Tectonic Therapeutic, Inc. (TECX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TECX SEC filings page.
This page shows Tectonic Therapeutic, Inc. (TECX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).
Tectonic remains a development-stage business: heavy R&D spending drives recurring cash use, funded mainly through new capital rather than operations.
R&D spending rose from$41.4M in FY2024 to$63.5M in FY2025. Yet operating cash flow moved only from-$59.1M to-$60.1M , indicating that higher research spending has not materially changed the company's cash-use profile.
The company spent
Financing cash flow supplied
Financial Health Signals
Tectonic Therapeutic, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Tectonic Therapeutic, Inc. reported an operating loss of $84.0M against $63K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Tectonic Therapeutic, Inc.'s EBITDA was -$23.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.8% from the same quarter a year earlier. Against the prior quarter it is up 11.3%.
Tectonic Therapeutic, Inc. reported -$22.3M in net income in Q2 2026. This represents a decrease of 11.5% from the same quarter a year earlier. Against the prior quarter it is up 11.7%.
Tectonic Therapeutic, Inc. earned -$1.18 per diluted share (EPS) in Q2 2026. This represents a decrease of 10.3% from the same quarter a year earlier. Against the prior quarter it is up 11.9%.
Not reported for Q2 2026.
Cash & Balance Sheet
Tectonic Therapeutic, Inc. recorded an outflow of $21.5M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 46.3% from the same quarter a year earlier. Against the prior quarter it is down 16.8%.
Tectonic Therapeutic, Inc. held $227.1M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Tectonic Therapeutic, Inc.'s ROE was -10.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 2.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Tectonic Therapeutic, Inc. invested $18.0M in research and development in Q2 2026. This represents an increase of 5.0% from the same quarter a year earlier. Against the prior quarter it is down 13.5%.
Tectonic Therapeutic, Inc. invested $79K in capex in Q2 2026, funding long-term assets and infrastructure. Against the prior quarter it is up 315.8%.
Not reported for Q2 2026.
TECX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $18.0M+5.0% | $20.9M+60.1% | N/A | $16.9M+18.2% | $17.2M+142.9% | $13.0M+20.5% | N/A | $14.3M+76.0% |
| SG&A Expenses | $6.2M+19.9% | $6.4M+22.2% | N/A | $5.0M-6.7% | $5.1M-48.0% | $5.3M+144.7% | N/A | $5.3M+168.7% |
| Operating Income | -$24.2M-8.4% | -$27.3M-49.2% | N/A | -$21.9M-11.5% | -$22.3M-95.5% | -$18.3M-41.1% | N/A | -$19.6M-94.2% |
| EBITDA | -$23.9M-8.8% | -$27.0M-50.5% | N/A | -$21.5M-11.3% | -$22.0M-99.2% | -$17.9M-42.5% | N/A | -$19.4M-96.3% |
| Interest Expense | $6K-64.7% | $8K-60.0% | N/A | $14K-44.0% | $17K-39.3% | $20K-35.5% | N/A | $25K |
| Income Tax | $77K-92.1% | N/A | N/A | $0 | $976K | N/A | N/A | $0 |
| Net Income | -$22.3M-11.5% | -$25.2M-58.7% | N/A | -$19.0M-7.4% | -$20.0M-57.7% | -$15.9M-4.5% | N/A | -$17.7M-76.2% |
| EPS (Basic) | -$1.18-10.3% | -$1.34-44.1% | -$1.03-412.1% | -$1.02+15.0% | -$1.07+75.3% | -$0.93+91.5% | $0.33+265.0% | -$1.20+84.3% |
| EPS (Diluted) | -$1.18-10.3% | -$1.34-44.1% | -$1.03-412.1% | -$1.02+15.0% | -$1.07 | -$0.93 | $0.33 | -$1.20 |
| Diluted Shares (Avg) | 19M+1.5% | 19M+9.4% | N/A | 19M+27.0% | 19M | 17M | N/A | 15M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
TECX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $237.0M-19.7% | $246.6M-21.7% | $261.0M+70.7% | $277.0M+64.2% | $295.3M+52.3% | $314.8M+240.9% | $152.9M+288.1% | $168.7M+52.7% |
| Current Assets | $231.1M-20.5% | $239.9M-22.5% | $257.4M+75.2% | $273.2M+68.0% | $290.8M+55.2% | $309.6M+237.2% | $146.9M+375.5% | $162.6M+48.9% |
| Cash & Equivalents | $227.1M-21.0% | $236.9M-22.6% | $253.8M+79.7% | $268.4M+68.7% | $287.4M+55.2% | $306.2M+1533.5% | $141.2M+390.9% | $159.1M+2413.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $13.2M+14.2% | $16.2M+17.2% | $9.7M-20.0% | $9.5M-48.4% | $11.5M-58.1% | $13.8M-92.8% | $12.1M-90.2% | $18.4M-90.4% |
| Current Liabilities | $10.4M-8.7% | $13.0M-4.1% | $9.7M-16.7% | $9.4M-45.9% | $11.4M-56.3% | $13.5M+285.0% | $11.6M-71.6% | $17.3M+129.1% |
| Non-Current Liabilities | $2.8M+1415.6% | $3.2M+1031.4% | $43K-91.7% | $100K-90.3% | $186K-87.9% | $283K-99.8% | $519K-99.4% | $1.0M-99.4% |
| Total Equity | $223.8M-21.1% | $230.4M-23.5% | $251.3M+78.5% | $267.5M+77.9% | $283.8M+70.6% | $301.0M+402.3% | $140.8M+266.3% | $150.4M+288.5% |
| Retained Earnings | -$270.3M-46.5% | -$248.0M-50.8% | -$222.7M-49.9% | -$203.5M-49.4% | -$184.5M-55.7% | -$164.5M+66.0% | -$148.6M-64.0% | -$136.2M+70.9% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
TECX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$21.5M-45.7% | -$18.4M-40.7% | -$14.5M+14.0% | -$17.8M+9.1% | -$14.7M-10.0% | -$13.1M-41.1% | -$16.8M-44.3% | -$19.6M-131.2% |
| Depreciation & Amortization | $285K-16.2% | $304K-15.6% | $333K-34.4% | $342K+21.7% | $340K-10.3% | $360K-4.5% | $508K+36.2% | $281K+10.2% |
| Stock-Based Compensation | N/A | $3.2M+52.4% | N/A | $2.8M+70.7% | $2.6M+542.2% | $2.1M+555.1% | N/A | $1.6M+500.0% |
| Capital Expenditures | $79K | $19K-29.6% | $0-100.0% | $181K+18.3% | $0-100.0% | $27K+575.0% | $3K-94.0% | $153K+2085.7% |
| Free Cash Flow | -$21.5M-46.3% | -$18.4M-40.6% | -$14.5M+14.0% | -$18.0M+8.9% | -$14.7M-10.0% | -$13.1M-41.3% | -$16.8M-43.7% | -$19.8M-132.8% |
| Investing Cash Flow | -$59K-207.3% | -$19K+29.6% | $0+100.0% | -$166K-8.5% | $55K+1275.0% | -$27K-575.0% | -$3K+94.0% | -$153K-2085.7% |
| Financing Cash Flow | $11.7M+380.2% | $847K-99.5% | -$141K+86.8% | -$457K+92.7% | -$4.2M-102.3% | $178.1M+26765.0% | -$1.1M-103.1% | -$6.3M-5414.9% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TECX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -10.0%-2.9pp | -10.9%-5.7pp | N/A | -7.1%+4.7pp | -7.0%+0.6pp | -5.3% | N/A | -11.8% |
| Return on Assets | -9.4%-2.6pp | -10.2%-5.2pp | N/A | -6.9%+3.6pp | -6.8%-0.2pp | -5.1%+11.4pp | N/A | -10.5%-1.4pp |
| Current Ratio | 22.29-3.3x | 18.51-4.4x | 26.63+14.0x | 29.15+19.8x | 25.60+18.4x | 22.92-3.3x | 12.65+11.9x | 9.39-5.1x |
| Debt-to-Equity | 0.060.0x | 0.070.0x | 0.040.0x | 0.04-0.1x | 0.04-0.1x | 0.05 | 0.09 | 0.12 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Tectonic Therapeutic, Inc. TECX | FY2025 | N/A | N/A | N/A | $440.6M | — |
| Assembly Biosciences, Inc ASMB | FY2025 | $72.3M | -$6.1M | -8.5% | $458.9M | 61/100 |
| Immuneering Corporation IMRX | FY2025 | N/A | -$56.0M | N/A | $263.3M | — |
| MBX Biosciences, Inc. MBX | FY2025 | N/A | -$87.0M | N/A | $2.7B | — |
| Contineum Therapeutics, Inc. CTNM | FY2025 | N/A | -$60.0M | N/A | $493.6M | — |
Where Tectonic Therapeutic, Inc. Ranks
Frequently Asked Questions
What is Tectonic Therapeutic, Inc.'s EBITDA?
Tectonic Therapeutic, Inc. (TECX) had EBITDA of -$82.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tectonic Therapeutic, Inc.'s free cash flow?
Tectonic Therapeutic, Inc. (TECX) recorded an outflow of $60.3M in free cash flow during fiscal year 2025. This represents a -1.8% 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) recorded an outflow of $60.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Tectonic Therapeutic, Inc.'s total assets?
Tectonic Therapeutic, Inc. (TECX) had $261.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tectonic Therapeutic, Inc.'s capital expenditures?
Tectonic Therapeutic, Inc. (TECX) invested $208K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Tectonic Therapeutic, Inc. spend on research and development?
Tectonic Therapeutic, Inc. (TECX) invested $63.5M in research and development during fiscal year 2025.
What is Tectonic Therapeutic, Inc.'s current ratio?
Tectonic Therapeutic, Inc. (TECX) had a current ratio of 26.63 as of fiscal year 2025, 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 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tectonic Therapeutic, Inc.'s P/E ratio?
Tectonic Therapeutic, Inc. (TECX) has no price-to-earnings ratio at the moment: no net income reported. The market capitalization is $440.6M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Tectonic Therapeutic, Inc.'s price-to-sales ratio?
Tectonic Therapeutic, Inc. (TECX) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $440.6M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Tectonic Therapeutic, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Tectonic Therapeutic, Inc. (TECX) held $253.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $60.1M over that year. Dividing the one by the other, the reported balance equals about 51 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Can Tectonic Therapeutic, Inc. cover its interest payments?
Tectonic Therapeutic, Inc. (TECX) reported an operating loss of $84.0M against $63K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.