Shares of Tectonic Therapeutic Inc. (NASDAQ: TECX) plunged 5.44% on Wednesday morning after the clinical-stage biotech company reported a wider-than-expected loss for the third quarter of 2024.
Tectonic reported an adjusted loss per share of $1.20 for Q3, missing consensus analyst estimates of $0.82 loss per share. The company's GAAP net loss of $17.72 million was also larger than the prior year's Q3 loss of $5.28 per share.
The disappointing results appear to have triggered a sell-off in Tectonic's stock, which had rallied 48% over the past quarter and nearly 175% year-to-date heading into the earnings release. With no revenue yet as a development-stage biotech firm, Tectonic's valuation is highly sensitive to changes in cash burn rates and missed earnings expectations.
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