Full Press Release Details
Tyra Biosciences Reports Fourth Quarter and Full Year 2021 Financial Results and Highlights
-Pipeline on-track; INDs expected to be filed for TYRA-300
and TYRA-200 in 2022-
-Strengthened organization with key appointment to clinical team-
-Well-capitalized with cash and cash equivalents of $302.2 million as of YE 2021-
CARLSBAD, Calif., March 3, 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 and year ended December 31, 2021 and highlighted recent corporate progress.
2021 was an important year of growth for TYRA and the progress we made has positioned us well for a meaningful 2022, said Todd Harris, CEO of
TYRA. We remain focused on execution across our pipeline and expect to submit Investigational New Drug Applications (INDs) to the U.S. Food and Drug Administration (FDA) this year for TYRA-300 and TYRA-200. In addition, we continue to advance our SN P chemistry platform with the goal to expand our pipeline through the nomination of clinical candidates from our FGFR3-related skeletal dysplasia, RET and
Fourth Quarter 2021 and Recent Corporate Highlights
Fourth Quarter and Full-Year 2021 Financial Results
About Tyra Biosciences
Tyra 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 the Fibroblast Growth Factor Receptor (FGFR) family members, which are altered in approximately 7% of all cancers including TYRA s lead product candidate
TYRA-300, an FGFR3 inhibitor and TYRA-200, an FGFR2 inhibitor, as well as programs targeting achondroplasia and other FGFR3-related skeletal dysplasias, REarranged
during Transfection kinase (RET) and FGFR4-related 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 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. 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.
| December 31, | ||||||||
| 2021 | 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 302,182 | $ | 15,224 | ||||
| Prepaid and other current assets | 1,875 | 57 | ||||||
| Total current assets | 304,057 | 15,281 | ||||||
| Restricted cash | 243 | 243 | ||||||
| Property and equipment, net | 1,027 | 297 | ||||||
| Right-of-use asset | 1,062 | 169 | ||||||
| Other long-term assets | 312 | 21 | ||||||
| Total assets | $ | 306,701 | $ | 16,011 | ||||
| Liabilities, Convertible Preferred Stock and Stockholders Equity (Deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable (including related party amounts of $47 and $0, respectively) | $ | 599 | $ | 664 | ||||
| Lease liabilities, current | 202 | 142 | ||||||
| Accrued and other current liabilities | 2,815 | 1,052 | ||||||
| Total current liabilities | 3,616 | 1,858 | ||||||
| Lease liabilities, noncurrent | 981 | |||||||
| Other long-term liabilities | 367 | 140 | ||||||
| Total liabilities | 4,964 | 1,998 | ||||||
| Commitments and contingencies | ||||||||
| Convertible preferred stock | 27,651 | |||||||
| Stockholders equity (deficit): | ||||||||
| Preferred stock | ||||||||
| Common stock | 4 | |||||||
| Additional paid-in capital | 342,104 | 439 | ||||||
| Accumulated deficit | (40,371 | ) | (14,077 | ) | ||||
| Total stockholders equity (deficit) | 301,737 | (13,638 | ) | |||||
| Total liabilities, convertible preferred stock and stockholders equity (deficit) | $ | 306,701 | $ | 16,011 |
Tyra Biosciences, Inc.
Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 7,250 | $ | 2,928 | $ | 20,636 | $ | 7,203 | ||||||||
| General and administrative | 2,682 | 749 | 5,652 | 2,094 | ||||||||||||
| Total operating expenses | 9,932 | 3,677 | 26,288 | 9,297 | ||||||||||||
| Loss from operations | (9,932 | ) | (3,677 | ) | (26,288 | ) | (9,297 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income (expense) | 5 | 13 | (1 | ) | ||||||||||||
| Change in fair value of simple agreement for future equity | (15 | ) | ||||||||||||||
| Other expense | (3 | ) | (8 | ) | (19 | ) | (23 | ) | ||||||||
| Total other income (expense) | 2 | (8 | ) | (6 | ) | (39 | ) | |||||||||
| Net loss and comprehensive loss | $ | (9,930 | ) | $ | (3,685 | ) | $ | (26,294 | ) | $ | (9,336 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.24 | ) | $ | (2.12 | ) | $ | (1.91 | ) | $ | (6.05 | ) | ||||
| Weighted-average shares used to compute net loss per share, basic and diluted | 41,304,731 | 1,741,464 | 13,780,546 | 1,542,174 |