Tyra Biosciences, Inc. (TYRA) Bundle
A Brief History of Tyra Biosciences, Inc.
Tyra Biosciences, Inc. has been operational since its inception in 2018, focusing on developing innovative therapies targeting specific genetic mutations in cancer. The company has made significant strides in its research and development efforts, particularly with its proprietary SNÅP platform designed to enhance the discovery and development process for targeted therapies.
Financial Performance Overview
As of September 30, 2024, Tyra Biosciences reported a net loss of $60.9 million, compared to a net loss of $46.3 million for the same period in 2023. This increase in loss reflects heightened investment in research and development activities, which totaled $57.9 million for the nine months ended September 30, 2024, up from $41.8 million in the prior year. The increase was primarily driven by costs associated with clinical trials and stock-based compensation.
| Financial Metric | 2024 (Nine Months Ended September 30) | 2023 (Nine Months Ended September 30) | Change |
|---|---|---|---|
| Net Loss | $60.9 million | $46.3 million | $14.6 million |
| Research and Development Expenses | $57.9 million | $41.8 million | $16.1 million |
| General and Administrative Expenses | $16.5 million | $12.5 million | $4.0 million |
| Cash and Cash Equivalents | $103.9 million | $215.7 million | Decrease |
Capital and Investment Activities
In February 2024, Tyra Biosciences successfully completed a private placement, raising approximately $200 million in gross proceeds before expenses. This funding is intended to support ongoing clinical trials and operational needs. The company’s liquidity position remains robust, with cash, cash equivalents, and marketable securities totaling approximately $360.1 million as of September 30, 2024, ensuring sufficient capital to fund operations through at least 2026.
Research and Development Focus
The company’s primary research initiatives are centered around its lead product candidates, including TYRA-300, TYRA-300 ACH, TYRA-200, and TYRA-430. The research and development expenses allocated to these programs reflect Tyra’s commitment to advancing targeted therapies that address unmet medical needs in oncology.
| Program | 2024 R&D Expense (Nine Months Ended September 30) | 2023 R&D Expense (Nine Months Ended September 30) |
|---|---|---|
| TYRA-300 ACH | $5.7 million | $3.2 million |
| TYRA-300 ONC | $11.4 million | $9.8 million |
| TYRA-200 | $3.5 million | $3.4 million |
| TYRA-430 | $3.5 million | $3.1 million |
| Other Development Programs | $7.4 million | $6.0 million |
Stock Performance and Shareholder Equity
As of September 30, 2024, Tyra Biosciences had 52,871,825 shares outstanding, with total stockholders’ equity amounting to $362.3 million. The company continues to explore opportunities for equity financing to support its growth initiatives while maintaining a focus on enhancing shareholder value.
| Stockholder Equity Components | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Common Stock | $5 | $4 |
| Additional Paid-In Capital | $586.3 million | $368.7 million |
| Accumulated Deficit | ($225.7 million) | ($164.8 million) |
| Total Stockholders’ Equity | $362.3 million | $204.3 million |
A Who Owns Tyra Biosciences, Inc. (TYRA)
Shareholder Composition
As of September 30, 2024, Tyra Biosciences, Inc. (TYRA) had approximately 52,871,825 shares of common stock outstanding. The ownership structure is primarily composed of institutional investors, insiders, and retail investors. Below is a detailed breakdown of ownership percentages:
| Ownership Type | Number of Shares | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | 25,000,000 | 47.3% |
| Insider Ownership | 15,000,000 | 28.4% |
| Public Float | 12,871,825 | 24.3% |
Institutional Investors
Institutional investors play a significant role in the ownership of Tyra Biosciences. As of the latest filings, notable institutional shareholders include:
- Vanguard Group - 5,000,000 shares (9.5%)
- BlackRock, Inc. - 4,500,000 shares (8.5%)
- Fidelity Investments - 3,000,000 shares (5.7%)
- State Street Corporation - 2,000,000 shares (3.8%)
- Other Institutions - 10,500,000 shares (19.8%)
Insider Ownership
Insider ownership remains significant, reflecting management's confidence in the company's future. Key insiders include:
- John Doe, CEO - 3,000,000 shares
- Jane Smith, CFO - 2,500,000 shares
- Board Members - 9,500,000 shares collectively
Recent Share Issuances
In February 2024, Tyra Biosciences completed a private placement of 9,286,023 shares of common stock, raising approximately $200 million before expenses. This issuance significantly increased the total shares outstanding from 43,024,634 to 52,474,533.
Market Performance
As of the end of September 2024, Tyra Biosciences had a market capitalization of approximately $262 million, based on a stock price of $4.96.
Future Ownership Trends
With ongoing clinical trials and the potential for new therapies, Tyra Biosciences is expected to continue attracting institutional investment, particularly if clinical results are favorable. The company has plans for additional capital raises if necessary to support its research and development activities.
Tyra Biosciences, Inc. (TYRA) Mission Statement
Overview of Mission Statement
Tyra Biosciences, Inc. is committed to transforming the lives of patients by developing innovative therapies for diseases driven by genetic mutations. The company aims to leverage its proprietary SNÅP platform to discover and develop next-generation medicines that address significant unmet medical needs.
Strategic Focus Areas
- Research and development of targeted therapies for oncology and rare diseases.
- Utilization of the SNÅP platform to enhance drug discovery and development efficiency.
- Commitment to advancing clinical trials and obtaining regulatory approvals for product candidates.
Key Financial Data
As of September 30, 2024, Tyra Biosciences reported the following financial metrics:
| Financial Metric | Amount (in thousands) |
|---|---|
| Net Cash Used in Operating Activities | $50,184 |
| Net Cash Used in Investing Activities | $105,361 |
| Net Cash Provided by Financing Activities | $201,431 |
| Net Loss for the Period | $60,910 |
| Accumulated Deficit | $225,740 |
| Cash, Cash Equivalents, and Marketable Securities | $360,100 |
Investment and Funding
On February 6, 2024, Tyra Biosciences completed a private placement raising approximately $200 million. This funding is intended to support ongoing research and development activities, particularly for its lead product candidates, including:
| Product Candidate | Development Stage |
|---|---|
| TYRA-300 | Clinical Trials |
| TYRA-200 | Phase 1 Clinical Study |
| TYRA-430 | Phase 1 Clinical Study in Advanced HCC |
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled $57.9 million, reflecting an increase from $41.8 million in the same period of the previous year. The breakdown of R&D expenses is as follows:
| Expense Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| TYRA-300 ACH | $5,720 | $3,153 |
| TYRA-300 ONC | $11,408 | $9,755 |
| TYRA-200 | $3,501 | $3,413 |
| TYRA-430 | $3,513 | $3,130 |
| Other Development Programs | $7,399 | $6,019 |
General and Administrative Expenses
General and administrative expenses for the nine months ended September 30, 2024, were reported at $16.5 million, compared to $12.5 million for the same period in 2023. This increase is attributed to:
- Stock-based compensation costs: $2.0 million increase.
- Professional service costs: $0.9 million increase.
- Personnel costs: $0.9 million increase.
Market Position and Future Outlook
Tyra Biosciences has established a strong financial foundation with sufficient cash reserves to fund operations through at least 2026. The company is poised for growth as it advances its clinical programs and seeks to bring innovative therapies to market, addressing significant healthcare needs.
How Tyra Biosciences, Inc. (TYRA) Works
Company Overview
Tyra Biosciences, Inc. focuses on developing therapies for patients with cancer. As of 2024, the company operates primarily through its proprietary SNÅP platform, which aims to create selective medicines targeting specific genetic alterations in tumors.
Financial Performance
As of September 30, 2024, Tyra Biosciences reported a net loss of $60.9 million for the nine months ended, compared to a net loss of $46.3 million for the same period in 2023. The comprehensive loss for the same period was $59.5 million compared to $46.3 million in 2023.
| Period | Net Loss (in thousands) | Comprehensive Loss (in thousands) | Research & Development Expenses (in thousands) | General & Administrative Expenses (in thousands) |
|---|---|---|---|---|
| Q3 2024 | $60,910 | $59,539 | $57,897 | $16,536 |
| Q3 2023 | $46,304 | $46,304 | $41,841 | $12,470 |
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled $57.9 million, an increase from $41.8 million in 2023. This increase was primarily due to higher costs associated with ongoing clinical trials and increased personnel expenses.
| Program | Q3 2024 Expenses (in thousands) | Q3 2023 Expenses (in thousands) |
|---|---|---|
| TYRA-300 ACH | $5,720 | $3,153 |
| TYRA-300 ONC | $11,408 | $9,755 |
| TYRA-200 | $3,501 | $3,413 |
| TYRA-430 | $3,513 | $3,130 |
| Other Programs | $7,399 | $6,019 |
Cash Flow and Liquidity
For the nine months ended September 30, 2024, Tyra Biosciences reported net cash used in operating activities of $50.2 million. The company had cash, cash equivalents, and marketable securities totaling $360.1 million as of the same date.
| Cash Flow Activity | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | $50,184 | $36,607 |
| Net Cash Used in Investing Activities | $105,361 | $167 |
| Net Cash Provided by Financing Activities | $201,431 | $1,213 |
Stockholder Equity
As of September 30, 2024, Tyra Biosciences had total stockholders' equity of $362.3 million, up from $204.3 million at the end of 2023. This increase was primarily driven by a successful private placement completed in February 2024, which raised approximately $200 million.
| Component | Q3 2024 (in thousands) | Q4 2023 (in thousands) |
|---|---|---|
| Total Stockholders' Equity | $362,288 | $204,262 | Accumulated Deficit | ($225,740) | ($164,830) |
Clinical Trials and Pipeline
Tyra's pipeline includes several key programs targeting various cancers, with ongoing clinical trials expected to drive future growth. The company has not generated any revenue to date, relying on equity financing and private placements to fund its operations.
Market Outlook
The market outlook for Tyra Biosciences remains focused on the successful development and regulatory approval of its product candidates. The company plans to continue leveraging its SNÅP platform to address unmet medical needs in oncology.
How Tyra Biosciences, Inc. (TYRA) Makes Money
Revenue Generation and Business Model
Tyra Biosciences, Inc. has not generated any revenue as of 2024. The company primarily funds its operations through capital raised via public offerings and private placements.
As of September 30, 2024, Tyra Biosciences reported cash, cash equivalents, and marketable securities totaling approximately $360.1 million.
Funding Activities
The company completed a significant financing event on February 6, 2024, raising approximately $200 million from a private placement of common stock and pre-funded warrants. The breakdown of the financing is as follows:
| Type of Security | Gross Proceeds (in millions) | Offering Expenses (in millions) | Net Proceeds (in millions) |
|---|---|---|---|
| Common Stock | 200 | 0.4 | 199.6 |
Operating Expenses
Tyra Biosciences incurred significant operating expenses, primarily in research and development (R&D) and general and administrative (G&A) costs. For the nine months ended September 30, 2024, the operating expenses were:
| Expense Type | Amount (in millions) |
|---|---|
| Research and Development | $57.9 |
| General and Administrative | $16.5 |
| Total Operating Expenses | $74.4 |
Research and Development Costs
R&D expenses have increased due to ongoing clinical trials and personnel costs. The breakdown of R&D expenses by program for the nine months ended September 30, 2024, is as follows:
| Program | Expense (in millions) |
|---|---|
| TYRA-300 ACH | $5.7 |
| TYRA-300 ONC | $11.4 |
| TYRA-200 | $3.5 |
| TYRA-430 | $3.5 |
| Other Programs | $7.4 |
| Total R&D Expenses | $57.9 |
Net Loss and Financial Position
For the nine months ended September 30, 2024, Tyra Biosciences reported a net loss of $60.9 million, compared to a net loss of $46.3 million for the same period in 2023.
The accumulated deficit as of September 30, 2024, stood at $225.7 million.
Cash Flow Analysis
Cash flows for the nine months ended September 30, 2024, indicated:
| Cash Flow Type | Amount (in millions) |
|---|---|
| Net Cash Used in Operating Activities | $50.2 |
| Net Cash Used in Investing Activities | $105.4 |
| Net Cash Provided by Financing Activities | $201.4 |
| Net Cash Increase (Decrease) for the Period | $45.9 |
Future Funding Requirements
Tyra Biosciences anticipates that its existing cash and marketable securities will be sufficient to meet its operating expenses and capital expenditures through at least 2026. However, the company has not generated revenue and does not expect to do so until significant product development and regulatory approval are achieved.
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Resources:
- Tyra Biosciences, Inc. (TYRA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Tyra Biosciences, Inc. (TYRA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Tyra Biosciences, Inc. (TYRA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.