TECX
Tectonic Therapeutic, Inc.Healthcare·Biotechnology
$31.16
$588M market cap
Revenue
$0.0M
Free Cash Flow
$-32.9M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Tectonic Therapeutic, Inc., a clinical stage biotechnology company focuses on the discovery and development of therapeutic proteins and antibodies to modulate the activity of G-protein coupled receptors(GPCRs). It offers GEODe technology platform to enable the discovery and development of GPCR-targeted biologic medicines. The company's pipeline products include RXFP1 agonist, which is in ongoing phase 1a and 1b for the indication of heart failure with preserved ejection fraction; GPCR antagonist
2-Year Price History
$29.12+59.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -27.3 | -27.3 | -25.2 | -18.4 | -18.4 | -0.0 | 236.9 | 4.6 | 18.8 | -170.3% | -3412.6x | -- |
| Act | 2025-Q4 | 0.0 | -18.3 | -21.5 | -19.2 | -14.5 | -14.5 | -0.0 | 253.8 | 1.3 | 18.3 | -103.8% | -1522.3x | -- |
Valuation & Metrics
Market Stats
Price$31.16
Market Cap$588M
Enterprise Value$356M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-5.6%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-44.5M
Free Cash Flow$-32.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-137.0%
WC Change % Rev0.0%
Interest Coverage-2278.4x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares2.5M
Days to Cover10.9
Change (vs Prior)+1.2%
Need at least 2 settlement dates for chart
Employees
Headcount51
Revenue / Employee$0
Gross Profit / Employee$0
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
67.5%(+33.5% YoY)
100 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
11.7%(+9.3% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.4% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| FMR LLC | $87.1M | $20.91 | +$280K | +$528K | -0.0% | $1.89T |
| TCG Crossover Management, LLC | $37.2M | $30.91 | +$37.2M | +$37.2M | +4.6% | $3.50B |
| Aberdeen Group plc | $35.3M | $19.25 | +$0 | +$35.3M | -0.6% | $61.88B |
| BlackRock, Inc.Passive | $26.6M | $23.32 | +$185K | +$20.2M | -0.2% | $5.69T |
| BRAIDWELL LP | $26.2M | $16.75 | −$2.5M | +$26.2M | -1.8% | $2.63B |
| First Light Asset Management, LLC | $20.0M | $26.15 | +$13.8M | +$20.0M | -10.2% | $1.12B |
| BAKER BROS. ADVISORS LP | $18.8M | $20.51 | −$9.1M | +$15.7M | -0.5% | $16.13B |
| 5AM Venture Management, LLC | $18.8M | $17.03 | +$0 | +$2.9M | +0.8% | $360M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $14.6M | $30.91 | +$14.6M | +$14.6M | — | $4.04T |
| Vestal Point Capital, LP | $10.1M | $20.86 | +$0 | +$10.1M | -0.1% | $3.58B |
| Bollard Group LLC | $9.4M | $17.71 | +$0 | +$0 | +0.3% | $3.27B |
| KENNEDY CAPITAL MANAGEMENT LLC | $8.9M | $19.81 | +$2.4M | +$8.9M | -1.5% | $4.72B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $8.3M | $21.46 | +$146K | +$5.8M | +2.3% | $1.61T |
| MARSHALL WACE, LLP | $7.1M | $27.30 | +$6.1M | +$5.4M | +0.6% | $92.71B |
| ORBIMED ADVISORS LLC | $7.0M | $20.86 | −$10.8M | +$7.0M | -8.1% | $4.38B |
| STATE STREET CORPPassive | $6.6M | $21.34 | +$135K | +$5.6M | -0.2% | $2.89T |
| Squarepoint Ops LLC | $5.1M | $19.95 | −$1.1M | +$3.4M | +0.4% | $46.27B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $5.1M | $29.51 | +$4.5M | +$4.7M | -0.2% | $864.93B |
| Ikarian Capital, LLC | $4.9M | $24.04 | −$190K | −$3.4M | -8.9% | $698M |
| AMERIPRISE FINANCIAL INC | $4.4M | $31.71 | +$4.2M | +$4.4M | -0.1% | $430.96B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.69%
avg per quarter
Holders (ex-self)
-0.70%
excl. this stock
Buyers (this Q)
-0.10%
59 buyers · $0.15B in
Sellers (this Q)
-3.48%
40 sellers · $0.02B out
alpha coverage: 96% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+2.8%
how holders react when this stock falls
On quiet Qs
+13.7%
−10% to +10% baseline
On rallies (+10%+)
-3.3%
how they react when this stock rises
Holders' portfolio flow this Q
+0.4%
inflows — adds are organic
Sellers' portfolio flow this Q
+6.7%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.7%
Holder mid (any stock)
-2.9%
Holder rally (any stock)
-5.1%
Biggest decreases this quarter
ORBIMED ADVISORS LLC−$10.8Mα-8.1BAKER BROS. ADVISORS LP−$9.1Mα-0.5CITADEL ADVISORS LLCexited−$6.6MPale Fire Capital SEexited−$5.4MWoodline Partners LP−$3.1Mα-0.1Opaleye Management Inc.−$2.8Mα+0.9BRAIDWELL LP−$2.5Mα-1.8Knott David M Jrexited−$1.5MSquarepoint Ops LLC−$1.1Mα+0.4Schonfeld Strategic Advisors LLCexited−$816K
New buyers this quarter
Top-5 holders · 49.8%
FMR LLC--
TCG Crossover Management, LLC--
Aberdeen Group plc--
BlackRock, Inc.--
BRAIDWELL LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
FMR LLC2.8MVida Ventures Advisors, LLC—EcoR1 Capital, LLC—TCG Crossover Management, LLC1.2MAberdeen Group plc1.1MFARALLON CAPITAL MANAGEMENT LLC—Deep Track Capital, LP—5AM Venture Management, LLC607KBRAIDWELL LP847KParadigm Biocapital Advisors LP—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$75.0014070.0%
Last Year (2 analysts)$67.5011660.0%
Current Price$31.16
Analyst Ratings
4
Buy: 4Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$235K
2 txns · 2 insiders · 11,000 sh
Sells ($, 12mo)
$630K
6 txns · 2 insiders · 21,626 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-04 | SELL | Ruddy Marcella K. | officer: Chief Medical Officer | 1,065 | $30.00 | $32K | $2.03M |
| 2026-04-01 | SELL | Ruddy Marcella K. | officer: Chief Medical Officer | 1,000 | $31.05 | $31K | $2.13M |
| 2026-03-06 | SELL | McNamara Peter | officer: Chief Scientific Officer | 6,262 | $30.17 | $189K | $1.67M |
| 2026-03-06 | SELL | Ruddy Marcella K. | officer: Chief Medical Officer | 10,000 | $30.00 | $300K | $2.09M |
| 2026-03-04 | SELL | McNamara Peter | officer: Chief Scientific Officer | 1,650 | $25.00 | $41K | $1.47M |
| 2026-03-03 | SELL | McNamara Peter | officer: Chief Scientific Officer | 1,649 | $22.06 | $36K | $827K |
| 2026-02-11 | BUY | REICIN ALISE | director, officer: Chief Executive Officer | 5,000 | $21.10 | $106K | $5.01M |
| 2026-02-10 | BUY | Lochner Daniel | officer: Chief Financial Officer | 6,000 | $21.61 | $130K | $692K |
Order Flow (FINRA, ~3w lag)
12.2%retail-1.0pp
27.4%dark-5.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
TECX: A Clean Rebirth with a Solid Cash Fortress and Surprising Insider Conviction
Overall Risk
4/10
Fraud
2/10
Dilution
7/10
Insolvency
3/10
Earnings Overstated
2/10
Hidden Liabilities
4/10
Legal
3/10
Audit Warnings
2/10
Hidden Upside
8/10
Contextually Acceptable
9/10