Summary

• Tectonic Therapeutics (TECX) targets the large, unmet PH-HFpEF market with TX45, a long-acting relaxin analog, aiming for blockbuster potential.
• TX45 showed promising Phase 1b results, with significant reductions in pulmonary pressures and strong safety, but faces skepticism after competitor failures.
• Phase 2 APEX topline data for TX45, expected year end 2026, is a high-stakes catalyst and the company has a cash runway until yearend 2028.
• An analysis around Tectonic Therapeutics follows in the paragraphs below.
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Shares of cardiac medicine concern Tectonic Therapeutics, Inc. (TECX) have fallen roughly ~40% since hitting an all-time high in January 2025, as concerns about other failures of other relaxins weigh. Results from a Phase 2 heart failure trial for its candidate TX45 are due

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