Tectonic Therapeutic (TECX)
Develops GPCR-targeted biologics for pulmonary vascular and rare vascular diseases.
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Discovers and develops therapeutic proteins and antibodies that modulate GPCR activity, with TX45 in pulmonary hypertension programs and TX2100 in HHT. Operations are centered in Watertown, Massachusetts, and the business remains tied to clinical trial execution rather than marketed product sales.
Builds therapeutic proteins and antibodies that modulate GPCR activity, using the GEODe discovery platform to work through receptor-expression, engineering, selection, protein-engineering, and structural-biology challenges. The platform lineage traces to Harvard Medical School components later modified by the company.
Current development is anchored by TX45, an Fc-relaxin fusion aimed at pulmonary hypertension settings, and TX2100, an APJ-receptor antagonist for hereditary hemorrhagic telangiectasia. Operations are centered in Watertown, Massachusetts, with a small R&D-heavy employee base and no marketed products identified.
Execution depends on clinical readouts, trial enrollment, and financing capacity for the pipeline created after the AVROBIO reverse merger. The public security began trading as TECX in 2024, so the listed-company history is short and shaped by reverse-merger lineage.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| May 26, 2026 | Raymond James | Upgrade | Outperform | Strong Buy | $81 |
| Apr 13, 2026 | Stifel Nicolaus | Target | $75 | ||
| Jan 8, 2026 | Truist Financial | Target | $60 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $227.1M · Total debt $4.4M · Total assets $237.0M · Shareholders' equity $223.8M
- Revenue
- $0
- Operating income
- −$24.2M
- Net income
- −$22.3M
No dividends on record.
| Institutions128 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | ≈ 71.58% | 13.99M shares | |
| Insiders7 holders · as of Aug 26, 2026 | 37.15% | 7.26M shares | |
| Strategic holders2 holders · as of Jan 29, 2026 | 11.10% | 2.17M shares | |
| Adds to | 119.83% |
19.55M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 119.83%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Timothy A. Springer1,2Insiderdirector, 10 percent owner | 30.82% | 4.24M | 13Dfiled Apr 11, 2025 ↗ |
FMR LLCInstitution | 14.48% | 2.83M | 13Fas of Jun 30, 2026 |
TCG Crossover Management, LLCInstitution | 6.16% | 1.20M | 13Fas of Jun 30, 2026 |
Abrdn PLCInstitution | 5.84% | 1.14M | 13Fas of Jun 30, 2026 |
Aberdeen Group plcStrategic | 5.84% | 1.14M | 13Gfiled Jan 29, 2026 ↗ |
| See all 25 → | |||
- Timothy A. Springer's transaction reports restate only vehicles that traded; the 2024 ownership statement (4.24M) plus the 1.78M net shares acquired since is used instead.
- Timothy A. Springer reports a block also reported by another filer; it is counted once, under that filer.
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Peter McNamara | officer: Chief Scientific Officer | −43 | $36.52 |
| Aug 12, 2026 | Peter McNamara | officer: Chief Scientific Officer | −43 | $35.00 |
| Jun 30, 2026 | Peter McNamara | officer: Chief Scientific Officer | −172 | $35.00 |
| May 4, 2026 | Marcella K. Ruddy | officer: Chief Medical Officer | −1,065 | $30.00 |
| Apr 1, 2026 | Marcella K. Ruddy | officer: Chief Medical Officer | −1,000 | $31.05 |
- Tenax Therapeutics
Phase 3 PH-HFpEF program closest to TX45's initial market
- United Therapeutics
Commercial PH-ILD incumbent with inhaled treprostinil
- AstraZeneca (ADR)
Active RXFP1 heart-failure program after AZD3427 exit
- Liquidia
Commercial PH-ILD entrant with dry-powder treprostinil
- Novartis (ADR)
HHT pazopanib evidence through an approved TKI
- Septerna
GPCR-platform peer without current indication overlap
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tectonic Therapeutic | $30.38 | −2.69% | $573.2M | — | — | — | — |
| Tenax Therapeutics | $1.92 | +4.07% | $49.1M | — | — | — | — |
| United Therapeutics | $492.02 | +0.01% | $20.88B | 17.6 | 18.9 | 6.6 | −1.9% |
| AstraZeneca (ADR) | $163.48 | +1.13% | $250.67B | 24.3 | 15.2 | 4.1 | +6.4% |
| Liquidia | $69.25 | −0.65% | $6.20B | 50.9 | 15.9 | 13.7 | +1,842.7% |
| Novartis (ADR) | $162.45 | +0.01% | $308.79B | 24.5 | 17.3 | 5.6 | +0.9% |
| Septerna | $37.52 | −0.42% | $1.69B | — | — | 17.1 | +22,375.6% |
| Median | 24.4 | 16.6 | 6.6 | +6.4% |