10-Q · May 13, 2026
Tyra Biosciences reported a net loss of $39.3 million for Q1 2026, a significant increase from the $28.1 million loss in Q1 2025. R&D expenses rose to $33.5 million, reflecting ongoing clinical trials for its product…
Earnings analysis · 10-Q
TYRA earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
TYRA remains a pre-revenue clinical-stage biotechnology company, with Q2 2026 loss per share worsening to -$0.69 from -$0.64 in Q1 2026 and -$0.47 in Q2 2025 as R&D investment accelerated. The $353.9 million liquidity…
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TYRA remains a pre-revenue clinical-stage biotechnology company, with Q2 2026 loss per share worsening to -$0.69 from -$0.64 in Q1 2026 and -$0.47 in Q2 2025 as R&D investment accelerated. The $353.9 million liquidity position supports management's stated runway into the second half of 2028, but the company expanded its ATM capacity to $250.0 million after using the prior $150.0 million facility. Near-term valuation catalysts are SURF302 data in September 2026, while BEACH301 and SURF303 data are expected in 2027.
Reported figures
- Earnings per share
- $-0.69
What stood out
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Loss widened sequentially and year over year
The company had no revenue and reported a Q2 net loss of $45.6 million. Loss widened by $6.3 million from an implied $39.3 million in Q1 2026 and by $17.5 million, or 62%, from $28.1 million in Q2 2025; diluted EPS was -$0.69 versus -$0.64 in Q1 and -$0.47 a year ago.
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Cash runway projected into 2H 2028
Cash, cash equivalents and marketable securities were $353.9 million at June 30, 2026. Management believes this balance will fund operating expenses and capital expenditures into the second half of 2028.
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SURF302 catalyst expected in September
SURF302 initial results are expected in September 2026, including safety results from more than 40 patients and efficacy results from more than 20 patients across the 50 mg and 60 mg once-daily cohorts.
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BEACH301 dose escalation advances
BEACH301 has enrolled its safety-sentinel cohort across five dose levels from 0.125 mg/kg to 0.625 mg/kg, with no notable safety events reported to date. Initial data, including approximately 25 children and 6-month annualized height velocity, are expected at the end of Q1 2027.
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Dabogratinib programs remain active
External dabogratinib development spending increased $8.7 million year over year in Q2, supporting SURF303, SURF302 and BEACH301. SURF303 is dosing and enrolling patients, with initial results expected in 2027.
What to watch
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Clinical expansion materially raises expense base
Q2 operating expenses rose $17.6 million year over year to $49.0 million, driven by a $14.9 million increase in R&D and a $2.7 million increase in G&A. R&D personnel costs alone increased $6.5 million as clinical-development headcount expanded.
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Operating cash burn accelerated
Six-month operating cash use increased $14.5 million year over year to $63.6 million. Free cash flow is not disclosed because absolute capital-expenditure purchases are not provided; the filing cites a $0.1 million year-over-year increase in property-and-equipment purchases.
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Expanded $250 million ATM creates dilution risk
The prior $150.0 million ATM program was fully utilized, generating $147.9 million of net proceeds from 4,690,532 shares in Q1 2026. The amended ATM permits sales of up to $250.0 million of additional common stock, creating meaningful potential dilution.
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Key clinical readouts extend into 2027
The company shifted BEACH301 initial safety-sentinel data to the end of Q1 2027; the readout is expected to include only approximately 25 children. SURF303 initial results are not expected until 2027, leaving execution and clinical-data risk elevated.
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No new risk-factor disclosure, runway remains conditional
Item 1A states there were no material changes to risk factors from the 2025 Annual Report. Nevertheless, the $353.9 million runway estimate into the second half of 2028 depends on operating-plan assumptions, while the company recorded a $84.9 million six-month net loss.
Management's outlook
No revenue or EPS guidance was provided. Management expects SURF302 initial results in September 2026, BEACH301 safety-sentinel results at the end of Q1 2027, and believes $353.9 million of cash, cash equivalents and marketable securities at June 30, 2026 can fund operations into the second half of 2028.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.