Oct. 14 at 11:11 AM
Mizuho
$TECX OP-
$85
$MRK $AZN
Tectonic will present Phase 1b (Part B) hemodynamic data for TX45 in pulmonary hypertension patients with HFrEF (PH-HFrEF) in early 4Q25.
We connected with Tectonic.
Overall, management expects the hemodynamic effects for TX45 in PH-HFrEF to move in the same direction as what was observed in patients with PH-HFpEF (Part A), where PCWP (left-sided filling
pressure), mPAP, PVR all declined meaningfully, and cardiac output increased.
KOLs we consulted also expect HFpEF and HFrEF
patients to exhibit a similar pulmonary hemodynamic profile.
As such, we expect positive Part B data, with clinically meaningful hemodynamic improvements of 15-20% for PCWP and 15-20% for PVR in patients with CpcPH as well as potentially meaningful CO and SVR improvements for PH-HFrEF patients.
With TECX trading
$2.X-3 above cash, the potential blockbuster opportunity for TX45 in HFpEF remains significantly underappreciated and no value for PH-HFrEF is in the stock. Reiterate Outperform.
