TECX Stock — Tectonic Therapeutic Inc.: Cash, EV, Pipeline

Share price

$26.95

Market cap

$527.0M

Cash

$227.1M

Enterprise value

$299.9M

Balance sheet

Cash	$227.1M
Debt	$0.0M
Net cash	$227.1M
Enterprise value	$299.9M
Basic shares	19.2M shares
Fully diluted shares	22.7M shares
Fully diluted market cap	$611.5M
Cash per share	$11.83

Cash figures as of 2026-06-30. Database snapshot: 2026-09-22.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 5 - Feb 16	TX000045- Dose A	Phase 2	Pulmonary Hypertension; Heart Failure With Preserved Ejection Fraction	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

TX45

Phase 2 · Active Modality: antibody (relaxin-pathway agonist)

Target RXFP1

Partnerships Harvard: worldwide exclusive royalty-bearing license (low single-digit royalties; clinical/commercial milestones; patent rights to at least May 2041)

Indications

Group 2 pulmonary hypertension in heart failure with preserved ejection fraction (PH-HFpEF, enriched for CpcPH) (Phase 2)
Group 3 pulmonary hypertension associated with interstitial lung disease (PH-ILD) (Phase 2)

Catalysts

— 2026

Status note Ongoing 24-week APEX Phase 2 (TX000045-003) in PH-HFpEF (~180 subjects, two dosing regimens) with interim review recommending no changes. Separate 16-week open-label repeat-dose Phase 2 in Group 3 PH-ILD (up to 25 subjects) activated its first site in February 2026.

TX2100

Phase 1 · Active Modality: VHH-Fc fusion antagonist antibody

Target APJ (apelin receptor, APLNR)

Indications

Hereditary hemorrhagic telangiectasia (Phase 1)

Catalysts

— Q4 2026
— Early 2027

Status note Phase 1a healthy-volunteer trial (randomized, placebo-controlled, ascending dose) dosed its first subject in February 2026. A Phase 1b trial in severe HHT is also planned.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	TX000045- Dose A
Lead indication	Pulmonary Hypertension
Lead phase	Phase 2
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06616974	Phase 2	Active, not recruiting	Sponsor	Tectonic Therapeutic	—	Pulmonary Hypertension; Heart Failure With Preserved Ejection Fraction	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Tectonic Therapeutic on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	607,788	no change	0.10%	2026-08-14
Braidwell LP	596,900	-250,251	0.76%	2026-08-14
OrbiMed Advisors	226,600	no change	0.15%	2026-08-14
Ikarian Capital	205,837	+48,300	1.16%	2026-08-14
ADAR1 Capital Management	14,501	+1,500	0.02%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

TECX — Tectonic Therapeutic Inc.