Tectonic Therapeutic (TECX) TD Cowen 45th Annual Healthcare Conference summary

Company overview and leadership

• Focuses on biologics for GPCRs, a challenging drug target class, with a leadership team experienced in over 20 drug approvals.

• Founded in 2019 and went public via reverse merger in June 2024.

• Pipeline includes TX45 for pulmonary hypertension and TX2100 for hereditary hemorrhagic telangiectasia.

• Recently completed a $185 million private placement, ensuring strong capitalization.

Lead program: TX45 for pulmonary hypertension

• TX45 is a long-acting Relaxin in phase 2 for PH-HFpEF, with supportive phase 1B data showing safety and efficacy.

• Chose PH-HFpEF enriched for CpcPH due to high unmet need and best fit for mechanism of action.

• Phase 1B data showed significant improvements: 18% decrease in wedge pressure, 32-35% decrease in PVR, and 18% increase in cardiac output.

• Drug was well tolerated with no severe adverse events; most common AE was transient fatigue.

• Phase 2 study ongoing, with primary endpoint of change in PVR and additional endpoints including wedge pressure and six-minute walk test.

Competitive landscape and differentiation

• Competing with AstraZeneca and previously Lilly; differentiates by targeting a more specific patient population and using right heart cath as gold standard.

• TX45 designed with a lower isoelectric point for better tissue penetration and longer half-life compared to competitors.

• In vivo potency of TX45 matches in vitro, unlike high PI compounds.

• Market opportunity is much larger than PAH, with 400,000-700,000 CpcPH patients in HFpEF and nearly double with HFrEF in the US.