Tyra Biosciences posts 2025 loss, extends cash runway
Tyra Biosciences reported fourth-quarter and full-year 2025 results and outlined progress on its FGFR-focused pipeline.
Rhea-AI Filing Summary
Tyra Biosciences reported fourth-quarter and full-year 2025 results and outlined progress on its FGFR-focused pipeline. The company ended 2025 with $256.0 million in cash, cash equivalents and marketable securities and expects this to fund operations through at least 2027.
Research and development expenses rose to $28.2 million in Q4 and $102.9 million for 2025, driven mainly by oral dabogratinib clinical programs, including BEACH301 and SURF302 plus start-up for SURF303. General and administrative costs increased to $8.3 million in Q4 and $29.8 million for the year due to higher headcount-related spending.
Net loss was $33.8 million in Q4 and $119.9 million for 2025 as the company continues to invest in development. Tyra emphasized its “dabogratinib 3x3” strategy, concentrating on three Phase 2 studies in LG-UTUC, IR NMIBC and achondroplasia, with key data readouts expected in 2026.
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Insights
Tyra increases R&D spending, extends cash runway, and concentrates its pipeline around dabogratinib.
Tyra Biosciences is leaning into its FGFR3 strategy, with the “dabogratinib 3x3” plan anchoring three Phase 2 programs in LG-UTUC, IR NMIBC and achondroplasia. Exiting metastatic bladder cancer reallocates resources toward indications management views as stronger risk-adjusted opportunities.
R&D expenses increased to $102.9 million in 2025, reflecting multiple active trials and new study start-up costs. This heavier spend, together with rising G&A, drove a larger full-year net loss of $119.9 million as the company remains in a pre-revenue stage.
Liquidity appears robust, with $256.0 million in cash, cash equivalents and marketable securities as of December 31, 2025, supporting guidance for a runway through at least 2027. Key upcoming catalysts include initial three-month complete response data from SURF302 by the end of 1H 2026 and interim BEACH301 safety cohort results in 2H 2026.
8-K Event Classification
FAQ
What were Tyra Biosciences (TYRA) full-year 2025 financial results?
How much cash does Tyra Biosciences (TYRA) have and what is its runway?
What is Tyra Biosciences’ dabogratinib 3x3 strategy?
Which key clinical milestones did Tyra Biosciences (TYRA) highlight for 2026?
How did Tyra Biosciences’ R&D and G&A expenses change in 2025?
What designations has dabogratinib received from the FDA?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On March 2, 2026, Tyra Biosciences, Inc. issued a press release announcing its financial results for the year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
99.1 |
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Press Release Issued on March 2, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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TYRA BIOSCIENCES, INC. |
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March 2, 2026 |
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/s/ Alan Fuhrman |
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Alan Fuhrman |
Exhibit 99.1
Tyra Biosciences Reports Fourth Quarter and Full-Year 2025 Financial Results and Recent Highlights
- Launched “dabogratinib 3x3” strategy to pursue 3 late-stage clinical studies in LG-UTUC, IR NMIBC and ACH, 3 potential blockbuster indications -
- Interim Ph2 data readouts on track: SURF302 expected by end of 1H‘26 and BEACH301 in 2H ‘26 -
- Cash, cash equivalents and marketable securities of $256.0 million at Q4 2025; runway through at least 2027 -
CARLSBAD, Calif., March 2, 2026 – Tyra Biosciences, Inc. (Nasdaq: TYRA), a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology, today reported financial results for the fourth quarter and full-year ended December 31, 2025 and highlighted recent corporate progress.
“At TYRA, we are following the science,” said Todd Harris, Ph.D., CEO of TYRA. “The strength of the genetic and biological validation behind FGFR3 gives us conviction to concentrate our resources and strategy around indications where this target plays a central role. Through our “dabogratinib 3x3” strategy, we are deliberately deploying capital toward high unmet needs – low grade upper tract urothelial carcinoma (LG-UTUC), intermediate risk non-muscle invasive bladder cancer (IR NMIBC) and achondroplasia (ACH) – where selective FGFR3 inhibition has the potential to make a meaningful impact for patients, while creating significant potential long-term value.”
“Oral dabogratinib reflects years of deliberate molecular optimization to achieve highly selective FGFR3 inhibition with a profile designed to balance potency, safety and convenience,” said Doug Warner, MD, Chief Medical Officer of TYRA. “The clinical data generated to date – with more than 100 participants dosed – reinforces our confidence in its potential efficacy and tolerability and supports once-daily (QD) dosing across our targeted indications. We believe this target profile positions oral dabogratinib to deliver meaningful benefit for patients, and we look forward to expanding our clinical database this year.”
Fourth Quarter and Recent Corporate Highlights
Dabogratinib 3x3 Strategy
TYRA is focused on executing our “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.
“In Q4 2025, we prioritized our portfolio to maximize potential return on invested capital,” commented Alan Fuhrman, Chief Financial Officer of TYRA. “Exiting metastatic bladder cancer allows us to focus financial and operational resources on the three core indications within our “dabogratinib 3x3” strategy that we believe offer the most compelling risk-adjusted opportunities.”
Corporate
SNÅP Platform and Pipeline
Fourth Quarter and Full-Year 2025 Financial Results
Upcoming Clinical Milestones:
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. To date, oral dabogratinib has demonstrated very positive target engagement with FGFR3, favorable anti-tumor effects and safety results in oncology, and an optimized QD dosing regimen.
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 potential to create significant long-term value and maximize return on invested capital and the potential for selected indications to provide the most compelling risk-adjusted opportunities; 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: 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; our ability to obtain and maintain intellectual property protection for our product candidates and proprietary technologies; our ability to establish marketing and sales capabilities to successfully commercialize any approved products; we may use our capital resources sooner than we expect; 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
Tyra Biosciences, Inc.
Condensed Balance Sheets
(in thousands)
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December 31, |
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December 31, |
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2025 |
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2024 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
77,387 |
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$ |
91,966 |
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Marketable securities |
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178,616 |
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249,475 |
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Prepaid expenses and other current assets |
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9,447 |
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6,022 |
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Total current assets |
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265,450 |
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347,463 |
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Restricted cash |
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1,000 |
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1,000 |
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Property and equipment, net |
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1,314 |
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|
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1,651 |
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Right-of-use assets |
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5,573 |
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6,068 |
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Other long-term assets |
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9,272 |
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7,376 |
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Total assets |
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$ |
282,609 |
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$ |
363,558 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,178 |
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$ |
590 |
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Lease liabilities, current |
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472 |
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412 |
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Accrued expenses and other current liabilities |
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16,444 |
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13,592 |
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Total current liabilities |
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18,094 |
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14,594 |
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Lease liabilities, noncurrent |
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5,338 |
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5,810 |
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Other long-term liabilities |
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— |
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3 |
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Total liabilities |
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23,432 |
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20,407 |
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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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5 |
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5 |
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Additional paid-in capital |
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630,037 |
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593,687 |
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Accumulated other comprehensive income |
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393 |
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770 |
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Accumulated deficit |
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(371,258 |
) |
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(251,311 |
) |
Total stockholders’ equity |
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259,177 |
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343,151 |
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Total liabilities and stockholders’ equity |
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$ |
282,609 |
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$ |
363,558 |
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Tyra Biosciences, Inc.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
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Three Months Ended December 31, |
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Year Ended December 31, |
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2025 |
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2024 |
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2025 |
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2024 |
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Operating expenses: |
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Research and development |
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$ |
28,186 |
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$ |
22,180 |
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$ |
102,928 |
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$ |
80,077 |
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General and administrative |
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8,330 |
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7,564 |
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29,834 |
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24,100 |
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Total operating expenses |
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36,516 |
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29,744 |
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132,762 |
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104,177 |
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Loss from operations |
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(36,516 |
) |
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(29,744 |
) |
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(132,762 |
) |
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(104,177 |
) |
Other income: |
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Interest and other income, net |
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2,682 |
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4,173 |
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12,815 |
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17,696 |
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Total other income |
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2,682 |
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4,173 |
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|
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12,815 |
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17,696 |
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Net loss |
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(33,834 |
) |
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(25,571 |
) |
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(119,947 |
) |
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(86,481 |
) |
Unrealized gain (loss) on marketable |
|
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(49 |
) |
|
|
(982 |
) |
|
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(377 |
) |
|
|
389 |
|
Comprehensive loss |
|
$ |
(33,883 |
) |
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$ |
(26,553 |
) |
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$ |
(120,324 |
) |
|
$ |
(86,092 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.57 |
) |
|
$ |
(0.43 |
) |
|
$ |
(2.01 |
) |
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$ |
(1.51 |
) |
Weighted-average shares used to compute |
|
|
59,834,826 |
|
|
|
59,060,385 |
|
|
|
59,602,328 |
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|
|
57,217,746 |
|