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Mar 31, 2023
Tyra Biosciences Q1 2023 Earnings Report
Reported financial results for the quarter ended March 31, 2023 and highlighted recent corporate progress.
Key Takeaways
Tyra Biosciences reported a net loss of $11.9 million for the first quarter of 2023, with a strong cash position of $241.7 million as of March 31, 2023. The company continued to advance its SURF301 Phase 1/2 clinical study for oncology and expanded the development of TYRA-300 into achondroplasia. The IND for TYRA-200 was cleared, with a Phase 1 study on track for the second half of 2023.
SURF301 Phase 1/2 oncology study continued to advance.
Expanded TYRA-300 clinical development into achondroplasia.
IND for TYRA-200 cleared with Phase 1 study on track for 2H 2023.
Maintained a strong cash position of $241.7 million as of Q1 2023.
Tyra Biosciences
Tyra Biosciences
Forward Guidance
Tyra Biosciences anticipates continued progress in its clinical programs and advancement of its pipeline.
Positive Outlook
- Advancing SURF301 Phase 1/2 study for oncology.
- Expanding development of TYRA-300 into achondroplasia.
- Phase 1 study of TYRA-200 on track for 2H 2023.
- Continued advancement of in-house precision medicine discovery engine, SNÅP.
- Cash position expected to support clinical and operational milestones over at least the next two years.
Challenges Ahead
- Drug discovery and development efforts are early and unproven.
- Potential delays in commencement, enrollment, and completion of preclinical studies and clinical trials.
- Unexpected adverse side effects or inadequate efficacy of product candidates.
- Dependence on third parties for manufacturing, research, and preclinical testing.
- Unstable market and economic conditions may adversely affect business and financial condition.