Tectonic Therapeutic Inc · Q1 2023 earnings

Briefing

AVROBIO reported financial results for the first quarter ended March 31, 2023.

AVROBIO reported a net loss of $25.0 million for the first quarter of 2023, compared to a net loss of $29.8 million for the same period in 2022. The company's cash and cash equivalents totaled $72.3 million as of March 31, 2023, and are expected to fund operations into the first quarter of 2024.

• On track to initiate registrational global Phase 2/3 clinical trial for Gaucher disease type 3 (GD3) in the second half of 2023, subject to regulatory alignment.
• Plan to provide clinical and regulatory updates on cystinosis program in conjunction with ASGCT annual meeting in May 2023 and to initiate late-stage cystinosis clinical trial activities in the second half of 2023, subject to regulatory alignment.
• A collaborator-sponsored Phase 1/2 clinical trial for mucopolysaccharidosis type II (MPS-II), or Hunter syndrome, was initiated.
• Erik Ostrowski was appointed as interim CEO.

Headline financials

Revenue & EPS history

AVROBIO expects its cash and cash equivalents as of March 31, 2023, will enable AVROBIO to fund its operating expenses and capital expenditure requirements into the first quarter of 2024.