The balance sheet remains liquid with a current ratio of 18.51, though total assets have declined to $246.6 million in 2026Q1 as the firm consumes capital to support its clinical pipeline.
| Total Current Assets | 239.89M | 257.36M | 146.86M | 30.88M | 37.04M | 28.62M | 267.24M | 195.7M | 130.02M | 6.31M | 5.38M |
| Cash & Short-Term Investments | 236.89M | 253.8M | 141.24M | 28.77M | 35.97M | 28.06M | 259.68M | 187.04M | 126.3M | 5.96M | 5.36M |
| Cash Only | 236.89M | 253.8M | 141.24M | 28.77M | 35.97M | 28.06M | 259.68M | 187.04M | 126.3M | 5.96M | 5.36M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 2.56M | 2.14M | 1.54M | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 3M | 3.56M | 5.62M | 2.12M | 1.08M | 557K | 271K | 620K | 795K | 60K | 4K |
| Total Non-Current Assets | 6.69M | 3.68M | 6.05M | 8.52M | 10.17M | 4.26M | 3.99M | 4.81M | 3.46M | 714K | 24K |
| Property, Plant & Equipment | 5.54M | 2.55M | 5.3M | 7.23M | 9.55M | 3.66M | 3.06M | 3.7M | 2.63M | 349K | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 587K | 0 | 0 | 0 | 492K | 492K | 492K | 24K | 24K |
| Other Non-Current Assets | 1.15M | 1.13M | 156K | 1.29M | 613K | 599K | 436K | 625K | 333K | 341K | 0 |
| Total Assets | 246.58M | 261.04M | 152.91M | 39.4M | 47.21M | 32.88M | 271.23M | 200.51M | 133.48M | 7.02M | 5.4M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 165.51% | 70.72% | 288.09% | -16.54% | 43.59% | -87.88% | 35.27% | 50.22% | 1800.87% | 30.04% | - |
| Total Current Liabilities | 12.96M | 9.67M | 11.61M | 40.89M | 7.84M | 4.12M | 16.61M | 14.02M | 10.61M | 2.63M | 891K |
| Accounts Payable | 2.55M | 1.09M | 976K | 409K | 574K | 1.81M | 2.68M | 3.95M | 2.78M | 527K | 340K |
| Days Payables Outstanding | - | - | - | - | - | - | 811.04 | 1.7K | 2.67K | 4.27K | - |
| Short-Term Debt | 1.43M | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.97M | 7.34M | 3.58M | 33.37M | 2.66M | 1.76M | 7.53M | 7.04M | 5.21M | 1.3M | 177K |
| Current Ratio | 18.51x | 26.63x | 12.65x | 0.76x | 4.73x | 6.95x | 16.09x | 13.96x | 12.26x | 2.40x | 6.03x |
| Quick Ratio | 18.51x | 26.63x | 12.65x | 0.76x | 4.73x | 6.95x | 16.09x | 13.96x | 12.26x | 2.40x | 6.03x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.2M | 43K | 519K | 83.15M | 85.03M | 43.72M | 276K | 484K | 689K | 1.03M | 88K |
| Long-Term Debt | 3.2M | 43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 186K | 0 | 519K | 2.52M | 4.34M | 700K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 80.63M | 80.68M | 43.02M | 276K | 484K | 689K | 1.03M | 88K |
| Total Liabilities | 16.16M | 9.71M | 12.13M | 124.03M | 92.86M | 47.84M | 16.89M | 14.5M | 11.29M | 3.66M | 979K |
| Total Debt | 4.63M | 1.28M | 3.3M | 4.34M | 5.79M | 1.05M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -232.26M | -252.52M | -137.94M | -24.43M | -30.17M | -27.01M | -259.68M | -187.04M | -126.3M | -5.96M | -5.36M |
| Debt / Equity | 0.02x | 0.01x | 0.02x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.05x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.61x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -1652.41x | -1156.48x | -540.89x | -280.73x | -222.47x | -37.87x | - | - | - | - | - |
| Total Equity | 230.42M | 251.33M | 140.78M | -84.64M | -45.65M | -14.96M | 254.34M | 186.01M | 122.18M | 3.37M | 4.42M |
| Equity Growth % | 203.56% | 78.53% | 266.33% | -85.39% | -205.17% | -105.88% | 36.73% | 52.24% | 3531.03% | -23.89% | - |
| Book Value per Share | 12.28 | 13.72 | 9.53 | -22.79 | -12.53 | -4.19 | 84.30 | 81.37 | 61.68 | 1.69 | 2.22 |
| Total Shareholders' Equity | 230.42M | 251.33M | 140.78M | -84.64M | -45.65M | -14.96M | 254.34M | 186.01M | 122.18M | 3.37M | 4.42M |
| Common Stock | 2K | 2K | 2K | 0 | 0 | 0 | 4K | 3K | 2K | 1K | 1K |
| Retained Earnings | -247.98M | -222.74M | -148.59M | -90.6M | -47.78M | -15.6M | -264.42M | -144.7M | -71.74M | -23.48M | -4.83M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -96K | 9K | -11K | 0 | 0 | 0 | 0 | 0 | -1K | -1K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, Tectonic Therapeutic's total assets have declined from $314.8 million in 2025Q1 to $246.6 million in 2026Q1, signaling a steady consumption of capital as the company advances its GEODe platform and lead RXFP1 agonist program through critical clinical development milestones.
The downward trend in total assets reflects the expected cash burn associated with a pre-revenue biotechnology firm scaling its R&D operations. Investors should monitor whether the rate of asset depletion accelerates as clinical trial enrollment for the RXFP1 program intensifies, as this will dictate the timing of future capital requirements.
Based on 2026Q1 reported figures, the company maintains a current ratio of 18.51, which provides a substantial liquidity buffer against its ongoing operating expenses, though this metric has compressed from the 26.63 level observed at the end of 2025 as cash reserves are systematically deployed.
The high current ratio indicates that the firm is well-positioned to meet its short-term obligations without immediate financing pressure. However, the rapid decline in this ratio suggests that the company is moving through its cash runway at a pace that warrants close observation by stakeholders.
According to recent SEC filings, retained earnings have deteriorated to -$248.0 million in 2026Q1, illustrating the cumulative impact of sustained R&D investment and operational overhead on the company's equity base since the completion of the AVROBIO merger and subsequent clinical development activities.
The negative retained earnings position is characteristic of a clinical-stage biotech and underscores the reliance on external equity financing to maintain operations. The quality of equity remains tied to the potential for future clinical success rather than current book value, which may be subject to further dilution.
As indicated by the balance sheet, the company's asset base is almost entirely composed of cash and cash equivalents, with net PPE totaling only $5.5 million in 2026Q1, which highlights an extreme reliance on outsourced clinical and laboratory services to execute its complex protein engineering strategy.
This asset-light structure minimizes fixed overhead but creates a dependency on third-party vendors and CMOs, which could introduce operational bottlenecks. Investors should consider that the lack of significant physical assets means the company's value is almost exclusively tied to intangible intellectual property and clinical trial outcomes.
Quick answers to the most common questions about buying TECX stock.
As of 2025, Tectonic Therapeutic, Inc. (TECX) had total assets of $261.0M including $257.4M in current assets.
Tectonic Therapeutic, Inc. (TECX) carries total debt of $1.3M, offset by $253.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tectonic Therapeutic, Inc. (TECX) has total shareholders' equity (book value) of $251.3M ($13.72 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tectonic Therapeutic, Inc. (TECX) reported a current ratio of 26.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.