Wed, Aug 14, 8:05 PM (153 days ago)
Tectonic Therapeutic, Inc. reported significant financial changes in its Q2 2024 results following its merger with AVROBIO. For the quarter ending June 30, 2024, the company recorded a net loss of $12.7 million, an increase from $10.5 million in Q2 2023. Total operating expenses rose slightly to $11.4 million, driven by a 133% increase in general and administrative costs, primarily due to merger-related activities. Research and development expenses decreased by 19% to $7.1 million, reflecting reduced clinical trial supply production. The company’s cash and cash equivalents surged to $185.1 million, primarily due to proceeds from the merger and a subscription agreement, positioning it to fund operations for at least the next year. Despite this, Tectonic faces uncertainties, including the need for substantial future funding to support ongoing clinical trials and product development. The merger has altered equity dynamics, with common stock outstanding increasing significantly to 14.7 million shares post-transaction. The company remains focused on advancing its lead candidate, TX45, through clinical trials while managing risks associated with regulatory approvals and market competition.