$TECX

Tectonic Therapeutic, Inc.

CIK:0001681087|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 18,048	$ 17,185	$ 38,919	$ 30,221
General and administrative	6,170	5,147	12,600	10,409
Total operating expenses	24,218	22,332	51,519	40,630
Loss from operations	(24,218)	(22,332)	(51,519)	(40,630)
Other income (expense):
Interest income	2,021	3,389	4,202	5,833
Interest expense	(6)	(17)	(14)	(37)
Other expense	(5)	(48)	(118)	(80)
Total other income, net	2,010	3,324	4,070	5,716
Loss before income tax	(22,208)	(19,008)	(47,449)	(34,914)
Income tax expense	(77)	(976)	(77)	(976)
Net loss	(22,285)	(19,984)	(47,526)	(35,890)
Other comprehensive loss:
Foreign currency translation adjustment	0	(51)	37	(58)
Comprehensive loss	$ (22,285)	$ (20,035)	$ (47,489)	$ (35,948)
Net loss per share, basic	$ (1.18)	$ (1.07)	$ (2.52)	$ (2)
Net loss per share, diluted	$ (1.18)	$ (1.07)	$ (2.52)	$ (2)
Weighted-average common shares outstanding, basic	18,964,008	18,680,042	18,867,044	17,923,056
Weighted-average common shares outstanding, diluted	18,964,008	18,680,042	18,867,044	17,923,056

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (47,526)	$ (35,890)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	589	700
Stock-based compensation expense	7,217	4,691
Loss on disposal of property and equipment	23	60
Reduction in the carrying amount of the operating right-of-use assets	925	1,035
Change in operating assets and liabilities:
Prepaid expenses and other current assets	(1,177)	2,151
Other non-current assets	14	8
Accounts payable	584	1,721
Accrued expenses and other current liabilities	(228)	(1,157)
Operating lease liabilities	(285)	(1,121)
Net cash used in operating activities	(39,864)	(27,802)
Cash flows from investing activities:
Purchase of property and equipment	(98)	(27)
Proceeds from the sale of property and equipment	20	55
Net cash (used in) provided by investing activities	(78)	28
Cash flows from financing activities:
Proceeds from the at-the-market offering, net of offering costs	13,075	0
Proceeds from the private placement, net of offering costs	0	173,098
Proceeds from exercise of stock options	144	1,166
Payments for employee taxes related to net share settlement of equity awards	(489)	(17)
Repayment of finance lease obligations	(201)	(239)
Payment of Deferred Offering Costs		(55)
Net cash provided by financing activities	12,529	173,953
Effect of exchange rate changes on cash and cash equivalents	96	(37)
Net (decrease) increase in cash and cash equivalents and restricted cash	(27,317)	146,142
Cash and cash equivalents and restricted cash as of beginning of period	254,870	141,826
Cash and cash equivalents and restricted cash as of end of period	227,553	287,968
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	227,068	287,381
Restricted cash	485	587
Total cash, cash equivalents and restricted cash	227,553	287,968
Supplemental disclosure of cash flow information:
Purchases of property and equipment included in accounts payable	0	107
Right-of-use assets obtained in exchange for new operating lease liabilities	3,730	0
Private placement costs included in accrued expenses and other current liabilities	$ 0	$ 86

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 227,068	$ 253,798
Prepaid expenses and other current assets	4,030	2,974
Restricted cash	0	587
Total current assets	231,098	257,359
Property and equipment, net	858	1,185
Finance right-of-use assets, net	288	495
Operating right-of-use assets	3,679	874
Restricted cash	485	485
Other assets	626	640
Total assets	237,034	261,038
Current liabilities:
Accounts payable	1,677	1,093
Accrued expenses and other current liabilities	7,112	7,340
Finance lease liability	186	344
Operating lease liability	1,394	889
Total current liabilities	10,369	9,666
Operating lease liability, non-current	2,819	0
Finance lease liability, non-current	0	43
Total liabilities	13,188	9,709
Commitments and contingencies (Note 10)
Stockholders' Equity (Deficit):
Common stock, $0.0001 par value; 150,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 19,235,221 and 18,738,249 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	494,107	474,160
Accumulated other comprehensive loss	0	(96)
Accumulated deficit	(270,263)	(222,737)
Total stockholders' equity	223,846	251,329
Total liabilities and stockholders' equity	$ 237,034	$ 261,038