Tectonic Therapeutic, Inc.
TECX · Biological Products, (No Diagnostic Substances) · 18.9M shares · -42%/yr ↓ buyback · EDGAR filings ↗
Reference price $30.00 · est. market cap ~$566M — last insider sale, 2026-05-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — GPCR-targeted clinical, very cash-rich.
Strengths
- Liquidity — current ratio 26.6 (98th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Cash burnNegative free cash flow (-60.3M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $254M cash & investments, ~17 quarters of runway
- Insider buyingInsider buying — 3 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$235,160, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -42%/yr over 3y
- Insider sellingInsider selling — 7 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$629,562, last 6mo) Form 4 ↗
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Key metrics
Return on equity
-29.5%
Return on assets
-28.4%
Current ratio
26.6×
Free cash flow
-$60M
EBITDA
-$83M
Tangible book value
$251M
Cash & investments
$254M
Cash runway
17q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-20 | REICIN ALISE | Tax withheld | 924 | $30.34 |
| 2026-05-04 | Ruddy Marcella K. | Sell | 1.1K | $30.00 |
| 2026-04-01 | Ruddy Marcella K. | Sell | 1.0K | $31.05 |
| 2026-03-06 | McNamara Peter | Option exercise | 215 | $14.71 |
| 2026-03-06 | McNamara Peter | Sell | 6.0K | $30.00 |
| 2026-03-06 | McNamara Peter | Sell | 215 | $35.00 |
| 2026-03-06 | Ruddy Marcella K. | Sell | 10K | $30.00 |
| 2026-03-06 | McNamara Peter | Option exercise | 2.5K | $2.38 |
| 2026-03-04 | Lochner Daniel | Grant | 26K | — |
| 2026-03-04 | Ruddy Marcella K. | Grant | 26K | — |
| 2026-03-04 | McNamara Peter | Grant | 23K | — |
| 2026-03-04 | McNamara Peter | Sell | 1.6K | $25.00 |
| 2026-03-04 | Schwabish Marc | Grant | 20K | — |
| 2026-03-04 | REICIN ALISE | Grant | 76K | — |
| 2026-03-03 | McNamara Peter | Sell | 1.6K | $22.06 |
| 2026-02-11 | REICIN ALISE | Buy | 2.5K | $21.10 |
| 2026-02-11 | REICIN ALISE | Buy | 2.5K | $21.10 |
| 2026-02-10 | Schwabish Marc | Option exercise | 4.5K | $2.38 |
| 2026-02-10 | Lochner Daniel | Buy | 6.0K | $21.61 |
| 2026-02-04 | McNamara Peter | Tax withheld | 1.7K | $23.22 |
| 2026-02-04 | Ruddy Marcella K. | Tax withheld | 2.1K | $23.22 |
| 2026-02-04 | Schwabish Marc | Tax withheld | 1.6K | $23.22 |
| 2026-02-04 | Lochner Daniel | Tax withheld | 2.1K | $23.22 |
| 2026-02-04 | REICIN ALISE | Tax withheld | 4.1K | $23.22 |
| 2025-12-31 | REICIN ALISE | Option exercise | 11K | $2.38 |
| 2025-12-22 | McNamara Peter | Option exercise | 7.0K | $2.98 |
| 2025-09-25 | Ruddy Marcella K. | Grant | 5.4K | — |
| 2025-09-25 | McNamara Peter | Grant | 4.5K | — |
| 2025-09-25 | Schwabish Marc | Grant | 4.2K | — |
| 2025-09-25 | Lochner Daniel | Grant | 5.4K | — |
| 2025-09-25 | REICIN ALISE | Grant | 15K | — |
| 2025-06-20 | REICIN ALISE | Tax withheld | 859 | $19.81 |
| 2025-04-11 | SPRINGER TIMOTHY A | Buy | 54K | $16.31 |
| 2025-04-11 | SPRINGER TIMOTHY A | Buy | 9.5K | $16.31 |
| 2025-04-10 | SPRINGER TIMOTHY A | Buy | 8.1K | $16.73 |
| 2025-04-10 | SPRINGER TIMOTHY A | Buy | 46K | $16.73 |
| 2025-04-09 | SPRINGER TIMOTHY A | Buy | 2.9K | $14.62 |
| 2025-04-09 | SPRINGER TIMOTHY A | Buy | 16K | $14.62 |
| 2025-04-09 | SPRINGER TIMOTHY A | Buy | 4.9K | $15.23 |
| 2025-04-09 | SPRINGER TIMOTHY A | Buy | 857 | $15.23 |
| 2025-04-07 | SPRINGER TIMOTHY A | Buy | 412K | $17.10 |
| 2025-04-07 | SPRINGER TIMOTHY A | Buy | 88K | $17.10 |
| 2025-04-07 | MCGUIRE TERRANCE | Sell | 500K | $17.10 |
| 2025-02-05 | SPRINGER TIMOTHY A | Buy | 129K | $54.14 |
| 2025-02-05 | SPRINGER TIMOTHY A | Buy | 660K | $50.00 |
| 2025-02-05 | Lochner Daniel | Buy | 4.6K | $54.14 |
| 2025-02-04 | Schwabish Marc | Grant | 14K | — |
| 2025-02-04 | McNamara Peter | Grant | 15K | — |
| 2025-02-04 | Lochner Daniel | Grant | 18K | — |
| 2025-02-04 | Ruddy Marcella K. | Grant | 18K | — |
| 2025-02-04 | REICIN ALISE | Grant | 36K | — |
| 2025-01-28 | Schwabish Marc | Option exercise | 2.7K | $2.38 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-10 | Shareholder voteOtherExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-23 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-02-24 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-10-30 | OtherExhibits | filing ↗ |
| 2025-08-07 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-08 | 0001193125-26-266040 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-212016 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-212069 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0001193125-26-173829 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-076843 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-076793 ↗ |
| 8-K | 2026-02-24 | 2026-02-23 | 0001193125-26-066964 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-269701 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-269573 ↗ |
| 8-K | 2025-10-30 | 2025-10-29 | 0001193125-25-256958 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0000950170-25-104974 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001193125-25-175567 ↗ |