Tyra Biosciences (TYRA)


Market Price (10/20/2026): $19.33 | Market Cap: $1.3 BilSector: Health Care | Industry: Biotechnology

Tyra Biosciences (TYRA)


Market Price (10/20/2026): $19.33
Market Cap: $1.3 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -27%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.

Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -39%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -160 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16%

Key risks
TYRA key risks include [1] its heavy reliance on the successful clinical development and regulatory approval of its early-stage lead candidate, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -27%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -39%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -160 Mil
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16%
7 Key risks
TYRA key risks include [1] its heavy reliance on the successful clinical development and regulatory approval of its early-stage lead candidate, Show more.

TYRA in ETFs

Weight = TYRA's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
XBI0.23%
IBB0.08%
IWO0.05%
VTWO0.03%
SCHA0.02%
+6 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/13/2026

Tyra Biosciences (TYRA) stock has lost about 40% since 6/30/2026 because of the following key factors:

1. Fiscal Q2 2026 Earnings Miss and Continued Operational Losses.

On August 4, 2026, Tyra Biosciences reported its fiscal Q2 2026 earnings, posting an Earnings Per Share (EPS) of -$0.69, which missed analysts' consensus estimates of -$0.65 by $0.04. This followed a fiscal Q1 2026 net loss of $0.64 per share, exceeding the consensus estimate of -$0.6044. These persistent, wider-than-expected operational losses, typical for a clinical-stage biotechnology company but exceeding market projections, contributed to investor concern and downward pressure on the stock price.

2. Significant Share Dilution from $400 Million Public Offering.

Tyra Biosciences announced the pricing of a $400 million underwritten offering of common stock and pre-funded warrants on September 14, 2026. While this capital raise secured the company's financial runway into the second half of 2028, it also introduced substantial dilution for existing shareholders, a common factor that negatively impacts stock valuation immediately following such announcements.

Show more
Updated on 10/13/2026

Tyra Biosciences (TYRA) stock has lost about 40% since 6/30/2026 because of the following key factors:

1. Fiscal Q2 2026 Earnings Miss and Continued Operational Losses.

On August 4, 2026, Tyra Biosciences reported its fiscal Q2 2026 earnings, posting an Earnings Per Share (EPS) of -$0.69, which missed analysts' consensus estimates of -$0.65 by $0.04. This followed a fiscal Q1 2026 net loss of $0.64 per share, exceeding the consensus estimate of -$0.6044. These persistent, wider-than-expected operational losses, typical for a clinical-stage biotechnology company but exceeding market projections, contributed to investor concern and downward pressure on the stock price.

2. Significant Share Dilution from $400 Million Public Offering.

Tyra Biosciences announced the pricing of a $400 million underwritten offering of common stock and pre-funded warrants on September 14, 2026. While this capital raise secured the company's financial runway into the second half of 2028, it also introduced substantial dilution for existing shareholders, a common factor that negatively impacts stock valuation immediately following such announcements.

3. Mixed Market Reaction and Skepticism Regarding Initial Phase 2 SURF302 Clinical Trial Results.

Tyra Biosciences released initial Phase 2 SURF302 results for its lead candidate, dabogratinib, around September 9, 2026. Despite some analyst firms reiterating "Buy" ratings and highlighting a 79% overall response rate (64% complete response rate) at the 60 mg once-daily dose, the market reacted negatively. The stock experienced a significant drop of 17.66% on September 9, 2026, and an additional 6.41% decline on September 11, 2026. This suggests that investors harbored skepticism regarding the drug's competitive differentiation or perceived the results as not meeting high market expectations, particularly when compared to the efficacy benchmarks set by similar treatments.

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Stock Movement Drivers

Fundamental Drivers

The -39.4% change in TYRA stock from 6/30/2026 to 10/19/2026 was primarily driven by a -6.4% change in the company's Shares Outstanding (Mil).
(LTM values as of)630202610192026Change
Stock Price ($)31.9419.34-39.4%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)6266-6.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/19/2026
ReturnCorrelation
TYRA-39.4% 
Market (SPY)2.6%6.9%
Sector (XLV)10.7%9.9%

Fundamental Drivers

The -49.5% change in TYRA stock from 3/31/2026 to 10/19/2026 was primarily driven by a -9.3% change in the company's Shares Outstanding (Mil).
(LTM values as of)331202610192026Change
Stock Price ($)38.3019.34-49.5%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)6066-9.3%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/19/2026
ReturnCorrelation
TYRA-49.5% 
Market (SPY)18.2%8.3%
Sector (XLV)20.3%6.5%

Fundamental Drivers

The 38.2% change in TYRA stock from 9/30/2025 to 10/19/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510192026Change
Stock Price ($)13.9919.3438.2%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)6066-9.8%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/19/2026
ReturnCorrelation
TYRA38.2% 
Market (SPY)16.0%10.7%
Sector (XLV)27.8%6.0%

Fundamental Drivers

The 40.5% change in TYRA stock from 9/30/2023 to 10/19/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310192026Change
Stock Price ($)13.7719.3440.5%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)4366-35.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/19/2026
ReturnCorrelation
TYRA40.5% 
Market (SPY)85.5%25.5%
Sector (XLV)42.9%18.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TYRA Return-46%-46%82%0%89%-30%-29%
Peers Return-15%-20%-11%0%-35%-45%-78%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
TYRA Win Rate50%42%67%42%75%30% 
Peers Win Rate46%31%44%47%47%24% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
TYRA Max Drawdown--63%-37%-51%-58%-53% 
Peers Max Drawdown-35%-40%-49%-45%-59%-50% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, CMND, CNSY, CNXU, CSBR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/19/2026 (YTD)

How Low Can It Go

EventTYRAS&P 500
2025 US Tariff Shock
  % Loss-44.8%-18.8%
  % Gain to Breakeven81.2%23.1%
  Time to Breakeven141 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-27.9%-9.5%
  % Gain to Breakeven38.8%10.5%
  Time to Breakeven99 days24 days
2023 SVB Regional Banking Crisis
  % Loss-24.6%-6.7%
  % Gain to Breakeven32.7%7.1%
  Time to Breakeven12 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-62.7%-24.5%
  % Gain to Breakeven167.9%32.4%
  Time to Breakeven263 days427 days

Compare to VRTX, CMND, CNSY, CNXU, CSBR

In The Past

Tyra Biosciences's stock fell -44.8% during the 2025 US Tariff Shock. Such a loss loss requires a 81.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTYRAS&P 500
2025 US Tariff Shock
  % Loss-44.8%-18.8%
  % Gain to Breakeven81.2%23.1%
  Time to Breakeven141 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-27.9%-9.5%
  % Gain to Breakeven38.8%10.5%
  Time to Breakeven99 days24 days
2023 SVB Regional Banking Crisis
  % Loss-24.6%-6.7%
  % Gain to Breakeven32.7%7.1%
  Time to Breakeven12 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-62.7%-24.5%
  % Gain to Breakeven167.9%32.4%
  Time to Breakeven263 days427 days

Compare to VRTX, CMND, CNSY, CNXU, CSBR

In The Past

Tyra Biosciences's stock fell -44.8% during the 2025 US Tariff Shock. Such a loss loss requires a 81.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Tyra Biosciences (TYRA)

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Tyra Biosciences, Inc. (TYRA) is a preclinical-stage biopharmaceutical company focused on developing advanced therapies to overcome tumor resistance and enhance treatment outcomes for patients suffering from cancer. The company specializes in creating targeted treatments designed to address specific genetic drivers and resistance mechanisms in various oncological indications, operating out of Carlsbad, California.

The company's lead product candidate is TYRA-300, a selective inhibitor of fibroblast growth factor receptor (FGFR)3, which is being developed for the treatment of muscle invasive bladder cancer. In addition to this primary program, Tyra Biosciences is also advancing other development initiatives targeting FGFR2 for intrahepatic cholangiocarcinoma, FGFR3 for achondroplasia, REarranged during transfection (RET) kinase, and FGFR4 for related cancers. Underlying these therapeutic programs is the company's proprietary SNAP platform, a technological asset that enables rapid and iterative structural design for drug discovery.

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AI Analysis | Feedback

Here are 1-3 brief analogies for Tyra Biosciences (TYRA):

  • An early-stage Genentech, but focused on designing new drugs to outsmart cancer's resistance to treatment.
  • Like Vertex Pharmaceuticals, but applying precision drug design to develop therapies that defeat drug-resistant cancers.
  • A specialized, early-stage R&D unit, similar to a focused division within Eli Lilly or Amgen, solely dedicated to creating drugs that overcome cancer's resistance mechanisms.

AI Analysis | Feedback

  • TYRA-300: A lead product candidate, this is a selective inhibitor of fibroblast growth factor receptor (FGFR)3 for treating muscle invasive bladder cancer.
  • FGFR2-targeting programs: Development programs aimed at intrahepatic cholangiocarcinoma.
  • FGFR3-targeting programs (for achondroplasia): Development programs focused on treating achondroplasia.
  • REarranged during transfection (RET) kinase-targeting programs: Development programs targeting cancers related to REarranged during transfection kinase.
  • FGFR4-targeting programs: Development programs focused on FGFR4-related cancers.
  • SNAP platform: A proprietary platform that enables rapid structural design through iterative molecular snapshots.

AI Analysis | Feedback

Tyra Biosciences (TYRA) is a preclinical-stage biopharmaceutical company focused on the research and development of therapies. Its product candidates, such as TYRA-300, are currently in early development and have not yet been commercialized or approved for sale. Therefore, Tyra Biosciences does not currently have major customers, as it is not selling products to other companies (e.g., distributors, hospitals, or other pharmaceutical companies) or directly to individuals (patients).

AI Analysis | Feedback

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Todd Harris, Chief Executive Officer

Todd Harris co-founded Tyra Biosciences in August 2018 and has served as its CEO since November 2018. Prior to co-founding Tyra, he co-founded Sienna Biopharmaceuticals, Inc. (SNNA), a clinical-stage biopharmaceutical company, where he was Chief Executive Officer and a board member. Sienna Biopharmaceuticals later filed for Chapter 11 in September 2019 and ceased operations in December 2019. Mr. Harris began his career as a consultant at McKinsey & Company in the Health Care Practice Division. He also serves on the board of directors of Primmune Therapeutics, Inc.

Alan Fuhrman, Chief Financial Officer

Alan Fuhrman joined Tyra Biosciences as Chief Financial Officer in January 2023. He is a veteran leader and board member in the biotechnology industry, with a track record of guiding companies through strategic transactions, including mergers and acquisitions. Mr. Fuhrman has held CFO positions at several companies, including Amplyx Pharmaceuticals (2017–2020), Mirna Therapeutics (2015–2017), and Ambit Biosciences (2010–2014). At Ambit Biosciences, he played a role in leading the company through its initial public offering and oversaw financial operations until its sale to Daiichi Sankyo in January 2015. He also served as interim President, CEO, and board member of Checkmate Pharmaceuticals, Inc. from October 2021 through February 2022, remaining on the board until its acquisition by Regeneron in May 2022. Additionally, he served on the board of directors and as Chair of the Audit Committee for Loxo Oncology from January 2015 until its sale to Eli Lilly in February 2019. Earlier in his career, he practiced as a certified public accountant with Coopers & Lybrand. He currently serves on the board of directors of SpringWorks Therapeutics and Esperion Therapeutics.

Daniel Bensen, Chief Operating Officer

Daniel Bensen is a co-founder of Tyra Biosciences and serves as its Chief Operating Officer. He was also a co-founder and Chief Scientific Officer.

Robert L. Hudkins, Chief Technology Officer

Robert Hudkins joined Tyra Biosciences in January 2020 as Chief Technology Officer, bringing over 30 years of drug discovery experience, including drug design and computational chemistry. He previously spent the majority of his career with Cephalon, Inc. and later with Teva Pharmaceuticals, where he was a Distinguished Scientist and Senior Research Fellow/Senior Research Director in Medicinal Chemistry.

Doug Warner, Chief Medical Officer

Doug Warner was appointed Chief Medical Officer in September 2024, bringing extensive clinical development experience from his 18-year tenure at Amgen.

AI Analysis | Feedback

The key risks for Tyra Biosciences (TYRA) are as follows:
  1. Clinical Trial Failure and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Tyra Biosciences' success is primarily dependent on its drug candidates, particularly TYRA-300 (dabogratinib), successfully navigating and completing clinical trials and ultimately gaining regulatory approval. The drug development process is characterized by a high rate of failure, and negative or unexpected results from ongoing or future clinical trials could significantly diminish the company's valuation or lead to the discontinuation of development programs. Tyra Biosciences is currently conducting Phase 2 trials for TYRA-300 in multiple indications, with interim results for some programs anticipated in 2026. Any delays in these trials, unfavorable outcomes, or failure to meet primary endpoints would pose a critical threat to the business.
  2. Funding and Capital Needs (Cash Burn and Dilution Risk): Developing and bringing new drugs to market is an expensive and time-intensive endeavor. Tyra Biosciences is currently a loss-making company with substantial research and development (R&D) expenses. While the company reported a cash, cash equivalents, and marketable securities balance of $256.0 million as of Q4 2025, which is projected to fund operations through at least 2027, Tyra Biosciences will require continuous capital raises as it does not yet generate product revenue. Future financing rounds, which are likely necessary to sustain its extensive pipeline and clinical activities, could result in the issuance of new shares, leading to dilution for existing shareholders.
  3. Competition Risk: Tyra Biosciences operates within a highly competitive pharmaceutical and biotechnology industry. Various other companies are engaged in developing therapies for similar oncology indications or targeting Fibroblast Growth Factor Receptor (FGFR) biology. While TYRA-300 is positioned as a potential first-in-class, selective FGFR3 inhibitor aiming to offer improved safety and efficacy compared to existing pan-FGFR inhibitors, the emergence of new, more effective, or more affordable therapies from competitors could disrupt Tyra Biosciences' potential market share and commercial viability.

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AI Analysis | Feedback

Tyra Biosciences, Inc. is focused on developing therapies for various cancer indications and achondroplasia. The addressable markets for their main product candidates are as follows:

  • TYRA-300 for muscle-invasive bladder cancer (FGFR3 inhibitor): The global muscle-invasive bladder cancer therapeutics market was valued at approximately US$ 1.2 billion in 2024 and is projected to reach around US$ 3.655.4 million by 2032. Another estimate places the global muscle invasive bladder cancer treatment market size at USD 4.5 billion in 2023, with a projection to reach USD 7.2 billion by 2032. In the U.S., the market generated revenue of US$ 382.05 million in 2024.
  • Programs targeting FGFR2- intrahepatic cholangiocarcinoma: The global intrahepatic cholangiocarcinoma market is estimated at USD 1.7 billion in 2024 and is projected to expand to USD 2.9 billion by 2030. The U.S. intrahepatic cholangiocarcinoma market is expected to grow from approximately USD 0.51 billion in 2024 to about USD 0.83 billion by 2030. In terms of disease type, FGFR2 mutated intrahepatic cholangiocarcinoma is expected to hold a 52.8% share of the intrahepatic cholangiocarcinoma market in 2025.
  • Programs targeting FGFR3-related achondroplasia: The global market size for achondroplasia in 2024 is estimated to be around USD 300 million and is expected to reach approximately USD 1.5 billion by 2034. North America represents the largest market, holding approximately 60% of the global market share for achondroplasia treatments.
  • Programs targeting REarranged during transfection (RET) kinase: The global RET inhibitor drug market size was valued at USD 1.04 billion in 2025 and is projected to reach USD 4.09 billion by 2033. North America held the largest revenue share of 45.7% in the RET inhibitor drug market in 2025.
  • Programs targeting FGFR4-related cancers: The Fibroblast Growth Factor Receptor 4 (FGFR4) market is projected for significant growth, though a specific valuation for the overall market size was not explicitly provided in the search results. However, the broader global Fibroblast Growth Factor Receptor (FGFR) inhibitor market, which includes FGFR4, is expected to reach USD 185.8 million in 2025 and may grow to USD 614.4 million by 2035.

AI Analysis | Feedback

For Tyra Biosciences, Inc. (TYRA), a clinical-stage biopharmaceutical company, the expected drivers of future revenue growth over the next 2-3 years will primarily stem from the progression of its pipeline and the strategic opportunities that arise from successful clinical development, rather than immediate product sales.

Here are 3-5 expected drivers of future revenue growth:

  1. Successful Advancement of Dabogratinib (TYRA-300) Through Phase 2 Clinical Trials: The lead product candidate, dabogratinib (TYRA-300), an oral FGFR3-selective inhibitor, is currently being evaluated in Phase 2 clinical studies for multiple indications. Key upcoming milestones include interim Phase 2 data readouts for SURF302 (intermediate-risk non-muscle invasive bladder cancer) by the end of the first half of 2026 and for BEACH301 (achondroplasia) in the second half of 2026. Positive results from these trials would significantly validate the drug's potential, thereby increasing its value and attractiveness for future commercialization or partnerships, which could involve milestone payments or licensing deals. The company's "dabogratinib 3x3" strategy specifically targets these as "potential blockbuster indications."
  2. Initiation and Progression of Additional Phase 2 Studies for Dabogratinib: Tyra Biosciences is actively expanding the clinical development of dabogratinib into new, high-value indications. An example of this is the dosing of the first patient in the SURF303 study for low-grade upper tract urothelial carcinoma (LG-UTUC) in 2026. Successful progression in additional indications broadens the market potential of dabogratinib, further enhancing its overall value and increasing opportunities for future revenue generation through partnerships or eventual market entry.
  3. Formation of Strategic Partnerships and Licensing Agreements: As a clinical-stage biotechnology company, a significant source of future revenue growth is expected to come from collaborations and licensing agreements with larger pharmaceutical companies. These partnerships can provide non-dilutive funding in the form of upfront payments, milestone payments tied to clinical and regulatory achievements, and potential royalties on future product sales. Tyra Biosciences has stated its commitment to forging strategic partnerships to accelerate the delivery of its therapies. The company's ongoing participation in investor conferences also suggests active engagement with potential partners.
  4. Progression of Other Pipeline Assets: Beyond TYRA-300, Tyra Biosciences is also developing other investigational compounds, such as TYRA-200 (an FGFR1/2/3 inhibitor for metastatic intrahepatic cholangiocarcinoma) and TYRA-430 (an FGFR4/3-biased inhibitor for FGF19+/FGR4-driven cancers). The continued advancement of these additional pipeline assets through early clinical stages can contribute to the company's overall valuation and attract further investment or partnerships, indirectly driving future revenue growth.

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Share Issuance

  • Tyra Biosciences agreed to issue and sell 4,000,000 shares of common stock in March 2026, expecting $126 million in gross proceeds from a block transaction under an "at-the-market" offering program.
  • In February 2024, the company completed a private placement financing (PIPE) of approximately $200 million, selling about 15.4 million shares of common stock or pre-funded warrants.
  • In September 2021, Tyra Biosciences priced its initial public offering (IPO) of 10,800,000 shares at $16.00 per share, anticipating $172.8 million in gross proceeds.

Inbound Investments

  • Tyra Biosciences secured approximately $200 million through a private placement financing in February 2024, led by RA Capital Management and including other institutional investors.
  • In March 2021, the company closed a $106 million Series B financing round, led by Nextech Invest with participation from several new and existing investors.
  • The company completed its initial public offering in September 2021, raising gross proceeds of $172.8 million.

Capital Expenditures

  • Research and development (R&D) expenses for the full year 2025 increased to $102.9 million, up from $80.1 million in 2024.
  • These R&D expenditures in 2025 were primarily focused on advancing clinical activities for dabogratinib, including ongoing BEACH301 and SURF302 trials, start-up costs for SURF303, and development for SURF431.
  • As of December 31, 2025, the company held $256.0 million in cash, cash equivalents, and marketable securities, which are expected to fund operations through at least 2027, primarily supporting planned clinical programs.

Peer Outperformance in Biotechnology

TYRA has outperformed 79% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that TYRA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
78%
of 452 industry peers · 33.4% return
3Y
68%
of 398 industry peers · 37.7% return
5Y
79%
of 363 industry peers · 3.8% return
No Biotechnology peer with a comparable growth profile has beaten TYRA by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is TYRA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 17.3%53.8%104.1% CAH 475% · MCK 411% · COR 199%
Health Care Services 20 17.9%38.1%10.3% HIMS 241% · RDNT 138% · DGX 78%
Managed Health Care 8 39.2%-2.4%5.5% OSCR 111% · HQY 42% · ELV 18%
Health Care Facilities 24 2.2%14.6%2.5% THC 313% · NHC 286% · EHC 137%
Health Care Equipment 50 -2.9%2.7%-12.1% UFPT 363% · GKOS 264% · TMDX 164%
Pharmaceuticals 61 -10.6%2.1%-33.0% LQDA 878% · KNSA 625% · CORT 471%
Health Care Supplies 11 14.2%-8.8%-41.7% LNTH 332% · HAE 71% · MMSI 29%
Life Sciences Tools & Services 109 -12.6%-13.8%-66.8% NTRA 251% · MEDP 234% · IRTC 55%
Biotechnology ← 364 -24.5%-25.6%-81.9% DNTH 1068% · ELVN 940% · ADMA 897%
Health Care Technology 22 -32.8%-62.7%-83.8% VEEV -1% · DOCS -56%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TYRAVRTXCMNDCNSYCNXUCSBRMedian
NameTyra Bio.Vertex P.Clearmin.Cerenome Conexeu .Champion. 
Mkt Price19.33503.046.001.653.404.695.35
Mkt Cap1.3127.60.00.00.10.10.1
Rev LTM012,587000610
Op Inc LTM-1604,777-9-26-14-1-11
FCF LTM-1103,796-7-24-11-6-9
FCF 3Y Avg-871,957-5-17--0-5
CFO LTM-1104,293-7-22-11-6-9
CFO 3Y Avg-862,398-5-16-0-5

Growth & Margins

TYRAVRTXCMNDCNSYCNXUCSBRMedian
NameTyra Bio.Vertex P.Clearmin.Cerenome Conexeu .Champion. 
Rev Chg LTM-10.2%---6.7%8.4%
Rev Chg 3Y Avg-9.8%---4.9%7.4%
Rev Chg Q-12.5%---8.8%10.6%
QoQ Delta Rev Chg LTM-3.0%---2.1%2.6%
Op Inc Chg LTM-31.9%2,497.9%-53.0%-106.7%--131.0%-53.0%
Op Inc Chg 3Y Avg-40.4%792.2%-18.0%-26.9%-40.9%-18.0%
Op Mgn LTM-37.9%----1.5%18.2%
Op Mgn 3Y Avg-23.9%----0.7%11.6%
QoQ Delta Op Mgn LTM--0.2%---0.2%-0.0%
CFO/Rev LTM-34.1%----9.2%12.5%
CFO/Rev 3Y Avg-19.6%---0.3%9.9%
FCF/Rev LTM-30.2%----10.1%10.0%
FCF/Rev 3Y Avg-15.7%----0.4%7.7%

Valuation

TYRAVRTXCMNDCNSYCNXUCSBRMedian
NameTyra Bio.Vertex P.Clearmin.Cerenome Conexeu .Champion. 
Mkt Cap1.3127.60.00.00.10.10.1
P/S-10.1---1.15.6
P/Op Inc-7.926.7-0.1-0.4-6.7-69.9-3.6
P/EBIT-7.925.3-0.2-0.5-6.7-69.9-3.6
P/E-8.629.0-0.2-0.4-6.7-60.7-3.6
P/CFO-11.629.7-0.2-0.5-8.7-11.7-4.6
Total Yield-11.6%3.5%-631.8%-229.2%-15.4%-1.6%-13.5%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-9.1%1.6%-1,975.5%---1.2%-5.2%
D/E0.00.01.50.00.00.20.0
Net D/E-0.3-0.0-11.9-0.8-0.00.1-0.2

Returns

TYRAVRTXCMNDCNSYCNXUCSBRMedian
NameTyra Bio.Vertex P.Clearmin.Cerenome Conexeu .Champion. 
1M Rtn-24.9%-1.0%650.9%-18.7%-31.5%-11.5%-15.1%
3M Rtn-37.8%4.7%220.9%-58.3%-61.7%-23.1%-30.4%
6M Rtn-43.8%14.5%-47.4%-58.3%-76.4%-22.8%-45.6%
12M Rtn33.3%20.7%-98.4%-58.3%-76.4%-27.7%-43.0%
3Y Rtn37.6%39.0%-99.7%-58.3%-76.4%-27.2%-42.8%
1M Excs Rtn-25.0%-1.2%650.8%-18.8%-31.6%-11.6%-15.2%
3M Excs Rtn-41.3%2.4%263.9%-60.3%-66.8%-25.1%-33.2%
6M Excs Rtn-51.5%6.8%-55.1%-66.1%-84.4%-30.5%-53.3%
12M Excs Rtn14.7%7.5%-114.0%-73.9%-92.5%-44.0%-59.0%
3Y Excs Rtn-39.0%-39.6%-175.8%-134.4%-155.0%-98.7%-116.6%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20242023
Single Segment00
Total00


Net Income by Segment
$ Mil20252024
Research, development, and potential future commercialization of its small molecule drug development-120-86
Total-120-86


Assets by Segment
$ Mil20242023202220212020
Single Segments36422626630716
Total36422626630716


Price Behavior

Price Behavior
Market Price$19.34 
Market Cap ($ Bil)1.3 
First Trading Date09/15/2021 
Distance from 52W High-51.2% 
   50 Days200 Days
DMA Price$23.54$30.21
DMA Trenddownindeterminate
Distance from DMA-17.8%-36.0%
 3M1YR
Volatility84.2%67.5%
Downside Capture318.3053.45
Upside Capture-20.0470.36
Correlation (S&P 500)6.8%9.3%
TYRA Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta-0.630.400.490.440.561.12
Up Beta2.02-0.011.011.141.721.48
Down Beta5.341.63-1.03-0.66-0.680.70
Up Capture-188%-55%-7%-11%90%129%
Bmk +ve Days6162766132424
Stock +ve Days9193158132377
Down Capture29%281%203%148%52%104%
Bmk -ve Days16263760120328
Stock -ve Days13233368120371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TYRA
TYRA30.5%67.5%0.66-
Sector ETF (XLV)25.1%16.1%1.196.9%
Equity (SPY)17.1%12.7%0.958.8%
Gold (GLD)-4.2%29.3%-0.155.8%
Commodities (DBC)52.6%20.7%1.93-3.5%
Real Estate (VNQ)3.9%13.7%0.03-5.1%
Bitcoin (BTCUSD)-24.8%43.7%-0.539.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TYRA
TYRA5.6%80.6%0.42-
Sector ETF (XLV)8.6%15.2%0.3621.1%
Equity (SPY)13.5%17.1%0.6027.3%
Gold (GLD)18.3%18.9%0.785.5%
Commodities (DBC)9.8%19.5%0.38-0.3%
Real Estate (VNQ)1.3%18.8%-0.0422.0%
Bitcoin (BTCUSD)7.2%51.8%0.3218.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TYRA
TYRA-2.5%81.3%0.30-
Sector ETF (XLV)11.2%16.7%0.5521.2%
Equity (SPY)15.3%17.9%0.7227.0%
Gold (GLD)12.2%16.4%0.616.2%
Commodities (DBC)8.3%18.1%0.37-0.4%
Real Estate (VNQ)5.1%20.7%0.2121.4%
Bitcoin (BTCUSD)63.0%66.2%1.0317.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity9.4 Mil
Short Interest: % Change Since 9152026-4.7%
Average Daily Volume1.1 Mil
Days-to-Cover Short Interest8.8 days
Basic Shares Quantity66.0 Mil
Short % of Basic Shares14.3%

Earnings Returns History

Updated 9/15/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/2026-21.0%-22.6%-22.7%
5/13/20263.8%-3.1%-26.7%
3/2/20261.5%3.8%17.8%
11/5/2025-3.6%4.5%53.8%
8/14/20250.3%9.3%15.0%
5/8/20250.2%-2.1%1.9%
11/7/2024-6.1%-4.7%-6.7%
8/7/20244.3%10.6%5.6%
...
SUMMARY STATS   
# Positive101010
# Negative888
Median Positive4.0%6.0%7.5%
Median Negative-2.6%-4.5%-20.8%
Max Positive15.0%22.7%53.8%
Max Negative-21.0%-22.6%-38.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/2026-21.0%-22.6%-22.7%
5/13/20263.8%-3.1%-26.7%
3/2/20261.5%3.8%17.8%
11/5/2025-3.6%4.5%53.8%
8/14/20250.3%9.3%15.0%
5/8/20250.2%-2.1%1.9%
11/7/2024-6.1%-4.7%-6.7%
8/7/20244.3%10.6%5.6%
5/9/2024-2.3%7.5%12.6%
3/19/20247.9%0.3%-8.9%
11/7/2023-1.3%1.4%7.9%
8/10/20231.9%-6.0%-0.9%
5/4/2023-2.8%-3.9%7.0%
11/3/2022-0.2%18.4%5.8%
8/4/202215.0%22.7%-21.4%
5/5/20224.9%-9.4%-20.2%
3/3/2022-1.5%4.2%4.3%
11/3/20218.3%-4.2%-38.8%
SUMMARY STATS   
# Positive101010
# Negative888
Median Positive4.0%6.0%7.5%
Median Negative-2.6%-4.5%-20.8%
Max Positive15.0%22.7%53.8%
Max Negative-21.0%-22.6%-38.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/13/202610-Q
12/31/202503/02/202610-K
09/30/202511/05/202510-Q
06/30/202508/14/202510-Q
03/31/202505/08/202510-Q
12/31/202403/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/09/202410-Q
12/31/202303/19/202410-K
09/30/202311/07/202310-Q
06/30/202308/10/202310-Q
03/31/202305/04/202310-Q
12/31/202203/22/202310-K
09/30/202211/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/13/202610-Q
12/31/202503/02/202610-K
09/30/202511/05/202510-Q
06/30/202508/14/202510-Q
03/31/202505/08/202510-Q
12/31/202403/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/09/202410-Q
12/31/202303/19/202410-K
09/30/202311/07/202310-Q
06/30/202308/10/202310-Q
03/31/202305/04/202310-Q
12/31/202203/22/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202103/03/202210-K
09/30/202111/03/202110-Q
06/30/202109/15/2021424B4

Recent Forward Guidance

Updated 10/8/2026

Latest: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported     AffirmedGuidance: 0 for 2028


Prior: Q1 2026 Earnings Reported 5/13/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported      

Q4 2025 Earnings Reported 3/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Cash RunwayReported      

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Cash RunwayReported     AffirmedGuidance: 2027 for 2027

Insider Activity

Updated 9/17/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Verjee, Rehan DirectBuy911202620.5897220,00020,000Form
2Kaplan, Gilla DirectSell327202636.9714,295528,5061,043,740Form
3Bensen, DanielChief Discovery OfficerDirectSell213202632.878,000262,9654,831,348Form
4Bensen, DanielChief Discovery OfficerDirectSell120202628.528,000228,1864,420,555Form
5More, Robert J See footnoteSell1219202525.0010,000250,00095,585,625Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Verjee, Rehan DirectBuy911202620.5897220,00020,000Form
2Kaplan, Gilla DirectSell327202636.9714,295528,5061,043,740Form
3Bensen, DanielChief Discovery OfficerDirectSell213202632.878,000262,9654,831,348Form
4Bensen, DanielChief Discovery OfficerDirectSell120202628.528,000228,1864,420,555Form
5More, Robert J See footnoteSell1219202525.0010,000250,00095,585,625Form
6Bensen, DanielChief Discovery OfficerDirectSell1216202522.648,000181,1593,690,688Form
7More, Robert J See footnoteSell1124202520.25246,8715,000,02677,640,657Form
8Bensen, DanielChief Operating OfficerDirectSell1119202516.3249,956815,2972,790,461Form
9Bensen, DanielChief Operating OfficerDirectSell1119202516.0775,6331,215,6273,551,054Form
10Bensen, DanielChief Operating OfficerDirectSell1117202516.1820,072324,7984,798,993Form
11Bensen, DanielChief Operating OfficerDirectSell1117202516.02110,2281,765,4895,071,560Form
12Bensen, DanielChief Operating OfficerDirectSell1117202516.001,11117,7806,831,457Form

Investor Activity (13F)

Updated Oct 20, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
5AM Venture Management, LLC$39.4 Mil10.9%20Hold13F
Nextech Invest, Ltd.$155.3 Mil10.9%17Hold13F
Commodore Capital LP$94.8 Mil5.5%36TRIM -26.7%13F
Elmind Capital, LP$13.4 Mil3.8%34Hold13F
TCG Crossover Management, LLC$124.4 Mil3.6%49ADD +12.1%13F
Caligan Partners LP$48.9 Mil3.5%24ADD +35.2%13F
BVF Inc/Il$75.7 Mil2.4%41TRIM -7.1%13F
Paradigm Biocapital Advisors LP$78.7 Mil1.6%35New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Paradigm Biocapital Advisors LP$78.7 Mil1.6%35New13F
Caligan Partners LP$48.9 Mil3.5%24ADD +35.2%13F
TCG Crossover Management, LLC$124.4 Mil3.6%49ADD +12.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Kynam Capital Management, LP$41.1 Mil2.7%35ExitedDec 31, 202513F
Trails Edge Capital Partners, LP$18.4 Mil4.5%23ExitedDec 31, 202513F
Boone Capital Management LLC$10.5 Mil3.3%15ExitedDec 31, 202513F
Commodore Capital LP$94.8 Mil5.5%36TRIM -26.7%Mar 31, 202613F
BVF Inc/Il$75.7 Mil2.4%41TRIM -7.1%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Nextech Invest, Ltd.$155.3 Mil10.9%17Hold13F
TCG Crossover Management, LLC$124.4 Mil3.6%49ADD +12.1%13F
Commodore Capital LP$94.8 Mil5.5%36TRIM -26.7%13F
Paradigm Biocapital Advisors LP$78.7 Mil1.6%35New13F
BVF Inc/Il$75.7 Mil2.4%41TRIM -7.1%13F
Caligan Partners LP$48.9 Mil3.5%24ADD +35.2%13F
5AM Venture Management, LLC$39.4 Mil10.9%20Hold13F
Elmind Capital, LP$13.4 Mil3.8%34Hold13F
Core Cache Last Updated: 10/19/2026