Tyra Biosciences (TYRA) can be described as:

• Like Blueprint Medicines (BPMC), but focused on creating next-generation cancer drugs specifically designed to overcome treatment resistance.
• A Loxo Oncology (known for targeted cancer therapies, now part of Eli Lilly) that specializes in developing drugs to outsmart cancer's resistance mechanisms.

• TYRA-300: A highly selective FGFR3 inhibitor currently in clinical development for the treatment of metastatic urothelial carcinoma and achondroplasia.
• Next-Generation FGFR Inhibitors: A pipeline of preclinical programs, including TYRA-400 and the TYRA-500 series, focused on developing novel inhibitors for various FGFR-driven cancers.
• RET Inhibitor Programs: Preclinical research and development initiatives aimed at discovering and advancing new kinase inhibitors for RET-mutant cancers.

Tyra Biosciences (TYRA) is a clinical-stage oncology company focused on developing precision medicines for patients with cancer. As a company in the drug development phase, Tyra Biosciences is not currently generating revenue from product sales or services. Therefore, it does not have "major customers" in the traditional sense of companies or individuals purchasing goods or services from them.

The company's primary activities involve research and development, preclinical studies, and clinical trials for its drug candidates. Its operations are funded primarily through equity financing (investors) and grants, rather than sales to customers. If their drug candidates are successfully developed and approved, they would either commercialize the products themselves or seek partnerships/licensing agreements with larger pharmaceutical companies for distribution and sales, at which point those partners or, ultimately, healthcare providers and patients (through prescription) would become their revenue source.

• Curia Global, Inc.
• Lonza Group Ltd. (LONN)
• Catalent, Inc. (CTLT)

Todd Harris, Chief Executive Officer Mr. Harris co-founded Tyra Biosciences in August 2018. Previously, he co-founded Sienna Biopharmaceuticals, Inc. (SNNA), a clinical-stage biopharmaceutical company, where he served as Chief Executive Officer and a member of the board of directors. Sienna Biopharmaceuticals, Inc. was later acquired by Sebacia, Inc. in January 2020 for $1.7 million. Mr. Harris began his career as a consultant at McKinsey & Company in the Health Care Practice Division. He currently serves on the board of directors of Primmune Therapeutics, Inc. Sienna Biopharmaceuticals had raised $133M in funding from institutional investors, including Arch Venture Partners, Partner Fund Management, Altitude Life Science Ventures, Venvest Capital, and Two River.

Alan Fuhrman, Chief Financial Officer Mr. Fuhrman was appointed Chief Financial Officer of Tyra Biosciences effective January 1, 2023. He is a veteran leader in the biotechnology industry with a proven track record in strategic transactions, including mergers and acquisitions. Prior to joining Tyra, Mr. Fuhrman 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. He also served as CFO of Amplyx Pharmaceuticals, Inc. and Mirna Therapeutics, which merged with Synlogic. Furthermore, Mr. Fuhrman was on the board of directors and chaired the Audit Committee for Loxo Oncology until its sale to Eli Lilly in February 2019. He also served as CFO of Ambit Biosciences, where he helped lead the company through its initial public offering and oversaw operations until its sale to Daiichi Sankyo in January 2015.

Daniel Bensen, Chief Operating Officer Mr. Bensen co-founded Tyra Biosciences in August 2018. Before Tyra, he was the Head of Immunology and Protein Chemistry at Cidara Therapeutics, Inc. Prior to Cidara, Mr. Bensen was a Principal Scientist at Trius Therapeutics, Inc., overseeing efforts to advance antibacterial agents until its acquisition by Cubist Pharmaceuticals.

Dr. Douglas Warner, M.D., Chief Medical Officer Dr. Warner was appointed Chief Medical Officer of TYRA in September 2024. He previously spent 18 years at Amgen in roles of increasing responsibility, where he oversaw clinical development for oncology and bone disease programs. His experience includes leading a team responsible for the development of medicines such as Vectibix®, XGEVA®, and Prolia®.

Robert L. Hudkins, Chief Technology Officer Mr. Hudkins joined Tyra in January 2020 and brings over 30 years of drug discovery experience, including drug design and computational chemistry. He spent the majority of his career with Cephalon, Inc., and later Teva Pharmaceuticals, where he was a Distinguished Scientist and Senior Research Fellow/Senior Research Director in Medicinal Chemistry, responsible for advancing numerous clinical candidates in oncology and neuroscience.

The key risks to Tyra Biosciences (TYRA) are primarily associated with its status as a clinical-stage biotechnology company, encompassing the uncertainties of drug development, financial sustainability, and market competition.

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage biotechnology company, Tyra Biosciences' success is highly dependent on the successful completion of clinical trials and subsequent regulatory approvals for its product candidates, such as dabogratinib (TYRA-300). There is a significant risk that the company's product candidates may exhibit unexpected adverse side effects, prove to be inadequately efficacious, or fail to receive the necessary regulatory approvals, which could severely limit their development and commercialization potential. Tyra is "early in its development efforts" and has "only recently begun testing its lead product candidate in clinical trials".
2. Financial Risk and Need for Future Funding: Tyra Biosciences operates as a development-stage company with no current revenue and increasing operating losses. The company incurs substantial research and development (R&D) and general and administrative (G&A) expenses. While the company has reported a cash runway expected to support its operations through at least 2026 or 2027, there is a risk that it "may use our capital resources sooner than we expect". This ongoing cash burn necessitates the potential for future capital raises, which could lead to dilution for existing shareholders.
3. Intellectual Property and Competition Risk: The biotechnology industry is intensely competitive, and Tyra's programs could be "negatively impacted by developments relating to our competitors". The ability to obtain and maintain robust intellectual property protection for its product candidates and proprietary technologies is critical. Failure to secure or defend its intellectual property could diminish its competitive advantage and adversely affect its business.

Tyra Biosciences (TYRA) is a clinical-stage biotechnology company with several product candidates in development. The addressable markets for their main products or services are as follows:

• TYRA-300 for Achondroplasia: The global addressable market for achondroplasia is currently valued at over $500 million annually and is growing. Achondroplasia is the most common form of dwarfism, affecting approximately 1 in 15,000 to 40,000 newborns globally, with an estimated 250,000 affected individuals worldwide.

• TYRA-300 for Oncology (FGFR-targeted therapies): For FGFR-targeted therapies in oncology, which includes indications like metastatic urothelial carcinoma (mUC) and non-muscle invasive bladder cancer (NMIBC) that TYRA-300 is being evaluated for, the global market is worth over $2 billion.

• TYRA-200 for FGFR2-mutated intrahepatic cholangiocarcinoma, endometrial cancer, and other solid tumors: Null

• TYRA-430 for hepatocellular carcinoma (HCC) and other FGF19+/FGFR4-driven cancers: Null

1. Successful Clinical Development and Potential Commercialization of Dabogratinib (TYRA-300) in Achondroplasia: Dabogratinib, an oral FGFR3-selective inhibitor, is currently in a Phase 2 study (BEACH301) for pediatric achondroplasia, with interim results anticipated in 2026. The drug has received Orphan Drug Designation from the FDA, highlighting the significant unmet medical need and potential for expedited development and market entry, which would be a substantial source of future revenue.
2. Advancement of Dabogratinib (TYRA-300) in Bladder Cancers: Tyra Biosciences is actively developing dabogratinib for various bladder cancer indications. The company is enrolling patients in Phase 2 studies for Intermediate Risk Non-Muscle Invasive Bladder Cancer (IR NMIBC - SURF302) and has cleared an Investigational New Drug (IND) application for a Phase 2 study in Low-Grade Upper Tract Urothelial Carcinoma (LG-UTUC - SURF303). Interim Phase 2 results for both indications are expected in 2026. Positive outcomes in these trials could validate the drug's potential in a large oncology market, laying the groundwork for future revenue.
3. Progression of Dabogratinib (TYRA-300) in Metastatic Urothelial Carcinoma (mUC): Interim clinical proof-of-concept results from the SURF301 Phase 1/2 study in mUC were reported in October 2024, demonstrating promising anti-tumor activity. Building on these positive results by expanding into larger studies will further de-risk this asset and increase its commercial potential in a significant oncology indication.
4. Advancement of Earlier-Stage Oncology Programs (TYRA-430 and TYRA-200): While earlier in development, the successful progression of TYRA-430 (an FGFR4/3-biased inhibitor for FGF19+/FGFR4-driven cancers) through its Phase 1 study (SURF431) and TYRA-200 (an FGFR1/2/3 inhibitor for FGFR2-altered cancers) through its Phase 1 study (SURF201) could open up additional oncology markets. Positive data from these early-stage trials could attract strategic partnerships, generate milestone payments, or demonstrate a broader and more robust pipeline, contributing to long-term revenue growth prospects.

Share Issuance

• Tyra Biosciences completed its initial public offering (IPO) in September 2021, issuing 12,420,000 shares of common stock at $16.00 per share, resulting in gross proceeds of approximately $198.7 million.
• In February 2024, the company announced a private placement financing, generating gross proceeds of approximately $200 million by selling about 15.4 million shares of common stock or pre-funded warrants at $13.01 per share.

Inbound Investments

• In January 2020, Tyra Biosciences secured $50 million through a Series A financing round, co-led by Alta Partners, RA Capital Management, Boxer Capital of Tavistock Group, and Canaan.
• The company closed a $106 million Series B financing in March 2021, led by Nextech Invest, with participation from other new and existing investors.
• A private placement financing in February 2024 brought in approximately $200 million, with RA Capital Management leading the investment alongside other institutional investors.

Capital Expenditures

• Tyra Biosciences reported minimal capital expenditures of -$90,000 for the 12 months ending September 30, 2025.
• The primary focus of capital allocation is on research and development to advance its drug development pipeline, including clinical trials for TYRA-300 (dabogratinib), TYRA-200, and TYRA-430, as well as preclinical programs and drug discovery via its SNÅP platform.
• As of September 30, 2025, the company held $274.9 million in cash, cash equivalents, and marketable securities, which is anticipated to be sufficient to cover operating expenses and capital expenditures through at least 2027.