Tyra Biosciences Q4 2023 Earnings Report
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 SNÃ…P 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.