Full Press Release Details
Tyra Biosciences Reports First Quarter 2022 Financial Results and Highlights
-Pipeline on-track; INDs to be filed for TYRA-300 and TYRA-200 in 2022-
-Well-capitalized with cash and cash equivalents of $292.5 million as of
CARLSBAD, Calif., May 5, 2022 Tyra Biosciences, Inc. (Nasdaq: TYRA), a precision oncology company focused
on developing purpose-built therapies to overcome tumor resistance and improve outcomes for patients with cancer, today reported financial results for the quarter ended March 31, 2022 and highlighted recent corporate progress.
2022 is off to a great start at TYRA and we continue to focus our efforts on preparing for a successful transition to a clinical-stage company. We look
forward to filing INDs for both TYRA-300 and TYRA-200 this year, while continuing to advance our platform and pipeline, said Todd Harris, CEO of TYRA.
First Quarter 2022 and Recent Corporate Highlights
2022 Financial Results
About Tyra Biosciences
Biosciences, Inc. is a precision oncology company focused on developing purpose-built therapies to overcome tumor resistance and improve outcomes for patients with cancer. TYRA s proprietary in-house
discovery platform, SN P, enables the rapid and precise refinement of structural design through iterative molecular SN Pshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies.
Leveraging SN P, TYRA is developing a pipeline of selective inhibitors of Fibroblast Growth Factor Receptors (FGFR), which are altered in approximately 7% of all cancers. TYRA-300 is an
FGFR3 selective inhibitor for oncology. TYRA-200 targets FGFR2 driven cancers and resistant mutations. TYRA is also targeting achondroplasia and other
FGFR3 related skeletal dysplasias, as well as RET and FGFR4 driven cancers. TYRA is based in Carlsbad, CA. For more information about our science, pipeline and people, please visit www.tyra.bio and engage with us on LinkedIn.
Forward-Looking Statements
TYRA cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. The
forward-looking statements are based on our current beliefs and expectations and include, but are not limited to: the potential to develop next-generation targeted therapies that improve clinical outcomes; the expected IND submission timing for TYRA-300 and TYRA-200; and the progress and planned advancement of our development pipeline, including expanding the nomination of clinical candidates from our FGFR3-related
skeletal dysplasia, RET and FGFR4 programs and transitioning to a clinical-stage company. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without
limitation: we are early in our development efforts, have not tested any of our product candidates in clinical trials and the approach we are taking to discover and develop drugs based on our SN P platform is novel and unproven and it may
never lead to product candidates that are successful in clinical development or approved products of commercial value; potential delays in the commencement, enrollment, and completion of preclinical studies and clinical trials; our dependence on
third parties in connection with manufacturing, research and preclinical testing; unexpected adverse side effects or inadequate efficacy of our product candidates that may limit their development, regulatory approval, and/or commercialization;
unfavorable results from preclinical studies; results from preclinical studies or early clinical trials not necessarily being predictive of future results; our ability to maintain undisrupted business operations due to the COVID-19 pandemic, including delaying or disrupting our preclinical studies, manufacturing, and supply chain; regulatory developments in the United States and foreign countries; our ability to obtain and maintain
intellectual property protection for our product candidates and proprietary technologies; we may use our capital resources sooner than we expect; and other risks described in our prior filings with the Securities and Exchange Commission (SEC),
including under the heading Risk Factors in our annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Tyra Biosciences, Inc.
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| (unaudited) | ||||||||
| Balance Sheet Data: | ||||||||
| Cash and cash equivalents | $ | 292,499 | $ | 302,182 | ||||
| Working capital | 289,124 | 300,441 | ||||||
| Total assets | 298,971 | 306,701 | ||||||
| Accumulated deficit | (55,197 | ) | (40,371 | ) | ||||
| Total stockholders equity | 291,184 | 301,737 |
Tyra Biosciences, Inc.
Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 9,645 | $ | 3,522 | ||||
| General and administrative | 5,189 | 689 | ||||||
| Total operating expenses | 14,834 | 4,211 | ||||||
| Loss from operations | (14,834 | ) | (4,211 | ) | ||||
| Other (expense) income: | ||||||||
| Interest income | 18 | 2 | ||||||
| Other expense | (10 | ) | ||||||
| Total other expense | 8 | 2 | ||||||
| Net loss and comprehensive loss | $ | (14,826 | ) | $ | (4,209 | ) | ||
| Net loss per share, basic and diluted | $ | (0.36 | ) | $ | (2.09 | ) | ||
| Weighted-average shares used to compute net loss per share, basic and diluted | 41,551,713 | 2,009,370 |