Executive Summary

TYRA ended Q1 2024 with cash, cash equivalents, and marketable securities of $382.5M, extending runway “through at least 2026” and supporting multiple Phase 2 preparations; net loss per share was $(0.35) versus $(0.28) a year ago .
Pipeline milestones maintained: SURF301 Phase 1 initial results expected in 2H24 and IND submission for TYRA-300 in pediatric achondroplasia in 2H24; Phase 1 SURF201 for TYRA-200 is enrolling .
Board strengthened with appointments of Drs. Susan Moran and Michael Rothenberg, adding deep FGFR and targeted oncology expertise; investor engagement expanded via multiple conferences .
Against consensus EPS from third-party sources, TYRA delivered a significant beat: actual EPS $(0.35) vs consensus $(0.46), +$0.11 surprise; revenue not reported (pre-revenue biotech). S&P Global consensus was unavailable due to access limitations .

What Went Well and What Went Wrong

What Went Well

Strong liquidity following February 2024 $200M private placement; Q1 cash and marketable securities totaled $382.5M, supporting execution through at least 2026 .
Pipeline execution on track: “TYRA-300 clinical profile continues to mature” in SURF301, with Part B dose expansion to support Phase 2 in NMIBC and mUC; ACH IND submission remains on track for 2H24 .
Board upgrades bring domain expertise in FGFR biology and targeted oncology, reinforcing program strategy and potential value creation .
Management quote: “We believe this work will support future Phase 2 studies in NMIBC and metastatic urothelial carcinoma, where we see tremendous opportunity for an oral FGFR3-selective inhibitor.” — Todd Harris, CEO .

What Went Wrong

Increased OpEx: R&D rose to $17.2M from $10.4M YoY and G&A to $5.1M from $3.9M YoY, expanding quarterly net loss to $18.2M from $11.9M YoY .
No formal financial guidance metrics (revenue/margins) provided; visibility remains primarily program milestones and cash runway .
Earnings call transcript not available in filings or document set, limiting Q&A insight and detailed analyst dialogue in the period [ListDocuments earnings-call-transcript 2024-01-01 to 2024-06-30 returned none].

Financial Results

Metric	Q3 2023	Q4 2023	Q1 2024
Revenues ($USD Millions)	—	—	—
Net Loss ($USD Millions)	$(21.152)	$(22.830)	$(18.192)
Net Loss per Share ($)	$(0.49)	$(0.53)	$(0.35)
R&D Expense ($USD Millions)	$19.271	$20.677	$17.203
G&A Expense ($USD Millions)	$4.692	$4.957	$5.119
Total Operating Expenses ($USD Millions)	$23.963	$25.634	$22.322
Interest and Other Income, net ($USD Millions)	$2.811	$2.804	$4.130
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$215.652	$203.469	$382.462
Total Assets ($USD Millions)	$238.358	$225.857	$404.741
Total Stockholders’ Equity ($USD Millions)	$222.170	$204.262	$389.879

Estimate comparison (EPS):

Metric	Q1 2024
EPS Actual ($)	$(0.35)
EPS Consensus ($)	$(0.46)
Beat/Miss ($)	+$0.11 (Beat)

Notes: S&P Global consensus unavailable due to access limitations; third-party aggregation cited above. Revenue not reported in statements of operations, consistent with pre-revenue status .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
SURF301 Phase 1 initial results timing	2H 2024	Initial results expected 2H 2024 (Q4 update)	Initial results expected 2H 2024	Maintained
TYRA-300 ACH IND submission	2H 2024	IND submission on track for 2H 2024	IND submission on track for 2H 2024	Maintained
Cash runway	Through at least 2026	Through at least 2026 (pro-forma >$400M)	Through at least 2026 with $382.5M cash/marketable securities	Maintained
TYRA-200 SURF201 status	Ongoing	Phase 1 to initiate by YE’23; enrolling/dosing as of Q4 2023	Phase 1 SURF201 continued to advance; enrolling/dosing	Maintained

Earnings Call Themes & Trends

Note: Q1 2024 earnings call transcript not available in filings/document set searched; themes derived from company press releases for Q3 2023, Q4 2023, and Q1 2024.

Topic	Previous Mentions (Q-2: Q3 2023)	Previous Mentions (Q-1: Q4 2023)	Current Period (Q1 2024)	Trend
R&D execution (SURF301)	Dose expansion/escalation ongoing; multi-dose schedule to inform mUC/NMIBC/ACH	Part A escalation complete; Part B evaluating once/twice daily doses	Part B dose expansion continues; initial Phase 1 results in 2H24	Progressing to Phase 1 readout
ACH program (TYRA-300)	Preclinical data presented at ASBMR/ASHG; ODD granted	RPD designation granted Jan 2024; Phase 2 design expectations outlined; IND in 2H24	IND submission remains on track for 2H24	Regulatory momentum maintained
TYRA-200 (SURF201)	First patient expected by YE’23	Phase 1 initiated; enrolling/dosing FGFR2+ patients	Phase 1 continued to advance; enrolling/dosing	Steady enrollment
Cash runway/financing	Strong cash $215.7M	~$200M PIPE; pro-forma ~$403.5M, runway through at least 2026	$382.5M cash/marketable securities; runway through at least 2026	Robust liquidity
Corporate governance	—	—	Board appointments: Moran, Rothenberg; resignation of Chen	Governance strengthened

Management Commentary

“During the first quarter of 2024, we focused on execution across our pipeline including delivering on our near-term milestones for TYRA-300 in both achondroplasia and oncology.” — Todd Harris, CEO .
“We believe this work will support future Phase 2 studies in NMIBC and metastatic urothelial carcinoma, where we see tremendous opportunity for an oral FGFR3-selective inhibitor.” — Todd Harris, CEO .
“Our current cash, cash equivalents and marketable securities on hand allow us to execute on our plans through at least 2026.” — Company statement .
Prior quarter CFO emphasis: “Our ability to retain and attract high quality investors reflects the excitement around our pipeline… Our current cash… allow us to execute on our plans through at least 2026.” — Alan Fuhrman, CFO .

Q&A Highlights

The Q1 2024 earnings call transcript was not available within the filings/document catalog. Searches across earnings transcript sources and company IR did not yield a transcript for Q1 2024. As a result, specific Q&A themes, guidance clarifications, and tone shifts from the call cannot be cited [ListDocuments earnings-call-transcript 2024-01-01 to 2024-06-30 returned none].

Estimates Context

EPS: Actual $(0.35) vs third-party consensus $(0.46), beat by $0.11; S&P Global consensus was unavailable due to access limitations. Revenue was not reported (pre-revenue) .
Implications: The EPS beat reflects higher interest income on a larger cash balance post-PIPE and prudent OpEx pacing, despite YoY increases in R&D and G&A .

Key Takeaways for Investors

Liquidity is a strategic asset: $382.5M cash/marketable securities supports multiple near-term catalysts (SURF301 initial data, ACH IND) and runway through at least 2026, reducing financing overhang risk .
Near-term clinical readout: SURF301 Phase 1 initial data in 2H24 is the primary stock catalyst; dose-scheduling learnings may shape Phase 2 design and perception of TYRA-300’s differentiation in FGFR3+ urothelial/bladder settings .
ACH opportunity: ODD and RPD designations plus imminent IND in 2H24 frame a pediatric skeletal dysplasia program with potential regulatory advantages; investor focus will be on safety, growth metrics, and dose selection endpoints .
Operating discipline: Despite higher YoY OpEx, the EPS beat vs consensus underscores interest income tailwind and cost control; watch R&D trend as Phase 2 preparations intensify .
Governance and talent: Board additions strengthen clinical strategy credibility in FGFR biology and targeted oncology, potentially aiding trial design and regulatory navigation .
Risk checklist: Execution risks (enrollment, dosing, readouts), regulatory acceptance of ACH Phase 2 design, and competitive dynamics in FGFR targeting remain key watch items .
Trading setup: Ahead of 2H24 data, stock may trade on clinical conference abstracts and ACH IND submission progress; upside skew if SURF301 signals a clean tolerability/efficacy profile, downside if dosing regimens fail to demonstrate compelling activity .

Sources: Q1 2024 press release and 8-K (Item 2.02/exhibit 99.1), Q4 2023 and Q3 2023 8-Ks for trend analysis; board appointments PR; investor conference participation PR; third-party consensus/beat references where S&P Global was unavailable .

Tyra Biosciences, Inc. (TYRA)·Q1 2024 Earnings Summary