Tectonic Therapeutic
TECX on Nasdaq. Biological products, (no diagnostic substances). Market value $452m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-16.53 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$22.41 a share, 53% above its 1-year low
Over the past year the price has ranged from $14.60 to $39.53.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.09 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.01bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 55% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $22 million, compared with a loss of $20 million a year ago.
- Over the past 12 months it spent $72 million more cash than it brought in, compared with $64 million a year earlier.
- 2% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$18m |
| December 2024 | -$12m |
| March 2025 | -$16m |
| June 2025 | -$20m |
| September 2025 | -$19m |
| December 2025 | -$19m |
| March 2026 | -$25m |
| June 2026 | -$22m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 123 funds in all.
Largest holders overall
- FMR$97m
- TCG Crossover Management$41m
- Aberdeen Group$39m
- BlackRock$30m
- First Light Asset Management$28mAdded
- Baker Bros. Advisors LP$21m
- 5AM Venture Management$21m
- Braidwell LP$21mCut
- Vanguard Capital Management$17mAdded
- Vestal Point Capital, LP$15mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Timothy A. SpringerInsider or founderat least 31.5%+2.3 pts(filed with 2 related holders)Since 3 April 2025
- FMR LLCPassive investorat least 15.0%+4.7 pts(filed with 1 related holder)Since 31 March 2025
- Terrance McGuirePassive investorat least 6.3%0.0 pts(filed with 7 related holders)Since 3 April 2025
- Chen YuPassive investorat least 6.2%(filed with 4 related holders)Since 12 February 2026
- Aberdeen Group plcPassive investorat least 6.1%(filed with 1 related holder)Since 31 December 2025
- Deep Track Capital, LPPassive investorSold down below 5%Since 30 September 2025
- EcoR1 Capital, LLCPassive investorSold down below 5%Since 30 September 2025
- Vida Ventures II, LLCPassive investorSold down below 5%Since 4 March 2025
What they said
The information set forth in Item 4 of the Original Schedule 13D is incorporated herein by reference.
Read the filing - BML Investment Partners, L.P.Passive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Timothy A. Springer Insider or founder | at least 31.5%+2.3 pts (filed with 2 related holders) | 3 April 2025 | |
FMR LLC Passive investor | at least 15.0%+4.7 pts (filed with 1 related holder) | 31 March 2025 | |
Terrance McGuire Passive investor | at least 6.3%0.0 pts (filed with 7 related holders) | 3 April 2025 | |
Chen Yu Passive investor | at least 6.2% (filed with 4 related holders) | 12 February 2026 | |
Aberdeen Group plc Passive investor | at least 6.1% (filed with 1 related holder) | 31 December 2025 | |
Deep Track Capital, LP Passive investor | Sold down below 5% | 30 September 2025 | |
EcoR1 Capital, LLC Passive investor | Sold down below 5% | 30 September 2025 | |
Vida Ventures II, LLC Passive investor | Sold down below 5% | 4 March 2025 | What they saidThe information set forth in Item 4 of the Original Schedule 13D is incorporated herein by reference. Read the filing |
BML Investment Partners, L.P. Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $182,410 of shares on the open market. 2 sold $651,007, $651,007 of it under preset trading plans.
- McNamara PeterChief Scientific OfficerSoldunder a preset trading plan
- Date
- 30 September 2026
- Shares
- 536
- Price
- $23.04
- Value
- $12,349
- McNamara PeterChief Scientific OfficerSoldunder a preset trading plan
- Date
- 25 August 2026
- Shares
- 43
- Price
- $36.52
- Value
- $1,570
- McNamara PeterChief Scientific OfficerSoldunder a preset trading plan
- Date
- 12 August 2026
- Shares
- 43
- Price
- $35.00
- Value
- $1,505
- McNamara PeterChief Scientific OfficerSoldunder a preset trading plan
- Date
- 30 June 2026
- Shares
- 172
- Price
- $35.00
- Value
- $6,020
- Ruddy Marcella K.Chief Medical OfficerSoldunder a preset trading plan
- Date
- 4 May 2026
- Shares
- 1,065
- Price
- $30.00
- Value
- $31,950
- Ruddy Marcella K.Chief Medical OfficerSoldunder a preset trading plan
- Date
- 1 April 2026
- Shares
- 1,000
- Price
- $31.05
- Value
- $31,050
- Ruddy Marcella K.Chief Medical OfficerSoldunder a preset trading plan
- Date
- 6 March 2026
- Shares
- 10,000
- Price
- $30.00
- Value
- $300,000
- McNamara PeterChief Scientific OfficerSoldunder a preset trading plan
- Date
- 6 March 2026
- Shares
- 6,262
- Price
- $30.17
- Value
- $188,935
- McNamara PeterChief Scientific OfficerSoldunder a preset trading plan
- Date
- 4 March 2026
- Shares
- 1,650
- Price
- $25.00
- Value
- $41,250
- McNamara PeterChief Scientific OfficerSoldunder a preset trading plan
- Date
- 3 March 2026
- Shares
- 1,649
- Price
- $22.06
- Value
- $36,377
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 30 September 2026 | McNamara Peter Chief Scientific Officer | Sold under a preset trading plan | 536 | $23.04 | $12,349 |
| 25 August 2026 | McNamara Peter Chief Scientific Officer | Sold under a preset trading plan | 43 | $36.52 | $1,570 |
| 12 August 2026 | McNamara Peter Chief Scientific Officer | Sold under a preset trading plan | 43 | $35.00 | $1,505 |
| 30 June 2026 | McNamara Peter Chief Scientific Officer | Sold under a preset trading plan | 172 | $35.00 | $6,020 |
| 4 May 2026 | Ruddy Marcella K. Chief Medical Officer | Sold under a preset trading plan | 1,065 | $30.00 | $31,950 |
| 1 April 2026 | Ruddy Marcella K. Chief Medical Officer | Sold under a preset trading plan | 1,000 | $31.05 | $31,050 |
| 6 March 2026 | Ruddy Marcella K. Chief Medical Officer | Sold under a preset trading plan | 10,000 | $30.00 | $300,000 |
| 6 March 2026 | McNamara Peter Chief Scientific Officer | Sold under a preset trading plan | 6,262 | $30.17 | $188,935 |
| 4 March 2026 | McNamara Peter Chief Scientific Officer | Sold under a preset trading plan | 1,650 | $25.00 | $41,250 |
| 3 March 2026 | McNamara Peter Chief Scientific Officer | Sold under a preset trading plan | 1,649 | $22.06 | $36,377 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.