascular Resistance (PVR) in the more severe CpcPH subpopulation7 - Completed a private investment in public equity (PIPE) financing in February 2025, resulting in gross proceeds of approximately $185.0 million7 - Full results from the Phase 1b Part A trial (19 patients) will be presented on May 17, 2025, at the ESC Heart Failure Congress67 - Part B of the TX45 Phase 1b trial was initiated in March 2025, with topline results expected in the second half of 202567 - The ongoing APEX Phase 2 trial continues to enroll, with topline results expected in 202667 Overview of Financial and Operating Results A significant private placement boosted the cash position to $306.2 million, while rising R&D and G&A expenses led to a net loss of $15.9 million Q1 2025 Financial Highlights (in millions) | Financial Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Cash & Cash Equivalents | $306.2 | N/A | Increased from $141.2 at YE 2024 | | Research & Development Expenses | $13.0 | $10.8 | +$2.2M | | General & Administrative Expenses | $5.3 | $2.2 | +$3.1M | | Net Loss | $15.9 | $15.2 | +$0.7M | - Cash and cash equivalents were $306.2 million as of March 31, 2025, providing an anticipated cash runway into Q4 2028613 - The increase in R&D expenses was primarily due to increased CRO and CDMO costs related to the development of product candidate TX2100 for HHT13 - The increase in G&A expenses was mainly due to higher audit, legal, professional services, and non-cash stock-based compensation to support operations as a public company13 Pipeline and Corporate Information The company is a clinical-stage biotech developing GPCR-targeted therapies, with lead candidate TX45 targeting PH-HFpEF - Tectonic is a clinical-stage biotechnology company focused on developing therapeutic proteins and antibodies for G-protein coupled receptors (GPCRs) using its proprietary GEODe™ platform211 - The lead candidate, TX45, is a long-acting Fc-relaxin fusion protein that activates the RXFP1 receptor, mimicking the hormone relaxin's vasodilative, anti-fibrotic, and anti-inflammatory effects10 - The company is targeting Group 2 PH-HFpEF, a condition caused by left-sided heart disease for which there are no approved medications, with a focus on the more severe CpcPH subtype which affects about one-third to one-half of the 1.4 million U.S. patients9 Consolidated Financial Statements Condensed Consolidated Statements of Operations and Comprehensive Loss The company reported a Q1 net loss of $15.9 million, or ($0.93) per share, on total operating expenses of $18.3 million Condensed Consolidated Statements of Operations (in thousands, except per share data) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | | 2025 | 2024 | | Operating expenses: | | | | Research and development | $13,036 | $10,818 | | General and administrative | $5,262 | $2,150 | | Total operating expenses | $18,298 | $12,968 | | Loss from operations | ($18,298) | ($12,968) | | Total other income (expense), net | $2,392 | ($2,253) | | Net loss | ($15,906) | ($15,221) | | Net loss per share, basic and diluted | ($0.93) | ($10.97) | | Weighted-average common shares outstanding | 17,157,661 | 1,387,303 | Select Condensed Consolidated Balance Sheet Data The balance sheet reflects significantly increased liquidity, with cash growing to $306.2 million and total assets doubling to $314.8 million Select Condensed Consolidated Balance Sheet Data (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $306,246 | $141,239 | | Working capital | $296,133 | $135,247 | | Total assets | $314,829 | $152,905 | | Total stockholders' equity | $301,036 | $140,776 |