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Dec 31, 2023
Tyra Biosciences Q4 2023 Earnings Report
Tyra Biosciences reported financial results for Q4 2023 and full year ended December 31, 2023, and highlighted recent corporate progress.
Key Takeaways
Tyra Biosciences reported a net loss of $22.8 million for the fourth quarter of 2023, compared to a net loss of $12.9 million for the same period in 2022. Research and development expenses were $20.7 million, and general and administrative expenses were $5.0 million for the quarter. The company's cash, cash equivalents, and marketable securities totaled $203.5 million as of December 31, 2023, which is expected to support operations through at least 2026, especially after the $200 million PIPE in Q1 2024.
Advanced SURF301 Phase 1 oncology study with initial Phase 1 results expected in 2H 2024.
TYRA-300 Phase 2 ACH IND submission is on track for 2H 2024.
Initiated SURF201 Phase 1 study and dosed the first patient with TYRA-200.
Strengthened balance sheet with approximately $200 million PIPE in Q1 2024, resulting in a pro-forma cash, cash equivalents, and marketable securities of approximately $403.5 million.
Tyra Biosciences
Tyra Biosciences
Forward Guidance
Tyra Biosciences anticipates several key milestones in the development of its precision medicines, including the progression of clinical trials for TYRA-300 and TYRA-200, and the continued advancement of its SNÅP platform. The company believes that its current cash position will allow it to execute on its plans through at least 2026.
Positive Outlook
- Advancing SURF301 Phase 1 oncology study with initial data expected in 2H 2024.
- TYRA-300 Phase 2 ACH IND submission remains on track for 2H 2024.
- Initiated SURF201 Phase 1 study and dosed first patient with TYRA-200.
- Expect to submit initial results from the SURF301 Phase 1 portion for presentation at a scientific congress in the second half of 2024.
- Planning to initiate a Phase 2 clinical trial testing multiple doses of TYRA-300 to support children with achondroplasia.
Challenges Ahead
- Potential delays in the commencement, enrollment, and completion of preclinical studies and clinical trials.
- Results from preclinical studies or early clinical trials not necessarily being predictive of future results.
- Dependence on third parties in connection with manufacturing, research, and preclinical testing.
- Unexpected adverse side effects or inadequate efficacy of product candidates that may limit their development, regulatory approval, and/or commercialization.
- Unstable market and economic conditions and adverse developments with respect to financial institutions and associated liquidity risk may adversely affect business and financial condition.