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Pipeline (4 active programs)

Technology platforms

Capital (as filed)

Cash

$235M cash and cash equivalents · Sep 30, 2026 (10-Q)

Operating cash flow

−$14.9M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$235M cash, runway Q1 2029 per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

• 2026-11-06 UPDATE: Tectonic Therapeutic (TECX) - The Coin Flip Gets a Date and a Discount
• 2026-09-29 UPDATE: Tectonic Therapeutic (TECX) - The Lottery Ticket Clears Its First Checkpoint 🔒 Paid
• 2026-08-07 UPDATE: Tectonic Therapeutic (TECX) - The IDMC Looked at 80% of the Data and Didn’t Blink 🔒 Paid
• 2026-06-10 UPDATE: Tectonic Therapeutic (TECX) - The Clock is Set
• 2026-06-09 Tectonic Therapeutic (TECX) — Scientific Deep Dive for TX45 (Relaxin/RXFP1) and TX2100 (APJ Antagonist)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Tectonic Therapeutic, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-06-09 Watch Tectonic Therapeutic (TECX) — Scientific Deep Dive for TX45 (Relaxin/RXFP1) and TX2100 (APJ Antagonist) Elite backing and competitor-validated target, but the central PVR→6MWD translation was undercut by CADENCE and relaxin's clinical history demands humility; wait for a positive APEX readout with credible functional signal before buying.
2. 2026-06-10 Watch UPDATE: Tectonic Therapeutic (TECX) - The Clock is Set APEX enrollment complete with matched baseline PVR to CADENCE, timeline crystallized to early Q1 2027, but thesis unchanged — binary-event binary remains a high-conviction-only trade given relaxin's poor base rate.
3. 2026-08-07 Watch UPDATE: Tectonic Therapeutic (TECX) - The IDMC Looked at 80% of the Data and Didn't Blink Second IDMC pass at 80% exposure narrows the safety tail but does not move efficacy odds; central PVR→6MWD bet and WuXi overhang unchanged, so waiting for APEX remains the right posture.
4. 2026-09-29 Watch UPDATE: Tectonic Therapeutic (TECX) - The Lottery Ticket Clears Its First Checkpoint TX2100 Phase 1a clean safety de-risks the HHT lottery ticket but does not change the APEX binary; thin enterprise value makes the option cheaper but APEX remains the stock.
5. 2026-11-06 Watch UPDATE: Tectonic Therapeutic (TECX) - The Coin Flip Gets a Date and a Discount APEX dated to end of January 2027 with ~$153M EV over cash creating asymmetric setup on paper, and AZD5462 LUMINARA mildly supportive of RXFP1 mechanism, but bear case (relaxin history, CADENCE 6MWD flatline, WuXi sole-sourcing) unchanged; small position may warrant sizing for binary-event tolerant readers but watch-list stance maintained for everyone else.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (4 quotes from 4 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-08-06 10-Q in filings ↓

  • “We expect topline results from the APEX clinical trial early in the first quarter of 2027.”

    matched to TX45 · readout other · read as first quarter of 2027
• 2026-08-06 8-K in filings ↓

  • ““In the second quarter, we completed enrollment in our global APEX Phase 2 trial in PH-HFpEF, a critical milestone for TX45, and we look forward to topline results in early Q1 2027,” said Alise Reicin, M.D., President and Chief Executive Officer of Tectonic Therapeutic.”

    matched to TX45 · readout other · read as Q1 2027
• 2026-08-06 10-Q in filings ↓

  • “We expect topline results from the APEX clinical trial early in the first quarter of 2027.”

    matched to TX45 · readout other · read as first quarter of 2027
• 2026-05-07 8-K in filings ↓

  • “TX2100 Phase 1a Results Expected in 3Q 2026 with Phase 2 Planned in Early 2027: The Company now expects to report topline results from the ongoing Phase 1a trial of TX2100 in healthy volunteers by the end of the third quarter of 2026.”

    matched to TX2100 · topline data · read as 3Q 2026

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (15)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 6, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 5, 2026ReleaseReported favorable safety, tolerability and pharmacokinetic (“PK”) results from the single ascending-dose portion of the TX2100 Phase 1a clinical trial in healthy adult volunteers; FDA granted TX2100→ BD updateSummary on the 8-K
• Nov 5, 20268-KCurrent report: acquisition / disposition · EX-99.1→ BD updateAPEX is now inside an 8-week window (end of January 2027), ALPINE dosed its first patient, the ATM accelerated to $22.3M in Q3 alone, and — buried in the 10-Q risk factors — Tectonic itself flags that AZD5462's LUMINARA data "may have affected investor perception of relaxin product candidates," which may help explain the stock's -16.8% slide since the September update.
• Nov 5, 202610-QQuarterly report→ BD updateSummary on the 8-K
• Sep 29, 2026ReleaseU.S. FDA has granted Fast Track designation for TX2100 in HHT and cleared the Investigational New Drug (IND) application for the TX2100 Phase 1b clinical trial in HHT patients in the U.S. TX2100 Phase→ BD updateSummary on the 8-K
• Sep 29, 20268-KCurrent report: other events · EX-99.1→ BD updateTX2100 cleared its Phase 1a safety bar across all six dose cohorts with no serious adverse events, the FDA granted Fast Track Designation for HHT and cleared the Phase 1b IND — and the lottery ticket is now officially heading into patients by year-end 2026 alongside a parallel Phase 2 in early 2027.BD extracted 1 program update from this document → TECX pipeline
• Sep 3, 2026ReleaseWATERTOWN, Mass., Sept. 03, 2026 (GLOBE NEWSWIRE) -- Tectonic Therapeutic, Inc. (NASDAQ: TECX) (“Tectonic”), a clinical stage biotechnology company focused on the discovery and development of therapeu
• Aug 6, 2026ReleaseEnrollment completed in TX45 APEX Phase 2 clinical trial in patients with pulmonary hypertension associated with heart failure with preserved ejection fraction (“PH-HFpEF”) with topline results antici
• Aug 6, 20268-KCurrent report: results of operations · EX-99.1
• Aug 6, 202610-QQuarterly report
• Jun 10, 20268-KCurrent report: shareholder vote, other events · EX-99.1
• May 7, 20268-KCurrent report: results of operations · EX-99.1
• May 7, 202610-QQuarterly report
• Apr 24, 2026DEFA14AProxy soliciting material
• Apr 24, 2026DEF 14AProxy statement
• Apr 23, 20268-KCurrent report: officer / director change, Reg FD disclosure · EX-99.1