Tyra Biosciences (TYRA) Q2 2026 earnings summary

Executive summary

• Developing next-generation precision medicines targeting FGFR biology, with lead candidate dabogratinib in three Phase 2 trials for oncology and skeletal dysplasia indications, including LG-UTUC, IR NMIBC, and ACH.

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

• Appointed Jonathan Day as EVP, Clinical Development, to lead skeletal dysplasia strategy.

• No revenue generated to date; operations funded by equity offerings and warrant issuances.

• Cash, cash equivalents, and marketable securities totaled $353.9 million as of June 30, 2026, providing runway into the second half of 2028.

Financial highlights

• Net loss for Q2 2026 was $45.6 million, compared to $28.1 million in Q2 2025; net loss for the first half of 2026 was $84.9 million, up from $56.2 million year-over-year.

• Operating expenses rose to $49.0 million in Q2 2026 from $31.5 million in Q2 2025, driven by increased R&D and G&A costs.

• R&D expenses for Q2 2026 were $39.2 million, up from $24.3 million in Q2 2025; G&A expenses for Q2 2026 were $9.8 million, up from $7.1 million in Q2 2025.

• Cash, cash equivalents, and marketable securities totaled $353.9 million at June 30, 2026.

• Weighted-average shares outstanding increased to 65,991,171 in Q2 2026 from 59.55 million in Q2 2025.

Outlook and guidance

• Cash runway expected to fund operations into the second half of 2028 based on current plans.

• Initial results from key clinical trials (SURF302, SURF303, BEACH301) expected between September 2026 and Q1 2027.

• Anticipates continued increases in R&D and G&A expenses as clinical programs advance and headcount grows.