As of September 30, 2024, Tectonic Therapeutic, Inc. (formerly AVROBIO, Inc.) reported significant financial changes following its merger with AVROBIO, completed on June 20, 2024. The company had 14,752,689 shares of common stock outstanding, with cash and cash equivalents increasing to $159.1 million from $28.8 million at the end of 2023. Total current assets rose to $162.6 million, while total assets reached $168.7 million, compared to $39.4 million at the end of the previous fiscal year.

The company reported total current liabilities of $17.3 million, a decrease from $40.9 million at the end of 2023, resulting in total stockholders’ equity of $150.4 million, a significant turnaround from a deficit of $84.6 million at the end of 2023.

For the third quarter of 2024, Tectonic's operating expenses surged to $19.6 million, up from $10.1 million in Q3 2023, driven by a 76% increase in research and development expenses to $14.3 million and a 169% rise in general and administrative expenses to $5.3 million. The loss from operations for Q3 2024 was $(19.6 million), compared to $(10.1 million) in the same quarter of the previous year. The net loss for Q3 2024 was $(17.7 million), a 76% increase from $(10.1 million) in Q3 2023, with a net loss per share of $(1.20) compared to $(7.62) in the prior year.

For the nine months ended September 30, 2024, the net loss was $(45.6 million), up from $(35.0 million) in the same period in 2023. Cash used in operating activities increased to $(42.3 million) from $(29.0 million) year-over-year. However, net cash provided by financing activities was $172.8 million, a significant increase from $(0.4 million) in the prior year, largely due to proceeds from the merger and a subscription agreement.

The merger resulted in the issuance of 10,956,614 shares of common stock to Legacy Tectonic stockholders, and the company has not generated any revenue since its inception. Tectonic is focused on developing therapeutic proteins and antibodies, with its lead candidate TX45 currently in Phase 1b and Phase 2 clinical trials. The company anticipates ongoing significant expenses related to research and development, clinical trials, and potential commercialization efforts, necessitating additional funding in the future.

Tectonic's accumulated deficit as of September 30, 2024, stood at $136.2 million, reflecting its ongoing investment in product development. The company plans to finance its operations through public or private equity offerings, debt financing, or collaborations, while also facing potential challenges related to market conditions and competition in the biotechnology sector.