$TECX
Tectonic Therapeutic, Inc.

2024 Q3 Form 10-Q Financial Statement

#000119312524200609 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.304M $9.900M $5.237M
YoY Change -15.27% 116.11% -26.45%
% of Gross Profit
Research & Development $14.32M $7.074M $4.390M
YoY Change -3.45% -36.54% -75.8%
% of Gross Profit
Depreciation & Amortization $281.0K $264.0K -$3.000K
YoY Change -8.65% -100.9%
% of Gross Profit
Operating Expenses $19.64M $11.42M $9.627M
YoY Change -6.89% -27.39% -61.88%
Operating Profit -$19.64M -$11.42M
YoY Change -14.37% -116.79%
Interest Expense $1.927M -$1.245M $1.260M
YoY Change 36.67% 151.52% 465.02%
% of Operating Profit
Other Income/Expense, Net $1.920M -$1.250M -$945.0K
YoY Change 41.59% 135.4% -523.77%
Pretax Income -$17.72M -$12.67M -$8.408M
YoY Change -17.9% -118.78% -66.41%
Income Tax $0.00 $0.00 $377.0K
% Of Pretax Income
Net Earnings -$17.70M -$12.70M -$8.785M
YoY Change -17.97% -118.82% -64.91%
Net Earnings / Revenue
Basic Earnings Per Share -$1.20 -$4.34
Diluted Earnings Per Share -$1.20 -$4.34 -$0.20
COMMON SHARES
Basic Shares Outstanding 14.73M 44.89M 44.57M
Diluted Shares Outstanding 14.73M 2.920M

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $159.1M $185.1M $98.02M
YoY Change 50.37% 48.47% 5.9%
Cash & Equivalents $159.1M $185.1M $98.02M
Short-Term Investments
Other Short-Term Assets $3.503M $2.264M $2.241M
YoY Change 335.16% 185.86% 122.32%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $162.6M $187.4M $100.3M
YoY Change 48.94% 45.44% 0.3%
LONG-TERM ASSETS
Property, Plant & Equipment $2.550M $2.639M $432.0K
YoY Change 15.49% -85.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $190.0K $13.00K $400.0K
YoY Change 375.0% -67.5% 900.0%
Total Long-Term Assets $6.119M $6.522M $832.0K
YoY Change 352.59% 30.65% -79.15%
TOTAL ASSETS
Total Short-Term Assets $162.6M $187.4M $100.3M
Total Long-Term Assets $6.119M $6.522M $832.0K
Total Assets $168.7M $193.9M $101.1M
YoY Change 52.65% 44.89% -2.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.635M $4.090M $27.00K
YoY Change 189.56% 281.89% -92.97%
Accrued Expenses $12.74M $20.01M $4.341M
YoY Change 154.64% 139.83% -63.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $478.0K $474.0K
YoY Change
Total Short-Term Liabilities $17.32M $26.00M $6.354M
YoY Change 129.13% 122.92% -51.55%
LONG-TERM LIABILITIES
Long-Term Debt $513.0K $637.0K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $523.0K $905.0K $0.00
YoY Change 423.0% 575.37%
Total Long-Term Liabilities $1.036M $1.542M $0.00
YoY Change 936.0% 1050.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.32M $26.00M $6.354M
Total Long-Term Liabilities $1.036M $1.542M $0.00
Total Liabilities $18.36M $27.54M $6.354M
YoY Change 139.51% 133.45% -77.77%
SHAREHOLDERS EQUITY
Retained Earnings -$136.2M -$118.5M -$477.3M
YoY Change -70.93% -73.48% -2.48%
Common Stock $2.000K $2.000K $572.0M
YoY Change -100.0% -100.0% 1.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $150.4M $166.4M $94.74M
YoY Change
Total Liabilities & Shareholders Equity $168.7M $193.9M $101.1M
YoY Change 52.65% 44.89% -2.75%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income -$17.70M -$12.70M -$8.785M
YoY Change -17.97% -118.82% -64.91%
Depreciation, Depletion And Amortization $281.0K $264.0K -$3.000K
YoY Change -8.65% -100.9%
Cash From Operating Activities -$19.60M -$15.09M -$8.031M
YoY Change -3.05% 2.96% -66.08%
INVESTING ACTIVITIES
Capital Expenditures $153.0K $0.00 -$2.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $150.0K
YoY Change
Cash From Investing Activities -$153.0K $0.00 $150.0K
YoY Change -112.75% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.287M 179.0M 59.00K
YoY Change -3592.78% -1196.99% 0.0%
NET CHANGE
Cash From Operating Activities -19.60M -15.09M -8.031M
Cash From Investing Activities -153.0K 0.000 150.0K
Cash From Financing Activities -6.287M 179.0M 59.00K
Net Change In Cash -26.04M 164.0M -7.822M
YoY Change 38.24% 210.74% -66.88%
FREE CASH FLOW
Cash From Operating Activities -$19.60M -$15.09M -$8.031M
Capital Expenditures $153.0K $0.00 -$2.000K
Free Cash Flow -$19.76M -$15.09M -$8.029M
YoY Change -2.29% 2.96% -66.08%

Facts In Submission

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<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">DESCRIPTION OF BUSINESS </div></div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;text-indent: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Business </div></div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="display:inline;">Tectonic Therapeutic, Inc. (formerly AVROBIO, Inc.) (the “Company” or “Tectonic”) is a clinical-stage biotechnology company focused on the discovery and development of therapeutic proteins and antibodies that modulate the activity of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">G-protein</div> coupled receptors (“GPCRs”). The Company focuses on areas of significant unmet medical need, often where therapeutic options are poor or nonexistent, as these are areas where new medicines have the potential to improve patient quality of life. The Company’s corporate headquarters are in Watertown, Massachusetts. </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;text-indent: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Reverse Merger and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Pre-Merger</div> Financing Transaction </div></div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On June 20, 2024, the Company completed its previously announced merger transaction in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated as of January 30, 2024 (the “Merger Agreement”) with AVROBIO, Inc. (“AVROBIO”), pursuant to which Alpine Merger Subsidiary, Inc., a wholly owned subsidiary of AVROBIO, merged with and into the entity formerly known as Tectonic Therapeutic, Inc., now known as Tectonic Operating Company, Inc. (“Legacy Tectonic”), with Legacy Tectonic continuing as a wholly owned subsidiary of the surviving corporation of AVROBIO (the “Merger”). The Merger is being accounted for as a reverse recapitalization in accordance with generally accepted accounting principles in the United States of America (“GAAP”), with AVROBIO treated as the acquired company for financial reporting purposes, and Legacy Tectonic treated as the accounting acquirer. </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the closing of the Merger, each outstanding share of <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Legacy Tectonic’s</div></div> common stock, including outstanding and unvested restricted stock, was converted into the right to receive a number of shares of AVROBIO’s common stock based on an exchange ratio of 0.53 (the “Exchange Ratio”), <div style="letter-spacing: 0px; top: 0px;display:inline;">as defined in the Merger Agreement, after giving effect to the 1-for-12 reverse stock split of AVROBIO common stock that was effected on June 20, 2024. The exchange ratio was retroactively applied to all outstanding common shares, convertible preferred shares, stock options and restricted stock. </div> </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Each outstanding and unexercised option to purchase shares of Legacy Tectonic’s common stock immediately prior to closing was assumed by AVROBIO and was converted into an option to purchase shares of AVROBIO common stock, with necessary adjustments to the number of shares and exercise price to reflect the Exchange Ratio. All of Legacy Tectonic’s restricted common stock outstanding and unvested immediately prior to the closing that was assumed by AVROBIO in the Merger remains unvested to the same extent and is subject to the same repurchase option, risk of forfeiture or other condition under any applicable restricted stock purchase agreement. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="display:inline;">Legacy Tectonic stockholders received approximately</div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div>10,956,614<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares of AVROBIO common stock in connection with the Merger, including </div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div>6,901<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div><div style="display:inline;">shares of AVROBIO common stock subject to vesting terms, based on the number of shares of Legacy Tectonic common stock outstanding immediately prior to the Merger, including restricted stock, the number of shares of common stock issued to investors participating in the Subscription Agreements (as defined below) and SAFEs, and Legacy Tectonic convertible preferred stock outstanding immediately prior to the Merger, which was converted into shares of Legacy Tectonic common stock on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">a one-for-one basis</div></div> immediately prior to the closing of the Merger. </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><div style="letter-spacing: 0px; top: 0px;display:inline;">In connection with the Merger, the Company and its designated rights agent entered into a contingent value rights agreement (the “CVR Agreement”). Pursuant to the CVR Agreement, each holder of AVROBIO common stock immediately prior to the closing received a contractual contingent value right (“CVR”) subject to and in accordance with the terms and conditions of the CVR Agreement, representing the contractual right to receive a pro rata portion of any net proceeds, if any, as a resulting from a disposition of certain AVROBIO intellectual property (including a license of AVROBIO’s pre-closing assets as defined in the CVR Agreement) after the closing and prior to the </div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">18-month anniversary</div> of the <div style="letter-spacing: 0px; top: 0px;display:inline;">c</div>losing, received within <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">a 10-year period</div> following the <div style="letter-spacing: 0px; top: 0px;display:inline;">c</div>losing; provided that no contingent payment will be payable to any holder of the CVRs until such time as the then-outstanding and undistributed proceeds exceeds $0.4 million in the aggregate. As of June 30, 2024, no<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> proceeds have been received under the CVR Agreement. As of June 30, 2024 there is no liability recorded in connection with the CVR Agreement. </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the closing of the Merger, certain investors of <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Legacy Tectonic</div></div> completed the purchase of 7,790,889 shares of <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Legacy Tectonic</div></div> common stock pursuant to that certain <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">Subscription Agreement</div> dated January 30, 2024 (the “Subscription Agreement”) at a purchase price of approximately $12.40 per share for an aggregate purchase price of approximately $96.6 million. Shares of <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Legacy Tectonic</div></div> common stock issued pursuant to the Subscription Agreements were converted into 4,163,606 shares of AVROBIO common stock at the closing of the Merger based on the Exchange Ratio, pursuant to the Merger Agreement. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center;text-indent: 0px;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risks and Uncertainties </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-clinical</div> and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance reporting capabilities. </div> <div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company’s proprietary GEODe<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">™</div> platform is currently in development. There can be no assurance that current and future research and development activities will be successfully completed, that adequate protection for owned intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Liquidity and Going Concern </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of June 30, 2024, the Company had an accumulated deficit of $118.5 million and has incurred losses and negative cash flows from operations since inception, including a net loss of $12.7 million and $27.9 million for the three and six months ended June 30, 2024, respectively. To date, the Company has financed its operations primarily through the issuance of common stock, convertible preferred stock, convertible promissory notes and Simple Agreements for Future Equity (“SAFEs”). The Company has devoted substantially all of its financial resources and efforts to business planning, conducting research and development, recruiting management and technical staff, and raising capital. Management expects that the Company’s operating losses and negative cash flows will continue for the foreseeable future as it continues to develop its product candidates. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As the Company continues to develop its proprietary platform and potential product candidates, it will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. It may never achieve profitability, and unless and until it does, it will continue to need to raise additional capital to fund its operations. Management believes that its current cash on hand, which includes the proceeds related to the Merger and Subscription Agreements, is sufficient to fund the Company’s planned operations for at least one year from the date of issuance of these unaudited condensed consolidated financial statements. </div></div></div>
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360000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
348000
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
198000
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
195000
us-gaap Variable Lease Cost
VariableLeaseCost
448000
us-gaap Variable Lease Cost
VariableLeaseCost
401000
CY2024Q2 us-gaap Costs And Expenses
CostsAndExpenses
877000
CY2023Q2 us-gaap Costs And Expenses
CostsAndExpenses
907000
us-gaap Costs And Expenses
CostsAndExpenses
1799000
us-gaap Costs And Expenses
CostsAndExpenses
1790000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
240000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
270000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
59000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
81000
us-gaap Operating Lease Payments
OperatingLeasePayments
765000
us-gaap Operating Lease Payments
OperatingLeasePayments
489000
CY2024Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M23D
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M2D
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M2D
CY2024Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0969
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0958
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2024Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
284000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
769000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
552000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1580000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
363000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
132000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
44000
CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1243000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2481000
CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
132000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
148000
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
1111000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2333000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14734323
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14734323
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of voting common stock are entitled to one vote per share
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14734323
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14734323
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1002485
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.11
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M12D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2276000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
874800
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
16.8
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
266705
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.44
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3743000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
31922
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.71
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod
365428
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Other Share Increase Decrease In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherShareIncreaseDecreaseInPeriodWeightedAverageExercisePrice
89.92
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1944086
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
25.68
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
9830000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
683184
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
49.36
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P3Y9M18D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
4987000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1944086
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
25.68
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y6M
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
9830000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
16.8
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
2.98
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M4D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.04
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.1105
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.1121
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0426
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0365
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
403000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
277000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
724000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
552000
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
13800000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y4M24D
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12671000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12671000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10455000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-10455000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27892000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-27892000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24900000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-24900000
CY2024Q2 tecx Weighted Average Common Share Outstanding Diluted
WeightedAverageCommonShareOutstandingDiluted
2919872
CY2024Q2 tecx Weighted Average Common Share Outstanding Basic
WeightedAverageCommonShareOutstandingBasic
2919872
CY2023Q2 tecx Weighted Average Common Share Outstanding Diluted
WeightedAverageCommonShareOutstandingDiluted
1228778
CY2023Q2 tecx Weighted Average Common Share Outstanding Basic
WeightedAverageCommonShareOutstandingBasic
1228778
tecx Weighted Average Common Share Outstanding Diluted
WeightedAverageCommonShareOutstandingDiluted
2150160
tecx Weighted Average Common Share Outstanding Basic
WeightedAverageCommonShareOutstandingBasic
2150160
tecx Weighted Average Common Share Outstanding Diluted
WeightedAverageCommonShareOutstandingDiluted
1208447
tecx Weighted Average Common Share Outstanding Basic
WeightedAverageCommonShareOutstandingBasic
1208447
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.34
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.34
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-8.51
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-8.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-12.97
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-12.97
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-20.6
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-20.6
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1955533
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4536846
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1955533
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4536846
CY2024Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
80000
CY2023Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
52000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
130000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
128000

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