Tectonic Therapeutic: A $1B+ Opportunity Hinges On Upcoming Phase 2

Tectonic Therapeutic is reviving relaxin biology with TX45, targeting Group 2 Pulmonary Hypertension with HFpEF, a large underserved market. TX45's engineered Fc-relaxin fusion overcomes prior failures by extending half-life, enabling durable hemodynamic improvements in the CpcPH subgroup per robust phase 1b data. With a $253.8M cash balance, TECX is funded for phase 2; positive topline data in 2026 could unlock a $0.6B–$1.8B U.S. peak sales opportunity.