Tyra Biosciences(TYRA) - 2025 Q1 - Quarterly Results

Financial Position - As of March 31, 2025, Tyra Biosciences had cash, cash equivalents, and marketable securities totaling $318.9 million, providing a runway through at least 2027[11]. - Total current assets decreased from $347,463,000 on December 31, 2024, to $324,566,000 on March 31, 2025, a decline of approximately 6.6%[21]. - Total liabilities decreased slightly from $20,407,000 on December 31, 2024, to $19,942,000 on March 31, 2025, a reduction of about 2.3%[21]. - Stockholders' equity decreased from $343,151,000 on December 31, 2024, to $323,534,000 on March 31, 2025, a decline of approximately 5.7%[21]. Research and Development - Research and Development (R&D) expenses for Q1 2025 were $25.0 million, up from $17.2 million in Q1 2024, primarily due to increased clinical costs for BEACH301, SURF302, and SURF431[11]. - Research and development expenses increased significantly from $17,203,000 in Q1 2024 to $24,964,000 in Q1 2025, representing a rise of about 45.4%[23]. - The BEACH301 study for TYRA-300 in pediatric achondroplasia is now open for enrollment, with plans to dose the first child in Q2 2025[11]. - The SURF302 study for TYRA-300 in intermediate risk non-muscle invasive bladder cancer (IR NMIBC) is set to dose its first patient in Q2 2025[11]. - TYRA-300 is being evaluated in multiple studies, including a Phase 2 study for IR NMIBC with an enrollment target of up to 90 participants[4]. - The SURF431 study for TYRA-430 in advanced hepatocellular carcinoma (HCC) has initiated patient dosing, focusing on safety and preliminary antitumor activity[7]. - Preclinical results for TYRA-300 demonstrated significant increases in bone growth in FGFR3-driven models, indicating its potential for treating skeletal dysplasia[5]. - Tyra Biosciences continues to advance its SNÅP platform for precision medicine, aimed at developing targeted therapies for oncology and genetically defined conditions[8]. Operating Expenses and Losses - General and Administrative (G&A) expenses for Q1 2025 were $6.9 million, compared to $5.1 million in Q1 2024, driven by higher personnel-related costs[11]. - The net loss for Q1 2025 was $28.1 million, an increase from $18.2 million in the same period in 2024[11]. - Total operating expenses rose from $22,322,000 in Q1 2024 to $31,850,000 in Q1 2025, an increase of approximately 42.7%[23]. - Net loss for Q1 2025 was $28,147,000, compared to a net loss of $18,192,000 in Q1 2024, reflecting an increase in losses of about 54.9%[23]. - Net loss per share, basic and diluted, increased from $0.35 in Q1 2024 to $0.47 in Q1 2025[23]. - Comprehensive loss for Q1 2025 was $28,229,000, compared to $18,579,000 in Q1 2024, indicating an increase of approximately 52.5%[23]. - Weighted-average shares used to compute net loss per share increased from 52,228,934 in Q1 2024 to 59,336,550 in Q1 2025, an increase of about 13.5%[23]. Income and Revenue - Interest and other income decreased from $4,130,000 in Q1 2024 to $3,703,000 in Q1 2025, a decline of about 10.3%[23].