TECX - Thesis Intact: Failed Competitor Relaxin Ph2 Data Points to Trial Design & Potentially Asset‑Specific Flaws

研报英文原文证据摘录

TECX - Thesis Intact: Failed Competitor Relaxin Ph2 Data Points to Trial Design & Potentially Asset‑Specific Flaws

Truist Securities

Equity Research Report May 11, 2026

HEALTHCARE: Biotech Tectonic Therapeutic, Inc. (TECX)

TECX - Thesis Intact: Failed Competitor Relaxin Ph2 Data Points to Danielle Brill, Pharm.D.

212-303-4110 Trial Design & Potentially Asset-Specific Flaws

Danielle.Brill@truist.com

Alex Nackenoff, Ph.D. Over the weekend, competitor AstraZeneca (AZN, NR) finally presented data from the Ph

212-590-0908 2 proof-of-concept (PoC) study, with its now discontinued relaxin mimetic drug, AZD3427.

Alex.Nackenoff@truist.com Recall, this study was conducted in Group 2-PH patients, and represents the most direct

comparison for Tectonic's ongoing Ph 2 APEX trial with TX45. While there are notable

differences to highlight, which limits readthrough to Tectonic, we felt these data could

shed additional light on the potential risk/benefit profile for relaxin in the Group-2-HFpEF

Stock Rating BUY population. Key details and considerations are summarized below in our full note.

Unchanged

Price Target $60.00 Our take: The Street is primarily focused on whether relaxin-mediated hemodynamic

Unchanged improvements, most notably reductions in PVR can be achieved safely and translate into

functional benefits (e.g., 6MWD) in this underserved heart-failure population.

Unfortunately, the AZD3427 Phase 2 data did not meaningfully inform this question, as the

TR to Target 106.9% drug failed to demonstrate hemodynamic improvement vs placebo, including no reduction

Price (May 8, 2026) $29.00 in PVR. Investigators suggested that the enrolled patient population may have limited the

52-Wk Range $35.87-$14.71 ability to detect a treatment effect, given a low mean baseline PVR of 2.25 WU.