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Mar 31, 2022
Tyra Biosciences Q1 2022 Earnings Report
Reported financial results for the quarter ended March 31, 2022, and highlighted recent corporate progress.
Key Takeaways
Tyra Biosciences reported a net loss of $14.8 million for the first quarter of 2022, with cash and cash equivalents totaling $292.5 million as of March 31, 2022. The company is on track to file INDs for TYRA-300 and TYRA-200 in 2022 and is progressing its pipeline.
Net loss for Q1 2022 was $14.8 million, compared to $4.2 million for the same period in 2021.
Research and development expense for Q1 2022 was $9.6 million, compared to $3.5 million for the same period in 2021.
General and administrative expense for Q1 2022 was $5.2 million, compared to $0.7 million for the same period in 2021.
Cash and cash equivalents totaled $292.5 million as of March 31, 2022.
Tyra Biosciences
Tyra Biosciences
Forward Guidance
Tyra Biosciences anticipates submitting INDs for TYRA-300 in mid-2022 and TYRA-200 in the second half of 2022, while continuing to advance its pipeline.
Positive Outlook
- Potential to develop next-generation targeted therapies that improve clinical outcomes.
- Expected IND submission timing for TYRA-300 and TYRA-200 remains on track.
- Planned advancement of the development pipeline, including expanding the nomination of clinical candidates from FGFR3-related skeletal dysplasia, RET and FGFR4 programs.
- Transitioning to a clinical-stage company.
- Focus on developing purpose-built therapies to overcome tumor resistance and improve outcomes for patients with cancer.
Challenges Ahead
- Early stage of development efforts with no product candidates tested in clinical trials.
- Approach to discover and develop drugs based on the SNÅP platform is novel and unproven.
- Potential delays in the commencement, enrollment, and completion of preclinical studies and clinical trials.
- Dependence on third parties in connection with manufacturing, research and preclinical testing.
- Unexpected adverse side effects or inadequate efficacy of product candidates.