Tyra Biosciences (TYRA) Q1 2026 earnings summary

Executive summary

• Focused on developing next-generation precision medicines targeting FGFR biology, with lead candidate dabogratinib in multiple Phase 2 trials for urothelial cancers and skeletal dysplasia, and advancing the 'dabogratinib 3x3' strategy targeting three late-stage clinical studies in LG-UTUC, IR NMIBC, and ACH, with multiple data readouts expected in 2026 and 2027.

• Pipeline includes TYRA-430 (FGFR4/3 inhibitor for HCC) and TYRA-200 (pan-FGFR inhibitor for ICC), both in Phase 1 trials.

• Dosed first LG-UTUC patient in pivotal-intent SURF303 study; initial results anticipated in 2027.

• Cleared fourth dose level in BEACH301 (ACH) safety sentinel cohort; initial results expected Q4 2026.

• Strengthened leadership with the appointment of Habib Dable to the Board of Directors.

Financial highlights

• Net loss of $39.3 million for Q1 2026, compared to $28.1 million in Q1 2025, driven by increased R&D and personnel costs.

• Operating expenses rose to $42.0 million from $31.9 million year-over-year.

• Cash, cash equivalents, and marketable securities totaled $383.5 million as of March 31, 2026, providing runway into the second half of 2028.

• $147.9 million raised through ATM equity offering in Q1 2026.

• R&D expenses rose to $33.5 million, up from $25.0 million year-over-year, driven by clinical development activities.

Outlook and guidance

• Current cash position expected to fund operations into the second half of 2028.

• Initial clinical data from key Phase 2 trials expected in 2026 and 2027, including SURF302 (IR NMIBC) in August 2026, BEACH301 (ACH) in Q4 2026, and SURF303 (LG-UTUC) in 2027.

• No revenue anticipated until product candidates achieve regulatory approval, which is not expected for several years.