Tyra Biosciences Reports $86.48 Million Net Loss for 2024, Increases R&D Spending

Tyra Biosciences, Inc. reported a net loss of $86.48 million for the year ended December 31, 2024, compared to a net loss of $69.13 million in 2023. Research and development expenses increased by $17.56 million to $80.08 million in 2024, primarily due to the advancement of clinical trials for TYRA-300, TYRA-200, and TYRA-430, and increased personnel costs, including stock-based compensation. General and administrative expenses rose by $6.67 million to $24.1 million, also driven by increased personnel costs and public company expenses. The company's other income increased by $6.89 million to $17.69 million, mainly due to higher interest income from increased cash and marketable securities.

Significant developments during the year included the initiation of Phase 1 clinical trials for TYRA-200 (SURF201) and TYRA-430 (SURF431), both expected to continue into 2025. The FDA also cleared Investigational New Drug applications for Phase 2 trials of TYRA-300 in non-muscle invasive bladder cancer (SURF302) and pediatric achondroplasia (BEACH301), both planned for initiation in the second quarter of 2025. Interim data from the ongoing Phase 1/2 trial of TYRA-300 in metastatic urothelial carcinoma (SURF301) showed a confirmed partial response in 54.5% of patients receiving doses of 90mg or higher.

As of March 25, 2025, Tyra Biosciences had 60 full-time employees, 44 of whom were engaged in research and development. The company's intellectual property portfolio included one granted U.S. patent, 14 pending U.S. provisional applications, 10 pending U.S. non-provisional applications, 90 pending foreign patent applications, one granted foreign patent, and 10 PCT patent applications. The company stated that it intends to retain development and commercialization rights for its product candidates, except for potential collaborations on specific indications or geographies.

The company's cash, cash equivalents, and marketable securities totaled $341.4 million as of December 31, 2024. Based on its current operating plan, Tyra Biosciences anticipates that these resources will fund operations through at least 2027. However, the company noted that this projection is subject to various risks and uncertainties, including the need for additional funding to support its clinical development programs and potential commercialization efforts. The company also highlighted the inherent risks and uncertainties associated with clinical-stage biopharmaceutical development, including the possibility of unsuccessful clinical trials, regulatory delays, and competition from other companies.