Tyra Biosciences Inc. (NASDAQ:TYRA) has announced its financial results for the fourth quarter and full year 2023, highlighting increased investment in research and development alongside the advancement of its pipeline of precision medicines targeting Fibroblast Growth Factor Receptor (FGFR) biology. The company's strategic focus remains on developing targeted therapies for oncology and genetically defined conditions, with its lead product candidate, TYRA-300, showing promise in treating metastatic urothelial carcinoma and achondroplasia.
Financial Overview
For Q4 2023, Tyra Biosciences reported a net loss of $22.8 million, compared to a $12.9 million loss in the same period the previous year. This increase is primarily attributed to a significant rise in research and development (R&D) expenses, which nearly doubled to $20.7 million from $10.4 million year-over-year. General and administrative expenses saw a slight increase to $5.0 million from $4.6 million in the prior year. The full year 2023 net loss amounted to $69.1 million, compared to $55.3 million in 2022.
However, Tyra's financial position was bolstered by a $200 million private investment in public equity (PIPE) in Q1 2024, resulting in a pro-forma cash, cash equivalents, and marketable securities balance of approximately $403.5 million. This financial runway is expected to support the company's operational plans through at least 2026, according to Alan Fuhrman, Chief Financial Officer of TYRA.
Clinical Pipeline Progress
Tyra Biosciences is actively advancing its clinical programs, with the SURF301 Phase 1 oncology study progressing as planned. Initial results from this study are anticipated in the second half of 2024. Furthermore, the company remains on track to submit a Phase 2 Investigational New Drug (IND) application for TYRA-300 in achondroplasia in the latter half of 2024. The initiation of the SURF201 Phase 1 study and the dosing of the first patient with TYRA-200 also mark significant milestones in the company's pipeline development.
Todd Harris, CEO of Tyra, expressed confidence in the potential of TYRA-300 to become a leading treatment option for FGFR3-driven diseases. The company's strategy leverages its SNP platform to develop targeted therapies, addressing unmet medical needs and improving patient outcomes in oncology and genetically defined conditions.
Strategic Focus and Future Outlook
Tyra Biosciences is committed to leveraging its SNP platform to develop targeted therapies for oncology and genetically defined conditions, aiming to address unmet medical needs and improve patient outcomes. The anticipated data from ongoing clinical trials and the progress of regulatory submissions will be pivotal in shaping the company's future. Investors and industry observers will closely monitor these developments as Tyra Biosciences continues its research endeavors and strives to bring innovative treatments to market.
