Tectonic Therapeutic (TECX) investor relations material

Pipeline overview and clinical progress

• Two programs are in the clinic across three indications, providing flexibility and robust development opportunities.

• TX45, a long-acting relaxin, is in two clinical studies: Group 2 pulmonary hypertension and PH-ILD, with Phase II APEX readout expected late 2026 or early 2027.

• TX2100, an APJ antagonist nanobody-Fc fusion, is being studied for Hereditary Hemorrhagic Telangiectasia, with Phase I data expected later this year and plans for Phase Ia/Ib and II studies.

TX45 program differentiation and rationale

• TX45 is engineered with an Fc for increased half-life and a reduced isoelectric point, improving PK and enabling every four-week dosing.

• Differentiation from competitors includes patient selection (enriching for CpcPH), lower dosing, and focus on stable, euvolemic patients to mitigate fluid retention risks.

• Primary endpoint is PVR reduction in patients with PVR >3 Wood units, targeting a more severe subpopulation for clearer efficacy signals.

• Success in APEX would be a 15-20% PVR reduction, improvements in cardiac output and wedge pressure, and a numeric increase in six-minute walk distance.

Industry context and competitor analysis

• Lilly and AstraZeneca's relaxin programs faced challenges due to patient selection and dosing; TX45 aims to avoid these pitfalls.

• AstraZeneca's subcutaneous study results are expected on ClinicalTrials.gov in July, with oral relaxin data anticipated in the second half of the year.

• TX45's PK profile and dosing schedule differ from competitors, potentially offering improved efficacy and safety.