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Tyra Biosciences , Inc. (NASDAQ:TYRA), a clinical-stage biotech company with a market capitalization of $484 million, announced Monday that it has dosed the first patient in its SURF302 Phase 2 clinical study of TYRA-300 for the treatment of low-grade, intermediate risk non-muscle invasive bladder cancer (IR NMIBC). The information was disclosed in a press release statement filed with the Securities and Exchange Commission. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 22.8x, though it’s currently unprofitable with negative earnings of $1.63 per share.
The SURF302 study is an open-label trial evaluating the efficacy and safety of TYRA-300 in participants with FGFR3-altered low-grade, intermediate risk NMIBC. The study plans to enroll up to 90 participants at multiple sites, primarily in the United States. Participants will be randomized to receive either 50 mg or 60 mg of TYRA-300 once daily. The company indicated that an additional dosing cohort may be evaluated following a review of initial efficacy and safety data. InvestingPro analysis shows that while the company holds more cash than debt, it’s quickly burning through its reserves - subscribers can access 6 additional key ProTips about TYRA’s financial position.
The primary endpoint of the trial is the complete response rate at three months. Secondary endpoints include time to recurrence, median duration of response, recurrence-free survival, progression-free survival, safety, and tolerability. Tyra Biosciences expects to report initial three-month complete response data from the study in the first half of 2026. With the stock trading at $9.10, down about 34% year-to-date, analysts maintain a bullish outlook with price targets ranging from $28 to $33.
In addition to the SURF302 study, TYRA-300 will be evaluated in pediatric achondroplasia in the BEACH301 Phase 2 study, which is currently open for enrollment. The company now expects the first child to be dosed in the second half of 2025.
Tyra Biosciences is incorporated in Delaware and is headquartered in Carlsbad, California. Its common stock is listed on the Nasdaq Global Select Market under the ticker symbol TYRA.
All information in this article is based on a press release statement filed with the SEC.
In other recent news, Tyra Biosciences has been the focus of positive analyst attention. Piper Sandler has initiated coverage of the company with an Overweight rating and set a price target of $33.00. The firm is optimistic about TYRA-300, Tyra Biosciences’ lead asset, particularly for its potential in treating metastatic urothelial carcinoma (mUC) and other conditions. Piper Sandler’s confidence is based on the drug’s high selectivity for FGFR3, which may offer a safer and more effective profile compared to existing treatments. Additionally, H.C. Wainwright has maintained its Buy rating and a $30.00 price target for Tyra Biosciences. The firm highlighted TYRA-300’s potential as an oral treatment for non-muscle-invasive bladder cancer (NMIBC), emphasizing its convenience and quality-of-life benefits for patients. A complete response rate above 70% would mark significant success for TYRA-300, according to H.C. Wainwright’s analyst. Both firms see TYRA-300 as a promising therapeutic candidate, reflecting confidence in its future prospects.
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