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Tyra Biosciences Q4 2024 Earnings Report
Tyra Biosciences reported its financial results for the fourth quarter and full year ended December 31, 2024, highlighting progress in clinical development and a strong cash position.
Key Takeaways
Tyra Biosciences reported a net loss of $25.571 million for Q4 2024, with total assets of $363.558 million and cash and cash equivalents of $91.966 million. The company advanced TYRA-300 into three Phase 2 studies and cleared INDs for SURF302 and BEACH301, demonstrating significant clinical progress.
TYRA-300 advanced into three Phase 2 studies: SURF302 for Intermediate Risk Non-Muscle Invasive Bladder Cancer (IR NMIBC), BEACH301 for pediatric achondroplasia (ACH), and SURF301 for metastatic urothelial cancer (mUC).
Cash, cash equivalents, and marketable securities totaled $341.4 million at year-end 2024, providing a runway through at least 2027.
Interim clinical proof-of-concept results for TYRA-300 in mUC patients from SURF301 showed encouraging anti-tumor activity and favorable tolerability.
The company cleared Phase 1 INDs for TYRA-200 (SURF201) and TYRA-430 (SURF431), expanding its clinical pipeline.
Tyra Biosciences
Tyra Biosciences
Forward Guidance
Tyra Biosciences anticipates several key milestones in the near future, including dosing the first patients in its BEACH301, SURF302, and SURF431 clinical trials, and expects its current cash reserves to fund operations through at least 2027.
Positive Outlook
- BEACH301: dose first child with achondroplasia with TYRA-300 – Q2 2025.
- SURF302: dose first NMIBC patient with TYRA-300 – Q2 2025.
- SURF431: dose first HCC patient with TYRA-430 – Q2 2025.
- Expected cash runway through at least 2027.
- Continued advancement of the SNÃ…P precision medicine discovery engine.
Challenges Ahead
- Interim clinical trial results are not necessarily indicative of final results and may change.
- Unconfirmed responses may not ultimately result in confirmed responses to treatment.
- Potential for proof-of-concept results to fail in subsequent development.
- Potential delays in commencement, recruitment, enrollment, data readouts, and completion of clinical trials.
- Unexpected adverse side effects or inadequate efficacy of product candidates may limit development or regulatory approval.