(RTTNews) - Tectonic Therapeutics, Inc. (TECX), a clinical-stage biotechnology company, reported fourth-quarter and full-year 2025 results and provided an update on the progress of its clinical pipeline, including recent achievements and upcoming milestones.
For the fourth quarter of 2025, the firm's net loss expanded to $19.23 million, or $1.03 per share, from $12.37 million, or $0.84 per share, in the prior year.
For the full year 2025, net loss widened to $74.15 million from $57.98 million in the prior year. But on a per-share basis, the loss narrowed to $4.05 from $6.83 in 2024.
As of December 31, 2025, cash and cash equivalents were $253.8 million, sufficient to provide cash runway into the fourth quarter of 2028.
In a parallel corporate update, the firm noted that on April 1, 2026, François Nader will assume the role of chair of the board as an independent director on the Board of Directors.
Pipeline and Upcoming Milestones
Tectonic currently has two programs, TX45 and TX2100, in clinical development.
-- TX45 is being initially developed for the treatment of Group 2 pulmonary hypertension (PH) associated with heart failure with preserved ejection fraction (PH-HFpEF), as well as Group 3 PH linked to interstitial lung disease (PH-ILD). Beyond PH-HFpEF, the company believes TX45 has broader therapeutic potential, including in PH associated with heart failure with reduced ejection fraction (PH-HFrEF) and other diseases characterized by chronic vasoconstriction and progressive fibrotic remodeling that lead to deterioration of lung and/or kidney function.
In October 2025, the firm announced positive topline results from the TX45 Phase 1b acute hemodynamic clinical trial in patients with Group 2 Pulmonary Hypertension in Heart Failure with reduced Ejection Fraction (PH-HFrEF). The results showed TX45 was well tolerated and improved both left heart function and pulmonary hemodynamics in patients with Group 2 PH-HFrEF.
-- A phase 2 trial of TX45 in patients with pulmonary hypertension secondary to heart failure with preserved ejection fraction (PH-HFpEF), dubbed APEX, is ongoing, with topline results expected this year.
-- Another ongoing study with TX45 is a phase 2 trial in subjects with pulmonary hypertension associated with interstitial lung disease ("PH-ILD"), classified as Group 3 pulmonary hypertension. The first site for this trial was activated and opened for screening early this month.
-- The second drug candidate, TX2100, is under development as a potential treatment for hereditary hemorrhagic telangiectasia, the second-most common inherited bleeding disorder affecting an estimated 75,000 people in the United States.
A phase 1a placebo-controlled, double-blind ascending-dose trial of TX2100 in healthy volunteers is underway, with topline results anticipated in the fourth quarter of 2026.
Tectonic plans to initiate a Phase 2 proof-of-concept clinical trial in moderate-to-severe hereditary hemorrhagic telangiectasia (HHT) patients with frequent epistaxis and anaemia in early 2027.
Alise Reicin, M.D., President and Chief Executive Officer of Tectonic Therapeutic, said, "We continued to advance TX45 through a series of important clinical and operational milestones, and we expect topline results from our ongoing APEX Phase 2 clinical trial in PH-HFpEF patients in 2026. Furthermore, in February 2026, Tectonic initiated its second TX45 Phase 2 clinical trial to evaluate TX45 in patients with PH-ILD."
TECX has traded between $13.70 and $27.33 in the prior year. The stock closed Thursday's trade at $23.93, up 3.55%.
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