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Tyra Biosciences, Inc. (TYRA)·Q2 2024 Earnings Summary

Executive Summary

  • TYRA reported a net loss of $18.7M and diluted EPS of -$0.32 for Q2 2024, reflecting higher R&D and G&A as clinical programs expanded; the company remains pre-revenue .
  • Cash, cash equivalents and marketable securities were $373.8M, supporting runway “through at least 2026,” consistent with prior guidance; interest income rose on a larger investment balance and rates .
  • Operational highlights: IND cleared for TYRA-430 (FGFR4/3-biased) to initiate Ph1 in HCC; TYRA-300 SURF301 Ph1 initial results and ACH Phase 2 IND submission remain on track for 2H24; HCH preclinical PoC presented with long-bone length increases .
  • Leadership update: CMO transition underway to a new external candidate with S&T Committee support; management expects no disruption to ongoing clinical work .
  • Near-term catalysts likely to drive stock narrative: SURF301 Ph1 data readout, ACH IND submission, and TYRA-430 Ph1 start; runway minimises financing overhang near term .

What Went Well and What Went Wrong

  • What Went Well

    • IND clearance for TYRA-430 enables first-in-human study (SURF431) in HCC and other FGFR pathway aberrations, addressing a biomarker-targeted gap in HCC .
    • TYRA-300 program advanced across oncology (SURF301 Part B expansion cohorts) and skeletal dysplasia, with ACH Phase 2 IND still on track for 2H24; CEO reiterated preparedness and strategic focus .
    • HCH preclinical PoC presented: TYRA-300 increased femur (+3.70%), tibia (+3.75%), humerus (+3.22%), ulna (+5.03%), and foramen magnum (+5.88%) vs vehicle in the FGFR3 N540K model .

  • What Went Wrong

    • Higher operating expenses drove a wider net loss YoY: R&D rose to $18.0M (+$5.8M YoY) on CRO, manufacturing, personnel, and stock comp; G&A increased to $5.5M (+$1.6M YoY) .
    • Cash decreased sequentially vs Q1 (from $382.5M to $373.8M) due to operating cash burn and portfolio allocation into marketable securities, though overall liquidity remained strong .
    • No earnings call transcript available for Q2 2024, limiting insight into Q&A tone and granular guidance; reliance on press release and 10-Q for qualitative context .

Financial Results

  • TYRA is pre-revenue; the company states it has not generated any revenue to date. Q2 dynamics were driven by operating expenses and interest income .
MetricQ4 2023Q1 2024Q2 2024
Revenues ($USD Millions)$0.00 $0.00 $0.00
R&D Expense ($USD Millions)$20.68 $17.20 $17.997
G&A Expense ($USD Millions)$4.96 $5.12 $5.535
Total Operating Expenses ($USD Millions)$25.63 $22.32 $23.532
Interest and Other Income ($USD Millions)$2.82 $4.13 $4.830
Net Loss ($USD Millions)$(22.83) $(18.19) $(18.702)
Diluted EPS ($USD)$(0.53) $(0.35) $(0.32)
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$203.47 $382.46 $373.80
Total Assets ($USD Millions)$225.86 $404.74 $392.46
Total Stockholders’ Equity ($USD Millions)$204.26 $389.88 $376.04
  • Year-over-year (Q2 2023 vs Q2 2024) expenses and EPS:
MetricQ2 2023Q2 2024
R&D Expense ($USD Millions)$12.16 $17.997
G&A Expense ($USD Millions)$3.85 $5.535
Total Operating Expenses ($USD Millions)$16.01 $23.532
Interest and Other Income ($USD Millions)$2.74 $4.830
Net Loss ($USD Millions)$(13.27) $(18.702)
Diluted EPS ($USD)$(0.31) $(0.32)
  • Segment breakdown: TYRA operates as a single segment .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
SURF301 Ph1 initial results2H 2024Initial results to be presented at a scientific congress in 2H24 Initial results to be presented at a scientific congress in 2H24 Maintained
TYRA-300 ACH Phase 2 IND submission2H 2024Submit IND in 2H24 Submit IND in 2H24 Maintained
TYRA-430 IND / Ph1 start2H 2024+IND-enabling in progress (Q1) IND cleared; proceed with Ph1 (SURF431) Raised (milestone achieved)
Cash runwayThrough at least 2026Through at least 2026 Through at least 2026 Maintained

Earnings Call Themes & Trends

  • Note: No Q2’24 call transcript published by the company; themes derived from 8-K/press releases/10-Q .
TopicPrevious Mentions (Q4 2023)Previous Mentions (Q1 2024)Current Period (Q2 2024)Trend
R&D executionSURF301 advancing; ACH IND on track; TYRA-200 Ph1 initiated SURF301 Part B expansion; ACH IND 2H24 SURF301 Part B cohorts; SURF301 Ph1 data in 2H24 Stable progress
Regulatory milestonesRPD for ACH; ODD for ACH Emphasis on ACH IND timing TYRA-430 IND cleared; ACH IND timing reiterated Positive
Pipeline breadthFocus on FGFR3 in oncology/ACH TYRA-430 nominated; IND-enabling TYRA-430 IND cleared; expansion into HCH PoC Expanding
Cash/liquidity~$403.5M pro-forma post-PIPE $382.5M cash & securities; runway ≥2026 $373.8M cash & securities; runway ≥2026 Strong but declining sequential cash
Leadership/governanceNo major changes reportedBoard additions: Moran & Rothenberg CMO transition, S&T Committee guiding search Transitional

Management Commentary

  • “With the recent clearance of our IND for TYRA-430, our FGFR4/3 biased inhibitor, we are well positioned with three potentially best-in-class precision molecules in the clinic for oncology.” — Todd Harris, CEO .
  • “We made great progress with preclinical proof-of-concept data in hypochondroplasia and continued execution towards the filing of our IND anticipated in the second half of 2024 to support our planned Phase 2 study in achondroplasia.” — Todd Harris, CEO .
  • “The SURF301 Phase 1 portion…will provide data to inform the dosing schedule of TYRA-300…in potential future studies in mUC and NMIBC.” .
  • “The Company does not expect any disruption to ongoing clinical work [during the CMO transition].” .
  • “TYRA-300 increased long bone length and foramen magnum size in the HCH model.” — TYRA (Pharmachon 2024 results) .

Q&A Highlights

  • No Q2 2024 earnings call transcript is available on the company’s investor site; therefore Q&A details and tone cannot be assessed this quarter .

Estimates Context

  • S&P Global consensus estimates were unavailable due to a data access limit at the time of this analysis; therefore, formal comparisons to Wall Street consensus cannot be provided.
  • Third-party sources reported EPS: actual -$0.32 vs consensus -$0.41 (beat), and no revenue reported; these are NOT S&P Global figures and are provided for context only .
  • As TYRA is pre-revenue, result variability primarily reflects operating expense pacing and interest income rather than revenue/margin dynamics .

Key Takeaways for Investors

  • Near-term catalyst density is high: SURF301 Ph1 initial results (2H24), ACH Phase 2 IND submission (2H24), and TYRA-430 Ph1 start in HCC; outcomes will shape the medium-term valuation path and capital needs narrative .
  • Liquidity is robust with $373.8M and runway “through at least 2026,” reducing financing risk despite rising R&D and G&A; interest income offsets some burn .
  • The TYRA-300 program has multi-franchise potential (oncology FGFR3, ACH, HCH), with the HCH PoC adding optionality in rare diseases; data readouts in 2H24 are pivotal .
  • CMO transition introduces execution risk, but S&T Committee involvement and stated “no disruption” mitigate concern near term; monitor timing of successor appointment .
  • For trading, watch event-date press flow and scientific congress schedules tied to SURF301 Ph1 disclosure; positive safety/PK/early efficacy could be a stock catalyst, whereas mixed data or timing slips could pressure shares .
  • Strategic breadth across FGFR biology (TYRA-300/200/430) positions TYRA to benefit from validated pathways while aiming for improved selectivity and resistance profiles .
  • Absence of an earnings call transcript limits visibility into detailed guidance and KOL feedback; investors should rely on 10-Q and press releases and track upcoming conferences for additional color .