Tyra Biosciences Reports Financial Developments, Increased Cash Reserves, and Ongoing Clinical Studies

Tyra Biosciences, Inc., a clinical-stage biotechnology company focused on developing precision medicines targeting Fibroblast Growth Factor Receptor (FGFR) biology, reported significant financial developments in its 10-Q filing for the three and nine months ended September 30, 2024. The company had 50,602,991 shares of common stock outstanding, with a par value of $0.0001 per share.

As of September 30, 2024, Tyra's cash and cash equivalents totaled $103.9 million, a substantial increase from $58.0 million at the end of 2023. Marketable securities also rose to $256.2 million from $145.5 million during the same period. Total current assets reached $365.6 million, up from $211.7 million, while total assets increased to $380.6 million from $225.9 million. Total stockholders' equity improved to $362.3 million from $204.3 million.

Despite these positive asset developments, Tyra reported a net loss of $24.0 million for the third quarter of 2024, compared to a loss of $21.2 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $60.9 million, up from $46.3 million in the prior year. The increase in losses was attributed to higher operating expenses, which rose to $28.6 million in Q3 2024 from $24.0 million in Q3 2023, and $74.4 million for the nine months, compared to $54.3 million in the same period of 2023.

Research and development (R&D) expenses for the third quarter of 2024 were $22.7 million, up from $19.3 million in Q3 2023, driven by increased costs associated with ongoing clinical trials and stock-based compensation. For the nine-month period, R&D expenses totaled $57.9 million, compared to $41.8 million in 2023. General and administrative expenses also increased, reflecting higher personnel and stock-based compensation costs.

Tyra's other income for the third quarter rose to $4.6 million from $2.8 million in the previous year, while for the nine months, it increased to $13.5 million from $8.0 million, primarily due to higher cash reserves and interest rate fluctuations.

In terms of strategic developments, Tyra completed a private placement in February 2024, raising approximately $200 million through the sale of shares and pre-funded warrants. The company has ongoing clinical studies for its lead product candidate, TYRA-300, and plans to submit an Investigational New Drug (IND) application for a Phase 2 study in non-muscle invasive bladder cancer by the end of 2024.

Overall, while Tyra Biosciences continues to incur significant losses, its financial position has strengthened with increased cash reserves and marketable securities, supporting its ongoing R&D efforts.