Tyra Biosciences Reports Fourth Quarter and Full Year 2024 Financial Results and Highlights

Core Insights - Tyra Biosciences has received FDA clearance for three Investigational New Drug (IND) applications for its precision small molecule, TYRA-300, which will be evaluated in three Phase 2 studies targeting various cancers and skeletal dysplasia [1][2][3] Clinical Development - TYRA-300 is being advanced into three Phase 2 studies: SURF302 for Intermediate Risk Non-Muscle Invasive Bladder Cancer (IR NMIBC), BEACH301 for pediatric achondroplasia (ACH), and SURF301 for metastatic urothelial cancer (mUC) [1][3] - The SURF302 study will enroll up to 90 participants and aims to evaluate the efficacy and safety of TYRA-300 in patients with FGFR3-altered low-grade, IR NMIBC [3] - The BEACH301 study will focus on children aged 3 to 10 with achondroplasia, enrolling treatment-naïve and previously treated participants [3] - Interim results from the SURF301 study showed that 54.5% of heavily pre-treated mUC patients achieved a confirmed partial response at a dose of ≥ 90 mg QD, with a 100% disease control rate [2][3] Financial Performance - As of December 31, 2024, Tyra Biosciences reported cash, cash equivalents, and marketable securities totaling $341.4 million, an increase from $203.5 million at the end of 2023, primarily due to a private placement financing [10] - Research and development expenses for Q4 2024 were $22.2 million, up from $20.7 million in Q4 2023, while full-year R&D expenses rose to $80.1 million from $62.5 million [10][22] - 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 [10][22] - The net loss for Q4 2024 was $25.6 million, compared to $22.8 million in Q4 2023, and the full-year net loss was $86.5 million, up from $69.1 million [10][22] Corporate Developments - In 2024, Tyra strengthened its leadership team by appointing new executives to lead its oncology strategy and clinical development plans [6] - The company continues to advance its precision medicine discovery engine, SNÅP, aimed at developing therapies for targeted oncology and genetically defined conditions [7] Upcoming Milestones - The company plans to dose the first child with achondroplasia in the BEACH301 study and the first patient with IR NMIBC in the SURF302 study in Q2 2025 [10][11]