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

Tectonic Therapeutic Inc (TECX) reported diluted earnings per share of $-4.05 for fiscal year 2025. This represents a 40.7% change compared to the previous fiscal year. 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.

Tectonic Therapeutic Inc Financials

TECX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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).

Rhea AI TECX FY2025 2026-05-07

Repeated capital raises fund a research-heavy operating model, while light capex keeps cash burn close to reported losses.

FY2023 showed a funding squeeze: cash was only $28.8M against free cash outflow of -$41.0M. Financing inflows over FY2024-FY2025 then rebuilt cash to $253.8M while FY2025 liabilities were just $9.7M, so the stronger balance sheet reflects recapitalization rather than operating self-funding.

Cash consumption is mostly scientific operating spend, not asset buildout. FY2025 R&D was $63.5M and capex was only $208K, pointing to an asset-light research model rather than a large physical or manufacturing footprint, and it keeps cash use tied to program spending in the lab.

The income statement and cash flow statement are telling a similar story, which makes the burn easier to interpret. Net loss was -$74.2M and operating cash flow was -$60.1M in FY2025, so cash use is being driven mainly by ongoing operations rather than by unusual balance-sheet movements.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Tectonic Therapeutic Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Tectonic Therapeutic Inc carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 26.63, Tectonic Therapeutic Inc holds $26.63 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Interest Coverage At Risk

-1333.9x

Tectonic Therapeutic Inc earns $-1333.9 in operating income for every $1 of interest expense (-$84.0M vs $63K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$82.7M

YoY-46.6%

Tectonic Therapeutic Inc's EBITDA was -$82.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 46.6% from the prior year.

Net Income

N/A

EPS (Diluted)

$-4.05

YoY+40.7%

Tectonic Therapeutic Inc earned $-4.05 per diluted share (EPS) in fiscal year 2025. This represents an increase of 40.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$60.3M

YoY-1.8%

Tectonic Therapeutic Inc generated -$60.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1.8% from the prior year.

Cash & Debt

$253.8M

YoY+79.7%

5Y CAGR-0.5%

Tectonic Therapeutic Inc held $253.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.00

Tectonic Therapeutic Inc paid $0.00 per share in dividends in fiscal year 2025.

Shares Outstanding

19M

YoY+26.1%

Tectonic Therapeutic Inc had 19M shares outstanding in fiscal year 2025. This represents an increase of 26.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

$63.5M

YoY+53.5%

5Y CAGR-6.2%

Tectonic Therapeutic Inc invested $63.5M in research and development in fiscal year 2025. This represents an increase of 53.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$208K

YoY+33.3%

5Y CAGR-29.3%

Tectonic Therapeutic Inc invested $208K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 33.3% from the prior year.

TECX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	$63.5M+53.5%	$41.4M+11.9%	$37.0M-48.8%	$72.2M-13.1%	$83.1M-4.7%	$87.2M
SG&A Expenses	$20.5M+23.4%	$16.7M+116.8%	$7.7M-76.9%	$33.2M-6.9%	$35.7M+8.3%	$33.0M
Operating Income	-$84.0M-44.9%	-$58.0M-29.9%	-$44.6M+57.7%	-$105.4M+11.3%	-$118.8M+1.2%	-$120.2M
Interest Expense	$63K-41.1%	$107K-94.4%	$1.9M+6.0%	$1.8M+790.6%	$203K	N/A
Income Tax	$1.2M	$0	$0	$0	N/A	N/A
Net Income	N/A	N/A	N/A	-$105.9M+11.1%	-$119.1M+0.5%	-$119.7M
EPS (Diluted)	$-4.05+40.7%	$-6.83	$-33.76	$-2.42+12.9%	$-2.78	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	$20.9M	N/A	$16.9M-1.5%	$17.2M+31.8%	$13.0M	N/A	$14.3M+102.4%	$7.1M
SG&A Expenses	$6.4M	N/A	$5.0M-3.6%	$5.1M-2.2%	$5.3M	N/A	$5.3M-46.3%	$9.9M
Operating Income	-$27.3M	N/A	-$21.9M+2.0%	-$22.3M-22.0%	-$18.3M	N/A	-$19.6M-71.9%	-$11.4M
Interest Expense	$8K	N/A	$14K-17.6%	$17K-15.0%	$20K	N/A	$25K-10.7%	$28K
Income Tax	N/A	N/A	$0-100.0%	$976K	N/A	N/A	$0	$0
Net Income	-$25.2M	N/A	-$19.0M+4.7%	-$20.0M-25.6%	-$15.9M	N/A	-$17.7M-39.8%	-$12.7M
EPS (Diluted)	$-1.34	N/A	$-1.02+4.7%	$-1.07-15.1%	$-0.93	N/A	$-1.20+72.4%	$-4.34

TECX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$261.0M+70.7%	$152.9M+288.1%	$39.4M-62.1%	$103.9M-49.0%	$203.8M-24.8%	$271.2M
Current Assets	$257.4M+75.2%	$146.9M+375.5%	$30.9M-69.1%	$100.0M-49.8%	$199.1M-25.5%	$267.2M
Cash & Equivalents	$253.8M+79.7%	$141.2M+390.9%	$28.8M-68.9%	$92.6M-51.2%	$189.6M-27.0%	$259.7M
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	$9.7M-20.0%	$12.1M-90.2%	$124.0M-17.1%	$149.6M+335.4%	$34.4M+103.4%	$16.9M
Current Liabilities	$9.7M-16.7%	$11.6M-71.6%	$40.9M+211.8%	$13.1M-32.3%	$19.4M+16.7%	$16.6M
Long-Term Debt	N/A	N/A	N/A	$15.0M0.0%	$15.0M	N/A
Total Equity	$251.3M+78.5%	$140.8M+266.3%	-$84.6M-85.4%	-$45.7M-126.9%	$169.5M-33.4%	$254.3M
Retained Earnings	-$222.7M-49.9%	-$148.6M-64.0%	-$90.6M+81.5%	-$489.4M-27.6%	-$383.5M-45.1%	-$264.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$246.6M-5.5%	$261.0M-5.8%	$277.0M-6.2%	$295.3M-6.2%	$314.8M+105.9%	$152.9M-9.4%	$168.7M-13.0%	$193.9M
Current Assets	$239.9M-6.8%	$257.4M-5.8%	$273.2M-6.1%	$290.8M-6.1%	$309.6M+110.8%	$146.9M-9.7%	$162.6M-13.2%	$187.4M
Cash & Equivalents	$236.9M-6.7%	$253.8M-5.5%	$268.4M-6.6%	$287.4M-6.2%	$306.2M+116.8%	$141.2M-11.2%	$159.1M-14.1%	$185.1M
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	$16.2M+66.4%	$9.7M+2.5%	$9.5M-18.0%	$11.5M-16.3%	$13.8M+13.7%	$12.1M-33.9%	$18.4M-33.4%	$27.5M
Current Liabilities	$13.0M+34.1%	$9.7M+3.1%	$9.4M-17.5%	$11.4M-15.9%	$13.5M+16.4%	$11.6M-33.0%	$17.3M-33.4%	$26.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$230.4M-8.3%	$251.3M-6.1%	$267.5M-5.7%	$283.8M-5.7%	$301.0M+113.8%	$140.8M-6.4%	$150.4M-9.6%	$166.4M
Retained Earnings	-$248.0M-11.3%	-$222.7M-9.4%	-$203.5M-10.3%	-$184.5M-12.1%	-$164.5M-10.7%	-$148.6M-9.1%	-$136.2M-15.0%	-$118.5M

TECX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$60.1M-1.7%	-$59.1M-45.2%	-$40.7M+58.2%	-$97.2M+0.8%	-$98.0M+0.8%	-$98.8M
Capital Expenditures	$208K+33.3%	$156K-44.1%	$279K+4.5%	$267K-89.2%	$2.5M+109.1%	$1.2M
Free Cash Flow	-$60.3M-1.8%	-$59.2M-44.6%	-$41.0M+58.0%	-$97.5M+3.0%	-$100.5M-0.5%	-$100.0M
Investing Cash Flow	-$138K+11.5%	-$156K+44.1%	-$279K-4.5%	-$267K+89.2%	-$2.5M-109.1%	-$1.2M
Financing Cash Flow	$173.4M+1.0%	$171.7M+408.8%	$33.7M+12780.5%	$262K-99.1%	$30.4M-82.4%	$172.6M
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$18.4M-27.3%	-$14.5M+18.8%	-$17.8M-21.0%	-$14.7M-12.5%	-$13.1M+22.2%	-$16.8M+14.2%	-$19.6M-46.5%	-$13.4M
Capital Expenditures	$19K	$0-100.0%	$181K	$0-100.0%	$27K+800.0%	$3K-98.0%	$153K+3925.0%	-$4K
Free Cash Flow	-$18.4M-27.5%	-$14.5M+19.6%	-$18.0M-22.3%	-$14.7M-12.3%	-$13.1M+22.1%	-$16.8M+14.8%	-$19.8M-47.6%	-$13.4M
Investing Cash Flow	-$19K	$0+100.0%	-$166K-401.8%	$55K+303.7%	-$27K-800.0%	-$3K+98.0%	-$153K-3925.0%	$4K
Financing Cash Flow	$847K+700.7%	-$141K+69.1%	-$457K+89.0%	-$4.2M-102.3%	$178.1M+16762.5%	-$1.1M+83.0%	-$6.3M-103.5%	$179.7M
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	FY25	FY24	FY23	FY22	FY21	FY20
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	-70.3%-23.2pp	-47.1%
Return on Assets	N/A	N/A	N/A	-101.9%-43.4pp	-58.4%-14.3pp	-44.1%
Current Ratio	26.63+14.0	12.65+11.9	0.76-6.9	7.62-2.7	10.27-5.8	16.09
Debt-to-Equity	0.04-0.0	0.09+1.6	-1.47-1.1	-0.33-0.4	0.09+0.0	0.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-10.9%	N/A	-7.1%-0.1pp	-7.0%-1.8pp	-5.3%	N/A	-11.8%-4.2pp	-7.6%
Return on Assets	-10.2%	N/A	-6.9%-0.1pp	-6.8%-1.7pp	-5.1%	N/A	-10.5%-4.0pp	-6.5%
Current Ratio	18.51-8.1	26.63-2.5	29.15+3.6	25.60+2.7	22.92+10.3	12.65+3.3	9.39+2.2	7.21
Debt-to-Equity	0.07+0.0	0.040.0	0.040.0	0.040.0	0.05-0.0	0.09-0.0	0.12-0.0	0.17
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

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) generated -$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) generated -$60.1M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Tectonic Therapeutic Inc have outstanding?

Tectonic Therapeutic Inc (TECX) had 19M shares outstanding as of 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 cash runway?

Based on fiscal year 2025 data, Tectonic Therapeutic Inc (TECX) had $253.8M in cash against an annual operating cash burn of $60.1M. This gives an estimated cash runway of approximately 51 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.

Can Tectonic Therapeutic Inc cover its interest payments?

Tectonic Therapeutic Inc (TECX) has an interest coverage ratio of -1333.9x, 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.

How financially healthy is Tectonic Therapeutic Inc?

Tectonic Therapeutic Inc (TECX) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.