AVROBIO(AVRO) - 2025 Q3 - Quarterly Results

Financial Performance - Tectonic reported a net loss of $19.0 million for Q3 2025, compared to a net loss of $17.7 million in Q3 2024, reflecting an increase in operational expenses[14]. - The total operating expenses for Q3 2025 were $21.9 million, compared to $19.6 million in Q3 2024[18]. - The weighted-average common shares outstanding increased to 18,712,767 in Q3 2025 from 14,729,018 in Q3 2024[18]. Research and Development - Research and development expenses increased to $16.9 million in Q3 2025 from $14.3 million in Q3 2024, primarily due to the development of TX2100 and increased employee-related costs[14]. - The ongoing TX45 APEX Phase 2 clinical trial is over 50% enrolled, with topline results expected in 2026[7]. - Tectonic plans to initiate the TX2100 Phase 1 clinical trial in healthy volunteers in Q1 2026, targeting Hereditary Hemorrhagic Telangiectasia[6]. - A Phase 2 clinical trial for TX45 in patients with Pulmonary Hypertension associated with Interstitial Lung Disease is planned for 2026, aiming to enroll up to 25 patients[7]. - The company anticipates topline results from the TX45 Phase 2 trial in PH-HFpEF and PH-ILD in 2026[14]. - Positive topline results from Part B of the TX45 Phase 1b clinical trial showed a 29.2% reduction in pulmonary capillary wedge pressure and a 17.3% improvement in cardiac output[4]. Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $268.4 million, down from $287.4 million as of June 30, 2025, providing a cash runway into Q4 2028[14]. - Cash and cash equivalents increased to $268.435 million as of September 30, 2025, up from $141.239 million on December 31, 2024, representing an increase of 90%[20]. - Working capital rose to $263.868 million, compared to $135.247 million at the end of 2024, indicating a growth of 95%[20]. - Total assets grew to $277.001 million, up from $152.905 million, reflecting an increase of 81%[20]. - Total stockholders' equity reached $267.528 million, compared to $140.776 million, marking a rise of 90%[20].