On August 7, 2025, Tectonic Therapeutic reported its second quarter 2025 financial results, announcing a GAAP net loss of $20.0 million, or $(1.07) per share. This loss was wider than analysts’ expectations of $(0.98) per share, reflecting the ramp-up of clinical trials for its lead programs.
Research and development expenses more than doubled to $17.2 million in Q2 2025, a 142% increase from $7.1 million in Q2 2024. This surge was primarily driven by higher contract research and manufacturing costs supporting the expanding TX45 trials and early development of TX2100.
Despite the increased expenses, the company maintained a strong cash position, with cash and cash equivalents totaling $287.4 million as of June 30, 2025. Management reiterated that this capital is expected to fund operations into the fourth quarter of 2028, a significant extension of its financial runway.
Key pipeline updates include topline data from the TX45 Phase 1b Part B study, which is due in early Q4 2025. Results from the APEX Phase 2 trial are expected in 2026, and a TX45 PH-ILD Phase 2 clinical trial is planned to initiate in 2026. Additionally, TX2100 is set to begin its first clinical study in healthy volunteers in early 2026.
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