TECX Tectonic Therapeutic, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$22.54
· of 52w range
· above low
· to high
$14.6052w low
$39.5352w high
Market Cap (MRQ)
$434M
P/E
-5.6
EPS
$-4.05
your badges
52W Range
$15–$40
Analyst Rating
BUY
Price Target
$77
P/E
-5.6
ROE
-27.7%
Net Profit Margin
·
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TECX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$22.54
Market Cap (MRQ)
$434M
P/E
-5.6
EPS
$-4.05
ROE
-27.7%
52W Range
$15–$40
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| June 21, 2024 | 1-for-12 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
EPS$-4.052021-12-31 → 2025-12-31
Free Cash Flow$-60M2018-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | TECX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -5.65Y avg ≈-6.5 | ≈-6.5 | · | · | |
| P/B (MRQ) | 1.95Y avg ≈6.1 | ≈6.1 | 3.0 | Fair value | |
| Price / FCF (TTM) | -6.05Y avg ≈-10.5 | ≈-10.5 | · | · | |
| Price / Cash Flow (TTM) | -6.05Y avg ≈-10.6 | ≈-10.6 | · | · | |
| Price / Tangible Book | 1.75Y avg ≈5.9 | ≈5.9 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | TECX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -35.8%5Y avg ≈-40.6% | ≈-40.6% | -42.2% | Top tier | |
| ROE | -27.7%5Y avg ≈-18.5% | ≈-18.5% | -78.7% | Top tier | |
| ROIC | -34.0% | · | -67.4% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | TECX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 22.35Y avg ≈14.6 | ≈14.6 | 5.1 | Strong liquidity | |
| Quick Ratio | 26.35Y avg ≈14.1 | ≈14.1 | 2.9 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
4.4%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 19, 2026 | $-1.18 | $-1.38 | 14.6% |
| March 31, 2026 | $-1.34 | $-1.21 | -11.1% | |
| Dec. 31, 2025 | $-1.03 | $-1.13 | 8.5% | |
| Sept. 30, 2025 | $-1.02 | $-1.07 | 4.5% | |
| June 30, 2025 | $-1.07 | $-1.00 | -6.9% | |
| March 31, 2025 | $-0.93 | $-1.11 | 16.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $63M | $41M | $37M | $72M | $83M | $87M | $55M | $35M | $15M | |
| SG&A Expense | $21M | $17M | $8M | $33M | $36M | $33M | $21M | $11M | $3M | |
| Operating Expenses | $84M | $58M | $45M | $105M | $119M | $120M | $76M | $46M | $18M | |
| Operating Income | $-84M | $-58M | $-45M | $-105M | $-119M | $-120M | $-76M | $-46M | $-18M | |
| Interest Income | $11M | $4M | $581.0K | · | · | $719.0K | $3M | $2M | $57.0K | |
| Other Non-op | $-119.0K | $-511.0K | $396.0K | $-456.0K | $-285.0K | $516.0K | $3M | $-118.0K | $-262.0K | |
| Pretax Income | $-73M | $-58M | · | · | · | · | · | · | · | |
| Income Tax | $1M | $0 | $0 | $0 | · | · | · | · | · | |
| Net Income | $-74M | $-58M | $-43M | $-106M | $-119M | $-120M | $-73M | $-46M | $-19M | |
| EPS (Basic) | $-4.05 | $-6.83 | $-33.76 | $-2.42 | $-2.78 | · | · | · | · | |
| EPS (Diluted) | $-4.05 | $-6.83 | $-33.76 | $-2.42 | $-2.78 | · | · | · | · | |
| Shares (Basic) | 18,322,533 | 8,490,171 | 1,268,512 | 43,739,000 | 42,854 | · | · | · | · | |
| Shares (Diluted) | 18,322,533 | 8,490,171 | 1,268,512 | 43,739,000 | 42,854 | · | · | · | · | |
| EBITDA | $-83M | $-56M | $11M | $-104M | $-117M | $-119M | $-75M | $-46M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $254M | $141M | $29M | $93M | $190M | $260M | $187M | $126M | $6M | |
| Prepaid Expense | $3M | $6M | $2M | $7M | $10M | $8M | $9M | $4M | $345.0K | |
| Other Current Assets | · | · | $570.0K | $1M | $2M | $271.0K | $344.0K | $795.0K | $60.0K | |
| Current Assets | $257M | $147M | $31M | $100M | $199M | $267M | $196M | $130M | $6M | |
| PP&E (Net) | $1M | $2M | $3M | $3M | $4M | $3M | $4M | $3M | $349.0K | |
| PP&E (Gross) | $5M | $5M | $5M | $7M | $8M | $5M | $5M | $3M | $394.0K | |
| Accum. Depreciation | $3M | $3M | $2M | $4M | $4M | $2M | $1M | $384.0K | $45.0K | |
| Other Non-current Assets | $640.0K | $156.0K | $31.0K | $40.0K | $74.0K | $436.0K | $625.0K | $825.0K | $365.0K | |
| Total Assets | $261M | $153M | $39M | $104M | $204M | $271M | $201M | $133M | $7M | |
| Accounts Payable | $1M | $976.0K | $409.0K | $384.0K | $3M | $3M | $4M | $3M | $527.0K | |
| Accrued Liabilities | $7M | $8M | $8M | $12M | $16M | $14M | $10M | $8M | $2M | |
| Current Liabilities | $10M | $12M | $41M | $13M | $19M | $17M | $14M | $11M | $3M | |
| Capital Leases | $0 | $132.0K | $2M | $188.0K | $0 | · | · | · | · | |
| Deferred Tax | · | · | $0 | $0 | · | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | $500.0K | |
| Total Liabilities | $10M | $12M | $43M | $29M | $34M | $17M | $15M | $11M | $4M | |
| Long-term Debt | · | · | · | $15M | $15M | · | · | · | · | |
| Common Stock | $2.0K | $2.0K | $0 | $4.0K | $4.0K | $4.0K | $3.0K | $2.0K | · | |
| Paid-in Capital | $474M | $289M | $6M | · | · | · | · | · | · | |
| Retained Earnings | $-223M | $-149M | $-91M | $-489M | $-384M | $-264M | $-145M | $-72M | $-23M | |
| AOCI | $-96.0K | $9.0K | $-11.0K | · | · | · | · | · | · | |
| Stockholders' Equity | $251M | $141M | $-85M | $-46M | $169M | $254M | $186M | $122M | $-23M | |
| Liabilities + Equity | $261M | $153M | $39M | $104M | $204M | $271M | $201M | $133M | $7M | |
| Shares Outstanding | 18,738,249 | 14,856,309 | 1,407,753 | 43,916,000 | 43,652,000 | 43,652,000 | 31,643,000 | 23,806,628 | 2,305,173 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $2M | $1M | $1M | $1M | $1M | $850.0K | $380.0K | $45.0K | |
| Stock-based Comp | $10M | $3M | $1M | $12M | $19M | $16M | $7M | $2M | $177.0K | |
| Deferred Tax | $19M | $17M | $15M | $0 | $0 | $0 | $0 | $0 | $0 | |
| Restructuring | · | · | $5M | · | · | · | · | · | · | |
| Other Non-cash | $-16M | $-23M | $-83M | $-4M | $1M | $4M | $-2M | $6M | · | |
| Operating Cash Flow | $-60M | $-59M | $-41M | $-97M | $-98M | $-99M | $-68M | $-38M | $-16M | |
| CapEx | $208.0K | $156.0K | $279.0K | $267.0K | $2M | $1M | $2M | $2M | $383.0K | |
| Investing Cash Flow | $-138.0K | $-156.0K | $-279.0K | $-267.0K | $-2M | $-1M | $-2M | $-2M | $-383.0K | |
| Debt Issued | · | · | · | $0 | $15M | · | · | · | · | |
| Net Debt Issued | · | · | · | $0 | $15M | · | · | · | · | |
| Stock Issued | · | · | $86.0K | $204.0K | · | · | $129M | $104M | · | |
| Net Stock Activity | · | · | $86.0K | · | · | · | $129M | · | · | |
| Financing Cash Flow | $173M | $172M | $34M | $262.0K | $30M | $173M | $130M | $160M | $17M | |
| Net Change in Cash | $113M | $112M | $-7M | $-97M | $-70M | $73M | $61M | $121M | $606.0K | |
| Taxes Paid | $1M | $0 | · | · | · | · | · | · | · | |
| Free Cash Flow | $-60M | $-59M | $-63M | $-97M | $-100M | $-100M | $-69M | $-39M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -35.8% | -60.3% | 11.9% | -68.8% | -50.1% | -50.7% | -43.7% | -66.0% | · | |
| ROE | -27.7% | -39.8% | 162.5% | -122.1% | -65.6% | -51.8% | -37.1% | -35.8% | · | |
| ROIC | -34.0% | · | · | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 26.6 | 12.6 | 15.8 | 7.6 | 10.3 | 16.1 | 14.0 | 12.3 | · | |
| Quick Ratio | 26.3 | 12.2 | 15.4 | 7.1 | 9.8 | 15.6 | 13.3 | 11.9 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $13.41 | $9.48 | $2.12 | $1.72 | $4.08 | $6.12 | $5.88 | $5.13 | · | |
| Cash Flow / Share | $-3.28 | $-6.96 | $-1.42 | $-2222.46 | · | · | · | · | · | |
| Cash / Share | $13.54 | $9.51 | $2.20 | $2.11 | $4.56 | $6.25 | $5.91 | $5.31 | · | |
| Dividend / Share | $0.00 | $0.00 | · | · | · | · | · | · | · | |
| EPS (TTM) | $-4.05 | $-6.83 | $-33.76 | $-2.42 | $-2.78 | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-74M | $-58M | $-43M | $-106M | $-119M | $-120M | $-73M | $-46M | · | |
| Market Cap | $391M | $686M | $729M | $374M | $1.92B | $6.95B | $7.64B | $4.76B | · | |
| P/E | -5.2 | -6.8 | -0.5 | -3.5 | -16.6 | · | · | · | · | |
| P/B | 1.6 | 4.9 | 7.7 | 5.0 | 11.3 | 27.3 | 41.1 | 38.9 | · | |
| P / Tangible Book | 1.6 | 4.9 | · | · | 11.3 | 27.3 | · | · | · | |
| P / Cash Flow | -6.5 | -11.6 | -11.5 | -3.8 | -19.6 | -70.4 | -113.0 | -126.3 | · | |
| P / FCF | -6.5 | -11.6 | -11.5 | -3.8 | -19.1 | -69.6 | -110.4 | -120.5 | · | |
| Earnings Yield | -19.4% | -14.8% | -206.9% | -28.4% | -6.0% | · | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $18M | $21M | $16M | $17M | $17M | $13M | $9M | $14M | $7M | $11M | $3M | $8M | $9M | $17M | $18M | $16M | |
| SG&A Expense | $6M | $6M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $2M | $-11M | $6M | $5M | $8M | $7M | $7M | |
| Operating Expenses | $24M | $27M | $22M | $22M | $22M | $18M | $14M | $20M | $11M | $13M | $-1M | $10M | $11M | $25M | $25M | $23M | |
| Operating Income | $-24M | $-27M | $-22M | $-22M | $-22M | $-18M | $-14M | $-20M | $-11M | $-13M | $1M | $-10M | $-11M | $-25M | $-25M | $-23M | |
| Interest Income | $2M | $2M | $3M | $3M | $3M | $2M | $2M | $2M | $318.0K | $256.0K | $133.0K | $97.0K | $224.0K | · | · | · | |
| Other Non-op | $-5.0K | $-113.0K | $-8.0K | $-31.0K | $-48.0K | $-32.0K | $-96.0K | $-7.0K | $-5.0K | $-403.0K | $390.0K | $-1.0K | $-8.0K | $15.0K | $-321.0K | $-95.0K | |
| Pretax Income | $-22M | · | $-19M | $-19M | $-19M | · | $-12M | $-18M | $-13M | · | · | · | · | · | · | · | |
| Income Tax | $77.0K | · | $254.0K | $0 | $976.0K | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | · | · | |
| Net Income | $-22M | $-25M | $-19M | $-19M | $-20M | $-16M | $-12M | $-18M | $-13M | $-15M | $-8M | $-10M | $-10M | $-14M | $-25M | $-23M | |
| EPS (Basic) | $-1.18 | $-1.34 | $-1.03 | $-1.02 | $-1.07 | $-0.93 | $9.68 | $-1.20 | $-4.34 | $-10.97 | $-17.06 | $-7.62 | $-8.51 | $-0.57 | $-0.58 | $-0.52 | |
| EPS (Diluted) | $-1.18 | $-1.34 | $-1.03 | $-1.02 | $-1.07 | $-0.93 | $9.68 | $-1.20 | $-4.34 | $-10.97 | $-17.06 | $-7.62 | $-8.51 | $-0.57 | $-0.58 | $-0.52 | |
| Shares (Basic) | 18,964,008 | 18,769,004 | · | 18,712,767 | 18,680,042 | 17,157,661 | · | 14,729,018 | 2,919,872 | 1,387,303 | · | 1,319,147 | 1,228,778 | 44,037,000 | · | 43,773,000 | |
| Shares (Diluted) | 18,964,008 | 18,769,004 | · | 18,712,767 | 18,680,042 | 17,157,661 | · | 14,729,018 | 2,919,872 | 1,387,303 | · | 1,319,147 | 1,228,778 | 44,037,000 | · | 43,773,000 | |
| EBITDA | $-24M | $-27M | · | $-22M | $-22M | $-18M | · | $-20M | $-11M | $-8M | · | $-23M | $68M | $-25M | · | $-23M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $227M | $237M | $254M | $268M | $287M | $306M | $141M | $159M | $185M | $90M | $29M | $106M | $125M | $72M | $93M | $116M | |
| Prepaid Expense | $4M | $3M | $3M | $4M | $3M | $3M | $6M | $4M | $2M | $1M | $2M | $3M | $4M | $5M | $7M | $10M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | $626.0K | · | $805.0K | $792.0K | $845.0K | $1M | $765.0K | |
| Current Assets | $231M | $240M | $257M | $273M | $291M | $310M | $147M | $163M | $187M | $92M | $31M | $109M | $129M | $77M | $100M | $126M | |
| PP&E (Net) | $858.0K | $1M | $1M | $1M | $2M | $2M | $2M | $3M | $3M | · | $3M | $0 | $2M | $3M | $3M | $3M | |
| PP&E (Gross) | · | · | $5M | $5M | $5M | $5M | $5M | $5M | $5M | · | $5M | $7M | $7M | $7M | $7M | $7M | |
| Accum. Depreciation | · | · | $3M | $3M | $3M | $3M | $3M | $3M | $2M | · | $2M | $4M | $4M | $4M | $4M | $3M | |
| Other Non-current Assets | $626.0K | $663.0K | $640.0K | $597.0K | $287.0K | $138.0K | $156.0K | $190.0K | $13.0K | · | $31.0K | $40.0K | $40.0K | $40.0K | $40.0K | $41.0K | |
| Total Assets | $237M | $247M | $261M | $277M | $295M | $315M | $153M | $169M | $194M | $92M | $39M | $111M | $134M | $83M | $104M | $129M | |
| Accounts Payable | $2M | $3M | $1M | $1M | $3M | $6M | $976.0K | $3M | $4M | $243.0K | $409.0K | $910.0K | $1M | $591.0K | $384.0K | $2M | |
| Accrued Liabilities | $7M | $9M | $7M | $7M | $7M | $5M | $8M | $13M | $20M | $3M | $8M | $5M | $8M | $11M | $12M | $14M | |
| Current Liabilities | $10M | $13M | $10M | $9M | $11M | $14M | $12M | $17M | $26M | $4M | $41M | $8M | $12M | $14M | $13M | $16M | |
| Capital Leases | $3M | $3M | $0 | $0 | $0 | $0 | $132.0K | $523.0K | $905.0K | · | $2M | $105.0K | $134.0K | $352.0K | $188.0K | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | |
| Total Liabilities | $13M | $16M | $10M | $9M | $12M | $14M | $12M | $18M | $28M | $4M | $43M | $8M | $12M | $30M | $29M | $31M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $15M | · | $15M | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $4.0K | $0 | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | |
| Paid-in Capital | $494M | $478M | $474M | $471M | $468M | $466M | $289M | $287M | $285M | · | $6M | · | · | · | · | · | |
| Retained Earnings | $-270M | $-248M | $-223M | $-204M | $-184M | $-164M | $-149M | $-136M | $-118M | $-484M | $-91M | $-468M | $-447M | $-514M | $-489M | $-464M | |
| AOCI | $0 | $0 | $-96.0K | $-75.0K | $-49.0K | $2.0K | $9.0K | $-77.0K | $-61.0K | · | $-11.0K | · | · | · | · | · | |
| Stockholders' Equity | $224M | $230M | $251M | $268M | $284M | $301M | $141M | $150M | $166M | $89M | $-85M | $103M | $122M | $53M | $75M | $98M | |
| Liabilities + Equity | $237M | $247M | $261M | $277M | $295M | $315M | $153M | $169M | $194M | $92M | $39M | $111M | $134M | $83M | $104M | $129M | |
| Shares Outstanding | 19,235,221 | 18,830,436 | 18,738,249 | 18,713,223 | 18,712,138 | 18,671,229 | 14,856,309 | 14,744,477 | 14,734,323 | 44,882,000 | 1,407,753 | 44,558,000 | 44,308,000 | 44,088,000 | 43,916,000 | 43,773,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $285.0K | $304.0K | $333.0K | $342.0K | $340.0K | $360.0K | $508.0K | $424.0K | $713.0K | $377.0K | $373.0K | $488.0K | $289.0K | $328.0K | $351.0K | $336.0K | |
| Stock-based Comp | $4M | $3M | $3M | $3M | $3M | $2M | $1M | $2M | $-154.0K | $321.0K | $294.0K | $-3M | $-2M | $3M | $2M | $3M | |
| Restructuring | · | · | · | · | · | · | · | · | · | $5M | · | · | · | · | · | · | |
| Other Non-cash | · | $3M | · | · | · | $360.0K | · | · | · | $-2M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $-21M | $-18M | $-14M | $-18M | $-15M | $-13M | $-17M | $-20M | $-15M | $-9M | $-12M | $6M | $-259.0K | $-20M | $-24M | $-16M | |
| CapEx | $79.0K | $19.0K | $0 | $181.0K | $0 | $27.0K | $3.0K | $153.0K | $0 | $4.0K | $50.0K | $221.0K | $214.0K | $8.0K | $0 | $86.0K | |
| Investing Cash Flow | $-59.0K | $-19.0K | $0 | $-166.0K | $55.0K | $-27.0K | $-3.0K | $-153.0K | $0 | $-4.0K | $-50.0K | $-84M | $-214.0K | $-8.0K | $0 | $-86.0K | |
| Stock Issued | · | · | · | · | · | · | · | · | · | $4.0K | · | $73.0K | $0 | $13.0K | $1.0K | $203.0K | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $4.0K | · | · | · | · | · | · | |
| Financing Cash Flow | $12M | $847.0K | $-141.0K | $-457.0K | $-4M | $178M | $-1M | $-6M | $179M | $-668.0K | $34M | $16M | $-324.0K | $55.0K | $59.0K | $60.0K | |
| Net Change in Cash | $-10M | $-17M | $-15M | $-18M | $-19M | $165M | $-18M | $-26M | $164M | $-10M | $22M | $-62M | $-797.0K | $-20M | $-24M | $-16M | |
| Free Cash Flow | · | $-18M | · | · | · | $-13M | · | · | · | $-8M | · | · | · | $-20M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -8.4% | -9.0% | · | -8.5% | -8.2% | -7.8% | · | -12.7% | -7.7% | -7.8% | · | -18.0% | 48.2% | -19.3% | · | -13.3% | |
| ROE | -8.8% | -9.5% | · | -9.1% | -8.9% | -8.2% | · | -14.0% | -8.8% | -9.6% | · | -21.5% | 56.1% | -25.4% | · | -15.8% | |
| ROIC | -10.9% | · | · | -8.2% | -8.3% | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 22.3 | 18.5 | · | 29.2 | 25.6 | 22.9 | · | 9.4 | 7.2 | 26.2 | · | 14.4 | 11.0 | 5.4 | · | 7.8 | |
| Quick Ratio | 21.9 | 18.3 | · | 28.6 | 25.3 | 22.7 | · | 9.2 | 7.1 | 25.8 | · | 14.0 | 10.7 | 5.1 | · | 7.2 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $11.64 | $12.24 | · | $14.30 | $15.16 | $16.12 | · | $10.20 | $11.29 | $1.98 | · | $2.31 | $2.75 | $1.20 | · | $2.24 | |
| Cash Flow / Share | · | $-0.98 | · | · | · | $-0.76 | · | · | · | $-0.17 | · | · | · | $-460.61 | · | · | |
| Cash / Share | $11.80 | $12.58 | · | $14.34 | $15.36 | $16.40 | · | $10.79 | $12.56 | $2.02 | · | $2.38 | $2.81 | $1.64 | · | $2.65 | |
| Dividend / Share | · | · | $0.00 | $0.00 | $0.00 | $0.00 | · | $0.00 | · | · | · | · | · | · | · | · | |
| EPS (TTM) | $-4.57 | $-4.46 | · | $6.66 | $6.48 | $3.21 | · | $-33.57 | $-39.99 | $-44.16 | · | $-17.28 | $-10.18 | $-2.31 | · | $-2.49 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-86M | $-83M | · | $-67M | $-66M | $-59M | · | $-53M | $-46M | $-44M | · | $-60M | $-73M | $-91M | · | $-109M | |
| Market Cap | $661M | $582M | · | $294M | $372M | $331M | · | $447M | $243M | $689M | · | $823M | $505M | $529M | · | $336M | |
| P/E | -7.5 | -6.9 | · | 2.4 | 3.1 | 5.5 | · | -0.9 | -0.4 | -0.3 | · | -1.1 | -1.1 | -5.2 | · | -3.1 | |
| P/B | 3.0 | 2.5 | · | 1.1 | 1.3 | 1.1 | · | 3.0 | 1.5 | 7.8 | · | 8.0 | 4.1 | 10.0 | · | 3.4 | |
| P / Tangible Book | 3.0 | 2.5 | · | 1.1 | 1.3 | 1.1 | · | 3.0 | 1.5 | 7.8 | · | 8.0 | 4.1 | 10.0 | · | 3.4 | |
| P / Cash Flow | · | -31.6 | · | · | · | -25.3 | · | · | · | -91.1 | · | · | · | -26.1 | · | · | |
| Earnings Yield | -13.3% | -14.4% | · | 42.4% | 32.6% | 18.1% | · | -110.8% | -242.8% | -287.5% | · | -93.5% | -89.3% | -19.2% | · | -32.4% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $-74M | $-58M | $-43M | $-106M | $-119M |
| Diluted EPS | $-4.05 | $-6.83 | $-33.76 | $-2.42 | $-2.78 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 26.6 | 12.6 | 15.8 | 7.6 | 10.3 |
| Quick Ratio | 26.3 | 12.2 | 15.4 | 7.1 | 9.8 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-60M | $-59M | $-63M | $-97M | $-100M |
Institutional owners (13F) 132 filers · $487.9M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
132
Value held
$487.9M
New positions
26
Exited positions
10
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 26 (-3 vs prior Q) | 10 (-8 vs prior Q) | 39 (+3 vs prior Q) | 41 (+4 vs prior Q) | +85K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $97,294,233 | 2,830,378 | 19.94% | Shares |
| TCG Crossover Management, LLC | $41,418,128 | 1,204,891 | 8.49% | Shares |
| Aberdeen Group plc | $39,250,200 | 1,141,824 | 8.04% | Shares |
| BlackRock, Inc. | $29,651,600 | 862,592 | 6.08% | Shares |
| First Light Asset Management, LLC | $27,524,958 | 800,726 | 5.64% | Shares |
| BAKER BROS. ADVISORS LP | $20,892,713 | 607,788 | 4.28% | Shares |
| 5AM Venture Management, LLC | $20,853,938 | 606,660 | 4.27% | Shares |
| BRAIDWELL LP | $20,518,438 | 596,900 | 4.21% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $16,802,672 | 488,805 | 3.44% | Shares |
| Vestal Point Capital, LP | $14,609,375 | 425,000 | 2.99% | Shares |
| VANGUARD GROUP INC | $12,513,872 | 599,898 | 2.56% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $9,700,694 | 282,202 | 1.99% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $9,299,108 | 270,461 | 1.91% | Shares |
| ORBIMED ADVISORS LLC | $7,789,375 | 226,600 | 1.60% | Shares |
| STATE STREET CORP | $7,559,338 | 219,908 | 1.55% | Shares |
| Ikarian Capital, LLC | $7,075,647 | 205,837 | 1.45% | Shares |
| D. E. Shaw & Co., Inc. | $6,412,656 | 186,550 | 1.31% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,054,318 | 176,100 | 1.24% | Call option |
| MARSHALL WACE, LLP | $5,916,833 | 172,101 | 1.21% | Shares |
| MILLENNIUM MANAGEMENT LLC | $5,689,922 | 165,525 | 1.17% | Shares |
| Squarepoint Ops LLC | $4,985,338 | 145,028 | 1.02% | Shares |
| AMERIPRISE FINANCIAL INC | $4,896,673 | 142,448 | 1.00% | Shares |
| WELLS FARGO & COMPANY/MN | $4,036,588 | 117,428 | 0.83% | Shares |
| NORTHERN TRUST CORP | $3,915,450 | 113,904 | 0.80% | Shares |
| Soleus Capital Management, L.P. | $3,495,388 | 101,684 | 0.72% | Shares |
| Woodline Partners LP | $3,437,500 | 100,000 | 0.70% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,245,481 | 94,414 | 0.67% | Shares |
| CITADEL ADVISORS LLC | $3,107,260 | 90,393 | 0.64% | Shares |
| GOLDMAN SACHS GROUP INC | $2,541,138 | 73,924 | 0.52% | Shares |
| RAYMOND JAMES FINANCIAL INC | $2,498,169 | 72,674 | 0.51% | Shares |
| SECTORAL ASSET MANAGEMENT INC | $2,440,934 | 71,009 | 0.50% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,351,044 | 68,394 | 0.48% | Shares |
| JANE STREET GROUP, LLC | $2,262,596 | 65,821 | 0.46% | Shares |
| MORGAN STANLEY | $2,247,205 | 65,373 | 0.46% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,232,313 | 64,940 | 0.46% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $2,089,003 | 60,771 | 0.43% | Shares |
| JPMORGAN CHASE & CO | $1,831,995 | 55,364 | 0.38% | Shares |
| KOTLER KEVIN | $1,668,800 | 80,000 | 0.34% | Shares |
| Tetragon Partners GP Ltd | $1,598,988 | 46,516 | 0.33% | Shares |
| PFM Health Sciences, LP | $1,568,566 | 45,631 | 0.32% | Shares |
| Jump Financial, LLC | $1,491,875 | 43,400 | 0.31% | Shares |
| Prosight Management, LP | $1,365,753 | 39,731 | 0.28% | Shares |
| Trexquant Investment LP | $1,271,566 | 36,991 | 0.26% | Shares |
| Aldebaran Capital, LLC | $1,264,897 | 36,797 | 0.26% | Shares |
| ExodusPoint Capital Management, LP | $1,211,341 | 35,239 | 0.25% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,080,475 | 31,432 | 0.22% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,046,306 | 30,438 | 0.21% | Shares |
| MONIMUS CAPITAL MANAGEMENT, LP | $967,416 | 28,143 | 0.20% | Shares |
| Bank of New York Mellon Corp | $867,872 | 25,247 | 0.18% | Shares |
| ALPS ADVISORS INC | $658,178 | 19,147 | 0.13% | Shares |
Activists & 5%+ owners 6 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Timothy A. Springer, TAS Partners LLC, Chafen Lu ×5 filings | April 7, 2025 | 31.50% | Amendment | · | SEC |
| Terrance McGuire, Polaris Partners IX, L.P., Polaris Partners GP IX, L.L.C., Polaris Founders Capital Fund I, L.P., Polaris Founders Capital Fund Management Co. I, L.L.C., Polaris Founders Capital Fund II, L.P., Polaris Founders Capital Fund Management Co. II, L.L.C., Jonathan Flint ×3 filings | April 7, 2025 | 6.30% | Amendment | · | SEC |
| Vida Ventures II, LLC, Vida Ventures II-A, LLC, VV Manager II, LLC ×3 filings | April 7, 2025 | 0.00% | Amendment | · | SEC |
| ATLAS VENTURE FUND X, L.P., ATLAS VENTURE ASSOCIATES X, L.P., Atlas Venture Associates X, LLC, Atlas Venture Opportunity Fund I, L.P., Atlas Venture Associates Opportunity I, L.P., Atlas Venture Associates Opportunity I, LLC ×2 filings | Oct. 28, 2024 | · | Initial filing | · | SEC |
| SVLSF VI, LLC, SV Life Sciences Fund VI, L.P., SV Life Sciences Fund VI Strategic Partners, L.P., SV Life Sciences Fund VI (GP), L.P. ×2 filings | Feb. 16, 2021 | · | Initial filing | · | SEC |
| Clarus Lifesciences III, L.P., Clarus Ventures III GP, L.P., Blackstone Clarus III L.L.C., Blackstone Holdings II L.P., Blackstone Holdings I/II GP L.L.C., The Blackstone Group Inc., Blackstone Group Management L.L.C., Stephen A. Schwarzman ×4 filings | Aug. 6, 2019 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 33 insiders · 17 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Alise Reicin | Chief Executive Officer | Sept. 25, 2026 F | 309,078 | 2 | 0 | $105,500 |
| Erik Ostrowski | Interim CEO, President and CFO | Feb. 1, 2024 M | 29,285 | 0 | 0 | $0 |
| Geoffrey Mackay | President & CEO | Feb. 8, 2023 A | 188,012 | 0 | 0 | $0 |
| Daniel Lochner | Chief Financial Officer | Sept. 25, 2026 F | 58,024 | 1 | 0 | $129,660 |
| Katina Dorton | Chief Financial Officer | Oct. 8, 2018 M | 10,000 | 0 | 0 | $0 |
| Birgitte Volck | President of R&D | March 4, 2020 A | · | 0 | 0 | $0 |
| Christian Cortis | Chief Operating Officer | June 20, 2024 A | 126,368 | 0 | 0 | $0 |
| Peter Mcnamara | Chief Scientific Officer | Sept. 30, 2026 S | 54,305 | 0 | 8 | $-288,006 |
| Marcella K. Ruddy | Chief Medical Officer | Sept. 25, 2026 F | 67,157 | 0 | 3 | $-363,000 |
| Marc Schwabish | Chief Business Officer | Sept. 25, 2026 F | 44,903 | 0 | 0 | $0 |
| Azadeh Golipour | Chief Technology Officer | Feb. 1, 2024 M | 55,872 | 0 | 0 | $0 |
| Essra Ridha | Chief Medical Officer | Feb. 1, 2024 M | 15,881 | 0 | 0 | $0 |
| Steven Avruch | Chief Legal Officer | Feb. 1, 2024 M | 22,022 | 0 | 0 | $0 |
| Deanna M Petersen | Chief Business Officer | Feb. 8, 2023 A | · | 0 | 0 | $0 |
| Christopher Mason | Chief Scientific Officer | June 10, 2021 A | · | 0 | 0 | $0 |
| Diana Escolar | Chief Medical Officer | June 10, 2021 A | · | 0 | 0 | $0 |
| Nerissa Kreher | Chief Medical Officer | Oct. 8, 2018 M | 2,942 | 0 | 0 | $0 |
| Stefan Vitorovic | Director | June 9, 2026 A | 27,774 | 0 | 0 | $0 |
| Praveen P. Tipirneni | Director | June 9, 2026 A | 3,037 | 0 | 0 | $0 |
| Phillip B. Donenberg | Director | June 9, 2026 A | 2,000 | 0 | 0 | $0 |
| Timothy A. Springer | Director | June 9, 2026 A | 1,503,358 | 0 | 0 | $0 |
| Jessica Caroline Chutter | Director | June 8, 2026 A | · | 0 | 0 | $0 |
| Terrance McGuire | Director | June 9, 2025 A | 573,062 | 0 | 0 | $0 |
| Christopher Paige | Director | June 6, 2023 A | 252,512 | 0 | 0 | $0 |
| Annalisa Jenkins | Director | June 6, 2023 A | · | 0 | 0 | $0 |
| Philip J. Vickers | Director | June 6, 2023 A | 4,800 | 0 | 0 | $0 |
| Gail M Farfel | Director | June 6, 2023 A | · | 0 | 0 | $0 |
| Bruce Booth | Director | June 6, 2023 A | 5,567,289 | 0 | 0 | $0 |
| Ian T Clark | Director | June 6, 2023 A | · | 0 | 0 | $0 |
| Scott Requadt | Director | June 25, 2018 C | 2,962,325 | 0 | 0 | $0 |
| ATLAS VENTURE ASSOCIATES X, L.P. | 10% owner | Feb. 13, 2020 J | 3,710,052 | 0 | 0 | $0 |
| Francois Nader | · | April 1, 2026 A | · | 0 | 0 | $0 |
| Leonard Braden Michael | · | June 20, 2024 J | 33,333 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 20 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 0.62% | 10,265 NS | July 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.07% | 34,693 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.03% | 1,339 SH | Oct. 2, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 7,356 SH | Aug. 19, 2026 | Daily |
| IBB · iShares Trust | 0.02% | 70,963 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 58,897 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 264,002 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 4,882 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.00% | 19,539 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 371 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 7,996 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 5,450 SH | Sept. 3, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 975 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 1,127 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 111,919 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 364,413 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,713 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,002 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 25,446 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 77,593 SH | Sept. 11, 2026 | Daily |
TECX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 16 analysts
BUY
Median target
$78.00
+246.1%
6 37.5%
Strong Buy
9 56.2%
Buy
1 6.2%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
8 analysts · 2026-10-03Mean target $76.62 +240.0%
← Below all targets
Current price $22.54
Low$60.00
Mean$76.62
High$93.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TECX | $391M | -5.2 | · | · | -27.7% | · |
| RGNX | $733M | -3.8 | 104.5% | -113.8% | -122.5% | · |
| OVID | $212M | -4.0 | 1181.3% | -240.1% | -18.7% | · |
| ASMB | $539M | -61.8 | 153.5% | -8.5% | -5.5% | · |
| DMAC | $428M | · | · | · | -78.7% | · |
| MYGN | $575M | -1.6 | -1.6% | -44.4% | -96.8% | 69.9% |
| SPRY | $1.16B | -6.7 | -5.5% | -203.3% | -111.8% | · |
| EDIT | $201M | -1.1 | 25.4% | -395.0% | -688.8% | · |
| EIKN | · | · | · | · | · | · |
| RCEL | $105M | -2.0 | 11.5% | -67.8% | 328.9% | 82.1% |
My Metrics Your personal watchlist — selected rows from Full Fundamentals
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Source: SEC 10-Q filed Aug 6, 2026