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Tectonic Therapeutic (TECX) Financials

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$21.01 -0.30 (-1.41%)
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Annual Income Statements for Tectonic Therapeutic

Annual Income Statements for Tectonic Therapeutic

This table shows Tectonic Therapeutic's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -19 -49 -73 -120 -119 -106 -43 -58 -74
Consolidated Net Income / (Loss)		 -19 -46 -73 -120 -119 -106 -43 -58 -74
Net Income / (Loss) Continuing Operations		 -19 -46 -73 -119 -119 -106 -43 -58 -74
Total Pre-Tax Income 		-19 -46 -73 -120 -119 -106 -43 -58 -73
Total Operating Income		 -18 -46 -76 -120 -119 -105 -45 -58 -84
Total Gross Profit		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 18 46 76 120 119 105 45 58 84
Selling, General & Admin Expense		 3.20 11 21 33 36 33 7.68 17 21
Research & Development Expense		 15 35 55 87 83 72 37 41 63
Total Other Income / (Expense), net		 -0.26 -0.12 2.84 0.52 -0.29 -0.46 2.08 0.03 11
Interest Expense		 - - - - - - 0.15 0.11 0.06
Interest & Investment Income		 0.06 1.73 2.93 0.72 -0.22 -0.30 0.58 4.26 11
Other Income / (Expense), net		 -0.32 -1.84 -0.09 -0.20 -0.06 -0.16 1.65 -4.12 -0.12
Income Tax Expense		 - - - - - 0.00 - 0.00 1.23
Basic Earnings per Share		 ($8.38) ($3.62) ($2.66) ($3.31) ($2.78) ($2.42) ($33.76) ($6.83) ($4.05)
Weighted Average Basic Shares Outstanding		 2.24M 13.44M 27.43M 36.21M 42.85M 43.74M 1.27M 8.49M 18.32M
Diluted Earnings per Share		 ($8.38) ($3.62) ($2.66) ($3.31) ($2.78) ($2.42) ($33.76) ($6.83) ($4.05)
Weighted Average Diluted Shares Outstanding		 2.24M 13.44M 27.43M 36.21M 42.85M 43.74M 1.27M 8.49M 18.32M
Weighted Average Basic & Diluted Shares Outstanding		 2.24M 13.44M 27.43M 36.21M 42.85M 44.09M 44.86M 18.66M 18.78M
Cash Dividends to Common per Share		 - - - - - - - $0.00 $0.00

Quarterly Income Statements for Tectonic Therapeutic

This table shows Tectonic Therapeutic's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 2.64 -15 -13 -18 -21 -16 -20 -19 -19 -25 -22
Consolidated Net Income / (Loss)		 2.64 -15 -13 -18 -21 -16 -20 -19 -19 -25 -22
Net Income / (Loss) Continuing Operations		 2.84 -15 -13 -18 -21 -16 -20 -19 -19 -25 -22
Total Pre-Tax Income 		2.90 -15 -13 -18 -21 0.00 -19 -19 -19 0.00 -22
Total Operating Income		 1.32 -13 -11 -20 -19 -18 -22 -22 -22 -27 -24
Total Gross Profit		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 -1.32 13 11 20 19 18 22 22 22 27 24
Selling, General & Admin Expense		 -4.05 2.15 4.35 5.32 -0.27 5.26 5.15 4.96 5.18 6.43 6.17
Research & Development Expense		 2.73 11 7.07 14 19 13 17 17 16 21 18
Total Other Income / (Expense), net		 1.58 -2.25 -1.25 1.92 -1.77 2.39 3.32 2.86 2.54 2.06 2.01
Interest Expense		 - 0.03 0.03 0.03 - 0.02 0.02 0.01 0.01 0.01 0.01
Interest & Investment Income		 0.01 0.26 0.32 1.95 0.85 2.44 3.39 2.90 2.56 2.18 2.02
Other Income / (Expense), net		 1.65 -2.48 -1.54 -0.01 -2.56 -0.03 -0.05 -0.03 -0.01 -0.11 -0.01
Income Tax Expense		 - - 0.00 0.00 - 0.00 0.98 0.00 - 0.00 0.08
Basic Earnings per Share		 $2.08 ($10.97) ($4.34) ($1.20) ($2.45) ($0.93) ($1.07) ($1.02) ($1.05) ($1.34) ($1.18)
Weighted Average Basic Shares Outstanding		 1.27M 1.39M 2.92M 14.73M 8.49M 17.16M 18.68M 18.71M 18.32M 18.77M 18.96M
Diluted Earnings per Share		 $2.08 ($10.97) ($4.34) ($1.20) ($2.45) ($0.93) ($1.07) ($1.02) ($1.05) ($1.34) ($1.18)
Weighted Average Diluted Shares Outstanding		 1.27M 1.39M 2.92M 14.73M 8.49M 17.16M 18.68M 18.71M 18.32M 18.77M 18.96M
Weighted Average Basic & Diluted Shares Outstanding		 44.86M 44.89M 14.73M 14.75M 18.66M 18.67M 18.71M 18.72M 18.78M 18.87M 19.55M

Annual Cash Flow Statements for Tectonic Therapeutic

This table details how cash moves in and out of Tectonic Therapeutic's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.61 121 61 73 -70 -97 -7.20 112 113
Net Cash From Operating Activities		 -16 -38 -68 -99 -98 -97 -41 -59 -60
Net Cash From Continuing Operating Activities		 -16 -38 -68 -99 -98 -97 -41 -59 -60
Net Income / (Loss) Continuing Operations		 -19 -46 -73 -120 -119 -106 -43 -58 -74
Consolidated Net Income / (Loss)		 -19 -46 -73 -120 -119 -106 -43 -58 -74
Depreciation Expense		 0.05 0.38 0.85 1.21 1.40 1.44 1.48 1.65 1.38
Non-Cash Adjustments To Reconcile Net Income		 0.61 4.12 6.63 15 19 15 1.25 7.54 13
Changes in Operating Assets and Liabilities, net		 1.59 4.18 -2.18 4.24 1.30 -7.40 -0.58 -10 -0.07
Net Cash From Investing Activities		 -0.38 -1.83 -1.59 -1.18 -2.46 -0.27 -0.28 -0.16 -0.14
Net Cash From Continuing Investing Activities		 -0.38 -1.83 -1.59 -1.18 -2.46 -0.27 -0.28 -0.16 -0.14
Purchase of Property, Plant & Equipment		 -0.38 -1.83 -1.59 -1.18 -2.46 -0.27 -0.28 -0.16 -0.21
Sale of Property, Plant & Equipment		 - - - - - 0.00 - 0.00 0.07
Net Cash From Financing Activities		 17 160 130 173 30 0.26 34 172 173
Net Cash From Continuing Financing Activities		 17 160 130 173 30 0.26 34 172 173
Repayment of Debt		 -0.04 - - 0.00 -0.10 0.00 34 -0.48 -0.49
Issuance of Common Equity		 0.00 104 129 172 15 0.20 - 0.00 173
Other Financing Activities, net		 0.00 -1.98 0.50 0.27 0.92 0.06 0.12 172 0.75
Effect of Exchange Rate Changes		 - - - - - - 0.02 -0.01 -0.10
Cash Interest Paid		 - - - - 0.10 1.43 0.15 0.00 0.00

Quarterly Cash Flow Statements for Tectonic Therapeutic

This table details how cash moves in and out of Tectonic Therapeutic's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 22 -10 164 -26 -18 165 -19 -18 -15 -17 -9.83
Net Cash From Operating Activities		 -12 -9.27 -15 -20 -17 -13 -15 -18 -14 -18 -21
Net Cash From Continuing Operating Activities		 -12 -9.27 -15 -20 -17 -13 -15 -18 -14 -18 -21
Net Income / (Loss) Continuing Operations		 -7.87 -15 -21 -18 -12 -16 -20 -19 -19 -25 -22
Consolidated Net Income / (Loss)		 -7.87 -15 -21 -18 -12 -16 -20 -19 -19 -25 -22
Depreciation Expense		 0.37 0.38 0.71 0.42 0.51 0.36 0.34 0.34 0.33 0.30 0.29
Amortization Expense		 - - - - - - - - - 0.50 0.43
Non-Cash Adjustments To Reconcile Net Income		 -0.41 2.69 3.73 1.96 0.65 2.61 3.17 3.45 3.54 3.23 4.01
Changes in Operating Assets and Liabilities, net		 -3.75 2.88 1.56 -4.27 -5.60 -0.15 1.75 -2.57 0.90 2.80 -3.89
Net Cash From Investing Activities		 -0.05 -0.00 - -0.15 -0.00 -0.03 0.06 -0.17 - -0.02 -0.06
Net Cash From Continuing Investing Activities		 -0.05 -0.00 - -0.15 -0.00 -0.03 0.06 -0.17 - -0.02 -0.06
Purchase of Property, Plant & Equipment		 -0.05 -0.00 - -0.15 -0.00 -0.03 - -0.18 - -0.02 -0.08
Sale of Property, Plant & Equipment		 - - - - - 0.00 - 0.02 - 0.00 0.02
Net Cash From Financing Activities		 34 -0.67 179 -6.29 -1.07 178 -4.17 -0.46 -0.14 0.85 12
Net Cash From Continuing Financing Activities		 34 -0.67 179 -6.29 -1.07 178 -4.17 -0.46 -0.14 0.85 12
Issuance of Common Equity		 - 0.00 - - - 177 -4.17 - - 1.26 12
Other Financing Activities, net		 0.12 -0.55 180 0.08 -8.37 0.97 0.12 -0.33 -0.01 -0.42 -0.13
Effect of Exchange Rate Changes		 0.02 -0.08 - 0.02 0.04 -0.01 -0.03 -0.02 -0.04 0.09 0.00

Annual Balance Sheets for Tectonic Therapeutic

This table presents Tectonic Therapeutic's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 7.02 133 201 271 204 104 39 153 261
Total Current Assets		 6.31 130 196 267 199 100 31 147 257
Cash & Equivalents		 5.96 126 187 260 190 93 29 141 254
Restricted Cash		 - - - - 0.00 0.28 - 0.00 0.59
Prepaid Expenses		 0.35 3.72 8.66 7.56 9.58 7.11 2.12 5.62 2.97
Plant, Property, & Equipment, net		 0.35 2.63 3.70 3.06 4.13 2.89 3.12 2.15 1.19
Total Noncurrent Assets		 0.37 0.83 1.12 0.93 0.57 1.10 5.39 3.90 2.49
Noncurrent Note & Lease Receivables		 - - - - - - 1.44 0.92 0.50
Other Noncurrent Operating Assets		 0.37 0.83 1.12 0.93 0.57 1.10 3.96 2.98 2.00
Total Liabilities & Shareholders' Equity		 7.02 133 201 271 204 104 39 153 261
Total Liabilities		 3.66 11 15 17 34 29 43 12 9.71
Total Current Liabilities		 2.63 11 14 17 19 13 41 12 9.67
Accounts Payable		 0.53 2.78 3.95 2.68 3.49 0.38 0.41 0.98 1.09
Accrued Expenses		 2.10 7.82 9.85 14 16 12 8.14 7.85 7.34
Other Current Liabilities		 - - - - 0.00 1.00 32 2.78 1.23
Total Noncurrent Liabilities		 1.03 0.69 0.48 0.28 15 15 2.52 0.52 0.04
Other Noncurrent Operating Liabilities		 0.91 - - - 0.00 0.19 2.52 0.52 0.04
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -23 122 186 254 169 75 -85 141 251
Total Preferred & Common Equity		 -23 122 186 254 169 75 -85 141 251
Total Common Equity		 -23 122 186 254 169 75 -85 141 251
Common Stock		 0.34 194 331 519 553 565 5.98 289 474
Retained Earnings		 -23 -72 -145 -264 -384 -489 -91 -149 -223
Accumulated Other Comprehensive Income / (Loss)		 - - - - - - -0.01 0.01 -0.10

Quarterly Balance Sheets for Tectonic Therapeutic

This table presents Tectonic Therapeutic's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 83 134 111 92 194 169 315 295 277 247 237
Total Current Assets		 77 129 109 92 187 163 310 291 273 240 231
Cash & Equivalents		 72 125 106 90 185 159 306 287 268 237 227
Restricted Cash		 0.00 0.28 0.28 0.28 - - - - 0.59 0.00 0.00
Prepaid Expenses		 4.93 3.87 2.86 1.07 2.26 3.50 3.40 3.47 4.22 3.00 4.03
Plant, Property, & Equipment, net		 2.57 2.29 0.00 0.00 2.64 2.55 1.92 1.68 1.41 1.02 0.86
Total Noncurrent Assets		 3.18 2.71 1.35 0.51 3.88 3.57 3.26 2.78 2.35 5.67 5.08
Noncurrent Note & Lease Receivables		 - - - - 2.08 1.03 0.81 0.71 0.60 0.41 0.29
Other Noncurrent Operating Assets		 3.18 2.71 1.35 0.51 1.81 2.54 2.45 2.08 1.75 5.26 4.79
Total Liabilities & Shareholders' Equity		 83 134 111 92 194 169 315 295 277 247 237
Total Liabilities		 30 12 7.66 3.51 28 18 14 12 9.47 16 13
Total Current Liabilities		 14 12 7.56 3.51 26 17 14 11 9.37 13 10
Accounts Payable		 0.59 1.07 0.91 0.24 4.09 2.64 6.25 2.80 1.49 2.55 1.68
Accrued Expenses		 11 8.34 5.00 3.04 20 13 4.91 6.80 6.75 8.97 7.11
Other Current Liabilities		 2.63 2.25 1.65 0.22 1.90 1.95 2.35 1.76 1.14 1.43 1.58
Total Noncurrent Liabilities		 16 0.13 0.11 0.00 1.54 1.04 0.28 0.19 0.10 3.20 2.82
Other Noncurrent Operating Liabilities		 0.35 0.13 0.11 - 1.54 1.04 0.28 0.19 0.10 3.20 2.82
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 53 122 103 89 166 150 301 284 268 230 224
Total Preferred & Common Equity		 53 122 103 89 166 150 301 284 268 230 224
Total Common Equity		 53 122 103 89 166 150 301 284 268 230 224
Common Stock		 567 569 571 573 285 287 466 468 471 478 494
Retained Earnings		 -514 -447 -468 -484 -118 -136 -164 -184 -204 -248 -270
Accumulated Other Comprehensive Income / (Loss)		 - - - - -0.06 -0.08 0.00 -0.05 -0.08 0.00 0.00

Annual Metrics And Ratios for Tectonic Therapeutic

This table displays calculated financial ratios and metrics derived from Tectonic Therapeutic's official financial filings.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 0.00% -155.80% -57.43% -58.86% 1.44% 11.36% 60.14% -45.69% -36.85%
EBIT Growth		 0.00% -157.08% -57.84% -58.67% 1.27% 11.19% 59.28% -44.51% -35.44%
NOPAT Growth		 0.00% -151.51% -63.94% -58.59% 1.15% 11.28% 57.65% -29.94% -44.85%
Net Income Growth		 0.00% -148.61% -57.38% -64.07% 0.49% 11.11% 59.56% -35.40% -27.89%
EPS Growth		 0.00% 56.80% 26.52% -24.44% 16.01% 12.95% 59.56% 79.77% 40.70%
Operating Cash Flow Growth		 0.00% -129.81% -79.74% -46.01% 0.79% 0.83% 58.15% -45.23% -1.69%
Free Cash Flow Firm Growth		 0.00% 0.00% -82.02% -42.20% -4.42% 7.95% 99.12% -10,694.18% 22.89%
Invested Capital Growth		 0.00% -58.51% 74.99% -418.25% 3.60% 57.25% -1,389.91% 98.59% -560.04%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% -9.77% -4.04% 0.25% 2.44% 40.52% -474.26% -10.13%
EBIT Q/Q Growth		 0.00% 0.00% -9.75% -4.06% 0.14% 2.50% 39.64% -500.52% -9.70%
NOPAT Q/Q Growth		 0.00% 0.00% -9.79% -4.01% 0.09% 2.50% 37.31% -336.69% -9.84%
Net Income Q/Q Growth		 0.00% 0.00% -10.01% -4.79% -0.08% 2.93% 39.26% -383.85% -10.18%
EPS Q/Q Growth		 0.00% 0.00% -210.83% -0.91% -1.83% 2.81% 39.26% -591.37% -12.50%
Operating Cash Flow Q/Q Growth		 0.00% -7.44% -11.81% -13.70% 4.47% 2.24% 22.80% 22.70% 3.78%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -15.99% 4.31% 4.46% 98.64% -422.32% 7.51%
Invested Capital Q/Q Growth		 0.00% 0.00% -358.79% 54.27% 34.03% 30.49% -903.31% 94.70% -104.55%
Profitability Metrics		 - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.60% 100.00% 101.69%
Interest Burden Percent		 99.70% 96.41% 96.13% 99.40% 100.19% 100.28% 99.00% 93.31% 86.65%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -554.18% -73.85% -47.35% -54.37% -56.22% -86.50% -120.02% -84.79% -37.82%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 3,810.06% -58.26% -47.35% -54.37% -56.22% -86.50% 15.58% -34.80% -37.82%
Return on Equity Simple (ROE_SIMPLE)		 80.61% -37.94% -39.23% -47.07% -70.29% -140.49% 50.60% -41.19% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -32 -53 -84 -83 -74 -31 -41 -59
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -96.89% -21.16% -12.70% -15.92% -16.55% -25.45% -21.76% -20.44% -7.75%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - 36.93% -28.85% -23.41%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -19 -48 -76 -120 -119 -106 -43 -62 -84
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -19 -48 -75 -119 -118 -104 -42 -60 -83
Valuation Ratios		 - - - - - - - - -
Price to Book Value (P/BV)		 0.00 39.17 41.12 23.97 11.90 4.97 0.00 4.84 1.55
Price to Tangible Book Value (P/TBV)		 0.00 39.17 41.12 23.97 11.90 4.97 0.00 4.84 1.55
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.09 0.20 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.09 0.20 0.00 0.00 0.00
Financial Leverage		 -1.77 -1.05 -1.02 -1.01 -1.02 -1.03 -1.49 -1.24 -1.01
Leverage Ratio		 2.09 1.12 1.08 1.07 1.12 1.26 2.01 1.41 1.06
Compound Leverage Factor		 2.08 1.08 1.04 1.06 1.12 1.26 1.99 1.31 0.91
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 8.10% 16.85% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 8.10% 16.85% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 787.52% 0.00% 0.00% 0.00% 0.00% 0.00% -2,011.15% 0.00% 0.00%
Common Equity to Total Capital		 -687.52% 100.00% 100.00% 100.00% 91.90% 83.15% 2,111.15% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 -0.13 -0.15 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 1.49 0.74 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 -0.13 -0.15 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 -0.18 -0.21 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 2.10 1.05 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 -0.18 -0.21 0.00 0.00 0.00
Altman Z-Score		 3.52 253.39 315.35 214.89 31.71 -1.08 2.93 32.05 23.01
Noncontrolling Interest Sharing Ratio		 787.52% 21.11% 0.00% 0.00% 0.00% 0.00% 112.98% 58.95% 0.00%
Liquidity Ratios		 - - - - - - - - -
Current Ratio		 2.40 12.26 13.96 16.09 10.27 7.62 0.76 12.65 26.63
Quick Ratio		 2.27 11.91 13.34 15.63 9.78 7.06 0.70 12.17 26.26
Cash Flow Metrics		 - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -31 -56 -80 -83 -77 -0.68 -73 -56
Operating Cash Flow to CapEx		 -4,277.28% -2,055.02% -4,269.27% -8,394.48% -3,983.14% -36,407.49% -14,581.00% -37,871.79% -43,534.78%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -4.44 -681.55 -892.57
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -267.64 -552.15 -953.62
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -269.47 -553.61 -955.81
Efficiency Ratios		 - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - -
Invested Capital		 -2.60 -4.12 -1.03 -5.34 -5.15 -2.20 -33 -0.46 -3.06
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 -1.52 3.09 -4.31 0.19 2.95 -31 32 -2.59
Enterprise Value (EV)		 120 4,660 7,463 5,838 1,842 297 779 540 136
Market Capitalization		 100 4,786 7,650 6,098 2,017 374 727 681 390
Book Value per Share		 ($10.35) $5.10 $5.87 $6.98 $3.88 $1.72 ($1.90) $9.54 $13.43
Tangible Book Value per Share		 ($10.35) $5.10 $5.87 $6.98 $3.88 $1.72 ($1.90) $9.54 $13.43
Total Capital		 3.37 122 186 254 184 91 -4.01 141 251
Total Debt		 0.00 0.00 0.00 0.00 15 15 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 15 15 0.00 0.00 0.00
Net Debt		 -5.96 -126 -187 -260 -175 -78 -29 -141 -254
Capital Expenditures (CapEx)		 0.38 1.83 1.59 1.18 2.46 0.27 0.28 0.16 0.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.28 -6.89 -5.36 -9.05 -9.81 -6.00 -39 -5.99 -6.69
Debt-free Net Working Capital (DFNWC)		 3.68 119 182 251 180 87 -10 135 248
Net Working Capital (NWC)		 3.68 119 182 251 180 87 -10 135 248
Net Nonoperating Expense (NNE)		 5.78 14 20 36 36 32 12 17 15
Net Nonoperating Obligations (NNO)		 -5.96 -126 -187 -260 -175 -78 -29 -141 -254
Total Depreciation and Amortization (D&A)		 0.07 0.42 0.85 1.21 1.40 1.44 1.48 1.65 1.38
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 ($100.56) ($43.44) ($31.92) ($39.72) ($33.36) ($29.04) $3.24 ($6.83) ($4.05)
Adjusted Weighted Average Basic Shares Outstanding		 186.32K 2.01M 3.00M 3.47M 3.64M 3.64M 3.69M 8.49M 18.32M
Adjusted Diluted Earnings per Share		 ($100.56) ($43.44) ($31.92) ($39.72) ($33.36) ($29.04) $3.24 ($6.83) ($4.05)
Adjusted Weighted Average Diluted Shares Outstanding		 186.32K 2.01M 3.00M 3.47M 3.64M 3.64M 3.71M 8.49M 18.32M
Adjusted Basic & Diluted Earnings per Share		 ($100.56) ($43.44) ($31.92) ($39.72) ($33.36) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 186.32K 1.12M 2.29M 3.02M 3.57M 3.67M 3.74M 18.66M 18.78M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -32 -53 -84 -83 -74 -31 -41 -59
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -282.88 -580.71 -1,335.79
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -205.62 -379.54 -933.73
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -284.71 -582.17 -1,337.98
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -207.45 -381.00 -935.92
Payout Ratios		 - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Tectonic Therapeutic

This table displays calculated financial ratios and metrics derived from Tectonic Therapeutic's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - 18,662,672.00 18,672,509.00 18,712,128.00 - 18,776,626.00 18,869,186.00
DEI Adjusted Shares Outstanding		 - - - - - 18,662,672.00 18,672,509.00 18,712,128.00 - 18,776,626.00 18,869,186.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -0.85 -1.07 -1.02 - -1.34 -1.18
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 113.37% 68.03% -19.69% -97.25% -731.75% -19.25% -74.57% -12.27% -56.08% -48.10% -6.67%
EBIT Growth		 111.72% 68.44% -21.83% -94.21% -828.46% -18.67% -72.67% -11.59% -52.82% -49.56% -8.24%
NOPAT Growth		 107.45% 68.51% -7.43% -94.16% -1,110.72% -41.10% -95.53% -11.47% -53.81% -49.20% -8.45%
Net Income Growth		 110.56% 72.72% -21.20% -76.22% -886.45% -4.50% -57.71% -7.44% -55.39% -58.69% -11.51%
EPS Growth		 110.56% 73.68% 49.00% 84.25% -217.79% 91.52% 75.35% 15.00% 28.08% -44.09% -10.28%
Operating Cash Flow Growth		 50.76% 62.68% -5,724.71% -131.15% -44.30% -41.09% -9.99% 9.13% 14.03% -40.74% -45.74%
Free Cash Flow Firm Growth		 254.64% 55.68% 325.66% -18.65% -243.05% 14.39% -493.17% -172.54% 70.39% -87.36% 43.64%
Invested Capital Growth		 -1,389.91% 51.54% -539.08% -167.34% 98.59% -170.65% 80.73% 82.89% -560.04% -24.32% 10.87%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 134.23% -111.54% -53.99% -56.92% -9.62% -32.36% -22.65% 2.09% 1.80% -25.59% 11.67%
EBIT Q/Q Growth		 129.28% -111.54% -62.95% -51.56% -9.84% -30.14% -22.09% 2.05% 1.81% -27.36% 11.64%
NOPAT Q/Q Growth		 118.60% -108.06% -43.82% -71.94% 3.16% -30.80% -22.05% 1.98% 1.71% -26.89% 11.29%
Net Income Q/Q Growth		 126.29% -109.85% -86.12% -39.82% -17.32% -28.55% -25.64% 4.75% -1.00% -31.29% 11.71%
EPS Q/Q Growth		 126.29% -109.62% -2,793.33% 72.35% -104.17% 36.30% -15.05% 4.67% -2.94% -27.62% 11.94%
Operating Cash Flow Q/Q Growth		 -37.45% 5.75% -99.31% -29.95% 14.20% 22.22% -12.50% -21.03% 18.83% -27.33% -16.50%
Free Cash Flow Firm Q/Q Growth		 557.09% -107.64% 202.91% -205.77% -451.11% 77.38% -223.14% 26.68% 44.74% -43.11% 2.79%
Invested Capital Q/Q Growth		 -903.31% 94.13% -874.39% 53.44% 94.70% -1,025.27% 30.61% 58.67% -104.55% -111.94% 50.25%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 91.20% 100.00% 100.00% 100.00% 100.00% 0.00% 105.13% 100.00% 101.34% 0.00% 100.35%
Interest Burden Percent		 97.84% 85.59% 97.76% 90.19% 96.33% 0.00% 84.93% 86.83% 88.14% 0.00% 91.68%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -120.02% 42.73% 19.48% 16.13% -84.79% -30.10% -29.32% -32.21% -37.82% -31.42% -33.80%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 15.58% 42.73% 19.48% 16.13% -34.80% -30.10% -29.32% -32.21% -37.82% -31.42% -33.80%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 34.11% 16.88% 13.59% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 1.32 -5.56 -7.99 -14 -13 -13 -16 -15 -15 -19 -17
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 2.49% -1.69% -3.02% -2.99% -8.79% -1.56% -1.84% -1.73% -2.11% -2.26% -2.07%
Return On Investment Capital (ROIC_SIMPLE)		 -1.56% - - - -9.46% -4.25% -5.51% -5.73% -5.99% -8.29% -7.57%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to 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 to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 2.96 -7.95 -13 -20 -22 -18 -22 -22 -22 -27 -24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3.34 -7.95 -12 -19 -21 -18 -22 -22 -21 -27 -24
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 7.76 0.37 2.97 4.84 1.10 1.31 1.10 1.55 2.52 2.90
Price to Tangible Book Value (P/TBV)		 0.00 7.76 0.37 2.97 4.84 1.10 1.31 1.10 1.55 2.52 2.90
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 22.74 2.19 21.86 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 4.40% 45.59% 4.58% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 21.64 0.00 17.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 21.86 0.00 18.52 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 21.78 0.00 16.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 23.53 0.00 12.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.49 -1.04 -1.08 -1.05 -1.24 -1.02 -1.05 -1.02 -1.01 -1.02 -1.01
Leverage Ratio		 2.01 1.24 1.14 1.10 1.41 1.04 1.09 1.07 1.06 1.06 1.05
Compound Leverage Factor		 1.97 1.06 1.11 0.99 1.35 0.00 0.92 0.93 0.93 0.00 0.96
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 -2,011.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 2,111.15% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 6.78 111.35 1.26 14.11 32.93 14.58 19.29 18.45 23.80 20.88 28.69
Noncontrolling Interest Sharing Ratio		 112.98% 0.00% 0.00% 0.00% 58.95% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.76 26.17 7.21 9.39 12.65 22.92 25.60 29.15 26.63 18.51 22.29
Quick Ratio		 0.70 25.79 7.12 9.19 12.17 22.67 25.30 28.64 26.26 18.28 21.90
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 32 -7.61 7.83 -8.28 -46 -9.52 -31 -23 -12 -18 -17
Operating Cash Flow to CapEx		 -23,314.00% 0.00% 0.00% -12,813.07% -560,700.00% -48,455.56% 0.00% -10,731.93% 0.00% -96,910.53% -36,357.63%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 279.55 -331.16 0.00 -476.18 -1,810.26 -1,611.64 -1,039.02 -2,230.46 -2,890.93
Operating Cash Flow to Interest Expense		 0.00 0.00 -538.79 -784.16 0.00 -654.15 -865.82 -1,272.50 -1,205.08 -2,301.63 -3,575.17
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -538.79 -790.28 0.00 -655.50 -865.82 -1,284.36 -1,205.08 -2,304.00 -3,585.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -33 -1.93 -19 -8.73 -0.46 -5.21 -3.62 -1.49 -3.06 -6.48 -3.22
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 -31 2.05 -16 -5.47 32 -3.29 15 7.24 -2.59 -1.27 0.39
Enterprise Value (EV)		 779 598 -124 287 540 24 84 25 136 343 422
Market Capitalization		 727 689 62 446 681 331 371 294 390 580 649
Book Value per Share		 ($1.90) $1.98 $3.71 $10.20 $9.54 $16.13 $15.20 $14.30 $13.43 $12.27 $11.86
Tangible Book Value per Share		 ($1.90) $1.98 $3.71 $10.20 $9.54 $16.13 $15.20 $14.30 $13.43 $12.27 $11.86
Total Capital		 -4.01 89 166 150 141 301 284 268 251 230 224
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -29 -91 -185 -159 -141 -306 -287 -269 -254 -237 -227
Capital Expenditures (CapEx)		 0.05 0.00 0.00 0.15 0.00 0.03 0.00 0.17 0.00 0.02 0.06
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -39 -2.44 -24 -14 -5.99 -10 -7.89 -5.15 -6.69 -9.96 -6.34
Debt-free Net Working Capital (DFNWC)		 -10 88 161 145 135 296 279 264 248 227 221
Net Working Capital (NWC)		 -10 88 161 145 135 296 279 264 248 227 221
Net Nonoperating Expense (NNE)		 -1.33 1.25 4.68 3.97 7.47 3.10 4.35 3.71 4.16 6.13 5.33
Net Nonoperating Obligations (NNO)		 -29 -91 -185 -159 -141 -306 -287 -269 -254 -237 -227
Total Depreciation and Amortization (D&A)		 0.37 0.00 0.71 0.42 0.51 0.36 0.34 0.34 0.33 0.80 0.71
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $24.96 ($1.80) ($4.34) ($1.20) ($2.45) ($0.93) ($1.07) ($1.02) ($1.05) ($1.34) ($1.18)
Adjusted Weighted Average Basic Shares Outstanding		 105.71K 3.73M 2.92M 14.73M 8.49M 17.16M 18.68M 18.71M 18.32M 18.77M 18.96M
Adjusted Diluted Earnings per Share		 $24.96 ($1.80) ($4.34) ($1.20) ($2.45) ($0.93) ($1.07) ($1.02) ($1.05) ($1.34) ($1.18)
Adjusted Weighted Average Diluted Shares Outstanding		 105.71K 3.73M 2.92M 14.73M 8.49M 17.16M 18.68M 18.71M 18.32M 18.77M 18.96M
Adjusted Basic & Diluted Earnings per Share		 $24.96 $0.00 $0.00 $0.00 ($2.45) $0.00 $0.00 $0.00 ($1.05) $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 3.74M 3.74M 14.73M 14.75M 18.66M 18.67M 18.71M 18.72M 18.78M 18.87M 19.55M
Normalized Net Operating Profit after Tax (NOPAT)		 0.92 -5.56 -7.99 -14 -13 -13 -16 -15 -15 -19 -17
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 -462.89 -785.76 0.00 -916.50 -1,316.47 -1,565.79 -1,793.67 -3,426.75 -4,037.17
NOPAT to Interest Expense		 0.00 0.00 -285.53 -549.84 0.00 -640.43 -919.55 -1,094.50 -1,255.10 -2,388.84 -2,825.43
EBIT Less CapEx to Interest Expense		 0.00 0.00 -462.89 -791.88 0.00 -917.85 -1,316.47 -1,577.64 -1,793.67 -3,429.13 -4,047.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -285.53 -555.96 0.00 -641.78 -919.55 -1,106.36 -1,255.10 -2,391.21 -2,835.27
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Tectonic Therapeutic remains a development-stage biotechnology company with no reported revenue through the second quarter of 2026. Its financial profile continues to be driven by research spending, investment income and equity financing rather than product sales.

Liquidity remains the company’s primary financial strength. Tectonic reported $227.1 million in cash and equivalents at June 30, 2026, compared with $236.9 million at March 31, 2026, and $287.4 million at June 30, 2025. The company had only $13.2 million in total liabilities and $223.8 million in shareholders’ equity, leaving it with substantial financial flexibility and minimal leverage.

Based on second-quarter operating cash burn of $21.5 million, Tectonic had roughly 10 quarters of cash coverage, or approximately two and a half years, before considering future financing, spending changes or clinical-development milestones. Using the first-half 2026 average operating cash burn of approximately $20.0 million per quarter produces a similar runway estimate. This is only an approximation and should not be treated as company guidance.

Operating performance remains challenged. Quarterly revenue has been zero in the periods provided, while net losses have generally widened from the roughly $10 million to $16 million range in 2023 and early 2024 to $22.3 million in the second quarter of 2026. Research and development spending increased to $18.0 million in the latest quarter, while total operating expenses reached $24.2 million. Interest and investment income of $2.0 million helped offset a portion of the operating loss but did not materially change the company’s cash-burning profile.

  • Strong liquidity position: Tectonic held $227.1 million in cash and equivalents at the end of Q2 2026, with total liabilities of only $13.2 million.
  • Limited balance-sheet leverage: The company has no significant long-term debt reported in the latest balance sheet, reducing interest-rate and refinancing risk.
  • Potential operating runway: Current cash supports an estimated two and a half to nearly three years of operations at recent cash-burn rates, assuming spending remains broadly similar.
  • Financing access has supported development: Tectonic raised $177.3 million through common-equity issuance in Q1 2025 and an additional $11.8 million in Q2 2026, helping replenish cash during a period of heavy investment.
  • Research spending reflects continued pipeline investment: R&D expense was $18.0 million in Q2 2026 and remains the company’s largest operating cost, indicating that capital is being directed toward clinical and development activities.
  • Investment income is a recurring offset: Interest and investment income has generally ranged from approximately $2 million to $3 million per quarter in recent periods, but it is not a substitute for commercial revenue.
  • Capital spending is modest: Q2 2026 investing cash outflow was only $59,000, suggesting that near-term cash needs are primarily tied to research, personnel and other operating expenses rather than significant infrastructure investment.
  • Working-capital movements are volatile: Changes in operating assets and liabilities added $2.8 million to operating cash flow in Q1 2026 but reduced it by $3.9 million in Q2, creating quarter-to-quarter variation that does not necessarily reflect changes in the underlying business.
  • No revenue or gross profit: Tectonic reported zero revenue and zero gross profit in Q2 2026 and in the other recent income statements provided, leaving the company dependent on external capital and cash reserves.
  • Persistent and substantial losses: The company posted a $22.3 million net loss in Q2 2026 and a $25.2 million loss in Q1 2026. Retained earnings were negative $270.3 million at June 30, 2026.
  • Continued operating cash burn: Operating activities consumed $21.5 million in Q2 2026 and $18.4 million in Q1 2026, while cash declined by $9.8 million in Q2 despite $11.7 million of financing inflows.
  • Rising development costs: R&D expense increased from $10.8 million in Q1 2023 to $18.0 million in Q2 2026, contributing to wider operating losses and faster cash consumption.
  • Equity dilution risk: The company has repeatedly relied on common-stock issuance to fund operations. Weighted-average basic shares increased from 1.4 million in Q1 2024 to 19.0 million in Q2 2026, although historical share counts also reflect corporate and reporting changes.
  • Cash balance is trending lower: Cash declined from $306.2 million in Q1 2025 to $227.1 million in Q2 2026, a reduction of approximately 26%, despite equity financing during the period.

Overall, Tectonic’s balance sheet provides meaningful near-term financial support, but the company remains a high-risk, pre-revenue biotechnology investment. The key factors for investors to monitor are clinical progress, the pace of R&D spending, cash runway and whether future financing is required before the company can generate meaningful commercial revenue.

10/14/26 08:47 AM ETAI Generated. May Contain Errors.

Tectonic Therapeutic Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tectonic Therapeutic's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Tectonic Therapeutic's net income appears to be on a downward trend, with a most recent value of -$74.15 million in 2025, falling from -$18.65 million in 2017. The previous period was -$57.98 million in 2024. See where experts think Tectonic Therapeutic is headed by visiting Tectonic Therapeutic's forecast page.

Tectonic Therapeutic's total operating income in 2025 was -$84.04 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $84.04 million

Over the last 8 years, Tectonic Therapeutic's total revenue changed from $0.00 in 2017 to $0.00 in 2025, a change of 0.0%.

In the past 13 quarters, Tectonic Therapeutic's cash and equivalents has ranged from $72.33 million in Q1 2023 to $306.25 million in Q1 2025, and is currently $227.07 million as of their latest financial filing in Q2 2026.

Tectonic Therapeutic had total debt of $0.00 at the end of 2025, compared with none in 2024, and none in 2017.

Over the last 8 years, Tectonic Therapeutic's book value per share changed from -10.35 in 2017 to 13.43 in 2025.


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Financial statements for NASDAQ:TECX last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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