Tyra Biosciences Reports Third Quarter 2026 Financial Results and Recent Highlights
The financing raised approximately $400 million before expenses through common stock and pre-funded warrants.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Tyra Biosciences (Nasdaq: TYRA) reported third-quarter financial results and initial Phase 2 dabogratinib results alongside a completed $400 million financing. Cash, cash equivalents and marketable securities totaled $700.5 million at September 30, 2026; the company expects funding through 2030. Quarterly net loss widened to $51.122 million from $29.868 million a year earlier.
In SURF302, dabogratinib at 60 mg once daily produced a 79% overall response rate and 64% best complete response rate in 14 patients with FGFR3-altered, low-grade intermediate-risk non-muscle invasive bladder cancer. Tyra expects Phase 3 initiation in 2027, subject to regulatory feedback. The first SURF303 participant achieved a complete response at three months. BEACH301 received authorization to open a sixth dose level in children with achondroplasia. Additional bladder-cancer and upper-tract cancer results, plus initial achondroplasia results, are expected in 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointCompleted financing raised approximately $400 million gross to support dabogratinib development. 26% of market cap
- Moderate pointSURF302 at 60 mg once daily showed 79% overall response and 64% best complete response in 14 participants.
- Minor point. Forward-looking: it has not happened yet and may not happen.$700.5 million in cash, cash equivalents and marketable securities at September 30, 2026 supports expected runway through 2030.
- Minor pointSURF302 single-marker-lesion subgroup showed 100% overall response and 75% best complete response in eight participants.
- Minor pointSURF302 safety data across 44 participants showed no clinically significant hyperphosphatemia, nail toxicity or ocular toxicity.
9 minor points
- Minor pointSURF302 at 60 mg once daily had no Grade 3 treatment-related adverse events.
- Minor pointSURF302 completed 60 mg once-daily enrollment and is enrolling a 70 mg once-daily cohort.
- Minor point. Forward-looking: it has not happened yet and may not happen.Tyra expects additional SURF302 Phase 2 results in 2027.
- Minor pointFirst SURF303 participant achieved complete response at three months on 60 mg once daily.
- Minor pointFirst SURF303 participant had no treatment-emergent adverse events through the August 31, 2026 cutoff.
- Minor point. Forward-looking: it has not happened yet and may not happen.SURF303 enrollment continues, with Tyra expecting additional clinical results in 2027.
- Minor pointBEACH301 safety monitoring committee authorized a sixth dose level at 0.875 mg/kg following favorable safety data.
- Minor point. Forward-looking: it has not happened yet and may not happen.Tyra expects BEACH301 initial safety and six-month annualized height-velocity results for approximately 25 children in 2027.
- Minor pointThird-quarter interest and other income rose to $3.763 million from $3.076 million a year earlier.
Negative
- Major pointFinancing issued common stock and pre-funded warrants, adding dilution for existing shareholders.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Planned Phase 3 bladder-cancer study initiation in 2027 remains subject to regulatory feedback.
- Moderate pointThird-quarter net loss widened to $51.122 million from $29.868 million a year earlier.
- Minor pointThird-quarter basic and diluted loss per share widened to $0.74 from $0.50 a year earlier.
- Minor pointThird-quarter research and development expenses increased to $43.144 million from $25.469 million a year earlier.
6 minor points
- Minor pointThird-quarter general and administrative expenses increased to $11.741 million from $7.475 million a year earlier.
- Minor pointNine-month net loss widened to $135.985 million from $86.113 million a year earlier.
- Minor pointNine-month basic and diluted loss per share widened to $2.07 from $1.45 a year earlier.
- Minor pointNine-month research and development expenses increased to $115.812 million from $74.742 million a year earlier.
- Minor pointNine-month general and administrative expenses increased to $30.075 million from $21.504 million a year earlier.
- Minor pointNine-month interest and other income declined to $9.902 million from $10.133 million a year earlier.
News Explained
The completed offering included common stock and pre-funded warrants; if exercised, the warrants convert into shares, increasing the share count and reducing existing holders’ percentage ownership absent offsetting changes.
Details
Market move: TYRA -6.17% vs previous close. 3Q26 earnings report
On Nov 10, the day this news came out, the latest delayed price for TYRA is 6.17% below the previous close. Our momentum scanner has recorded 22 alerts for this stock so far that day. The latest delayed price is $20.93.
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Key Figures
- Offering gross proceeds
- $400 million
- September underwritten offering; before discounts, commissions and expenses
- Cash and marketable securities
- $700.5 million
- As of September 30, 2026
- Cash runway
- Through 2030
- Expected funding for planned operations
- Overall response rate
- 79%
- SURF302; 60 mg QD; participants with single and multiple marker lesions (n=14)
- Best overall complete response rate
- 64%
- SURF302; 60 mg QD; participants with single and multiple marker lesions (n=14)
- Grade 3 treatment-related adverse events
- 0
- SURF302; 60 mg QD
- Research and development expenses
- $43.1 million vs. $25.5 million
- Three months ended September 30, 2026 vs. the same period in 2025
- Net loss
- $51.1 million vs. $29.9 million
- Third quarter 2026 vs. the same period in 2025
Previous Earnings Reports
-
Q2 reported $353.9 million in cash and runway into the second half of 2028.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
fgfr3 medical
nmibc medical
overall response rate medical
complete response medical
qd medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Reported initial Phase 2 SURF302 results for oral dabogratinib in FGFR3-altered low-grade IR NMIBC patients
Completed
Cash runway through 2030 with cash, cash equivalents and marketable securities of
"2026 has been a defining year for TYRA. With the initial results from SURF302 in the ablative setting, we believe dabogratinib has the potential to be the first oral FGFR3-selective inhibitor in intermediate-risk non-muscle invasive bladder cancer (IR NMIBC), reinforcing our conviction in the potential of precision FGFR3 inhibition to fundamentally change the treatment paradigm for patients," said Todd Harris, PhD, President and Chief Executive Officer of TYRA. "For too long, patients have faced a cycle of repeated procedures and surveillance, often simply waiting for their cancer to recur. We believe dabogratinib has the potential to break this cycle by offering a differentiated, first-in-class oral product candidate that could transform how patients and physicians manage this chronic, recurrent disease."
Dr. Harris continued, "With a strengthened balance sheet following our
Third Quarter and Recent Corporate Highlights
Dabogratinib 3x3 Strategy
During the third quarter of 2026, TYRA achieved a significant milestone in its dabogratinib 3x3 strategy with initial clinical results in IR NMIBC. The strategy is focused on advancing oral dabogratinib, an investigational FGFR3-selective inhibitor, across three potentially pivotal development programs in low-grade upper tract urothelial carcinoma (LG-UTUC), low-grade IR NMIBC and achondroplasia (ACH).
- Phase 2 IR NMIBC Study – SURF302. In September 2026, TYRA reported initial results from SURF302 (data cutoff as of August 31, 2026), its Phase 2 ablative study evaluating oral dabogratinib in patients with FGFR3-altered low-grade IR NMIBC.
- At 60 mg QD, oral dabogratinib demonstrated a
79% overall response rate (ORR) and64% best overall response (BOR) complete response (CR) rate among participants with single and multiple marker lesions (n=14). - Among participants with a single marker lesion (n=8), 60 mg QD demonstrated a
100% ORR and75% BOR CR rate, supporting the planned Phase 3 adjuvant strategy. - Initial safety and tolerability results were favorable across both dose cohorts (n=44), with no clinically significant hyperphosphatemia, nail toxicity or ocular toxicity observed. There were no Grade 3 treatment-related adverse events at 60 mg QD.
- TYRA has completed enrollment in the 60 mg QD cohort and is enrolling a 70 mg QD cohort to further explore oral dabogratinib's potential in the ablative setting.
- TYRA is advancing preparations for registrational development, including planned engagement with health authorities regarding design of a Phase 3 adjuvant study. Initiation of the study is expected in 2027, subject to regulatory feedback.
- At 60 mg QD, oral dabogratinib demonstrated a
- 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 (60 mg and 80 mg) in participants with LG-UTUC. In September 2026, TYRA reported that the first participant treated in SURF303 achieved a complete response (CR) at the 3-month assessment with 60 mg QD, with no observed treatment-emergent adverse events as of the August 31, 2026 data cutoff. TYRA continues to advance enrollment and expects to report additional clinical results in 2027.
- 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 ACH. The study has advanced through five dose levels in the safety sentinel cohort. Given the favorable safety data seen to date across dose levels 1 through 5, the Data Safety Monitoring Committee authorized the opening of a sixth dose level to evaluate 0.875 mg/kg in the safety sentinel cohort. Initial results from the safety sentinel cohort, including six-month annualized height velocity and safety data, representing approximately 25 children in aggregate, are expected in 2027.
Corporate
- Completed
$400 Million $400 million
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.
Third Quarter Financial Results
- Cash, Cash Equivalents and Marketable Securities. As of September 30, 2026, TYRA had cash, cash equivalents and marketable securities of
$700.5 million - Research and Development (R&D) Expenses. R&D expenses for the three months ended September 30, 2026 were
$43.1 million $25.5 million - General and Administrative (G&A) Expenses. G&A expenses for the three months ended September 30, 2026 were
$11.7 million $7.5 million - Net Loss. Third quarter net loss was
$51.1 million $29.9 million
Upcoming Anticipated Clinical Milestones:
- IR NMIBC: Phase 3 adjuvant study initiation; additional Phase 2 ablative study results – 2027
- LG-UTUC: Initial Phase 2 results – 2027
- ACH: Initial Phase 2 results from safety sentinel cohort – 2027
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, low-grade 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 200 individuals to date across multiple clinical and healthy volunteer studies.
Oral dabogratinib is currently advancing in three Phase 2 clinical trials for LG-UTUC (SURF303), low-grade 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, low-grade 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; 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; the potential for SNÅP to develop therapies; 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 the United States and foreign countries, including with respect to healthcare and trade policies; we may not realize the benefits associated with Orphan Drug Designation or Rare Pediatric Disease Designation; our ability to obtain and maintain intellectual property protection for our product candidates and proprietary technologies; we may use our capital resources sooner than we expect; geopolitical instability, war, inflation and interest rate changes; and other risks described in our prior filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in our annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
Amy Conrad
aconrad@tyra.bio
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Tyra Biosciences, Inc. Condensed Balance Sheets (in thousands) (unaudited) |
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September 30, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Current assets: |
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|
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||
|
Cash and cash equivalents |
|
$ |
456,016 |
|
|
$ |
77,387 |
|
|
Marketable securities |
|
|
244,532 |
|
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|
178,616 |
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Prepaid expenses and other current assets |
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|
11,070 |
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|
9,447 |
|
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Total current assets |
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711,618 |
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|
265,450 |
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Restricted cash |
|
|
884 |
|
|
|
1,000 |
|
|
Property and equipment, net |
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|
1,084 |
|
|
|
1,314 |
|
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Right-of-use assets |
|
|
5,179 |
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|
|
5,573 |
|
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Other long-term assets |
|
|
8,761 |
|
|
|
9,272 |
|
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Total assets |
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$ |
727,526 |
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|
$ |
282,609 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
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$ |
3,301 |
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|
$ |
1,178 |
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Lease liabilities, current |
|
|
521 |
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|
472 |
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Accrued expenses and other current liabilities |
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|
25,917 |
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|
|
16,444 |
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Total current liabilities |
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|
29,739 |
|
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|
18,094 |
|
|
Lease liabilities, noncurrent |
|
|
4,943 |
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|
|
5,338 |
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Total liabilities |
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|
34,682 |
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|
23,432 |
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Stockholders' equity: |
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Preferred stock |
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|
— |
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— |
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Common stock |
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7 |
|
|
|
5 |
|
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Additional paid-in capital |
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|
1,201,364 |
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|
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630,037 |
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Accumulated other comprehensive income (loss) |
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|
(1,284) |
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|
|
393 |
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Accumulated deficit |
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|
(507,243) |
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|
(371,258) |
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Total stockholders' equity |
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692,844 |
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|
|
259,177 |
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Total liabilities and stockholders' equity |
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$ |
727,526 |
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|
$ |
282,609 |
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Tyra Biosciences, Inc. Condensed Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating expenses: |
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Research and development |
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$ |
43,144 |
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$ |
25,469 |
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$ |
115,812 |
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$ |
74,742 |
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General and administrative |
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11,741 |
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|
7,475 |
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30,075 |
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|
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21,504 |
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Total operating expenses |
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|
54,885 |
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|
|
32,944 |
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|
|
145,887 |
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|
96,246 |
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Loss from operations |
|
|
(54,885) |
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|
|
(32,944) |
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|
|
(145,887) |
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|
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(96,246) |
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Other income: |
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|
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Interest and other income, net |
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3,763 |
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|
|
3,076 |
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9,902 |
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|
|
10,133 |
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Total other income |
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3,763 |
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|
|
3,076 |
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|
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9,902 |
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|
|
10,133 |
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Net loss |
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|
(51,122) |
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|
|
(29,868) |
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|
|
(135,985) |
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|
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(86,113) |
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Unrealized gain (loss) on marketable securities, net |
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|
(704) |
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|
6 |
|
|
|
(1,677) |
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|
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(328) |
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Comprehensive loss |
|
$ |
(51,826) |
|
|
$ |
(29,862) |
|
|
$ |
(137,662) |
|
|
$ |
(86,441) |
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Net loss per share, basic and diluted |
|
$ |
(0.74) |
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|
$ |
(0.50) |
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|
$ |
(2.07) |
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$ |
(1.45) |
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Weighted-average shares used to compute net |
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|
69,082,673 |
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|
59,670,757 |
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|
|
65,633,506 |
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|
59,523,977 |
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View original content to download multimedia:https://www.prnewswire.com/news-releases/tyra-biosciences-reports-third-quarter-2026-financial-results-and-recent-highlights-302934907.html
SOURCE Tyra Biosciences
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Tyra Biosciences report from the Phase 2 SURF302 dabogratinib study?
Dabogratinib at 60 mg once daily produced a 79% overall response rate and 64% best overall complete response rate among 14 participants with single or multiple marker lesions. The results used an August 31, 2026 data cutoff and involved patients with FGFR3-altered, low-grade intermediate-risk non-muscle invasive bladder cancer.
How long does Tyra Biosciences expect its cash resources to last after its financing?
Tyra expects its financial resources to fund planned operations through 2030. Cash, cash equivalents and marketable securities totaled $700.5 million at September 30, 2026, following an offering that raised approximately $400 million before underwriting discounts, commissions and offering expenses.
What safety findings did Tyra Biosciences report for SURF302 dabogratinib?
Across both dose cohorts involving 44 participants, no clinically significant hyperphosphatemia, or elevated blood phosphate, nail toxicity or ocular toxicity was observed. There were no Grade 3 treatment-related adverse events at 60 mg once daily.