Tyra Biosciences Q1 2024 Financial Results and Highlights

Tyra Biosciences, Inc. recently announced its financial results for the first quarter of 2024, highlighting significant corporate progress. The company, which is at the forefront of developing next-generation precision medicines targeting Fibroblast Growth Factor Receptor (FGFR) biology, has been making strides in its clinical programs and expanding its leadership team.

During Q1 2024, Tyra Biosciences concentrated on advancing its pipeline, particularly focusing on TYRA-300 for achondroplasia and oncology applications. CEO Todd Harris emphasized the maturation of the TYRA-300 clinical profile in oncology, particularly within the SURF301 study. The company is preparing for Part B dose expansion to evaluate multiple dosing regimens, aiming to support future Phase 2 studies in non-muscle invasive bladder cancer (NMIBC) and metastatic urothelial carcinoma (mUC).

In achondroplasia, Tyra remains on schedule to submit an Investigational New Drug (IND) application in the latter half of 2024. This submission will support a planned Phase 2 study to evaluate the safety and tolerability of multiple doses of TYRA-300 in children with achondroplasia. The study will also assess growth velocity, growth proportionality, and pharmacokinetics, with exploratory assessments of clinical outcomes and quality of life measures.

The company's board saw new appointments with Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., joining as independent directors, while Isan Chen, M.D., resigned. These changes are expected to bolster Tyra's leadership and strategic direction.

Advancements in Tyra's oncology programs were notable during the quarter. The SURF301 Phase 1/2 study for oncology, designed to identify the optimal dose and evaluate the antitumor activity of TYRA-300, continued to progress. The study is currently evaluating once-daily and twice-daily doses to prepare for future Phase 2 trials in NMIBC and mUC. Initial results from the Phase 1 portion of SURF301 are anticipated to be presented in the second half of 2024.

In another oncology program, the SURF201 Phase 1 study is evaluating TYRA-200, an FGFR1/2/3 inhibitor with potency against FGFR2 gene alterations and resistance mutations. This study focuses on patients with advanced cholangiocarcinoma and other solid tumors with FGFR2 alterations, aiming to establish the optimal and maximum tolerated dose of TYRA-200.

Tyra's financial standing remains strong, with $382.5 million in cash, cash equivalents, and marketable securities as of March 31, 2024. The company completed a $200 million private placement financing in February 2024, enhancing its capacity to fund ongoing and planned projects through at least 2026. Despite a net loss of $18.2 million for Q1 2024, up from $11.9 million in the same period in 2023, Tyra continues to invest significantly in research and development, with expenses reaching $17.2 million.

Tyra's SNÅP platform, a precision medicine discovery engine, continues to drive the company's research efforts. The platform facilitates the rapid development of therapies for targeted oncology and genetically defined conditions. Tyra recently nominated its third candidate for clinical development, TYRA-430, targeting FGF19+/FGFR4-driven cancers, and is working on completing IND-enabling studies for this program.

In summary, Tyra Biosciences is making considerable progress in its pipeline, particularly with TYRA-300 and TYRA-200, while maintaining a robust financial position. The new board appointments and the advancement of the SNÅP platform underscore the company's commitment to developing innovative precision medicines for significant unmet medical needs.