Tyra Biosciences, Inc.
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 4, 2026
TYRA$21.15+1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-13.
0001193125-26-220645
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001193125-26-332995
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 119 previous paragraphs and 121 current paragraphs.
97 unchanged; 15 reworded; 6 added; 7 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Other income was $3.5 million and $3.4 million for the three months ended June 30, 2026 and 2025, respectively. The increase of $0.1 million was driven by higher average balances of cash, cash equivalents and marketable securities following the receipt of proceeds from the at-the-market offering program.
Current report
Comparison of the Six Months Ended June 30, 2026 and 2025
Current report
Research and development expenses were $72.7 million and $49.3 million for the six months ended June 30, 2026 and 2025, respectively. The $23.4 million increase was primarily driven by a $12.3 million increase in external costs, including a $14.2 million increase related to dabogratinib development activities supporting the ongoing SURF303, SURF302 and BEACH301 clinical trials, partially offset by a $1.9 million decrease in development activities for other programs. The remaining increase was driven by a $10.3 million increase in personnel-related expenses due to headcount growth to support expanding clinical and development activities and a $0.8 million increase in facilities and other costs.
Current report
On August 4, 2026, we entered into an amendment to the 2025 Sales Agreement (as amended, the Amended Sales Agreement) with the Sales Agent increasing the maximum aggregate offering price for shares of our common stock that we may offer and sell in at-the-market offerings through the Sales Agent under the Amended Sales Agreement from $150.0 million to such number as would not, among other limitations, exceed the number or dollar amount of shares registered on an effective registration statement pursuant to which the offering is made and for which we have filed prior to commencing the offering a prospectus or prospectus supplement. We will file a prospectus supplement with the SEC in connection with the offer and sale of up to $250.0 million of shares of our common stock pursuant to the Amended Sales Agreement on August 4, 2026. Pursuant to the Amended Sales Agreement and, after giving effect to such prospectus supplement, we may offer and sell up to an aggregate offering price of $250.0 million of our common stock.
Current report
Emerging Growth Company, Smaller Reporting Company and Non-Accelerated Filer Status
Current report
We will lose “emerging growth company” status as of December 31, 2026, the last day of the fiscal year following the fifth anniversary of the completion of our IPO. As such, after such date, we will no longer be permitted to rely on exemptions from certain disclosure requirements available to emerging growth companies. In addition, based on the market value of our common stock held by our non-affiliates as of June 30, 2026, we will no longer be a “smaller reporting company.” Accordingly, we will cease to be eligible to use the requirements for a smaller reporting company beginning with our Quarterly Report on Form 10-Q for the quarter ended March 31, 2027, and will thus be subject to additional disclosure and compliance requirements. Because we remain eligible to use the requirements for smaller reporting companies through December 31, 2026, we will continue to be a non-accelerated filer as of December 31, 2026 and will remain a “non-accelerated filer” through December 31, 2027.
Removed paragraphs (7)
Previous report
We demonstrated initial clinical proof-of-concept results with oral dabogratinib in the SURF301 study, a Phase 1 proof-of-concept study in metastatic urothelial carcinoma (mUC). Oral dabogratinib demonstrated encouraging anti-tumor activity and was generally well-tolerated, with infrequent FGFR2- and FGFR1-associated toxicities. Response, safety, pharmacokinetics (PK) / pharmacodynamics (PD) and circulating tumor DNA (ctDNA) data from this study were leveraged to select doses that have the potential to achieve our target product profile for efficacy and safety in our Phase 2 trials and beyond.
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Other Income
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Reworded paragraphs (15)
Previous wording
Our lead program, oral dabogratinib, was designed to be more selective for FGFR3 over FGFR1, FGFR2, and FGFR4 to minimize off-target side effects, providing potential clinical advantages over less selective first-generation compounds and potentially addressing key unmet needs across both urothelial cancers and skeletal dysplasia conditions. To date, oral dabogratinib has been administered to over 100 participants across multiple clinical studies.
Current wording
Our lead program, oral dabogratinib, was designed to be more selective for FGFR3 over FGFR1, FGFR2, and FGFR4 to minimize off-target side effects, providing potential clinical advantages over less selective first-generation compounds and potentially addressing key unmet needs across both urothelial cancers and skeletal dysplasia conditions. To date, oral dabogratinib has been administered to over 200 individuals across multiple clinical and healthy volunteer studies.
Previous wording
SURF303 for LG-UTUC: This open-label Phase 2a/b clinical trial was designed as a potential registrational trial to evaluate the efficacy and safety of oral dabogratinib at doses of 60 mg and 80 mg once daily (QD) in participants with FGFR3-altered low-grade upper tract urothelial carcinoma, where approximately 85% of tumors are driven by FGFR3. The Company has dosed the first patient in SURF303, with initial results expected in 2027.
Current wording
SURF303 for LG-UTUC: This open-label Phase 2a/b clinical trial was designed as a potential registrational trial to evaluate the efficacy and safety of oral dabogratinib at doses of 60 mg and 80 mg once daily (QD) in participants with FGFR3-altered LG-UTUC, where approximately 85% of tumors are driven by FGFR3. The Company is currently dosing and enrolling patients in SURF303, with initial results expected in 2027.
Previous wording
SURF302 for IR NMIBC: This open-label Phase 2 clinical trial is evaluating the efficacy and safety of oral dabogratinib at 50 mg and 60 mg QD in participants with FGFR3-altered low-grade IR NMIBC, where approximately 70% of tumors are driven by FGFR3. To date, there are more than 20 patients enrolled at US and international trial sites, and the Company expects to report initial three-month complete response data from both dose cohorts in August 2026.
Current wording
SURF302 for IR NMIBC: This open-label Phase 2 clinical trial is evaluating the efficacy and safety of oral dabogratinib at 50 mg and 60 mg QD in participants with FGFR3-altered low-grade IR NMIBC, where approximately 70% of tumors are driven by FGFR3. The Company expects to report initial results from both dose cohorts during a conference call and webcast in September 2026, including safety results from more than 40 patients and efficacy from more than 20 patients in the aggregate at both QD dose levels.
Previous wording
BEACH301 for ACH: This study is an open-label, Phase 2 dose-escalation/dose-expansion trial evaluating oral dabogratinib at lower doses (0.125, 0.25, 0.375, 0.50 mg/kg), as compared to the oncology studies, in children ages 3 to 10 with ACH with open growth plates, where approximately 99% of cases are driven by FGFR3. The study has enrolled the safety sentinel cohort, consisting of at least 3 participants per dose level in children ages 5 to 10, and is enrolling a natural history run-in for cohorts 1 and 2 with children ages 3 to 10. Initial results from the safety sentinel cohort, including 6-month average height velocity and safety data, are on-track and expected to be reported in the fourth quarter of 2026.
Current wording
BEACH301 for ACH: This study is an open-label, Phase 2 dose-escalation/dose-expansion trial evaluating oral dabogratinib at multiple doses (0.125, 0.25, 0.375, 0.50, and 0.625 mg/kg), in children ages 3 to 10 with ACH with open growth plates, where approximately 99% of cases are driven by FGFR3. The study has enrolled the safety sentinel cohort, consisting of at least 3 participants per dose level in children ages 5 to 10, and is enrolling a natural history run-in for cohorts 1 and 2 with children ages 3 to 10. No notable safety events have been reported to date. Initial results from the safety sentinel cohort, including 6-month annualized height velocity and safety data from all five dose levels, are expected to be reported at the end of the first quarter of 2027, which will include an aggregate of approximately 25 children.
Previous wording
Since the commencement of our operations in 2018, we have devoted substantially all of our resources to organizing and staffing the company, business planning, raising capital, developing our proprietary SNÅP platform, undertaking research and development activities for our development programs, establishing our intellectual property portfolio, and providing general and administrative support for our operations. We have not generated any revenue to date and have funded our operations primarily from our initial public offering (IPO), private placements of our convertible preferred stock, the issuance of common stock and pre-funded common stock warrants through a private placement and the issuance of common stock through an at-the-market offering program. Our net losses for the three months ended March 31, 2026 and 2025 were $39.3 million and $28.1 million, respectively. As of March 31, 2026, we had an accumulated deficit of $410.6 million. As of March 31, 2026, we had cash, cash equivalents and marketable securities of $383.5 million.
Current wording
Since the commencement of our operations in 2018, we have devoted substantially all of our resources to organizing and staffing the company, business planning, raising capital, developing our proprietary SNÅP platform, undertaking research and development activities for our development programs, establishing our intellectual property portfolio, and providing general and administrative support for our operations. We have not generated any revenue to date and have funded our operations primarily from our initial public offering (IPO), private placements of our convertible preferred stock, the issuance of common stock and pre-funded common stock warrants through a private placement and the issuance of common stock through an at-the-market offering program. Our net losses for the six months ended June 30, 2026 and 2025 were $84.9 million and $56.2 million, respectively. As of June 30, 2026, we had an accumulated deficit of $456.1 million. As of June 30, 2026, we had cash, cash equivalents and marketable securities of $353.9 million.
Previous wording
Research and development expenses were $33.5 million and $25.0 million for the three months ended March 31, 2026 and 2025, respectively. The $8.5 million increase was primarily driven by a $4.5 million increase in external costs, including a $5.5 million increase related to dabogratinib development activities supporting the ongoing BEACH301 and SURF302 clinical trials and start-up activities for SURF303, partially offset by a $1.0 million decrease in development activities for other programs. Personnel-related expenses also increased by $3.8 million, driven by headcount growth to support expanding clinical and development activities.
Current wording
Research and development expenses were $39.2 million and $24.3 million for the three months ended June 30, 2026 and 2025, respectively. The $14.9 million increase was primarily driven by a $7.8 million increase in external costs, including an $8.7 million increase related to dabogratinib development activities supporting the ongoing SURF303, SURF302 and BEACH301 clinical trials, partially offset by a $0.9 million decrease in development activities for other programs. The remaining increase was driven by a $6.5 million increase in personnel-related expenses primarily due to headcount growth to support expanding clinical and development activities and a $0.5 million increase in facilities and other costs.
Previous wording
General and administrative expenses were $8.5 million and $6.9 million for the three months ended March 31, 2026 and 2025, respectively. The increase of $1.6 million was primarily related to higher compensation and other personnel expenses, including an increase in non-cash stock-based compensation costs of $0.6 million, driven by headcount growth.
Current wording
General and administrative expenses were $9.8 million and $7.1 million for the three months ended June 30, 2026 and 2025, respectively. The increase of $2.7 million was primarily related to higher compensation and other personnel expenses, including an increase in non-cash stock-based compensation costs of $1.8 million, driven by headcount growth.
Previous wording
Other income was $2.7 million and $3.7 million for the three months ended March 31, 2026 and 2025, respectively. The decrease of $1.0 million was driven by lower interest rates and reduced average balances in cash, cash equivalents and marketable securities prior to the receipt of proceeds under the at-the-market offering program.
Current wording
Other income was $6.1 million and $7.1 million for the six months ended June 30, 2026 and 2025, respectively. The decrease of $1.0 million was primarily attributable to lower interest rates, partially offset by higher average balances of cash, cash equivalents and marketable securities following the receipt of proceeds from the at-the-market offering program.
Previous wording
On May 8, 2025, we entered into a sales agreement (the 2025 Sales Agreement) with TD Securities (USA) LLC (Sales Agent), under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $150.0 million in at-the-market offerings through the Sales Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale or as otherwise agreed with the Sales Agent, in accordance with the terms of the 2025 Sales Agreement. As of March 31, 2026, 4,690,532 shares of common stock have been issued and sold pursuant to the 2025 Sales Agreement for net proceeds of approximately $147.9 million, after deducting offering expenses.
Current wording
On May 8, 2025, we entered into a sales agreement (the 2025 Sales Agreement) with TD Securities (USA) LLC (Sales Agent), under which we could, from time to time, sell shares of our common stock having an aggregate offering price of up to $150.0 million in at-the-market offerings through the Sales Agent. During the three months ended March 31, 2026, 4,690,532 shares of common stock were issued and sold pursuant to the 2025 Sales Agreement for net proceeds of approximately $147.9 million, after deducting offering expenses, fully utilizing the capacity under the 2025 Sales Agreement.
Previous wording
The increase of $7.1 million in net cash used in operating activities for the three months ended March 31, 2026, compared to the same period in 2025, was primarily due to an increase of $11.2 million in net loss, offset by changes in operating assets and liabilities of $1.9 million, increases of $1.4 million in non-cash stock-based compensation expense and $0.8 million in non-cash net accretion on marketable securities.
Current wording
The increase of $14.5 million in net cash used in operating activities for the six months ended June 30, 2026, compared to the same period in 2025, was primarily due to an increase of $28.6 million in net loss, offset by changes in operating assets and liabilities of $7.5 million, increases of $5.3 million in non-cash stock-based compensation expense and $1.3 million in non-cash net accretion on marketable securities.
Previous wording
The change of $152.3 million in net cash used in investing activities for the three months ended March 31, 2026, compared to net cash provided by investing activities for the same period in 2025, was primarily driven by an increase in purchases of marketable securities of $155.3 million and a $0.1 million increase in purchases of property and equipment, partially offset by a $3.1 million increase in maturities of marketable securities.
Current wording
The increase of $155.3 million in net cash used in investing activities for the six months ended June 30, 2026, compared to the same period in 2025, was primarily due to an increase of $157.3 million in purchases of marketable securities and a $0.1 million increase in purchases of property and equipment, partially offset by a $2.1 million increase in maturities of marketable securities.
Previous wording
The increase of $158.2 million in net cash provided by financing activities for the three months ended March 31, 2026, compared to the same period in 2025, was primarily due to the $147.9 million in net proceeds from the sale of common stock under the 2025 Sales Agreement and an increase of $10.3 million in proceeds from issuances of common stock under benefit plans.
Current wording
The increase of $159.7 million in net cash provided by financing activities for the six months ended June 30, 2026, compared to the same period in 2025, was primarily due to the $147.9 million in net proceeds from the sale of common stock under the 2025 Sales Agreement and an increase of $11.8 million in proceeds from issuances of common stock under benefit plans.
Previous wording
Other than disclosed below, there were no material changes outside the ordinary course of our business during the three months ended March 31, 2026 to the information regarding our contractual obligations that was disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2025 Annual Report.
Current wording
Other than disclosed below, there were no material changes outside the ordinary course of our business during the six months ended June 30, 2026 to the information regarding our contractual obligations that was disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2025 Annual Report.
Previous wording
As of March 31, 2026, total future aggregate operating lease commitments were $7.6 million, with approximately $0.7 million due during 2026, and the remaining due in periods from 2027 through 2033.
Current wording
As of June 30, 2026, total future aggregate operating lease commitments were $7.4 million, with approximately $0.5 million due during 2026, and the remaining due in periods from 2027 through 2033.
Previous wording
There have been no material changes to our critical accounting policies and estimates during the three months ended March 31, 2026, as compared to the critical accounting policies and estimates disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2025 Annual Report.
Current wording
There have been no material changes to our critical accounting policies and estimates during the six months ended June 30, 2026, as compared to the critical accounting policies and estimates disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2025 Annual Report.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The following table summarizes our results of operations for the periods indicated (in thousands):
Current report — wording carried from elsewhere
The following table summarizes our research and development expenses by development program for the periods indicated (in thousands):
Current report — wording carried from elsewhere
General and administrative expenses were $18.3 million and $14.0 million for the six months ended June 30, 2026 and 2025, respectively. The increase of $4.3 million was primarily related to higher compensation and other personnel expenses, including an increase in non-cash stock-based compensation costs of $2.4 million, driven by headcount growth.