$TECX
Tectonic Therapeutic, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024031635 Filed on March 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.258M $5.237M $23.97M
YoY Change -7.98% -26.45% -27.91%
% of Gross Profit
Research & Development $683.0K $4.390M $47.70M
YoY Change -96.06% -75.8% -33.92%
% of Gross Profit
Depreciation & Amortization $0.00 -$3.000K $617.0K
YoY Change -100.0% -100.9% -57.15%
% of Gross Profit
Operating Expenses $7.941M $9.627M $71.67M
YoY Change -68.51% -61.88% -32.03%
Operating Profit -$7.941M $10.19M
YoY Change -68.51% -109.67%
Interest Expense $1.146M $1.260M $2.420M
YoY Change 362.1% 465.02% -630.7%
% of Operating Profit 23.74%
Other Income/Expense, Net $1.133M -$945.0K -$1.017M
YoY Change 330.8% -523.77% 123.03%
Pretax Income -$6.808M -$8.408M $12.53M
YoY Change -72.72% -66.41% -111.84%
Income Tax $377.0K $377.0K
% Of Pretax Income 3.01%
Net Earnings -$6.808M -$8.785M $12.16M
YoY Change -72.72% -64.91% -111.48%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15 $0.27
Diluted Earnings Per Share -$0.15 -$0.20 $0.27
COMMON SHARES
Basic Shares Outstanding 44.86M 44.57M 44.33M
Diluted Shares Outstanding 44.79M 44.57M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.48M $98.02M $98.02M
YoY Change 25.1% 5.9% 5.9%
Cash & Equivalents $90.48M $98.02M $98.02M
Short-Term Investments
Other Short-Term Assets $626.0K $2.241M $2.241M
YoY Change -25.92% 122.32% -68.49%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $91.84M $100.3M $100.3M
YoY Change 18.88% 0.3% 0.59%
LONG-TERM ASSETS
Property, Plant & Equipment $110.0K $432.0K $432.0K
YoY Change -95.73% -85.07% -89.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $400.0K $400.0K
YoY Change 900.0% 900.0% 23.84%
Total Long-Term Assets $510.0K $832.0K $832.0K
YoY Change -91.14% -79.15% -80.53%
TOTAL ASSETS
Total Short-Term Assets $91.84M $100.3M $100.3M
Total Long-Term Assets $510.0K $832.0K $832.0K
Total Assets $92.35M $101.1M $101.1M
YoY Change 11.26% -2.75% -2.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $243.0K $27.00K $27.00K
YoY Change -58.88% -92.97% -92.97%
Accrued Expenses $3.042M $4.341M $4.341M
YoY Change -72.55% -63.0% -66.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.509M $6.354M $6.354M
YoY Change -75.46% -51.55% -77.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.509M $6.354M $6.354M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.509M $6.354M $6.354M
YoY Change -88.31% -77.77% -77.77%
SHAREHOLDERS EQUITY
Retained Earnings -$484.1M -$477.3M
YoY Change -5.89% -2.48%
Common Stock $572.9M $572.0M
YoY Change 0.98% 1.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $88.84M $94.74M $94.74M
YoY Change
Total Liabilities & Shareholders Equity $92.35M $101.1M $101.1M
YoY Change 11.26% -2.75% -2.75%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$6.808M -$8.785M $12.16M
YoY Change -72.72% -64.91% -111.48%
Depreciation, Depletion And Amortization $0.00 -$3.000K $617.0K
YoY Change -100.0% -100.9% -57.15%
Cash From Operating Activities -$7.569M -$8.031M -$63.19M
YoY Change -62.68% -66.08% -35.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$2.000K $8.000K
YoY Change -100.0% -97.0%
Acquisitions
YoY Change
Other Investing Activities $150.0K $85.08M
YoY Change
Cash From Investing Activities $0.00 $150.0K $85.08M
YoY Change -100.0% -31963.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $321.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K 59.00K -16.03M
YoY Change -45.45% 0.0% -6217.94%
NET CHANGE
Cash From Operating Activities -7.569M -8.031M -63.19M
Cash From Investing Activities 0.000 150.0K 85.08M
Cash From Financing Activities 30.00K 59.00K -16.03M
Net Change In Cash -7.539M -7.822M 5.857M
YoY Change -62.75% -66.88% -106.02%
FREE CASH FLOW
Cash From Operating Activities -$7.569M -$8.031M -$63.19M
Capital Expenditures $0.00 -$2.000K $8.000K
Free Cash Flow -$7.569M -$8.029M -$63.20M
YoY Change -62.7% -66.08% -35.16%

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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
262000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5857000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-97213000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92846000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
190059000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98703000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92846000
CY2023 us-gaap Interest Paid Net
InterestPaidNet
831000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
1425000
CY2023 avro Common Stock Offering Costs Incurred But Not Yet Paid
CommonStockOfferingCostsIncurredButNotYetPaid
2392000
CY2022 avro Common Stock Offering Costs Incurred But Not Yet Paid
CommonStockOfferingCostsIncurredButNotYetPaid
4319000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
98020000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
92563000
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
683000
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
283000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98703000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92846000
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of the Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">AVROBIO, Inc. (the “Company” or “AVROBIO”) is a gene therapy company which has been focused on developing potentially curative hematopoietic stem cell, or HSC, gene therapies to treat rare diseases following a single dose treatment regimen.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On July 12, 2023, following a comprehensive review of the Company’s business by its Board of Directors (the “Board”), the Company announced its intention to halt development of its programs and explore strategic alternatives focused on maximizing stockholder value, which may include, but are not limited to, an acquisition, a merger, business combination or divestiture. The decision was not related to any safety or medical issues or negative regulatory feedback related to the Company’s programs. See Note 15 for further discussion. On January 30, 2024, the Company entered into the Merger Agreement with Tectonic Therapeutic, Inc. (“Tectonic”) pursuant to which a wholly-owned subsidiary of the Company will merge with and into Tectonic, with Tectonic surviving as a wholly-owned subsidiary of the Company (the “Merger”). See Note 16 for further discussion.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to risks and uncertainties including, should it resume development of its product candidates, risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Should the Company resume development of its product candidates, significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization, would be required. These efforts would require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, should the Company resume development of its product candidates, it is uncertain when, if ever, the Company would realize revenue from product sales.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company has devoted substantially all of its efforts to research and development, business planning, acquiring operating assets, seeking protection for its technology and product candidates, and raising capital. Since inception, the Company has had recurring losses and has funded its operations through sales of preferred stock and common stock, a term loan facility and the sale of the Company’s cystinosis gene therapy program (designated AVR-RD-04) and all other assets of the Company specifically related to this program. As of December 31, 2023, the Company had an accumulated deficit of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">477,275</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. The Company expects that its cash and cash equivalents of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">98,020</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as of December 31, 2023 will be sufficient to fund current planned operations and capital expenditure requirements for at least the next twelve months from the filing date of this Annual Report on Form 10-K with the Securities and Exchange Commission (“SEC”).</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On May 19, 2023, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Novartis Pharma AG and Novartis Pharmaceuticals Corporation (collectively, “Novartis”), providing for the sale of the Company’s cystinosis gene therapy program (designated AVR-RD-04) and all other assets of the Company specifically related to this program. The aggregate consideration to the Company consisted of a cash payment of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">87,500</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> upon closing of the transaction. The Company completed the Asset Sale (as defined below) on June 9, 2023 and recognized $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">83,736</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as a gain on asset sale, net of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3,764</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> transaction costs, in the consolidated statement of operations and comprehensive income (loss). See Note 3 for further discussion.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In July 2023, the Board approved a reduction in the Company’s workforce by approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">50</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">across different areas and functions in the Company (the “July 2023 Workforce Reduction”). The July 2023 Workforce Reduction was substantially completed by the end of July 2023. The Company informed affected employees in the July 2023 Workforce Reduction on July 12, 2023. Since the date of the July 2023 Workforce Reduction, the Company’s remaining employees have</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">primarily </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">focused on activities relating to halting further development of the Company’s programs, the pursuit of strategic alternatives, and the provision of services under the previously disclosed Separation Services Agreement between the Company and Novartis in connection with the sale to Novartis of the Company’s cystinosis gene therapy program. The Company’s remaining workforce was further reduced by 11 employees in a workforce reduction implemented effective as of October 31, 2023 (the “October 2023 Workforce Reduction”). The Company’s workforce was further reduced by </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> employees in the December 2023 Workforce Reduction effective as of December 31, 2023 (the “December 2023 Workforce Reduction”). Affected employees in the July 2023 Workforce Reduction, October 2023 Workforce Reduction, and December 2023 Workforce Reduction were offered separation benefits, including severance payments. See Note 15 for further discussion.</span></p>
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-477275000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
98020000
CY2023Q3 avro Reduction In Workforce Percentage
ReductionInWorkforcePercentage
0.50
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:5.067%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires that the Company make estimates and judgments that may affect the reported amounts of assets, liabilities and expenses and the related disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. On an on‑going basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. Changes in estimates are reflected in reported results in the period in which they become known.</span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company has no significant off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash and cash equivalents in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
940000
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2023 avro Foreign Exchange Loss
ForeignExchangeLoss
122000
CY2022 avro Foreign Exchange Loss
ForeignExchangeLoss
92000
CY2023 avro Collaborative Agreement Expenses
CollaborativeAgreementExpenses
1610000
CY2023Q2 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
83736000
CY2023 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
3764000
CY2023Q4 avro Fair Value Input Amount Transfer Between Levels
FairValueInputAmountTransferBetweenLevels
0
CY2022Q4 avro Fair Value Input Amount Transfer Between Levels
FairValueInputAmountTransferBetweenLevels
0
CY2023Q4 avro Prepaid Research And Development Costs Current
PrepaidResearchAndDevelopmentCostsCurrent
572000
CY2022Q4 avro Prepaid Research And Development Costs Current
PrepaidResearchAndDevelopmentCostsCurrent
4509000
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
816000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
999000
CY2023Q4 avro Prepaid Compensation Benefits
PrepaidCompensationBenefits
0
CY2022Q4 avro Prepaid Compensation Benefits
PrepaidCompensationBenefits
327000
CY2023Q4 avro Tax Incentive Refund Current
TaxIncentiveRefundCurrent
0
CY2022Q4 avro Tax Incentive Refund Current
TaxIncentiveRefundCurrent
269000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
570000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1008000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1958000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7112000
CY2020Q2 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2025-06
CY2023 avro Annual Lease Payments Description
AnnualLeasePaymentsDescription
The annual lease payments were fixed for years 1 and 2, and then subject to a 6.67% increase for years 3 through 5
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6706000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6698000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4421000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3804000
CY2023 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
-937000
CY2022 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0
CY2023Q4 avro Sale Of Assets
SaleOfAssets
-1348000
CY2022Q4 avro Sale Of Assets
SaleOfAssets
0
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
0
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2894000
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
617000
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1440000
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
283000
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
283000
CY2023Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
400000
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0
CY2023Q4 avro Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
711000
CY2022Q4 avro Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
6122000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3463000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4175000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
892000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1224000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
383000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
211000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5449000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11732000
CY2018Q3 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2020-10
CY2020Q2 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2022-04
CY2022Q1 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2023-04
CY2022Q1 avro Operating Lease Annual Increase In Rental Percentage
OperatingLeaseAnnualIncreaseInRentalPercentage
0.05
CY2020Q2 avro Operating Lease Annual Increase In Rental Percentage
OperatingLeaseAnnualIncreaseInRentalPercentage
0.0667
CY2020Q2 us-gaap Lessee Finance Sublease Option To Terminate
LesseeFinanceSubleaseOptionToTerminate
October 31, 2023.
CY2023 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
2195000
CY2022 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
2994000
CY2023 us-gaap Sublease Income
SubleaseIncome
77000
CY2022 us-gaap Sublease Income
SubleaseIncome
23000
CY2023 us-gaap Costs And Expenses
CostsAndExpenses
2118000
CY2022 us-gaap Costs And Expenses
CostsAndExpenses
2971000
CY2023 avro Cash Payments For Operating Leases
CashPaymentsForOperatingLeases
2771000
CY2022 avro Cash Payments For Operating Leases
CashPaymentsForOperatingLeases
3167000
CY2023 avro Operating Leases Future Minimum Payment Due Current
OperatingLeasesFutureMinimumPaymentDueCurrent
896000
CY2023 avro Operating Leases Future Minimum Payment Due In Two Years
OperatingLeasesFutureMinimumPaymentDueInTwoYears
0
CY2023 avro Operating Leases Future Minimum Payment Due In Three Years
OperatingLeasesFutureMinimumPaymentDueInThreeYears
0
CY2023 avro Operating Leases Future Minimum Payment Due In Four Years
OperatingLeasesFutureMinimumPaymentDueInFourYears
0
CY2023 avro Operating Leases Future Minimum Payment Due Thereafter
OperatingLeasesFutureMinimumPaymentDueThereafter
0
CY2023 avro Operatingleasesfutureminimumpaymentdue
Operatingleasesfutureminimumpaymentdue
896000
CY2023 us-gaap Interest Expense Other
InterestExpenseOther
18000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
878000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y3M18D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1615
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1058
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
16350000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1074000
CY2022Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
15276000
CY2023 us-gaap Interest Expense Debt
InterestExpenseDebt
1917000
CY2023 us-gaap Gains Losses On Extinguishment Of Debt Before Write Off Of Deferred Debt Issuance Cost
GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost
939000
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
1808000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 avro Undesignated Preferred Stock
UndesignatedPreferredStock
10000000
CY2022Q4 avro Undesignated Preferred Stock
UndesignatedPreferredStock
10000000
CY2023Q4 avro Undesignated Shares Of Preferred Stock Outstanding
UndesignatedSharesOfPreferredStockOutstanding
0
CY2022Q4 avro Undesignated Shares Of Preferred Stock Outstanding
UndesignatedSharesOfPreferredStockOutstanding
0
CY2023 us-gaap Dividends Cash
DividendsCash
0
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
18936256
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
19259640
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M23D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0382
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0247
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8336
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8043
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9423271
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.26
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M20D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
22000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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P6Y2M26D
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y5M8D
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
376000
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123000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
50000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.79
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
1449000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
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9000
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.008
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 avro Effectiveincometaxratereconciliationchangeinstock1
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CY2022 avro Effectiveincometaxratereconciliationchangeinstock1
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CY2022 avro Effectiveincometaxratereconciliationchangeinstateratechanges1
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0
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4221000
CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y7M6D
CY2023 us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
Currently, the Company makes matching contributions at a rate of 50% of the first 8% of employee contributions.
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.08
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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388000
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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599000
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
377000
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.037
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0.052
CY2023 avro Effective Income Tax Rate Reconciliation Permanent Difference
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CY2022 avro Effective Income Tax Rate Reconciliation Permanent Difference
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-0.012
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-0.004
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.043
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12157000
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
12157000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-105890000
CY2022 avro Effective Income Tax Rate Reconciliation Change Indeferred True Ups1
EffectiveIncomeTaxRateReconciliationChangeIndeferredTrueUps1
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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0.03
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
80185000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
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CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
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CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
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CY2023Q4 avro Deferred Tax Assets Capitalized Start Up And Organizational Costs
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21000
CY2022Q4 avro Deferred Tax Assets Capitalized Start Up And Organizational Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationalCosts
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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313000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3610000
CY2023Q4 avro Deferred Tax Assets License Agreement
DeferredTaxAssetsLicenseAgreement
3710000
CY2022Q4 avro Deferred Tax Assets License Agreement
DeferredTaxAssetsLicenseAgreement
3929000
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Other
DeferredTaxAssetsTaxCreditCarryforwardsOther
25045000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Other
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16307000
CY2023Q4 avro Lease Liability
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240000
CY2022Q4 avro Lease Liability
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227000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
906000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
1032000
CY2023Q4 us-gaap Deferred Tax Assets Gross
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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124695000
CY2023Q4 us-gaap Deferred Tax Assets Net
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118000
CY2022Q4 us-gaap Deferred Tax Assets Net
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320000
CY2023Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
0
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
102000
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CY2022Q4 avro Deferred Tax Liabilities Right Of Use Asset
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CY2022Q4 us-gaap Deferred Tax Liabilities
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0
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6037000
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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23802000
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298282000
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340350000
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250000
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250000
CY2023 avro Tax Credit Carryforwards Expiration Period
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P20Y
CY2023 avro Operating Loss And Tax Credit Carryforwards Limitations Period Over Which Cumulative Changes In Ownership Interest Of Significant Shareholders Considered
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P3Y
CY2023 avro Operating Loss And Tax Credit Carryforwards Limitations Threshold Percentage Of Cumulative Changes In Ownership Interest Of Significant Shareholders Considered
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0.50
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
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-105890000
CY2023 avro Weighted Average Common Share Outstanding Basic
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44327204
CY2022 avro Weighted Average Common Share Outstanding Basic
WeightedAverageCommonShareOutstandingBasic
43738739
CY2023 avro Options To Purchase Common Shares
OptionsToPurchaseCommonShares
119677
CY2023 avro Unvested Restricted Stock Awards And Units
UnvestedRestrictedStockAwardsAndUnits
95010
CY2023 avro Employee Stock Purchase Program
EmployeeStockPurchaseProgram
26027
CY2023 avro Weighted Average Common Share Outstanding Diluted
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44567918
CY2022 avro Weighted Average Common Share Outstanding Diluted
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43738739
CY2023 us-gaap Earnings Per Share Basic
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0.27
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0.27
CY2022 us-gaap Earnings Per Share Diluted
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-2.42
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4427585
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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10363663
CY2023Q4 avro Company Workforce Reduction Number Of Employees
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11
CY2023Q4 avro Outstanding Restructuring Liabilities
OutstandingRestructuringLiabilities
0
CY2023 us-gaap Restructuring Charges
RestructuringCharges
5058000

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