Tectonic Therapeutic TECX
Tectonic Therapeutic reported a $21.35 million net loss
Quarterly report for the period ended Sep 30, 2026, 5 new risk factors
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0001193125-26-450019
- Net loss of $21.35 million for the three months ended Sep 30, 2026
- Diluted EPS of -$1.08 for the three months ended Sep 30, 2026
- Cash and equivalents of $234.67 million as of Sep 30, 2026
Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.
What changed since last quarter
5 new risk factors · 7 removed
Compared with the 10-Q for the period ended Jun 30, 2026.
| This filing | Previous | Change QoQ | |
|---|---|---|---|
| Operating income and margin | −$23.46M | −$24.22M | +3.1% |
| Net income | −$21.35M | −$22.29M | +4.2% |
| Operating cash flow | −$14.91M | −$21.45M | +31% |
| Cash | $234.67M | $227.07M | +3.3% |
New risk factors (5)
- We currently have an effective shelf registration statement on Form S-3 filed with the SEC, which we may use to offer from time to time any combination of debt securities, common stock, preferred stock and warrants up to an aggregate amount of $400 million. This includes up to $100 million of our common stock that…
- • impact of the Russia-Ukraine conflict on our clinical trial sites in Eastern Europe, including Ukraine;
- Although we have received Fast Track designation for TX2100 for the treatment of HHT, we may be unable to obtain or maintain the benefits associated with such designation. +1 more paragraph
- Business disruptions, including earthquakes, fires or other natural disasters affecting us or the third parties upon whom we depend, could seriously harm our future revenue and financial condition and increase our costs and expenses, and the absence or limited nature of our business continuity and disaster recovery…
- In February 2025, we completed a private placement of our common stock and subsequently filed a registration statement registering the shares issued in the private placement for resale. Although a portion of these shares has been sold, the remaining shares may be resold at any time. Sales of these remaining shares…
Removed risk factors (7)
- We currently have an effective shelf registration statement on Form S-3 filed with the SEC, which we may use to offer from time to time any combination of debt securities, common stock, preferred stock and warrants up to an aggregate amount of $400 million. Of this amount, we have the ability to sell up to $100…
- • location of trial sites in Eastern Europe for the Phase 2 TX45 trials, including active sites in the Ukraine, with their proximity to the conflict between Russia and the Ukraine;
- We are exposed to potential product liability and professional indemnity risks that are inherent in the research, development, manufacturing, marketing, and use of pharmaceutical products. While we currently have no products that have been approved for commercial sale, the current and future use of a product… +1 more paragraph
- Our employees, principal investigators, consultants, and commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
- We or the third parties upon whom we depend may be adversely affected by earthquakes, fires or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
- and 2 more in the filing
The reading, claim by claim
- These statements are often identified by the use of words such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "if," "intend," "may," "objective," "plan," "predict," "potential," "positioned," "seek," "should," "target," "until," "will," "would," and similar expressions or variations.
- The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
- For the quarter ended September 30, 2026, Tectonic Therapeutic, Inc. reported: Net income -$21.3 million.
3 of 4 claims matched the filing text.
Not found in the filing text
- The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
From the filing
Item 6.
Item 6.
Exhibits
74
Signatures
75
2
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q ("Quarterly Report") contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report are statements that could be deemed forward-looking statements reflecting the current beliefs and expectations of management with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These statements are often identified by the use of words such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "if," "intend," "may," "objective," "plan," "predict," "potential," "positioned," "seek," "should," "target," "until," "will," "would," and similar expressions or variations.1 Forward-looking statements in this Quarterly Report may include, for example, statements about:
• our strategies, prospects, plans, expectations or objectives of management for our future operations;
• our progress, scope or timing of the development of our product candidates;
• our expectations surrounding the potential safety, efficacy, and regulatory and clinical progress of TX45, TX2100 and any other product candidates, and our anticipated milestones and timing therefor;
• the benefits that may be derived from any of our future products, if approved, or the commercial or market opportunity with respect to any of our future products, if approved;
• our ability to protect our intellectual property rights;
• our anticipated operations, financial position, ability to raise capital to fund our operations, revenues, costs or expenses; and
• the statements regarding our future economic conditions or performance, statements of belief and any statement of assumptions underlying any of the foregoing.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report. These forward-looking statements are based on our management's current expectations, estimates, forecasts and projections about our business and the industry in which we operate, and management's beliefs and assumptions and are not guarantees of future performance or development. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the section titled "Risk Factors" under Part II, Item 1A below, and under similar captions in our periodic reports filed with the Securities and Exchange Commission ("SEC") from time to time. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date of this Quarterly Report.
In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information.
Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
3
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
Item 1. Financial Statements.
Tectonic Therapeutic, Inc.
Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data)
September 30,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
234,666
$
253,798
Prepaid expenses and other current assets
3,885
2,974
Restricted cash
—
587
Total current assets
238,551
257,359
Property and equipment, net
793
1,185
Finance right-of-use assets, net
220
495
Operating right-of-use assets
3,234
874
Restricted cash, non-current
485
485
Other assets
577
640
Total assets
$
243,860
$
261,038
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
1,624
$
1,093
Accrued expenses and other current liabilities
8,993
7,340
Finance lease liability
100
344
Operating lease liability
1,387
889
Total current liabilities
12,104
9,666
Finance lease liability, non-current
—
43
Operating lease liability, non-current
2,431
—
Total liabilities
14,535
9,709
Commitments and contingencies (Note 10)
Stockholders' Equity:
Common stock, $ 0.0001 par value; 150,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 19,935,375 and 18,738,249 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively
2
2
Additional paid-in capital
520,933
474,160
Accumulated other comprehensive loss
—
( 96
)
Accumulated deficit
( 291,610
)
( 222,737
)
Total stockholders' equity
229,325
251,329
Total liabilities and stockholders' equity
$
243,860
$
261,038
4
Tectonic Therapeutic, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (in thousands, except share and per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Operating expenses:
Research and development
$
17,443
$
16,927
$
56,362
$
47,148
General and administrative
6,015
4,963
18,615
15,372
Total operating expenses
23,458
21,890
74,977
62,520
Loss from operations
( 23,458
)
( 21,890
)
( 74,977
)
( 62,520
)
Other income (expense):
Interest income
2,116
2,900
6,318
8,733
Interest expense
( 4
)
( 14
)
( 18
)
( 51
)
Other expense
( 1
)
( 31
)
( 119
)
( 111
)
Total other income, net
2,111
2,855
6,181
8,571
Loss before income tax
( 21,347
)
( 19,035
)
( 68,796
)
( 53,949
)
Income tax expense
—
—
( 77
)
( 976
)
)
( 19,035
)
( 68,873
)
( 54,925
)
Other comprehensive (loss) income:
Foreign currency translation adjustment
—
( 26
)
37
( 84
)
Comprehensive loss
$
( 21,347
)
$
( 19,061
)
$
( 68,836
)
$
( 55,009
)
Net loss per share, basic and diluted
$
( 1.08
)
$
( 1.02
)
$
( 3.60
)
$
( 3.02
)
Weighted-average common shares outstanding, basic and diluted
19,704,164
18,712,767
19,146,768
18,189,185
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5
Tectonic Therapeutic, Inc.
Condensed Consolidated Statements of Stockholders' Equity ( unaudited ) (in thousands, except share amounts)
Common Stock
Shares
Amount
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders'
Equity
Balance as of January 1, 2026
18,738,249
$
2
$
474,160
$
( 96
)
$
( 222,737
)
$
251,329
Issuance of common stock upon exercise of stock options
16,078
—
100
—
—
100
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes
33,609
—
( 412
)
—
—
( 412
)
Issuance of common stock under at-the-market offering, net of offering costs
42,500
—
1,340
—
—
1,340
Stock-based compensation expense
—
—
3,205
—
—
3,205
Foreign currency translation adjustment
—
—
—
37
—
37
Reclassification of foreign currency translation loss to earnings
—
—
—
59
—
59
Net loss
—
—
—
—
( 25,241
)
( 25,241
)
Balance as of March 31, 2026
18,830,436
$
2
$
478,393
$
—
$
( 247,978
)
$
230,417
Issuance of common stock upon exercise of stock options
9,161
—
44
—
—
44
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes
5,818
—
( 77
)
—
—
( 77
)
Issuance of common stock under at-the-market offering, net of offering costs
389,806
—
11,735
—
—
11,735
Stock-based compensation expense
—
—
4,012
—
—
4,012
Net loss
—
—
—
—
( 22,285
)
( 22,285
)
Balance as of June 30, 2026
19,235,221
$
2
$
494,107
$
—
$
( 270,263
)
$
223,846
Issuance of common stock upon exercise of stock options
25,132
—
471
—
—
471
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes
14,530
—
( 156
)
—
—
( 156
)
Issuance of common stock under at-the-market offering, net of offering costs
660,492
—
22,276
—
—
22,276
Stock-based compensation expense
—
—
4,235
—
—
4,235
Net loss
—
—
—
—
( 21,347
)
( 21,347
)
Balance as of September 30, 2026
19,935,375
$
2
$
520,933
$
—
$
( 291,610
)
$
229,325
6
Tectonic Therapeutic, Inc.
Condensed Consolidated Statements of Stockholders' Equity ( unaudited ) (in thousands, except share amounts)
Common Stock
Shares
Amount
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders'
Equity
Balance as of January 1, 2025
14,856,309
$
2
$
289,351
$
9
$
( 148,586
)
$
140,776
Issuance of common stock upon exercise of stock options
125,455
—
972
—
—
972
Issuance of common stock in connection with the private placement, net of offering costs
3,689,465
—
173,098
—
—
173,098
Stock-based compensation expense
—
—
2,103
—
—
2,103
Foreign currency translation adjustment
—
—
—
( 7
)
—
( 7
)
Net loss
—
—
—
—
( 15,906
)
( 15,906
)
Balance as of March 31, 2025
18,671,229
$
2
$
465,524
$
2
$
( 164,492
)
$
301,036
Issuance of common stock upon exercise of stock options
38,838
—
194
—
—
194
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes
2,071
—
( 17
)
—
—
( 17
)
Stock-based compensation expense
—
—
2,588
—
—
2,588
Foreign currency translation adjustment
—
—
—
( 51
)
—
( 51
)
Net loss
—
—
—
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