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Sep 30, 2024
Tectonic Q3 2024 Earnings Report
Announced third quarter 2024 financial results and recent business highlights.
Key Takeaways
Tectonic Therapeutic reported a net loss of $17.7 million for the third quarter ending September 30, 2024, with cash and cash equivalents totaling $159.1 million. The company is advancing its pipeline, including the initiation of the APEX Phase 2 clinical trial and continued enrollment in the Phase 1b hemodynamic trial for TX45.
Patient enrollment in the Phase 1b hemodynamic trial remains ahead of expectation, with topline results now expected in late Q1’2025 or early Q2’2025.
First subject dosed with TX000045 (“TX45”) in APEX Phase 2 clinical trial in early October, with topline results expected in 2026.
Development Candidate TX002100 (“TX2100”) selected for second program targeting patients with Hereditary Hemorrhagic Telangiectasia (HHT).
Cash and cash equivalents were $159.1 million as of September 30, 2024, expected to provide cash runway into mid-2027.
Forward Guidance
Tectonic expects topline results from the Phase 1b hemodynamic trial in late Q1’2025 or early Q2’2025 and topline results from the APEX Phase 2 clinical trial in 2026. A Phase 1 clinical trial for TX2100 is expected in Q4’2025 or Q1’2026.
Positive Outlook
- Phase 1b hemodynamic clinical trial results expected in late Q1’2025 or early Q2’2025
- APEX Phase 2 clinical trial results expected in 2026
- Initiate a Phase 1 clinical trial for TX2100 in Q4’2025 or Q1’2026
- Cash runway into mid-2027, including through key Phase 1b and Phase 2 readouts for TX45
- The TX45 Phase 1a poster will be presented at the American Heart Association (AHA) Scientific Sessions on November 16th
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