Tyra Biosciences(TYRA) - 2024 Q3 - Quarterly Results

Financial Performance - Reported a net loss of $24.0 million for Q3 2024, compared to $21.2 million for the same period in 2023[10] - The net loss for the three months ended September 30, 2024, was $24,016,000, compared to a net loss of $21,152,000 for the same period in 2023, indicating a 13.5% increase in losses[17] - Comprehensive loss for the three months ended September 30, 2024, was $22,080,000, compared to $21,152,000 for the same period in 2023[17] - The accumulated deficit increased to $(225,740,000) as of September 30, 2024, from $(164,830,000) at the end of 2023[16] Expenses - Research and development expenses for Q3 2024 were $22.7 million, up from $19.3 million in Q3 2023, driven by ongoing clinical trials and personnel costs[10] - General and administrative expenses increased to $5.9 million in Q3 2024 from $4.7 million in Q3 2023, primarily due to higher personnel-related costs[10] - Research and development expenses for the three months ended September 30, 2024, were $22,697,000, compared to $19,271,000 for the same period in 2023, representing a 12.6% increase[17] - General and administrative expenses increased to $5,907,000 for the three months ended September 30, 2024, from $4,692,000 in the prior year, a rise of 25.9%[17] - Total operating expenses for the nine months ended September 30, 2024, were $74,433,000, up from $54,311,000 in the same period of 2023, reflecting a 37.1% increase[17] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $360.1 million as of September 30, 2024, expected to support operations through at least 2026[10] - Cash, cash equivalents, and marketable securities increased to $360,130,000 as of September 30, 2024, compared to $203,469,000 on December 31, 2023[16] - Total assets rose to $380,592,000 as of September 30, 2024, up from $225,857,000 at the end of 2023[16] - Total stockholders' equity rose to $362,288,000 as of September 30, 2024, compared to $204,262,000 on December 31, 2023[16] Clinical Development - TYRA-300 demonstrated a 54.5% confirmed partial response rate in 6 out of 11 patients with FGFR3+ metastatic urothelial cancer at doses of ≥ 90 mg once daily[3] - The company plans to submit an IND application for a Phase 2 study of TYRA-300 in non-muscle invasive bladder cancer (NMIBC) by year-end 2024[3] - IND clearance received for the Phase 2 study of TYRA-300 in pediatric achondroplasia (BEACH301), expected to dose the first child in Q1 2025[4] - TYRA-200 is advancing in the Phase 1 SURF201 study for FGFR2+ cholangiocarcinoma and other advanced solid tumors[5] - The FDA cleared the IND for TYRA-430, an FGFR4/3-biased inhibitor, to proceed with a Phase 1 study in advanced hepatocellular carcinoma[7] Leadership - Doug Warner, MD, appointed as Chief Medical Officer, bringing over 20 years of clinical development experience[8] Share Information - The weighted-average shares used to compute net loss per share increased to 58,874,497 for the three months ended September 30, 2024, compared to 42,868,340 in the prior year[17]