Tyra Biosciences (TYRA) Q4 2025 earnings summary

Executive summary

• Launched the "dabogratinib 3x3" strategy, focusing on three late-stage clinical studies in LG-UTUC, IR NMIBC, and ACH, targeting high unmet medical needs and potential blockbuster indications.

• Prioritized portfolio by exiting metastatic bladder cancer to concentrate resources on core indications with the most compelling risk-adjusted opportunities.

• Strengthened leadership team with new COO and Chief Regulatory Officer appointments to support advancement of clinical programs.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $256.0 million at year-end 2025, providing runway through at least 2027.

• R&D expenses rose to $28.2 million in Q4 2025 (from $22.2 million in Q4 2024) and $102.9 million for the full year (from $80.1 million in 2024), mainly due to clinical development activities.

• G&A expenses increased to $8.3 million in Q4 2025 (from $7.6 million in Q4 2024) and $29.8 million for the year (from $24.1 million in 2024), driven by higher compensation and headcount.

• Net loss was $33.8 million for Q4 2025 (vs. $25.6 million in Q4 2024) and $119.9 million for the year (vs. $86.5 million in 2024).

Outlook and guidance

• Interim Phase 2 data readouts expected: SURF302 by end of 1H 2026 and BEACH301 in 2H 2026.

• SURF303 (LG-UTUC) study startup ongoing; first patient dosing anticipated in 2026.

• Cash position expected to fund operations through at least 2027.