Tyra Biosciences(TYRA) - 2025 Q3 - Quarterly Results

Financial Position - Tyra Biosciences reported cash, cash equivalents, and marketable securities of $274.9 million as of September 30, 2025, providing a runway through at least 2027[5]. - Total current assets decreased from $347,463,000 on December 31, 2024, to $281,216,000 on September 30, 2025, representing a decline of approximately 19%[26]. - Cash and cash equivalents decreased from $91,966,000 on December 31, 2024, to $61,951,000 on September 30, 2025, a decline of approximately 33%[26]. - The total liabilities increased from $20,407,000 on December 31, 2024, to $21,342,000 on September 30, 2025, an increase of about 5%[26]. - The accumulated deficit grew from $(251,311,000) on December 31, 2024, to $(337,424,000) on September 30, 2025, reflecting a deterioration of approximately 34%[26]. Expenses - Research and Development (R&D) expenses for Q3 2025 were $25.5 million, up from $22.7 million in Q3 2024, primarily due to start-up and enrollment activities for clinical studies[13]. - General and Administrative (G&A) expenses increased to $7.5 million in Q3 2025 from $5.9 million in Q3 2024, driven by higher personnel-related costs[13]. - Research and development expenses increased by 12% from $22,697,000 in Q3 2024 to $25,469,000 in Q3 2025[28]. - General and administrative expenses rose by 26% from $5,907,000 in Q3 2024 to $7,475,000 in Q3 2025[28]. - Total operating expenses for the nine months ended September 30, 2025, were $96,246,000, up 29% from $74,433,000 for the same period in 2024[28]. Net Loss - The net loss for Q3 2025 was $29.9 million, compared to a net loss of $24.0 million for the same period in 2024[13]. - The net loss for Q3 2025 was $29,868,000, compared to a net loss of $24,016,000 in Q3 2024, reflecting a 24% increase in losses[28]. - The comprehensive loss for the nine months ended September 30, 2025, was $86,441,000, compared to $59,539,000 for the same period in 2024, indicating a 45% increase[28]. - Net loss per share, basic and diluted, was $0.50 for Q3 2025, compared to $0.41 for Q3 2024, indicating a worsening in per-share losses[28]. Development Pipeline - Tyra is advancing the development of dabogratinib into low-grade upper tract urothelial carcinoma (LG-UTUC), with an IND cleared by the FDA for a Phase 2 study expected to initiate in 2026[5]. - Interim results from the BEACH301 Phase 2 study for pediatric achondroplasia are expected in 2H 2026, while initial three-month complete response data from the SURF302 study is anticipated in 1H 2026[13]. - Approximately 85% of low-grade upper tract urothelial carcinoma cases have FGFR3 alterations, reinforcing the focus on dabogratinib for this indication[3]. - Tyra's lead candidate, dabogratinib, is an oral FGFR3-selective inhibitor currently in development for multiple indications, including pediatric achondroplasia and bladder cancer[11]. - The SURF431 study for TYRA-430, an FGFR4/3-biased inhibitor, is currently enrolling patients with hepatocellular carcinoma and other solid tumors[7]. - The company continues to advance its SNÅP platform for precision medicine, aimed at developing targeted therapies for oncology and genetically defined conditions[9].