#USA #Carlsbad #Tyra Biosciences #TYRA-300 #FGFR Biology

Tyra Biosciences Reports Financial Milestones and Clinical Progress in 2024

Tyra Biosciences, Inc. (Nasdaq: TYRA), a biotechnology firm at the forefront of developing innovative precision medicines, proudly showcased its fourth-quarter and full-year financial results for 2024. The report highlighted critical advancements in clinical trials and a robust financial position, signaling the company’s commitment to addressing unmet medical needs in oncology and skeletal dysplasia.

Financial Performance and Position

As of December 31, 2024, Tyra Biosciences reported cash, cash equivalents, and marketable securities totaling $341.4 million, a notable increase from $203.5 million at the close of 2023. This financial growth was primarily driven by a successful private placement, yielding net proceeds of $199.6 million earlier in the year, ensuring the company is well-funded to pursue its strategic initiatives through at least 2027.

The financial results also noted an increase in research and development (R&D) expenses, which amounted to $80.1 million for the year—up from $62.5 million in 2023. This rise reflects Tyra’s ongoing commitment to advancing its clinical programs and enhancing operational capabilities. General and administrative expenses also grew to $24.1 million, attributed largely to heightened personnel costs associated with the scaling of operational efforts.

Clinical Advancements with TYRA-300

A key highlight of Tyra’s 2024 achievements was the progression of TYRA-300, the company's lead investigational FGFR3-selective inhibitor. This drug is primarily being evaluated for its efficacy in treating various cancers and skeletal dysplasia, including intermediate-risk non-muscle invasive bladder cancer (IR NMIBC), metastatic urothelial cancer (mUC), and achondroplasia in children.

Phase 2 Studies Initiated

In 2024, Tyra biosciences received US FDA clearance for several Phase 2 studies involving TYRA-300:
1. SURF302: A study aimed at evaluating TYRA-300 in patients with IR NMIBC.
2. BEACH301: Focused on children aged 3-10 with achondroplasia.
3. SURF301: A trial assessing the drug's impact in mUC patients pre-treated with other therapies.

Results from the SURF301 study reported promising anti-tumor activity; among patients with FGFR3+ mUC, a significant portion achieved confirmed partial responses, further validating Tyra's approach in oncology and bolstering confidence in the drug's potential effectiveness.

New Leadership Enhancements

To steer its clinical endeavors, Tyra also bolstered its leadership team in 2024, designating Maureen F. McCarthy as Chief Medical Officer, focusing on oncology strategies, and enhancing the Clinical Development team with experienced professionals well-versed in drug development.

Future Outlook and Anticipated Milestones

Looking ahead, Tyra Biosciences is poised for critical milestones in 2025, including the first dosing of participants in its BEACH301 and SURF302 trials, as well as initiating the SURF431 study for TYRA-430, an investigational FGFR4-biased inhibitor. The action plan aligns with Tyra’s strategic vision to lead advancements in oncology and improve patient outcomes significantly.

As the company progresses, it remains committed to transparency and communication, reassuring stakeholders with the potential to revolutionize treatment modalities in oncology and skeletal dysplasia.

Conclusion

Tyra Biosciences continues to focus on bringing innovative therapeutic options to market. The company's steadfast commitment to R&D, coupled with a strong financial foundation, indicates a promising trajectory for the future. The advancements made in 2024 underscore Tyra's ambition to redefine treatment paradigms across multiple challenging medical landscapes.