Tyra Biosciences Reports First Quarter 2026 Financial Results and Recent Highlights
Rhea-AI Summary
Tyra Biosciences (Nasdaq: TYRA) reported Q1 2026 results and program updates, centered on its oral FGFR3 inhibitor dabogratinib.
The company advanced three Phase 2 studies (SURF303 in LG-UTUC, SURF302 in IR NMIBC, BEACH301 in achondroplasia) with key data readouts expected from August 2026 through 2027.
Q1 cash, cash equivalents and marketable securities were $383.5 million, with runway into 2H 2028.
TYRA raised $147.9 million net via its ATM, grew R&D and G&A expenses, and reported a net loss of $39.3 million.
Positive
- Cash, cash equivalents and securities of $383.5M with runway into 2H 2028
- Raised $147.9M net via ATM, issuing 4.69M common shares
- First patient dosed in Phase 2a/b SURF303 LG-UTUC study; results expected 2027
- SURF302 Phase 2 IR NMIBC study has enrolled >20 patients; August 2026 data
- BEACH301 ACH Phase 2 cleared four dose levels with no notable safety events
- Appointment of Habib Dable adds senior biopharma and commercialization experience
Negative
- R&D expenses rose to $33.5M from $25.0M year over year
- G&A expenses increased to $8.5M from $6.9M year over year
- Net loss widened to $39.3M from $28.1M in Q1 2025
- ATM issuance of 4.69M shares adds common share dilution for investors
News Market Reaction – TYRA
In the May 13 session, TYRA gained 3.79%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 02 | Q4/FY 2025 earnings | Positive | +1.5% | Reported FY 2025 results, outlined 3x3 strategy and key 2026 catalysts. |
| Nov 05 | Q3 2025 earnings | Positive | -3.6% | Q3 2025 results, first dosing in BEACH301 and SURF302, IND cleared. |
| Aug 14 | Q2 2025 earnings | Positive | +0.3% | Q2 2025 results and progress including first SURF302 patient dosed. |
| May 08 | Q1 2025 earnings | Positive | +0.2% | Q1 2025 results with pipeline updates on TYRA-300 and other programs. |
| Mar 27 | Q4/FY 2024 earnings | Positive | +1.1% | Q4/FY 2024 results with strong cash and multiple FDA-cleared INDs. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have typically produced modest single‑day moves, with four positive or flat reactions and one notable negative reaction.
Over the last year, TYRA’s earnings updates have consistently paired financial disclosures with progress on its precision FGFR programs. Cash balances have remained substantial (e.g., $341.4M at 2024 year‑end, $296.3M and $274.9M across 2025) with runway framed through at least 2027. Clinical milestones have advanced from IND clearances to dosing in SURF302 and BEACH301, and now to a “dabogratinib 3x3” strategy. Historically, single‑day reactions around earnings have been modest, aligning more often than not with the generally constructive tone of these updates.
Key Terms
fgfr3 medical
nda regulatory
phase 2a/b medical
non-muscle invasive bladder cancer medical
achondroplasia medical
foramen magnum medical
synchondroses medical
at-the-market offering financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Advanced "dabogratinib 3x3" strategy to pursue 3 late-stage clinical studies in LG-UTUC, IR NMIBC and ACH -
- First LG-UTUC patient dosed with dabogratinib in SURF303; initial results expected in 2027 -
- Initial Ph2 data readout from SURF302 expected in August 2026 (n>20 enrolled to date) -
- Initial Ph2 data readout from safety sentinel cohort in BEACH301 expected in Q4 2026 (4th dose level cleared) -
- Cash, cash equivalents and marketable securities of
"Our dabogratinib '3x3' strategy continues to advance with steady progress across all three programs," said Todd Harris, Ph.D., Chief Executive Officer of TYRA. "We are taking a differentiated, data-driven approach by aligning our development strategy with the patient journey in FGFR3-driven diseases and conditions. The dosing of the first patient in SURF303 marks an important milestone, as we initiate a potentially registrational study in LG-UTUC that could support TYRA's first NDA submission. With multiple clinical data readouts expected this year, we remain focused on unlocking the full potential of selective FGFR3 inhibition with oral dabogratinib."
Doug Warner, M.D., Chief Medical Officer of TYRA, commented, "In urologic cancers, we see a significant opportunity to address what we believe is a very challenging treatment paradigm for patients that is currently dominated by procedure-based, intravesical therapies. We are developing dabogratinib as a once-daily (QD) oral therapy designed to maintain continuous pressure on the tumor and, if successful, may represent a meaningful shift in how these patients are treated."
Dr. Warner continued, "In achondroplasia, we believe our approach with oral dabogratinib may also be transformational. Recently presented data demonstrate that prenatal dosing further delayed premature fusion of synchondroses and increased the area of the foramen magnum. These data expand our perspective on the potential benefits of earlier FGFR3 inhibition as we advance BEACH301. We have now cleared the fourth dose level in our safety sentinel cohort and remain on track to report initial results in the fourth quarter of this year."
First Quarter and Recent Corporate Highlights
Dabogratinib 3x3 Strategy
In the first quarter of 2026, TYRA advanced its "dabogratinib 3x3" strategy: developing the first orally available, FGFR3 selective inhibitor in 3 future potentially pivotal clinical studies to support regulatory submissions with the aim to commercialize in 3 potential blockbuster indications: LG-UTUC, IR NMIBC and ACH.
- Phase 2 LG-UTUC Study – SURF303. SURF303 is a Phase 2a/b, multicenter, open-label study designed with pivotal intent to evaluate the efficacy and safety of oral dabogratinib at two QD doses in participants with low grade upper tract urothelial carcinoma (LG-UTUC), a rare cancer where approximately
85% of tumors are driven by FGFR3. The Company has dosed the first patient in SURF303, with initial results expected in 2027. - Phase 2 IR NMIBC Study – SURF302. SURF302 is a Phase 2, multicenter, open-label clinical study evaluating the efficacy and safety of oral dabogratinib at two QD doses in participants with FGFR3-altered low-grade intermediate risk non-muscle invasive bladder cancer (IR NMIBC). To date, there are more than 20 patients enrolled at US and international trial sites, and the Company expects to report initial three-month complete response data from both dose cohorts in August 2026.
- Phase 2 ACH Study – BEACH301. BEACH301 is a Phase 2, multicenter, open-label, dose-escalation/dose-expansion study evaluating oral dabogratinib in children ages 3 to 10 with achondroplasia (ACH). The study has enrolled the safety sentinel cohort and has successfully cleared four dose levels, with no notable safety events reported to date. The study remains on track, with initial results from the safety sentinel cohort, including 6-month average height velocity and safety data, expected in the fourth quarter of 2026.
- Presented Clinical Progress and New Preclinical Results at Key Scientific/Medical Meetings. During the first quarter of 2026 and in April, TYRA presented posters on dabogratinib for urologic cancers (SURF302 and SURF303 trials-in-progress) at the 2026 ASCO® Genitourinary (GU) Cancers Symposium (ASCO GU), and the European Association of Urology Congress (EAU 26). TYRA will also present a trials-in-progress poster on SURF302 at the 2026 American Urologic Association (AUA) meeting. In May 2026, at the Fusion Conference on FGFR Biology, TYRA presented new preclinical results with oral dabogratinib for the treatment of ACH. When administered to pregnant mice from embryonic day 14.5 through birth then to Fgfr3Y367C/+ neonates postnatally, dabogratinib significantly increased the foramen magnum area and resulted in open synchondroses. Prenatal plus postnatal treatment further delayed premature fusion of the synchondroses compared with the postnatal alone treatment protocol (Starrett et al., 2025). Posters associated with these meetings can be accessed on the TYRA website.
Corporate
- Appointed Habib Dable to Board of Directors. In April 2026, TYRA announced the appointment of Habib Dable to its Board of Directors. Mr. Dable brings more than 30 years of leadership experience across the global biopharmaceutical industry, including deep expertise in building and scaling blockbuster franchises and guiding companies through transformative growth. Mr. Dable most recently served as President and Chief Executive Officer of Acceleron Pharma Inc., where he led the company through a period of significant growth culminating in its acquisition by Merck in 2021. Prior to Acceleron, Mr. Dable spent 22 years at Bayer AG in positions of increasing responsibility, including President of
U.S. Pharmaceuticals and Executive Vice President, Global Head of Specialty Medicine. During his tenure, he provided leadership across multiple therapeutic areas, including ophthalmology, neurology, hematology, and cardiology, and oversaw the global launch of EYLEA®. Mr. Dable currently serves as an advisor at RA Capital Management, L.P. - Strengthened Balance Sheet with ATM Utilization. In the first quarter of 2026, TYRA received
$147.9M
SNÅP Platform and Pipeline
- TYRA continued to advance its in-house precision medicine discovery engine, SNÅP, used to develop therapies in targeted oncology and genetically defined conditions.
First Quarter Financial Results
- Cash, Cash Equivalents and Short-Term Investments. As of March 31, 2026, TYRA had cash, cash equivalents and marketable securities of
$383.5 million - Research and Development (R&D) Expenses. R&D expenses for the three months ended March 31, 2026 were
$33.5 million $25.0 million - General and Administrative (G&A) Expenses. G&A expenses for the three months ended March 31, 2026 were
$8.5 million $6.9 million - Net Loss. First quarter net loss was
$39.3 million $28.1 million
Upcoming Anticipated Clinical Milestones:
- SURF303: initial results – 2027
- SURF302: initial three-month complete response data – August 2026
- BEACH301: initial results from safety sentinel cohort – Q4 2026
About Dabogratinib (formerly TYRA-300)
Dabogratinib is TYRA's lead precision medicine candidate stemming from its in-house SNÅP platform. Dabogratinib is an investigational, oral, FGFR3-selective inhibitor currently in Phase 2 development for the treatment of urologic cancers and skeletal dysplasias, specifically LG-UTUC, IR NMIBC and ACH. We believe dabogratinib was the first orally available, FGFR3 selective inhibitor to enter clinical development, and it has been studied in more than 100 patients to date across multiple clinical studies.
Oral dabogratinib is currently advancing in three Phase 2 clinical trials for LG-UTUC (SURF303), IR NMIBC (SURF302), and ACH (BEACH301). The FDA has granted Orphan Drug Designation and Rare Pediatric Disease Designation to oral dabogratinib for the treatment of achondroplasia.
Please visit the Patients page of our website for more information on our clinical trials.
About Tyra Biosciences
Tyra Biosciences, Inc. (Nasdaq: TYRA) is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in FGFR biology. TYRA's in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help TYRA design and predict which candidates may demonstrate the highest potency, selectivity and tolerability in the clinic. TYRA's expertise in FGFR biology has created a differentiated pipeline with clinical-stage programs in targeted oncology and genetically defined conditions. TYRA's lead precision medicine stemming from SNÅP, oral dabogratinib, is a potential first-in-class selective FGFR3 inhibitor in development for LG-UTUC, IR NMIBC and ACH. TYRA is also developing TYRA-430, an oral, investigational FGFR4/3-biased inhibitor for FGF19+/FGFR4-driven cancers, in the SURF431 study for advanced hepatocellular carcinoma, and TYRA-200, an oral, investigational, FGFR1/2/3 inhibitor, in the SURF201 study for metastatic intrahepatic cholangiocarcinoma. TYRA is based in Carlsbad, CA.
For more information about our science, pipeline and people, please visit www.tyra.bio and engage with us on LinkedIn.
Forward-Looking Statements
TYRA cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on our current beliefs and expectations and include, but are not limited to: the expected advancement of our pipeline and our growth; the potential to execute on our "dabogratinib 3x3 strategy"; the potential to develop next-generation precision medicines and their potential to be first-in-class; the potential safety and therapeutic benefits of, and market opportunities for, our product candidates, including the potential for them to be blockbusters; the expected trial design, timing and phase of development of our product candidates, including timing for data readouts and patient dosing and the potential for trials to be registrational or global; the potential for SNÅP to develop therapies; our commercialization plan for oral dabogratinib; and our expected cash runway. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: initial or interim results of a clinical trial are not necessarily indicative of final results and one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, as follow-up on the outcome of any particular patient continues and as more patient or final data becomes available, including the risk that unconfirmed responses may not ultimately result in confirmed responses to treatment after follow-up evaluations; the potential for proof-of-concept results to fail to result in successful subsequent development of oral dabogratinib; later developments with the FDA may be inconsistent with prior feedback from the FDA; we are early in our development efforts, and the approach we are taking to discover and develop drugs based on our SNÅP platform is novel and unproven and it may never lead to product candidates that are successful in clinical development or approved products of commercial value; potential delays in the commencement, recruitment, enrollment, data readouts and completion of preclinical studies and clinical trials; results from preclinical studies or early clinical trials not necessarily being predictive of future results; our dependence on third parties in connection with manufacturing, research and preclinical testing; we may expend our limited resources to pursue a particular product candidate and/or indication and fail to capitalize on product candidates or indications with greater development or commercial potential; acceptance by the FDA of INDs or of similar regulatory submissions by comparable foreign regulatory authorities for the conduct of clinical trials of our product candidates; an accelerated development or approval pathway may not be available for oral dabogratinib or other product candidates and any such pathway may not lead to a faster development process; unexpected adverse side effects or inadequate efficacy of our product candidates that may limit their development, regulatory approval, and/or commercialization; the potential for our programs and prospects to be negatively impacted by developments relating to our competitors, including the results of studies or regulatory determinations relating to our competitors; regulatory and legislative developments in
Contact:
Amy Conrad
aconrad@tyra.bio
Tyra Biosciences, Inc. Condensed Balance Sheets (in thousands) (unaudited)
| ||||||||
March 31, | December 31, | |||||||
2026 | 2025 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 84,955 | $ | 77,387 | ||||
Marketable securities | 298,511 | 178,616 | ||||||
Prepaid expenses and other current assets | 11,147 | 9,447 | ||||||
Total current assets | 394,613 | 265,450 | ||||||
Restricted cash | 884 | 1,000 | ||||||
Property and equipment, net | 1,215 | 1,314 | ||||||
Right-of-use assets | 5,443 | 5,573 | ||||||
Other long-term assets | 9,885 | 9,272 | ||||||
Total assets | $ | 412,040 | $ | 282,609 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,642 | $ | 1,178 | ||||
Lease liabilities, current | 488 | 472 | ||||||
Accrued expenses and other current liabilities | 15,126 | 16,444 | ||||||
Total current liabilities | 19,256 | 18,094 | ||||||
Lease liabilities, noncurrent | 5,209 | 5,338 | ||||||
Total liabilities | 24,465 | 23,432 | ||||||
Stockholders' equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 6 | 5 | ||||||
Additional paid-in capital | 798,025 | 630,037 | ||||||
Accumulated other comprehensive income | 107 | 393 | ||||||
Accumulated deficit | (410,563) | (371,258) | ||||||
Total stockholders' equity | 387,575 | 259,177 | ||||||
Total liabilities and stockholders' equity | $ | 412,040 | $ | 282,609 | ||||
Tyra Biosciences, Inc. Condensed Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (unaudited)
| ||||||||
Three Months Ended | ||||||||
2026 | 2025 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 33,470 | $ | 24,964 | ||||
General and administrative | 8,528 | 6,886 | ||||||
Total operating expenses | 41,998 | 31,850 | ||||||
Loss from operations | (41,998) | (31,850) | ||||||
Other income: | ||||||||
Interest and other income, net | 2,693 | 3,703 | ||||||
Total other income | 2,693 | 3,703 | ||||||
Net loss | (39,305) | (28,147) | ||||||
Unrealized loss on marketable securities, net | (286) | (82) | ||||||
Comprehensive loss | $ | (39,591) | $ | (28,229) | ||||
Net loss per share, basic and diluted | $ | (0.64) | $ | (0.47) | ||||
Weighted-average shares used to compute net | 61,746,050 | 59,336,550 | ||||||
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SOURCE Tyra Biosciences