Tectonic Therapeutic: A Buy On Massive Opportunity Of TX45 In PH HFpEF

  • We initiate a Buy rating on Tectonic Therapeutic due to promising data for TX45. TX45 showed positive interim Phase 1b results, but the APEX Phase 2 trial with 180 patients will be crucial for validating its efficacy and safety. TX2100 targets hereditary hemorrhagic telangiectasia with promising preclinical data, aiming for a Phase 1 launch in late 2025 or early 2026.