Last updated
Revenue
R&D Expenses
Operating CF
Total Assets
Total Liabilities
Equity
Shares Out.
D/E Ratio
Dilution Watch
Financials
52W LOW $15.5252W HIGH $39.53
Volume
146.26 K
Value Traded
4.44 M
Short % Float
21.87%
Days to Cover
10.6
-0.85%Week
-12.24%1 Month
-29.15%3 Month
-33.29%6 Month
Cash Data
- Monthly Burn
- Burn Trend
- Dilution Risk
- SEC Filing
Key Stats
Market Cap
386.69 M
EPS (TTM)
-4.39
P/E Ratio
-
Ent. Value
159.62 M
Total Shares
19.55 M
Float Shares
10.17 M
Insiders
48.00%
Institutions
61.47%
Upcoming Catalysts
FDA decisions, readouts and PDUFA dates · scored by probability of approval
PoA blends historical approval base rates, trial design score and FDA review track record.
TECX Catalyst Timeline
Dated clinical, regulatory and corporate events for Tectonic Therapeutic, Inc.
Catalyst Timeline
Dated clinical, regulatory & corporate events for Tectonic Therapeutic, Inc.
326Total events
11Upcoming
68Tier-1 (high impact)
2018 to 2029Coverage
Upcoming catalysts 2
Event history 50
◆Oral PresentationTX2100Presentation
Detailed TX2100 Phase 1a results to be presented at CureHHT 16th HHT International Scientific Conference
Hereditary Hemorrhagic Telangiectasia (HHT)source ↗
▲Topline ReadoutTX2100Clinical Data
Favorable topline results from Phase 1a trial of TX2100 in healthy volunteers
Healthy adult volunteerssource ↗
▲Primary Endpoint MetTX2100Clinical Data
TX2100 Phase 1a trial met its primary objectives
Healthy adult volunteerssource ↗
▲Fast Track DesignationTX2100Designation
FDA granted Fast Track designation for TX2100 in HHT
Hereditary Hemorrhagic Telangiectasia (HHT)source ↗
▲IND ClearanceTX2100IND
FDA cleared IND application for TX2100 Phase 1b clinical trial in HHT
Hereditary Hemorrhagic Telangiectasia (HHT)source ↗
◆Topline ReadoutTX2100Clinical Data
Topline results expected for TX2100 Phase 1a trial
Hereditary Hemorrhagic Telangiectasia (HHT)source ↗
▲DSMB ReviewTX45Trial
IDMC recommended continuation of TX45 APEX trial without modification
pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▲Trial CompletionTX2100Trial
Completed dosing of six single dose cohorts in TX2100 Phase 1a trial
Hereditary Hemorrhagic Telangiectasia (HHT)source ↗
▲Enrollment CompleteTX45Trial
Completed enrollment in APEX Phase 2 trial with 191 patients
pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF)source ↗
◆Management ChangeCorporate
Terry McGuire to resign as Chair and remain on Board until 2026 Annual Meeting in June 2026
▲Enrollment CompleteTX45Trial
Enrollment completed in TX45 APEX Phase 2 trial
pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF)source ↗
▲Enrollment CompleteTX45Trial
APEX Phase 2 trial enrollment nearing completion
Pulmonary Hypertension in Heart Failure with Preserved Ejection Fraction (PH-HFpEF)source ↗
◆Management ChangeCorporate
François Nader appointed as independent director and Chair of the Board, effective April 1, 2026
●Enrollment UpdateTX2100Trial
Four cohorts dosed in Phase 1a trial of TX2100 as of April 2026
Hereditary Hemorrhagic Telangiectasiasource ↗
◆Oral PresentationTX2100Presentation
Virtual KOL event and TX2100 discussion
Hereditary Hemorrhagic Telangiectasiasource ↗
▲First Patient DosedTX2100Trial
First patient dosed in Phase 1a trial of TX2100 in HHT
Hereditary Hemorrhagic Telangiectasiasource ↗
▲Trial InitiationTX45Trial
ALPINE Phase 2 trial initiated in PH-ILD
Pulmonary Hypertension in Heart Failure associated with Interstitial Lung Disease (PH-ILD)source ↗
▲Enrollment UpdateTX45Trial
APEX trial over 50% enrolled
Group 2 Pulmonary Hypertension in Heart Failure with preserved Ejection Fraction (PH-HFpEF)source ↗
▲Topline ReadoutTX45Clinical Data
Positive topline results from Phase 1b Part B single dose study in PH-HFrEF
PH-HFrEFsource ↗
▲Topline ReadoutTX45Clinical Data
Positive topline results from Part B of TX45 Phase 1b trial in PH-HFrEF
Group 2 Pulmonary Hypertension in Heart Failure with reduced Ejection Fraction (PH-HFrEF)source ↗
◆Trial InitiationTX2100Trial
Phase 1 clinical trial initiation for TX2100 expected in Q4 2025 / Q1 2026
Hereditary Hemorrhagic Telangiectasia (HHT)source ↗
●Development Candidate NominationPreclinical
Candidate selection for HHT program expected Q4 2025/Q1 2026
Hereditary Hemorrhagic Telangiectasia (HHT)source ↗
◆Trial InitiationTrial
Start clinical studies for HHT program
Hereditary Hemorrhagic Telangiectasia (HHT)source ↗
▲Enrollment CompleteTX45Trial
Completed enrollment in Part B of TX45 Phase 1b trial in PH-HFrEF
PH-HFrEFsource ↗
◆Topline ReadoutTX45Clinical Data
Topline hemodynamic results for TX45 in PH-HFrEF expected in 2H 2025
PH-HFrEFsource ↗
◆Topline ReadoutTX45Clinical Data
Topline results from Phase 1b single dose patient trial
Group 2 PH-HFpEFsource ↗
◆Oral PresentationTX45Presentation
Full results from Phase 1b Part A presented as oral late-breaking presentation at ESC Heart Failure 2025 Congress
Group 2 Pulmonary Hypertension in Heart Failure with Preserved Ejection Fraction (PH-HFpEF)source ↗
▲Full ResultsTX45Clinical Data
Complete results from Part A of Phase 1b trial of TX45 in PH-HFpEF
Group 2 Pulmonary Hypertension in HFpEFsource ↗
▲Oral PresentationTX45Presentation
Echocardiographic data from Phase 1b Part A presented
PH-HFpEFsource ↗
◆Topline ReadoutTX45Clinical Data
Topline results from Part B of Phase 1b hemodynamic trial evaluating PH-HFrEF subjects expected in 2H'25
Group 2 Pulmonary Hypertension associated with Heart Failure with Preserved Ejection Fraction (PH-HFrEF)source ↗
●IND Enabling CompleteTX2100Preclinical
IND-enabling NHP GLP toxicology studies and GMP activities for TX2100 expected to start Q2'2025
Hereditary Hemorrhagic Telangiectasia (HHT)source ↗
▲First Patient DosedTX45Trial
TX45 Phase 1b Part B enrolled first subject in March 2025
Pulmonary Hypertension in Heart Failure with reduced Ejection Fraction (PH-HFrEF)source ↗
▼Equity OfferingCorporate
Completed approximately $185.0 million private placement in February 2025
▲Interim AnalysisTX45Trial
Positive TX45 Phase 1b Part A interim results announced
Group 2 Pulmonary Hypertension in Heart Failure with Preserved Ejection Fraction (PH-HFpEF)source ↗
▲Topline ReadoutTX45Clinical Data
Interim Phase 1b hemodynamic data for TX45 in PH-HFpEF
PH-HFpEFsource ↗
▲Enrollment CompleteTX45Trial
Enrollment completed for Phase 1b Part B in PH-HFrEF (n=14)
PH-HFrEFsource ↗
Past FDA Catalysts and PDUFA Decisions
How TECX actually traded into and out of each decision
| Date | Drug | Catalyst | Stage | Reaction | Event Move % | Best Trade % |
|---|---|---|---|---|---|---|
| 2026-10-12 | TX2100 | Phase 1a data presentation | Phase 1a |
Reaction: 30 trading days around the event · Event Move: close to close on decision day · Best Trade: peak run-up from entry 10 days before the decision
Drug Pipeline Intelligence
Pipeline Score
Pipeline Value
Valuation Signal
2
Drugs Scored
rNPV / MCap
Top Drug
Top 46%
Micro Cap(rank 310 of 673)
Percentile Rank
| Drug | Indication | Phase | PTRS | rNPV | Status | Enroll | Velocity | Design | Est. Completion | ML Signal | Last Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TX45 Small moleculeNCT06616974 | Pulmonary Hypertension | Phase 2 | ACTIVE NOT_RECRUITING | 216 | Jan 5, 2027 | ||||||
| TX002100 Monoclonal antibodyNCT07863609 | Hereditary Hemorrhagic Telangiectasia (HHT) | Phase 1 | NOT YET_RECRUITING | 20 | Jul 30, 2028 |
Clinical Trial Results
Readouts, endpoints and source filings for every TECX program
| Drug Name | Indication | Phase | Date | Trial Results Summary | Title | Source |
|---|---|---|---|---|---|---|
| TX2100 Fast Track | Hereditary Hemorrhagic Telangiectasia (HHT) | Phase 1a | 2026-09-29 | Single ascending doses of TX2100 were generally safe and well-tolerated across all six planned dose cohorts.; Treatment-emergent adverse events (TEAEs) were mild or moderate and transient.; There were no deaths, serious adverse events (SAEs) or severe TEAEs at any dose.; No clinically significant changes were observed in vital signs, laboratory assessments or electrocardiograms.; Pharmacokinetic (PK) results reflected target-mediated drug disposition (TMDD) at low concentrations, confirming TX2100’s high affinity binding to the APJ receptor.Read More | Tectonic Therapeutic Announces Favorable Phase 1 Safety, Tolerability and PK Results for TX2100, a Novel Approach for the Treatment of Hereditary Hemorrhagic Telangiectasia (HHT)Read More |
Inside Trades
| Insider | Side | Shares | Price | Value | Date |
|---|---|---|---|---|---|
| REICIN ALISEDirector, Officer (Chief Executive Officer) | Option | 10,000 319,078 held | $2.38 | 10/26/2026 |
Hedge Fund 13F Activity
Hedge Funds invested in TECX
| Fund | % of Portfolio | Current MV | Shares Owned | Activity |
|---|---|---|---|---|
| TCG Crossover Management, LLC | 1 % (-9.1 %) | 41.42 M | 1.20 M |
TECX Institutional Ownership Trends
TECX Short Interest
Shares sold short, counted twice a month.
21.87%
Short % of Float
of tradable shares sold short
2.2M
Shares Sold Short
+0.1% vs prior count
10.6 Very high
Days to Cover
trading days of normal volume to buy every short share back
210.3K
Avg Daily Volume
the average used for days to cover
Options Data
Option Volume
Open Interest
Call OI
Put OI
Put-Call Ratio
OI 30-day avg
Today vs avg
Option Volume
Call Vol
Put Vol
Put-Call Ratio
Vol 30-day avg
Today vs avg
Option Chain Statistics
| Expiry | Call Vol | Put Vol | Vol P/C | Call OI | Put OI | OI P/C | IV Call | IV Call OI-Wtd | IV Call Vol-Wtd | IV Put | IV Put OI-Wtd | IV Put Vol-Wtd |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-11-20 | ||||||||||||
Real-Time Option Chain
| Calls | Strike | Puts | ||||
|---|---|---|---|---|---|---|
| Last | Vol | OI | Last | Vol | OI | |
| No data available | ||||||
Calls vs Puts by Expiry
CallsPutsLog scale
Competitive positioning
How TECX ranks across every disease it competes in
Competitive Position is a premium feature
See how TECX ranks against every competitor across each disease it develops in: phase, best drug, trials and likelihood of approval.
Start free trialTECX News
-TECX
Sep 29, 2026Tectonic Therapeutic Announces Favorable Phase 1 Safety, Tolerability and PK Results for TX2100, a Novel Approach for the Treatment of Hereditary Hemorrhagic Telangiectasia (HHT)
Tectonic Therapeutic announced positive results from its Phase 1a trial of TX2100, a treatment for Hereditary Hemorrhagic Telangiectasia (HHT). The trial demonstrated that TX2100 was generally safe and well-tolerated in healthy volunteers. The FDA has granted Fast Track designation for TX2100, and the company plans to initiate Phase 1b and Phase 2 trials in HHT patients by the end of 2026 and early 2027, respectively.
Read more →-TECX
Sep 3, 2026Tectonic Therapeutic to Participate in the Morgan Stanley Global Healthcare Conference
Tectonic Therapeutic, a clinical-stage biotechnology company, announced its participation in the Morgan Stanley 24th Annual Global Healthcare Conference. CEO Alise Reicin will engage in a fireside chat, which will be available live and for replay on the company's website. The management team will also hold one-on-one meetings with investors during the event.
Read more →-TECX
Aug 6, 2026Tectonic Therapeutic Announces Second Quarter 2026 Financial Results and Recent Business Highlights
Tectonic Therapeutic reported strong progress in its clinical trials during Q2 2026. The company completed enrollment in the TX45 APEX Phase 2 trial for pulmonary hypertension and received a positive recommendation from the IDMC. Additionally, TX2100's Phase 1a trial in healthy volunteers has concluded dosing, with results expected soon. However, the company also reported an increase in net losses and R&D expenses.
Read more →-TECX
Jun 10, 2026Tectonic Therapeutic Completes Enrollment in TX45 APEX Phase 2 Clinical Trial in PH-HFpEF Patients
Tectonic Therapeutic has completed enrollment for its APEX Phase 2 clinical trial, which evaluates the safety and efficacy of TX45 in patients with pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF). The trial enrolled 191 patients across 14 countries, focusing on a severe subtype of the disease. Topline results are anticipated in early Q1 2027.
Read more →-TECX
May 7, 2026▼ -7.4%on this news
Tectonic Therapeutic Announces First Quarter 2026 Financial Results and Recent Business Highlights
Tectonic Therapeutic reported its Q1 2026 financial results, highlighting significant progress in its clinical trials, including the nearing completion of patient enrollment for the TX45 APEX Phase 2 trial and the initiation of the TX2100 Phase 1a trial. The company appointed new board members to strengthen governance and reported a cash position of $236.9 million, expected to sustain operations through Q4 2028. However, the company also noted an increase in net loss and R&D expenses compared to the previous year.
Read more →-TECX
Apr 23, 2026Tectonic Therapeutic Appoints Jessica Chutter to Board of Directors
Tectonic Therapeutic has appointed Jessica Chutter to its Board of Directors, effective June 8, 2026. Chutter, a veteran in healthcare investment banking, is expected to leverage her extensive experience to support Tectonic's strategic initiatives and growth. The company is progressing towards becoming a multi-product clinical entity with a promising pipeline.
Read more →-TECX
Mar 2, 2026Tectonic Therapeutic to Participate in March Investor Conferences
Tectonic Therapeutic, a clinical-stage biotech firm, will participate in two investor conferences in March 2026. The company's management will host one-on-one meetings and fireside chats, which will be accessible on their website. Tectonic is focused on developing therapeutic proteins and antibodies targeting GPCRs to address unmet medical needs.
Read more →-TECX
Feb 26, 2026Tectonic Therapeutic Announces Fourth Quarter and Full Year 2025 Financial Results and Recent Business Highlights
Tectonic Therapeutic announced positive topline results for its TX45 Phase 1b trial in patients with Group 2 Pulmonary Hypertension, showing improvements in heart function and pulmonary hemodynamics. The company also advanced TX2100 into Phase 1a clinical trials and began a Phase 2 trial for TX45 targeting other forms of pulmonary hypertension. With $253.8 million in cash, Tectonic expects a substantial cash runway into late 2028 to support ongoing and future trials. However, the company reported an increased net loss and rising development expenses.
Read more →-TECX
Feb 24, 2026Tectonic Therapeutic Appoints François Nader, M.D., as Chair and Independent Director of the Board
Tectonic Therapeutic has appointed Dr. François Nader as Chair and Independent Director of its Board, effective April 1, 2026. Dr. Nader, who has over 30 years of experience in biotechnology, will succeed Terry McGuire, who will remain on the board until the 2026 Annual Meeting. This leadership change is expected to enhance Tectonic's strategic direction and growth in GPCR-targeted therapies.
Read more →-TECX
Feb 12, 2026Tectonic Therapeutic to Host Virtual KOL Event and Discussion of TX2100, a Novel Approach for the Treatment of Hereditary Hemorrhagic Telangiectasia, on February 24, 2026
Tectonic Therapeutic is set to host a virtual KOL event on February 24, 2026, to discuss TX2100, a novel GPCR antagonist for treating Hereditary Hemorrhagic Telangiectasia (HHT). The event will feature Dr. Hanny Al-Samkari, who will provide insights into HHT's clinical context and the preclinical evidence supporting TX2100. Tectonic plans to initiate a Phase 1a trial of TX2100 in early 2026.
Read more →-TECX
Dec 1, 2025Tectonic Therapeutic to Participate in December Investor Conferences
Tectonic Therapeutic, a clinical-stage biotechnology company, will participate in two investor conferences in December 2025. The conferences include the Piper Sandler 37th Annual Healthcare Conference and the Evercore 8th Annual Healthcare Conference. Tectonic's management will also host one-on-one meetings with interested investors during these events.
Read more →-TECX
Nov 6, 2025▲ +15.5%on this news
Tectonic Therapeutic Announces Third Quarter 2025 Financial Results and Recent Business Highlights
Tectonic Therapeutic reported positive topline results from Part B of the TX45 Phase 1b trial, showcasing improvements in left heart function and pulmonary hemodynamics for patients with Group 2 Pulmonary Hypertension and Heart Failure. The company plans to initiate TX2100's Phase 1 trial for Hereditary Hemorrhagic Telangiectasia in Q1 2026 and expand TX45's indications with further trials in 2026. Their financial results indicate a net loss increase, yet a solid cash position is expected to sustain operations into 2028.
Read more →-TECX
Oct 30, 2025▼ -5.5%on this news
TX45 Phase 1b (Part B) PH-HFrEF Data Release Single Dose Hemodynamic Trial O c t o b e r 2025 2 DISCLAIMER Statements contained in this presentation regarding matters that are not historical facts are "forward-looking st
The article discusses the positive results from the TX45 Phase 1b (Part B) trial focusing on patients with pulmonary hypertension and heart failure with reduced ejection fraction (PH-HFrEF). TX45 was found to be well tolerated, showing improvements in left ventricular function and pulmonary hemodynamics similar to earlier studies. As a result, further clinical investigations of TX45 are encouraged, particularly with the insights from the ongoing APEX Phase 2 trial. The findings highlight the potential market opportunity for TX45 in treating PH-HFrEF patients, where there are currently no approved therapeutic options.
Read more →-TECX
Aug 7, 2025▼ -5.4%on this news
Tectonic Therapeutic Announces Second Quarter 2025 Financial Results and Recent Business Highlights
Tectonic Therapeutics reported its financial results for Q2 2025 and discussed advancements including the upcoming Phase 2 trial for TX45 targeting pulmonary hypertension associated with interstitial lung disease (PH-ILD). The announcement highlights recent progress in clinical trials, including completed enrollment for TX45's Phase 1b trial and expected topline results. Despite financial losses, the company remains focused on addressing critical medical needs with TX45's innovative approach.
Read more →-TECX
May 17, 2025▲ +11.5%on this news
Tectonic Therapeutic Presents Complete Results for Positive Phase 1b Clinical Trial of TX45 in Patients with Group 2 Pulmonary Hypertension in HFpEF in Late-Breaking Presentation at ESC Heart Failure 2025
Tectonic Therapeutic reported complete results from its Phase 1b clinical trial for TX45, demonstrating positive outcomes in patients with Group 2 Pulmonary Hypertension in HFpEF. The trial showed a significant reduction in pulmonary capillary wedge pressure, indicating potential improvements in exercise capacity and overall health. TX45 was found to be well tolerated, with no serious adverse events. The positive results pave the way for further investigations, including topline data from a related study expected later in 2025.
Read more →-TECX
May 8, 2025▲ +10.8%on this news
Tectonic Therapeutic Announces First Quarter 2025 Financial Results and Recent Business Highlights
Tectonic Therapeutic has announced its financial results for Q1 2025, showcasing significant progress in its clinical development, particularly for TX45 in treating Group 2 Pulmonary Hypertension in Heart Failure with Preserved Ejection Fraction (PH-HFpEF). The interim analysis from the TX45 Phase 1b Part A trial showed meaningful improvements in key patient metrics, with full results to be unveiled at the ESC Heart Failure Congress in May. The company maintains a strong cash position, anticipated to support operations through late 2028, despite experiencing an increased net loss in the quarter.
Read more →-TECX
Mar 20, 2025Tectonic Therapeutic Announces Fourth Quarter and Full Year 2024 Financial Results and Recent Business Highlights
Tectonic Therapeutic recently announced encouraging fourth quarter and full year 2024 financial results, highlighting positive interim findings from their TX45 Phase 1b trial for patients with Group 2 Pulmonary Hypertension. The trial showed meaningful improvements in left ventricular function and pulmonary hemodynamics, reinforcing confidence in ongoing research. Notably, the company's financial outlook is bolstered by significant cash reserves and recent funding efforts, positioning them well for upcoming clinical developments. The APEX Phase 2 trial is set to continue advancing with topline results expected in 2026.
Read more →-TECX
Feb 3, 2025▼ -6.5%on this news· ran to -21% by day 3
Tectonic Announces $185 Million Private Placement
Tectonic Therapeutic has announced a $185 million private placement aimed at funding the clinical development of their product candidates and advancing their discovery platform. The offering includes shares priced at $50.00 for general investors and at $54.14 for insiders. The financing involved participation from a range of new and existing investors, demonstrating confidence in Tectonic's growth prospects. Proceeds are expected to enhance Tectonic's capabilities in developing therapeutic proteins and antibodies targeting G-protein coupled receptors.
Read more →-TECX
Jan 30, 2025▲ +113.2%on this newsshared move
TX45 Phase 1b PH-HFpEF Interim Data Release for Single Dose Hemodynamic Trial January 2025 2 DISCLAIMER Statements contained in this presentation regarding matters that are not historical facts are "forward-looking state
Tectonic TX (TECX) has reported positive interim data from its Phase 1b clinical trial for TX45, a treatment aimed at Group 2 Pulmonary Hypertension associated with Heart Failure with Preserved Ejection Fraction (PH-HFpEF). The trial achieved all hemodynamic goal targets, supporting the compound's potential as a best-in-class therapy. TX45 shows promise in addressing a significant patient population in the U.S. with no approved therapies and a high mortality rate. The company aims to expand its addressable patient population by also evaluating TX45 for PH with Reduced Ejection Fraction (PH-HFrEF).
Read more →-TECX
Jan 13, 2025▼ -5.8%on this news
Innovating GPCR-Targeted Therapies to Reach Large Untapped Market Opportunities JANUARY 2025 2 DISCLAIMER Statements contained in this presentation regarding matters that are not historical facts are "forward-looking sta
Tectonic Therapeutics Inc. (TECX) is advancing GPCR-targeted therapies with a focus on TX45, a long-acting relaxin currently in Phase 2 trials aimed at addressing Group 2 Pulmonary Hypertension associated with heart failure. The company is well-capitalized with approximately $159 million in cash, expected to sustain operations into mid-2027. Along with TX45, TECX is developing TX2100 for Hereditary Hemorrhagic Telangiectasia (HHT), with a Phase 1 trial initiation expected by early 2026. Despite significant market potential due to unmet needs, several risks and uncertainties could impact the development and regulatory approval of these therapies.
Read more →About Tectonic Therapeutic, Inc.
Headquarters490 ARSENAL WAY, WATERTOWN, MA
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