Tyra Biosciences(TYRA) - 2024 Q1 - Quarterly Report

Financial Performance - The company reported net losses of $18.2 million for Q1 2024, compared to $11.9 million for Q1 2023, with an accumulated deficit of $183.0 million as of March 31, 2024[76]. - Net loss for Q1 2024 was $18.2 million compared to a net loss of $11.9 million in Q1 2023, reflecting an increase in loss of 53.5%[88]. - Other income increased to $4.1 million in Q1 2024 from $2.5 million in Q1 2023, a growth of 64.0%[94]. - Total operating expenses for Q1 2024 were $22.3 million, compared to $14.3 million in Q1 2023, marking an increase of 55.8%[88]. Cash and Financing - Cash, cash equivalents, and marketable securities totaled $382.5 million as of March 31, 2024, expected to fund operations through at least 2026[80]. - Net cash used in operating activities was $22.0 million in Q1 2024, up from $9.8 million in Q1 2023, representing an increase of 124.5%[102]. - Net cash provided by financing activities was $200.3 million in Q1 2024, significantly higher than $0.4 million in Q1 2023[106]. - The company completed a private placement in February 2024, raising approximately $200 million from the sale of 9,286,023 shares of common stock and warrants[77]. - The company completed a private placement in February 2024, raising approximately $200 million before expenses[96]. - Future capital requirements will depend on various factors, including the ability to generate product revenues and the costs associated with clinical trials[110]. Research and Development - Research and development expenses are expected to increase significantly as the company advances its product candidates through clinical trials[83]. - Research and development expenses increased to $17.2 million in Q1 2024 from $10.4 million in Q1 2023, a rise of 65.2%[89]. - The lead product candidate, TYRA-300, is in a Phase 1 clinical trial (SURF301) for FGFR3+ advanced solid tumors, with initial results expected in the second half of 2024[71]. - TYRA-300 showed significant preclinical results in achondroplasia, increasing body length in mice by 17.9% and femur length by 22.6%[72]. - The company plans to submit an IND application for TYRA-300 for achondroplasia in the second half of 2024, focusing on safety and tolerability in children[73]. - The second product candidate, TYRA-200, is in a Phase 1 clinical study (SURF201) targeting FGFR2+ cholangiocarcinoma and other advanced solid tumors[74]. General and Administrative Expenses - General and administrative expenses are anticipated to rise due to increased research and development activities and costs associated with being a public company[87]. - General and administrative expenses rose to $5.1 million in Q1 2024 from $3.9 million in Q1 2023, an increase of 30.8%[93].