Tyra Biosciences, Inc. (TYRA) - Q2 2026 10-Q Summary
Business Context and Reporting Period
Tyra Biosciences, Inc. is a clinical-stage biotechnology company focused on developing precision medicines targeting Fibroblast Growth Factor Receptor (FGFR) biology. The company operates as a single reportable segment and is classified as a non-accelerated filer, smaller reporting company, and emerging growth company. This report covers the quarterly period ended June 30, 2026.
Key Financial Metrics
| Metric | Q2 2026 (3 Months) | YTD 2026 (6 Months) | YTD 2025 (6 Months) |
|---|---|---|---|
| Revenue | $0 | $0 | $0 |
| Net Loss | $(45.6) million | $(84.9) million | $(56.2) million |
| Diluted EPS | $(0.69) | $(1.33) | $(0.95) |
| Operating Expenses | $49.0 million | $91.0 million | $63.3 million |
| Interest & Other Income | $3.4 million | $6.1 million | $7.1 million |
| Cash & Marketable Securities | $353.9 million (as of June 30, 2026) | ||
| Accumulated Deficit | $(456.1) million (as of June 30, 2026) | ||
| Net Cash Used in Operating Activities | $(63.6) million (YTD 2026) |
Material Changes vs. Prior Period
- Increased Operating Expenses: Total operating expenses for the six months ended June 30, 2026, increased by $27.7 million (44%) compared to the same period in 2025. This was driven by a $23.4 million increase in R&D expenses and a $4.3 million increase in G&A expenses.
- R&D Spend Drivers: The increase in R&D was primarily due to a $14.2 million increase in external costs for the lead program, dabogratinib (supporting SURF303, SURF302, and BEACH301 trials), and a $10.3 million increase in personnel costs due to headcount growth.
- Capital Raise: The company fully utilized its $150.0 million at-the-market (ATM) offering program in Q1 2026, generating net proceeds of approximately $147.9 million. This significantly bolstered liquidity compared to the prior year.
- Investing Activities: Net cash used in investing activities increased by $155.3 million year-over-year, primarily due to a $157.3 million increase in purchases of marketable securities.
Outlook, Guidance, and Risks
- Liquidity Runway: Management believes current cash, cash equivalents, and marketable securities ($353.9 million) are sufficient to fund operations into the second half of 2028.
- ATM Program Expansion: On August 4, 2026, the company amended its sales agreement to increase the ATM offering capacity from $150.0 million to up to $250.0 million.
- Clinical Milestones:
- SURF302 (IR NMIBC): Initial results expected in September 2026.
- BEACH301 (Achondroplasia): Initial safety sentinel cohort results expected in Q1 2027.
- SURF303 (LG-UTUC): Initial results expected in 2027.
- Risks: The company has no revenue and expects to continue incurring losses. Future capital requirements depend on clinical trial outcomes, regulatory approvals, and the ability to raise additional funds. Failure to secure funding could force delays or termination of programs.
Key Facts for Investor Verification
- Cash Position: Verify the total of $353.9 million in cash and marketable securities to confirm the runway into late 2028.
- ATM Capacity: Confirm the execution of the new $250.0 million ATM facility and the remaining capacity available for future sales.
- Burn Rate: Monitor the quarterly net loss and operating cash burn, which accelerated to $84.9 million for the first half of 2026.
- Clinical Data Readouts: Track the September 2026 data readout for the SURF302 trial (IR NMIBC) as a near-term catalyst.
- Stock-Based Compensation: Note that $18.1 million of the YTD 2026 operating expenses were non-cash stock-based compensation.