Tyra Biosciences(TYRA) - 2024 Q4 - Annual Results

Financial Performance - Cash, cash equivalents, and marketable securities totaled $341.4 million at the end of 2024, up from $203.5 million at the end of 2023, primarily due to a private placement financing that generated net proceeds of $199.6 million[10]. - The net loss for Q4 2024 was $25.6 million, compared to $22.8 million in Q4 2023, with a full-year net loss of $86.5 million versus $69.1 million in 2023[11]. - Total operating expenses for the year ended December 31, 2024, were $104,177,000, compared to $79,945,000 in 2023, reflecting a 30% increase[24]. - Net loss for the year ended December 31, 2024, was $86,481,000, compared to $69,134,000 in 2023, indicating a 25% increase in losses[24]. - Comprehensive loss for the year ended December 31, 2024, was $86,092,000, up from $68,753,000 in 2023, a 25% increase[24]. - Net loss per share, basic and diluted, improved to $(1.51) in 2024 from $(1.62) in 2023[24]. Research and Development - Research and development expenses for Q4 2024 were $22.2 million, compared to $20.7 million in Q4 2023, and full-year R&D expenses were $80.1 million, up from $62.5 million in 2023[10]. - Research and development expenses increased to $80,077,000 in 2024 from $62,518,000 in 2023, a rise of 28%[24]. - TYRA-300 is being evaluated in three Phase 2 studies: SURF302 for Intermediate Risk Non-Muscle Invasive Bladder Cancer, BEACH301 for pediatric achondroplasia, and SURF301 for metastatic urothelial cancer[4]. - In the SURF301 study, 54.5% of patients with FGFR3+ metastatic urothelial cancer achieved a confirmed partial response at doses of ≥ 90 mg QD, with a 100% disease control rate[5]. - The SURF302 study will enroll up to 90 participants with FGFR3-altered low-grade, Intermediate Risk Non-Muscle Invasive Bladder Cancer, with a primary endpoint of complete response rate at three months[4]. - TYRA-200 is currently in a Phase 1 study (SURF201) for advanced cholangiocarcinoma and other solid tumors, while TYRA-430 has received IND clearance for a Phase 1 study in advanced hepatocellular carcinoma[6][7]. Leadership and Strategy - The company appointed new leadership, including Doug Warner as Chief Medical Officer and Erik Goluboff as SVP of Clinical Development, to enhance its oncology strategy[8]. Assets and Equity - Total assets increased to $363,558,000 in 2024 from $225,857,000 in 2023, representing a growth of 61%[22]. - Total stockholders' equity increased to $343,151,000 in 2024 from $204,262,000 in 2023, a growth of 68%[22]. Cash Position - Cash and cash equivalents rose to $91,966,000 in 2024, up from $58,006,000 in 2023, a 58% increase[22]. - The company expects its current cash position to support operations through at least 2027, allowing for continued advancement of its clinical programs[10]. - Total current liabilities decreased to $14,594,000 in 2024 from $15,333,000 in 2023, a reduction of 5%[22]. Income and Expenses - General and administrative expenses for Q4 2024 were $7.6 million, compared to $5.0 million in Q4 2023, with full-year G&A expenses increasing to $24.1 million from $17.4 million[11]. - Interest and other income, net, increased to $17,696,000 in 2024 from $10,811,000 in 2023, a growth of 64%[24].