Tectonic Therapeutic, Inc.
TECXHealthcare|Biotechnology|US
$20.64
+1.22 (+6.28%)
DCF Value
$13.73
Tangible Book / Share
$11.64
Cash / Share
$11.91
Financials
Financial Snapshot
Market Cap
$403.5M
Enterprise Value
$172.8M
Revenue (TTM)
$0.00
Net Income (TTM)
-$88.1M
Cash & Investments
$234.7M
Net Cash
$230.7M
Free Cash Flow (TTM)
-$69.4M
Operating CF (TTM)
-$69.2M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$234.7M
Quarterly Burn
$17.3M
Monthly Burn
$5.8M
Est. Runway
~13.6 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $5.4M | $6.0M | $126.3M | $187.0M | $259.7M | $28.1M | $36.0M | $28.8M | $141.2M | $253.8M | $234.7M | |
| Operating Cash Flow | -$3.3M | -$16.4M | -$37.6M | -$67.7M | -$98.8M | -$12.5M | -$97.2M | -$40.7M | -$59.1M | -$60.1M | -$69.2M | |
| Free Cash Flow | -$3.3M | -$16.8M | -$39.5M | -$69.3M | -$100.0M | -$14.6M | -$97.5M | -$41.0M | -$59.2M | -$60.3M | -$69.4M | |
| Capital Expenditure | $0.00 | -$383.0K | -$1.8M | -$1.6M | -$1.2M | -$2.1M | -$267.0K | -$279.0K | -$156.0K | -$208.0K | -$125.0K | |
| Financing Cash Flow | $8.7M | $17.4M | $160.3M | $130.0M | $172.6M | $41.4M | $262.0K | $33.7M | $171.7M | $173.4M | $34.9M |
R&D Spending
R&D (TTM)
$72.7M
R&D Intensity
—
R&D Growth vs Prior
+14.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $2.7M | $15.2M | $35.1M | $55.0M | $86.0M | $11.0M | $25.7M | $37.0M | $41.4M | $63.5M | $72.7M | |
| SG&A | $2.0M | $3.1M | $10.8M | $20.0M | $33.0M | $4.6M | $7.2M | $7.7M | $16.7M | $20.5M | $23.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $45.0K | $380.0K | $850.0K | $1.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | -$45.0K | -$380.0K | -$850.0K | -$1.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $2.7M | $15.2M | $35.1M | $55.0M | $86.0M | $11.0M | $25.7M | $37.0M | $41.4M | $63.5M | $72.7M | |
| SG&A | $2.0M | $3.1M | $10.8M | $20.0M | $33.0M | $4.6M | $7.2M | $7.7M | $16.7M | $20.5M | $23.8M | |
| Operating Income | -$4.6M | -$18.4M | -$46.2M | -$75.8M | -$120.2M | -$15.6M | -$32.8M | -$44.6M | -$58.0M | -$84.0M | -$96.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $224.0K | $144.0K | $152.0K | $107.0K | $63.0K | $22.0K | |
| Pretax Income | -$4.7M | -$18.6M | -$46.4M | -$73.0M | -$119.7M | -$8.9M | -$32.2M | -$42.8M | -$58.0M | -$72.9M | -$87.8M | |
| Net Income | -$4.7M | -$18.6M | -$46.4M | -$73.0M | -$119.7M | -$8.9M | -$32.2M | -$42.8M | -$58.0M | -$74.2M | -$88.1M | |
| EPS (Diluted) | -2.34 | -9.35 | -23.41 | -31.92 | -39.68 | -33.36 | -29.05 | -11.53 | -3.93 | -4.05 | -4.63 | |
| EBITDA | -$4.7M | -$18.6M | -$46.0M | -$72.1M | -$118.5M | -$8.1M | -$31.0M | -$41.2M | -$56.2M | -$71.5M | -$88.6M | |
| Shares Out. (M) | 1.99 | 1.99 | 1.98 | 2.29 | 3.02 | 3.57 | 3.64 | 3.71 | 14.77 | 18.32 | 19.70 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.4M | $6.0M | $126.3M | $187.0M | $259.7M | $28.1M | $36.0M | $28.8M | $141.2M | $253.8M | $234.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $5.4M | $6.3M | $130.0M | $195.7M | $267.2M | $28.6M | $37.0M | $30.9M | $146.9M | $257.4M | $238.6M | |
| Total Assets | $5.4M | $7.0M | $133.5M | $200.5M | $271.2M | $32.9M | $47.2M | $39.4M | $152.9M | $261.0M | $243.9M | |
| Total Current Liabilities | $891.0K | $2.6M | $10.6M | $14.0M | $16.6M | $4.1M | $7.8M | $40.9M | $11.6M | $9.7M | $12.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $43.0K | $2.4M | |
| Total Liabilities | $979.0K | $3.7M | $11.3M | $14.5M | $16.9M | $47.8M | $92.9M | $124.0M | $12.1M | $9.7M | $14.5M | |
| Stockholders' Equity | $4.4M | $3.4M | $122.2M | $186.0M | $254.3M | -$15.0M | -$45.7M | -$84.6M | $140.8M | $251.3M | $229.3M | |
| Retained Earnings | -$4.8M | -$23.5M | -$71.7M | -$144.7M | -$264.4M | -$15.6M | -$47.8M | -$90.6M | -$148.6M | -$222.7M | -$291.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.3M | -$16.4M | -$37.6M | -$67.7M | -$98.8M | -$12.5M | -$97.2M | -$40.7M | -$59.1M | -$60.1M | -$69.2M | |
| Capital Expenditure | $0.00 | -$383.0K | -$1.8M | -$1.6M | -$1.2M | -$2.1M | -$267.0K | -$279.0K | -$156.0K | -$208.0K | -$125.0K | |
| Free Cash Flow | -$3.3M | -$16.8M | -$39.5M | -$69.3M | -$100.0M | -$14.6M | -$97.5M | -$41.0M | -$59.2M | -$60.3M | -$69.4M | |
| Investing Cash Flow | -$24.0K | -$383.0K | -$1.8M | -$1.6M | -$1.2M | -$2.1M | -$267.0K | -$279.0K | -$156.0K | -$138.0K | -$50.0K | |
| Financing Cash Flow | $8.7M | $17.4M | $160.3M | $130.0M | $172.6M | $41.4M | $262.0K | $33.7M | $171.7M | $173.4M | $34.9M | |
| Issuance of Stock | $8.7M | $17.4M | $160.3M | $130.0M | $172.6M | $2.0K | $262.0K | $34.1M | $94.6M | $174.3M | $13.5M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.6M | -$393.0K | -$499.0K | -$475.0K | -$489.0K | -$127.0K | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $639.0K | $1.1K | $1.1M | $3.5M | $10.5M | $16.5M | |
| Net Change in Cash | $5.4M | $606.0K | $120.3M | $60.7M | $72.6M | $26.8M | -$96.7M | -$7.2M | $112.5M | $113.0M | -$34.4M |
Dilution Tracker
Shares outstanding grew 507.3% over 5 years — significant dilution
Shares Outstanding
20M
5-Year Share Growth
+507.3%
Stock Issuance (TTM)
$13.5M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.99 | 1.99 | 1.98 | 2.29 | 3.02 | 3.57 | 3.64 | 3.71 | 14.77 | 18.32 | 19.70 | |
| Change vs Prior % | — | 0.0% | -0.7% | 15.4% | 32.0% | 18.4% | 2.1% | 1.9% | 297.6% | 24.1% | 7.5% | |
| Stock Issuance | $8.7M | $17.4M | $160.3M | $130.0M | $172.6M | $2.0K | $262.0K | $34.1M | $94.6M | $174.3M | $13.5M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $639.0K | $1.1K | $1.1M | $3.5M | $10.5M | $16.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | -105.5% | -554.2% | -37.9% | -39.2% | -47.1% | 59.7% | 70.5% | 50.6% | -41.2% | -29.5% | -37.7% | |
| ROA % | -86.4% | -265.6% | -34.7% | -36.4% | -44.1% | -27.2% | -68.2% | -108.7% | -37.9% | -28.4% | -36.1% | |
| ROIC % | -102.6% | -418.1% | -37.6% | -40.6% | -47.2% | -53.6% | -80.4% | -13367.7% | -40.3% | -33.3% | -41.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | -744.4% | -123.7% | -42.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | -297.5% | -151.5% | -63.9% | -58.6% | 87.0% | -110.3% | -36.0% | -29.9% | -44.9% | |
| Net Income | 0.0% | -299.8% | -148.6% | -57.4% | -64.1% | 92.5% | -260.5% | -33.1% | -35.4% | -27.9% | |
| EPS (Diluted) | 0.0% | -299.6% | -150.4% | -36.4% | -24.3% | 15.9% | 12.9% | 60.3% | 65.9% | -3.1% | |
| Operating Cash Flow | 0.0% | -394.3% | -129.8% | -79.7% | -46.0% | 87.4% | -680.5% | 58.2% | -45.2% | -1.7% | |
| Free Cash Flow | 0.0% | -405.9% | -135.5% | -75.4% | -44.4% | 85.4% | -568.7% | 58.0% | -44.6% | -1.8% | |
| R&D Expense | 0.0% | 470.4% | 131.0% | 56.6% | 56.5% | -87.2% | 133.7% | 44.1% | 11.9% | 53.5% | |
| SG&A Expense | 0.0% | 60.6% | 241.8% | 85.6% | 65.1% | -86.0% | 54.9% | 7.1% | 116.8% | 23.4% | |
| Total Assets | 0.0% | 30.0% | 1800.9% | 50.2% | 35.3% | -87.9% | 43.6% | -16.5% | 288.1% | 70.7% | |
| Book Value / Share | 0.0% | -23.9% | 3556.6% | 31.9% | 3.6% | -105.0% | -199.0% | -82.9% | 141.6% | 43.9% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 449.0% | -25.0% | -23.9% | -61.4% | |
| Diluted Shares | 0.0% | 0.0% | -0.7% | 15.4% | 32.0% | 18.4% | 2.1% | 1.9% | 297.6% | 24.1% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B1.77
10Y Low / Med / High1.52 / 3.24 / 221.94
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$13.73
Tangible Book / Share
$11.64
Net Current Assets / Share
$11.46
Graham Net-Net
$11.17
Cash / Share
$11.91
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -160.00 | -40.04 | -8.53 | -7.57 | -4.22 | -1.38 | -0.29 | -1.41 | -11.75 | -5.15 | -4.46 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 168.93 | 221.94 | 3.24 | 2.97 | 1.98 | -11.03 | -0.68 | -0.71 | 4.84 | 1.52 | 1.77 | |
| EV/EBITDA | -158.98 | -39.83 | -5.86 | -5.06 | -2.07 | -17.00 | -0.03 | -0.87 | -9.67 | -1.81 | -1.95 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
14.88
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| Net Income | -$94.8M | -$89.6M | -$93.3M |
| EPS | $-5.17 | $-5.32 | $-5.99 |
| # Analysts (EPS) | 3 | 5 | 8 |