Tyra Biosciences(TYRA) - 2025 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2025, the company reported a net loss of $28.1 million, compared to a net loss of $18.2 million for the same period in 2024, indicating a year-over-year increase of approximately 54.4% in losses[82] - The net loss for the three months ended March 31, 2025, was $28.1 million, compared to a net loss of $18.2 million in the same period of 2024, an increase of 54.7%[96] - Other income decreased to $3.7 million in Q1 2025 from $4.1 million in Q1 2024, a decline of 9.8% due to lower interest rates[100] - Net cash used in operating activities was $25.5 million for Q1 2025, compared to $22.0 million in Q1 2024, an increase of 15.5%[104] Cash and Funding - As of March 31, 2025, the company had an accumulated deficit of $279.5 million and cash, cash equivalents, and marketable securities totaling $318.9 million, which is expected to fund operations through at least 2027[84] - The company anticipates that its cash needs will be financed through equity offerings, debt financings, or other capital sources until significant revenue generation occurs[84] - The company believes existing cash, cash equivalents, and marketable securities will be sufficient to meet anticipated operating expenses through at least 2027[111] - The company completed a private placement on February 6, 2024, raising approximately $199.6 million in net proceeds[101] Operating Expenses - For the three months ended March 31, 2025, total operating expenses increased to $31.9 million from $22.3 million in 2024, representing a 42.7% increase[96] - Research and development expenses rose to $25.0 million in Q1 2025, up from $17.2 million in Q1 2024, marking a 45.1% increase[97] - General and administrative expenses increased to $6.9 million in Q1 2025, compared to $5.1 million in Q1 2024, reflecting a 35.3% rise[98] - General and administrative expenses are expected to rise due to increased research and development activities and costs associated with operating as a public company[93] Clinical Development - The company has not generated any revenue to date and does not expect to do so until successful completion and regulatory approval of its product candidates, which may take several years[84] - The lead program, TYRA-300, is expected to be evaluated in three Phase 2 studies, with the first patient dosing anticipated in the second quarter of 2025 for both BEACH301 and SURF302 studies[75][76] - In the ongoing SURF301 study for metastatic urothelial carcinoma, interim data showed that 6 out of 11 patients (54.5%) achieved a confirmed partial response at doses ≥ 90 mg once daily[77] - The company is focused on developing next-generation precision medicines targeting FGFR biology, with three clinical-stage product candidates: TYRA-300, TYRA-200, and TYRA-430[70][71] - TYRA-200 is currently being evaluated in a Phase 1 clinical study aimed at addressing resistance mutations in intrahepatic cholangiocarcinoma[79] Lease Commitments - As of March 31, 2025, total future aggregate operating lease commitments were $8.5 million, with approximately $0.7 million due during 2025[116]