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Sep 30, 2023
Tyra Biosciences Q3 2023 Earnings Report
Reported third quarter financial results and corporate progress.
Key Takeaways
Tyra Biosciences reported a net loss of $21.2 million for the third quarter of 2023 and highlighted the advancement of TYRA-300 in the SURF301 oncology study, positive preclinical data for achondroplasia, and the expected initiation of the TYRA-200 Phase 1 study by the end of 2023. The company's cash and cash equivalents totaled $215.7 million as of September 30, 2023.
Enrollment and dose escalation are ongoing in the SURF301 Phase 1/2 oncology study.
Additional preclinical data on TYRA-300 in achondroplasia were presented at ASBMR and ASHG meetings.
The first patient is expected to be dosed in the TYRA-200 Phase 1 study by the end of 2023.
Tyra Biosciences reported a strong cash position of $215.7 million as of Q3 2023.
Tyra Biosciences
Tyra Biosciences
Forward Guidance
Tyra Biosciences anticipates several key milestones, including updating guidance on the timing and design of the planned Phase 2 study in achondroplasia and dosing the first patient with TYRA-200.
Positive Outlook
- Continued advancement of TYRA-300 in the SURF301 oncology study.
- Strengthening of preclinical data package in achondroplasia for TYRA-300.
- Expected update on the timing and design of the planned Phase 2 study in achondroplasia.
- Anticipated dosing of the first patient with TYRA-200 before the end of the year.
- Advancement of the in-house precision medicine discovery engine, SNÅP, to develop therapies in targeted oncology and genetically defined conditions.
Challenges Ahead
- Potential delays in the commencement, enrollment, and completion of preclinical studies and clinical trials.
- The approach to discover and develop drugs based on the SNÅP platform is novel and unproven.
- Unexpected adverse side effects or inadequate efficacy of product candidates may limit their development, regulatory approval, and/or commercialization.
- Dependence on third parties in connection with manufacturing, research, and preclinical testing.
- Unstable market and economic conditions and adverse developments with respect to financial institutions and associated liquidity risk may adversely affect the business and financial condition.