Tectonic Therapeutic Inc Financials

TECX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

2/9

Tectonic Therapeutic Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

1.02x

For every $1 of reported earnings, Tectonic Therapeutic Inc generates $1.02 in operating cash flow (-$59.1M OCF vs -$58.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-542.2x

Tectonic Therapeutic Inc earns $-542.2 in operating income for every $1 of interest expense (-$58.0M vs $107K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Tectonic Therapeutic Inc (TECX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

-$56.4M

YoY-30.6%

Tectonic Therapeutic Inc's EBITDA was -$56.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 30.6% from the prior year.

Free Cash Flow

-$59.2M

YoY-44.6%

Tectonic Therapeutic Inc generated -$59.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 44.6% from the prior year.

Net Income

-$58.0M

YoY-35.4%

Tectonic Therapeutic Inc reported -$58.0M in net income in fiscal year 2024. This represents a decrease of 35.4% from the prior year.

EPS (Diluted)

$-6.83

Tectonic Therapeutic Inc earned $-6.83 per diluted share (EPS) in fiscal year 2024. This represents an increase of 79.8% from the prior year.

Cash & Debt

$141.2M

YoY+390.9%

5Y CAGR-5.5%

Tectonic Therapeutic Inc held $141.2M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.00

Tectonic Therapeutic Inc paid $0.00 per share in dividends in fiscal year 2024.

Shares Outstanding

15M

Tectonic Therapeutic Inc had 15M shares outstanding in fiscal year 2024. This represents an increase of 955.3% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$41.4M

YoY+11.9%

5Y CAGR-5.5%

Tectonic Therapeutic Inc invested $41.4M in research and development in fiscal year 2024. This represents an increase of 11.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$156K

YoY-44.1%

5Y CAGR-37.1%

Tectonic Therapeutic Inc invested $156K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 44.1% from the prior year.

TECX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$41.4M+11.9%	$37.0M-48.8%	$72.2M-13.1%	$83.1M-4.7%	$87.2M+58.7%	$55.0M
SG&A Expenses	$16.7M+116.8%	$7.7M-76.9%	$33.2M-6.9%	$35.7M+8.3%	$33.0M+58.3%	$20.8M
Operating Income	-$58.0M-29.9%	-$44.6M+57.7%	-$105.4M+11.3%	-$118.8M+1.2%	-$120.2M-58.6%	-$75.8M
Interest Expense	$107K-94.4%	$1.9M+6.0%	$1.8M+790.6%	$203K	N/A	N/A
Income Tax	$0	$0	$0	N/A	N/A	N/A
Net Income	-$58.0M-35.4%	-$42.8M+59.6%	-$105.9M+11.1%	-$119.1M+0.5%	-$119.7M-64.1%	-$73.0M
EPS (Diluted)	$-6.83	$-33.76	$-2.42+12.9%	$-2.78	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$16.9M+18.2%	$14.3M	N/A	$8.1M	N/A	$15.9M-15.7%	$18.9M-2.0%	$19.3M
SG&A Expenses	$5.0M-6.7%	$5.3M	N/A	$2.0M	N/A	$7.1M-20.6%	$8.9M-12.5%	$10.2M
Operating Income	-$21.9M-11.5%	-$19.6M	N/A	-$10.1M	N/A	-$23.0M+17.2%	-$27.8M+5.6%	-$29.4M
Interest Expense	$14K-44.0%	$25K	N/A	$0	N/A	$482K+44.7%	$333K+9.5%	$304K
Income Tax	$0	$0	N/A	$0	N/A	N/A	N/A	N/A
Net Income	-$19.0M-7.4%	-$17.7M	N/A	-$10.1M	N/A	-$23.0M+18.1%	-$28.1M+6.0%	-$29.8M
EPS (Diluted)	$-1.02+15.0%	$-1.20	N/A	$-7.62	N/A	$-0.52+18.8%	$-0.64+5.9%	$-0.68

TECX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$152.9M+288.1%	$39.4M-62.1%	$103.9M-49.0%	$203.8M-24.8%	$271.2M+35.3%	$200.5M
Current Assets	$146.9M+375.5%	$30.9M-69.1%	$100.0M-49.8%	$199.1M-25.5%	$267.2M+36.6%	$195.7M
Cash & Equivalents	$141.2M+390.9%	$28.8M-68.9%	$92.6M-51.2%	$189.6M-27.0%	$259.7M+38.8%	$187.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$12.1M-90.2%	$124.0M-17.1%	$149.6M+335.4%	$34.4M+103.4%	$16.9M+16.5%	$14.5M
Current Liabilities	$11.6M-71.6%	$40.9M+211.8%	$13.1M-32.3%	$19.4M+16.7%	$16.6M+18.5%	$14.0M
Long-Term Debt	N/A	N/A	$15.0M0.0%	$15.0M	N/A	N/A
Total Equity	$140.8M+266.3%	-$84.6M-85.4%	-$45.7M-126.9%	$169.5M-33.4%	$254.3M+36.7%	$186.0M
Retained Earnings	-$148.6M-64.0%	-$90.6M+81.5%	-$489.4M-27.6%	-$383.5M-45.1%	-$264.4M-82.7%	-$144.7M

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q2'22	Q1'22
Total Assets	$277.0M+81.2%	$152.9M+288.1%	$39.4M-64.4%	$110.5M+6.3%	$103.9M-19.7%	$129.5M-11.5%	$146.2M-16.6%	$175.3M
Current Assets	$273.2M+86.1%	$146.9M+375.5%	$30.9M-71.7%	$109.2M+9.2%	$100.0M-20.8%	$126.2M-11.2%	$142.1M-16.9%	$170.9M
Cash & Equivalents	$268.4M+90.1%	$141.2M+390.9%	$28.8M+354.5%	$6.3M-93.2%	$92.6M-20.2%	$116.0M-12.4%	$132.4M-18.1%	$161.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.5M-21.9%	$12.1M-90.2%	$124.0M-34.8%	$190.3M+27.2%	$149.6M+376.3%	$31.4M+12.6%	$27.9M-13.3%	$32.2M
Current Liabilities	$9.4M-19.3%	$11.6M-71.6%	$40.9M+440.9%	$7.6M-42.4%	$13.1M-19.0%	$16.2M+26.6%	$12.8M-25.4%	$17.1M
Long-Term Debt	N/A	N/A	N/A	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M
Total Equity	$267.5M+90.0%	$140.8M+266.3%	-$84.6M-6.1%	-$79.8M-74.7%	-$45.7M-146.5%	$98.1M-17.1%	$118.3M-17.3%	$143.2M
Retained Earnings	-$203.5M-37.0%	-$148.6M-64.0%	-$90.6M+80.7%	-$468.5M+4.3%	-$489.4M-5.4%	-$464.4M-5.2%	-$441.4M-6.8%	-$413.4M

TECX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$59.1M-45.2%	-$40.7M+58.2%	-$97.2M+0.8%	-$98.0M+0.8%	-$98.8M-46.0%	-$67.7M
Capital Expenditures	$156K-44.1%	$279K+4.5%	$267K-89.2%	$2.5M+109.1%	$1.2M-25.7%	$1.6M
Free Cash Flow	-$59.2M-44.6%	-$41.0M+58.0%	-$97.5M+3.0%	-$100.5M-0.5%	-$100.0M-44.4%	-$69.3M
Investing Cash Flow	-$156K+44.1%	-$279K-4.5%	-$267K+89.2%	-$2.5M-109.1%	-$1.2M+25.7%	-$1.6M
Financing Cash Flow	$171.7M+408.8%	$33.7M+12780.5%	$262K-99.1%	$30.4M-82.4%	$172.6M+32.8%	$130.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q2'22	Q1'22
Operating Cash Flow	-$17.8M-5.9%	-$16.8M-44.3%	-$11.7M-37.4%	-$8.5M+64.2%	-$23.7M-44.2%	-$16.4M+43.6%	-$29.1M-3.9%	-$28.0M
Capital Expenditures	$181K+5933.3%	$3K-94.0%	$50K+614.3%	$7K	$0-100.0%	$86K-42.3%	$149K+365.6%	$32K
Free Cash Flow	-$18.0M-7.0%	-$16.8M-43.7%	-$11.7M-37.9%	-$8.5M+64.1%	-$23.7M-43.5%	-$16.5M+43.6%	-$29.3M-4.3%	-$28.0M
Investing Cash Flow	-$166K-5433.3%	-$3K+94.0%	-$50K-614.3%	-$7K	$0+100.0%	-$86K+42.3%	-$149K-365.6%	-$32K
Financing Cash Flow	-$457K+57.2%	-$1.1M-103.1%	$34.1M+30038.6%	-$114K-293.2%	$59K-1.7%	$60K+5900.0%	$1K-99.3%	$142K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TECX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-37.9%+70.8pp	-108.7%-6.8pp	-101.9%-43.4pp	-58.4%-14.3pp	-44.1%-7.8pp	-36.4%
Current Ratio	12.65+11.9	0.76-6.9	7.62-2.7	10.27-5.8	16.09+2.1	13.96
Debt-to-Equity	0.09+1.6	-1.47-1.1	-0.33-0.4	0.09+0.0	0.07-0.0	0.08
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q2'22	Q1'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-6.9%+3.6pp	-10.5%	N/A	-9.1%	N/A	-17.7%+1.4pp	-19.2%-2.2pp	-17.0%
Current Ratio	29.15+16.5	12.65+11.9	0.76-13.7	14.44+6.8	7.62-0.2	7.80-3.3	11.11+1.1	9.98
Debt-to-Equity	0.04-0.1	0.09+1.6	-1.47+0.9	-2.39-2.1	-0.33-0.5	0.15+0.0	0.13+0.0	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Tectonic Therapeutic Inc profitable?

No, Tectonic Therapeutic Inc (TECX) reported a net income of -$58.0M in fiscal year 2024.

What is Tectonic Therapeutic Inc's earnings per share (EPS)?

Tectonic Therapeutic Inc (TECX) reported diluted earnings per share of $-6.83 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Tectonic Therapeutic Inc's EBITDA?

Tectonic Therapeutic Inc (TECX) had EBITDA of -$56.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Tectonic Therapeutic Inc's free cash flow?

Tectonic Therapeutic Inc (TECX) generated -$59.2M in free cash flow during fiscal year 2024. This represents a -44.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Tectonic Therapeutic Inc's operating cash flow?

Tectonic Therapeutic Inc (TECX) generated -$59.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Tectonic Therapeutic Inc's total assets?

Tectonic Therapeutic Inc (TECX) had $152.9M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Tectonic Therapeutic Inc's capital expenditures?

Tectonic Therapeutic Inc (TECX) invested $156K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Tectonic Therapeutic Inc spend on research and development?

Tectonic Therapeutic Inc (TECX) invested $41.4M in research and development during fiscal year 2024.

How many shares does Tectonic Therapeutic Inc have outstanding?

Tectonic Therapeutic Inc (TECX) had 15M shares outstanding as of fiscal year 2024.

What is Tectonic Therapeutic Inc's current ratio?

Tectonic Therapeutic Inc (TECX) had a current ratio of 12.65 as of fiscal year 2024, which is generally considered healthy.

What is Tectonic Therapeutic Inc's debt-to-equity ratio?

Tectonic Therapeutic Inc (TECX) had a debt-to-equity ratio of 0.09 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tectonic Therapeutic Inc's return on assets (ROA)?

Tectonic Therapeutic Inc (TECX) had a return on assets of -37.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Tectonic Therapeutic Inc's cash runway?

Based on fiscal year 2024 data, Tectonic Therapeutic Inc (TECX) had $141.2M in cash against an annual operating cash burn of $59.1M. This gives an estimated cash runway of approximately 29 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Tectonic Therapeutic Inc's Piotroski F-Score?

Tectonic Therapeutic Inc (TECX) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tectonic Therapeutic Inc's earnings high quality?

Tectonic Therapeutic Inc (TECX) has an earnings quality ratio of 1.02x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Tectonic Therapeutic Inc cover its interest payments?

Tectonic Therapeutic Inc (TECX) has an interest coverage ratio of -542.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.