UPDATE: Tectonic Therapeutic (TECX) - The Clock is Set
APEX is fully enrolled. The binary is now officially ~6 months out — and the baseline PVR matches CADENCE to the decimal.
The single most important sentence in today’s release: topline APEX results expected early Q1 2027. Enrollment is done — 191 patients across 14 countries, with 137 (72%) in the CpcPH/PVR>3 WU enriched primary-analysis population. The stock gave back -3.6% on the news (close $29.10 → $28.05), which is the textbook sell-the-news fade as the catalyst countdown becomes concrete and binary-event traders trim ahead of the print.
Nothing in this update changes the core thesis I laid out — relaxin’s graveyard is still a graveyard, the CADENCE 6MWD miss is still the bear case in one datapoint — but two specific receipts in the release sharpen how we should think about the readout.
