Tectonic Therapeutic Inc. (TECX) Balance Sheet
TECX balance sheet, 2025
December 31, 2025 · U.S. dollars$261.0M assets = $9.7M liabilities + $251.3M equity
Both columns are drawn to the same scale: what TECX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TECX financial health
Descriptive bands, not a rating. Fiscal 2025.
TECX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.4M2016 | $261.0M2025 | +53.9%/yr | |
| Total liabilities | $979,0002016 | $9.7M2025 | +29.0%/yr | |
| Shareholders’ equity | $4.4M2016 | $251.3M2025 | +56.7%/yr | |
| Cash & short-term investments | $5.4M2016 | $253.8M2025 | +53.5%/yr | |
| Total debt | $1.1M2021 | $1.3M2025 | +4.9%/yr | |
| Net cash (debt) | $27.0M2021 | $252.5M2025 | +$225.5M | |
| Working capital | $4.5M2016 | $247.7M2025 | +$243.2M | |
| Book value per share | $9.532024 | $13.722025 | +43.9%/yr | |
| Debt / equity | 0.022024 | 0.012025 | −0.02 | |
| Shares outstanding | 14.8M2024 | 18.3M2025 | +24.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TECX assets
TECX liabilities and equity
TECX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TECX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $253.8M | $141.2M | $28.8M | $36.0M | $28.1M | $259.7M | $187.0M | $126.3M | $6.0M | $5.4M |
| Cash & equivalents | $253.8M | $141.2M | $28.8M | $36.0M | $28.1M | $259.7M | $187.0M | $126.3M | $6.0M | $5.4M |
| Receivables | $0 | $0 | $0 | $269,000 | $2.7M | $2.6M | $2.1M | $1.5M | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $3.6M | $5.6M | $2.1M | $807,000 | $0 | $5.0M | $6.5M | $2.2M | $345,000 | $19,000 |
| Total current assets | $257.4M | $146.9M | $30.9M | $37.0M | $28.6M | $267.2M | $195.7M | $130.0M | $6.3M | $5.4M |
| Property, plant & equipment (net) | $2.6M | $5.3M | $7.2M | $9.6M | $3.7M | $3.1M | $3.7M | $2.6M | $349,000 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.1M | $743,000 | $1.3M | $613,000 | $599,000 | $928,000 | $1.1M | $825,000 | $365,000 | $24,000 |
| Total assets | $261.0M | $152.9M | $39.4M | $47.2M | $32.9M | $271.2M | $200.5M | $133.5M | $7.0M | $5.4M |
| Liabilities | ||||||||||
| Accounts payable | $1.1M | $976,000 | $409,000 | $574,000 | $1.8M | $2.7M | $3.9M | $2.8M | $527,000 | $340,000 |
| Short-term debt | $1.2M | $2.8M | $1.8M | $1.4M | $355,000 | — | — | — | — | — |
| Deferred revenue | — | — | −$878,000 | — | −$355,000 | — | — | — | — | — |
| Total current liabilities | $9.7M | $11.6M | $40.9M | $7.8M | $4.1M | $16.6M | $14.0M | $10.6M | $2.6M | $891,000 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.3M | $3.3M | $4.3M | $5.8M | $1.1M | — | — | — | — | — |
| Other long-term liabilities | $43,000 | $519,000 | $83.1M | $85.0M | $43.7M | $276,000 | $484,000 | $689,000 | $1.0M | $87,999 |
| Total liabilities | $9.7M | $12.1M | $124.0M | $92.9M | $47.8M | $16.9M | $14.5M | $11.3M | $3.7M | $979,000 |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $4,000 | $4,000 | $4,000 | $4,000 | $3,000 | $2,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$222.7M | −$148.6M | −$90.6M | −$47.8M | −$15.6M | −$264.4M | −$144.7M | −$71.7M | −$23.5M | −$4.8M |
| Accumulated other comprehensive income | −$96,000 | $9,000 | −$11,000 | $0 | −$42.6M | — | — | — | −$1,000 | −$1,000 |
| Total shareholders' equity | $251.3M | $140.8M | −$84.6M | −$45.7M | −$15.0M | $254.3M | $186.0M | $122.2M | $3.4M | $4.4M |
| Key figures | ||||||||||
| Total debt | $1.3M | $3.3M | $4.3M | $5.8M | $1.1M | — | — | — | — | — |
| Net cash (debt) | $252.5M | $137.9M | $24.4M | $30.2M | $27.0M | — | — | — | — | — |
| Working capital | $247.7M | $135.2M | −$10.0M | $29.2M | $24.5M | $250.6M | $181.7M | $119.4M | $3.7M | $4.5M |
| Tangible book value | $251.3M | $140.8M | −$84.6M | −$45.7M | −$15.0M | $254.3M | $186.0M | $122.2M | $3.4M | $4.4M |
| Book value per share | $13.72 | $9.53 | — | — | — | — | — | — | — | — |
| Shares outstanding | 18.3M | 14.8M | — | — | — | — | — | — | — | — |
| Current ratio | 26.63 | 12.65 | 0.76 | 4.73 | 6.95 | 16.09 | 13.96 | 12.26 | 2.40 | 6.03 |
| Quick ratio | 26.26 | 12.17 | 0.70 | 4.62 | 7.47 | 15.78 | 13.50 | 12.05 | 2.27 | 6.01 |
| Debt / equity | 0.01 | 0.02 | — | — | — | — | — | — | — | — |
| Equity / assets | 96.3% | 92.1% | −214.8% | −96.7% | −45.5% | 93.8% | 92.8% | 91.5% | 47.9% | 81.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $227.1M | $236.9M | $253.8M | $268.4M | $287.4M | $306.2M | $141.2M | $159.1M | $185.1M | $90.8M | $28.8M | $6.3M |
| Cash & equivalents | $227.1M | $236.9M | $253.8M | $268.4M | $287.4M | $306.2M | $141.2M | $159.1M | $185.1M | $90.8M | $28.8M | $6.3M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $4.0M | $3.0M | $3.6M | $4.8M | $3.5M | $3.4M | $5.6M | $3.5M | $2.3M | $1.1M | $2.1M | $985,000 |
| Total current assets | $231.1M | $239.9M | $257.4M | $273.2M | $290.8M | $309.6M | $146.9M | $162.6M | $187.4M | $91.8M | $30.9M | $7.3M |
| Property, plant & equipment (net) | $4.8M | $5.5M | $2.6M | $2.7M | $3.6M | $4.5M | $5.3M | $5.3M | $5.9M | $110,000 | $7.2M | $7.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.1M | $1.1M | $1.1M | $1.1M | $874,000 | $725,000 | $743,000 | $777,000 | $600,000 | $400,000 | $1.3M | $620,000 |
| Total assets | $237.0M | $246.6M | $261.0M | $277.0M | $295.3M | $314.8M | $152.9M | $168.7M | $193.9M | $92.3M | $39.4M | $15.8M |
| Liabilities | ||||||||||||
| Accounts payable | $1.7M | $2.6M | $1.1M | $1.5M | $2.8M | $6.3M | $976,000 | $2.6M | $4.1M | $243,000 | $409,000 | $4.6M |
| Short-term debt | $1.6M | $1.4M | $1.2M | $1.1M | $1.8M | $2.3M | $2.8M | $1.9M | $1.9M | $2.1M | $1.8M | $1.8M |
| Total current liabilities | $10.4M | $13.0M | $9.7M | $9.4M | $11.4M | $13.5M | $11.6M | $17.3M | $26.0M | $3.5M | $40.9M | $12.0M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $4.4M | $4.6M | $1.3M | $1.2M | $1.9M | $2.6M | $3.3M | $3.0M | $3.4M | — | $4.3M | $4.8M |
| Other long-term liabilities | $2.8M | $3.2M | $43,000 | $100,000 | $186,000 | $283,000 | $519,000 | $1.0M | $1.5M | $2.0M | $83.1M | $83.6M |
| Total liabilities | $13.2M | $16.2M | $9.7M | $9.5M | $11.5M | $13.8M | $12.1M | $18.4M | $27.5M | $3.5M | $124.0M | $95.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $4,000 | $4,000 | $4,000 |
| Retained earnings (deficit) | −$270.3M | −$248.0M | −$222.7M | −$203.5M | −$184.5M | −$164.5M | −$148.6M | −$136.2M | −$118.5M | −$484.1M | −$90.6M | −$82.7M |
| Accumulated other comprehensive income | — | — | −$96,000 | −$75,000 | −$49,000 | $2,000 | $9,000 | −$77,000 | −$61,000 | −$53,000 | −$11,000 | — |
| Total shareholders' equity | $223.8M | $230.4M | $251.3M | $267.5M | $283.8M | $301.0M | $140.8M | $150.4M | $166.4M | $88.8M | −$84.6M | −$79.8M |
| Key figures | ||||||||||||
| Total debt | $4.4M | $4.6M | $1.3M | $1.2M | $1.9M | $2.6M | $3.3M | $3.0M | $3.4M | $4.1M | $4.3M | $4.8M |
| Net cash (debt) | $222.7M | $232.3M | $252.5M | $267.2M | $285.4M | $303.6M | $137.9M | $156.1M | $181.7M | $86.6M | $24.4M | $1.6M |
| Working capital | $220.7M | $226.9M | $247.7M | $263.9M | $279.5M | $296.1M | $135.2M | $145.3M | $161.4M | $88.3M | −$10.0M | −$4.6M |
| Tangible book value | $223.8M | $230.4M | $251.3M | $267.5M | $283.8M | $301.0M | $140.8M | $150.4M | $166.4M | $88.8M | −$84.6M | −$79.8M |
| Book value per share | $11.80 | $12.28 | $13.72 | $14.30 | $15.19 | $17.55 | $9.52 | $10.20 | $11.29 | — | — | — |
| Shares outstanding | 19.0M | 18.8M | 18.3M | 18.7M | 18.7M | 17.2M | 14.8M | 14.7M | 14.7M | — | — | — |
| Current ratio | 22.29 | 18.51 | 26.63 | 29.15 | 25.60 | 22.92 | 12.65 | 9.39 | 7.21 | 26.17 | 0.76 | 0.61 |
| Quick ratio | 21.90 | 18.28 | 26.26 | 28.64 | 25.30 | 22.67 | 12.17 | 9.19 | 7.12 | 25.87 | 0.70 | 0.53 |
| Debt / equity | 0.02 | 0.02 | 0.01 | 0.00 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.05 | — | — |
| Equity / assets | 94.4% | 93.4% | 96.3% | 96.6% | 96.1% | 95.6% | 92.1% | 89.1% | 85.8% | 96.2% | −214.8% | −505.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
TECX financial position
At the end of fiscal 2025 (December 31, 2025), Tectonic Therapeutic had total assets of $261.0 million (up 70.7% from a year earlier), total liabilities of $9.7 million and shareholders' equity of $251.3 million. It held $253.8 million in cash and short-term investments against $1.3 million of debt, a net cash position of $252.5 million. Its current ratio was 26.63. In the latest quarter (ended June 30, 2026) total assets were $237.0 million and equity $223.8 million.
Related: TECX income statement, TECX cash flow statement, TECX key metrics. See the TECX stock overview for the latest quote and news.
TECX balance sheet FAQ
What are Tectonic Therapeutic's total assets?
Tectonic Therapeutic reported total assets of $261.0 million at the end of fiscal 2025 (December 31, 2025), compared with $152.9 million a year earlier.
How much debt does Tectonic Therapeutic have?
Tectonic Therapeutic had $1.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.
How much cash does Tectonic Therapeutic have?
Tectonic Therapeutic held $253.8 million in cash and short-term investments at the end of fiscal 2025; with $1.3 million of debt that is net cash of $252.5 million.
What is Tectonic Therapeutic's book value?
Tectonic Therapeutic's shareholders' equity (book value) was $251.3 million at the end of fiscal 2025, or $13.72 per share.
What is Tectonic Therapeutic's current ratio?
Tectonic Therapeutic had current assets of $257.4 million and current liabilities of $9.7 million, a current ratio of 26.63 (it can cover its short-term obligations).