Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Tectonic Therapeutic, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
15.2
35.1
55
87.2
83.1
72.2
37
41.4
63.5
General and administrative
3.2
11.1
20.8
33
35.7
33.2
7.68
16.7
20.5
Operating expenses
18.4
46.2
75.8
120
119
105
44.6
58
84
Operating income
-18.4
-46.2
-75.8
-120
-119
-105
-44.6
-58
-84
Interest expense
0.2
1.81
0.15
0.11
0.06
Interest income
0.06
1.73
2.93
0.72
0.58
4.26
11.3
Other non-operating income
-0.26
-0.12
2.84
0.52
-0.29
-0.46
1.83
0.03
11.1
Pre-tax income
-58
-72.9
Income tax
0
0
0
1.23
Net income
-18.6
-46.4
-73
-120
-119
-106
-42.8
-58
-74.2
EBITDA
-18.3
-45.9
-75
-119
-117
-104
-43.2
-56.4
-82.7
EPS, basic
-8.38
-3.62
-2.66
-3.31
-2.78
-2.42
-33.76
-6.83
-4.05
EPS, diluted
-8.38
-3.62
-2.66
-3.31
-2.78
-2.42
-33.76
-6.83
-4.05
Shares, basic (weighted)
2.24
13.4
27.4
36.2
0.04
43.7
1.27
8.49
18.3
Shares, diluted (weighted)
2.24
13.4
27.4
36.2
0.04
43.7
1.27
8.49
18.3
Dividend per share
0.00
0.00
Balance sheet
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
5.96
126
187
260
190
92.6
28.8
141
254
Other current assets
0.06
0.8
0.34
0.27
1.7
1.01
0.57
5.62
2.97
Total current assets
6.31
130
196
267
199
100
30.9
147
257
Property, plant and equipment
0.35
2.63
3.7
3.06
4.13
2.89
3.12
2.15
1.19
Lease right-of-use assets
0
1.06
2.67
2.24
0.87
Other non-current assets
0.37
0.83
0.63
0.44
0.07
0.04
0.03
0.16
0.64
Total assets
7.02
133
201
271
204
104
39.4
153
261
Accounts payable
0.53
2.78
3.95
2.68
3.49
0.38
0.41
0.98
1.09
Accrued liabilities
2.1
7.82
9.85
13.7
15.6
11.7
8.14
7.85
7.34
Total current liabilities
2.63
10.6
14
16.6
19.4
13.1
40.9
11.6
9.67
Long-term debt
14.9
15.3
0
Lease liabilities
0
0.19
1.64
0.13
0
Other non-current liabilities
0.5
Total liabilities
3.66
11.3
14.5
16.9
34.4
28.6
43.4
12.1
9.71
Total debt
15
15
Paid-in capital
0.34
194
331
519
553
565
5.98
289
474
Retained earnings
-23.5
-71.7
-145
-264
-384
-489
-90.6
-149
-223
Other comprehensive income
-0.01
0.01
-0.1
Shareholders' equity
-23.1
122
186
254
169
-45.7
-84.6
141
251
Total equity
-23.1
122
186
254
169
-45.7
-84.6
141
251
Total liabilities and equity
7.02
133
201
271
204
104
39.4
153
261
Shares outstanding
2.31
23.8
31.6
43.7
43.7
43.9
1.41
14.9
18.7
Cash flow statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-18.6
-46.4
-73
-120
-119
-106
-42.8
-58
-74.2
Depreciation and amortization
0.05
0.38
0.85
1.21
1.4
1.44
1.48
1.65
1.38
Stock-based compensation
0.18
2.2
6.8
15.6
18.6
11.5
1.12
3.49
10.5
Deferred income tax
0
0
0
0
0
0
14.6
16.9
18.7
Change in payables
0.18
2.02
1.03
-0.88
0.8
-3.1
-0.17
-1.42
0.12
Cash from operations
-16.4
-37.6
-67.7
-98.8
-98
-97.2
-40.7
-59.1
-60.1
Capital expenditures
-0.38
-1.83
-1.59
-1.18
-2.46
-0.27
-0.28
-0.16
-0.21
Cash from investing
-0.38
-1.83
-1.59
-1.18
-2.46
-0.27
-0.28
-0.16
-0.14
Debt issued
15
0
Stock issued
104
129
0.27
0.92
0.2
0.09
1.62
1.23
Cash from financing
17.4
160
130
173
30.4
0.26
33.7
172
173
Exchange rate effect
0.02
-0.01
-0.1
Net change in cash
0.61
121
60.7
72.6
-70.1
-97.2
-7.2
112
113
Free cash flow
-16.8
-39.5
-69.3
-100
-100
-97.5
-41
-59.2
-60.3
Interest paid
0.1
1.43
0.15
0.11
Income taxes paid
0
1.23
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.67 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-38.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-36.2%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
78.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y
-0.2%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
70.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
35.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-0.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
115.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-25.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-12.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
22.3x
Current assets / current liabilities.
Quick ratio
21.9x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
21.9x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$3.82
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$3.80
Cash from operations / diluted weighted shares.
Book value per share
$11.64
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
2.07x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.07x
Market cap / tangible book value, when positive.
FCF yield
-15.7%
Free cash flow / market cap.
Earnings yield
-18.5%
Net income / market cap (the inverse of P/E).
Was Tectonic Therapeutic, Inc. profitable in fiscal 2025?
No. It reported a net loss of $74.2M.
How much free cash flow did Tectonic Therapeutic, Inc. generate in fiscal 2025?
Cash from operations of $60.1M minus capital expenditures of $208.0K left free cash flow of -$60.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.