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Mar 31, 2024
Tyra Biosciences Q1 2024 Earnings Report
Tyra Biosciences reported financial results for Q1 2024 and provided a corporate update.
Key Takeaways
Tyra Biosciences reported a net loss of $18.2 million for the first quarter of 2024. The company's research and development expenses were $17.2 million, and general and administrative expenses were $5.1 million. As of March 31, 2024, Tyra had cash, cash equivalents, and marketable securities of $382.5 million.
TYRA-300 is on track in achondroplasia (ACH) and oncology.
Initial results from SURF301 Phase 1 and ACH IND submission are expected in 2H24.
Cash, cash equivalents, and marketable securities totaled $382.5 million at the end of Q1 2024.
Susan Moran, M.D., M.S.C.E. and S. Michael Rothenberg, M.D., Ph.D. were appointed to TYRA's Board of Directors.
Tyra Biosciences
Tyra Biosciences
Forward Guidance
Tyra Biosciences is focused on advancing its pipeline, including TYRA-300 and TYRA-200, and expects to submit an IND for TYRA-300 in pediatric achondroplasia in the second half of 2024. The company believes its current cash, cash equivalents, and marketable securities will allow it to execute its plans through at least 2026.
Positive Outlook
- Advancing TYRA-300 and TYRA-200 in clinical development.
- Planning Phase 2 study in achondroplasia.
- Presenting SURF301 clinical data at a scientific congress.
- SNÅP platform to develop therapies in targeted oncology and genetically defined conditions.
- Cash position sufficient to support clinical and operational milestones through at least 2026.
Challenges Ahead
- Early stage of development efforts with novel and unproven approach.
- Potential delays in preclinical studies and clinical trials.
- Dependence on third parties for manufacturing, research and preclinical testing.
- Risk of expending resources on product candidates with lower potential.
- Unstable market and economic conditions and military conflict may adversely affect our business