Tectonic Therapeutic (TECX) Investor presentation summary

Strategic focus and pipeline overview

• Focused on GPCR-targeted biologics for high-value, unmet medical needs, leveraging a proprietary discovery platform.

• Lead programs include TX45 (long-acting relaxin) for Group 2 PH-HFPEF and PH-ILD, and TX2100 (APJ antagonist) for hereditary hemorrhagic telangiectasia (HHT).

• TX45 targets a large patient population with no approved therapies and multi-billion-dollar revenue potential.

• TX2100 addresses a rare bleeding disorder with no approved therapies, aiming for first-in-class status.

• Cash position of $236.9M as of 3/31/26, providing runway into Q4'28.

Clinical development and data highlights

• TX45 demonstrated robust safety, dose-proportional PK, and a long half-life (14–20 days) in Phase 1a.

• Phase 1b showed TX45 improved key hemodynamic endpoints (PCWP, PVR, CO) and echocardiographic markers in both PH-HFPEF and PH-HFrEF patients.

• TX45 was well-tolerated with no serious adverse events in clinical trials.

• Phase 2 APEX trial for TX45 in PH-HFPEF is ongoing, with topline results expected late Q4'26 or early Q1'27.

• TX2100 Phase 1a trial in healthy volunteers initiated in Feb 2026, topline results expected by end of Q3'26.

Market opportunity and competitive landscape

• Over 1.4M Group 2 PH-HFPEF patients in the US with high mortality and no approved therapies.

• PH-ILD represents a $1B+ market with high unmet need; TX45 Phase 2 trial open for screening.

• HHT affects ~75K US patients; TX2100 aims to offer a safer, more selective anti-angiogenic therapy compared to current off-label options.

• Competing programs from AstraZeneca, Merck, and others are in development, but TX45 offers differentiated dosing and mechanism.