- Launched "dabogratinib 3x3" strategy to pursue 3 late-stage clinical studies in LG-UTUC, IR NMIBC and ACH, 3 potential blockbuster indications -

- Interim Ph2 data readouts on track: SURF302 expected by end of 1H'26 and BEACH301 in 2H '26 -

- Cash, cash equivalents and marketable securities of $256.0 million at Q4 2025; runway through at least 2027 -

CARLSBAD, Calif., March 2, 2026 /PRNewswire/ -- Tyra Biosciences, Inc. (Nasdaq: TYRA), a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology, today reported financial results for the fourth quarter and full-year ended December 31, 2025 and highlighted recent corporate progress.

"At TYRA, we are following the science," said Todd Harris, Ph.D., CEO of TYRA. "The strength of the genetic and biological validation behind FGFR3 gives us conviction to concentrate our resources and strategy around indications where this target plays a central role. Through our "dabogratinib 3x3" strategy, we are deliberately deploying capital toward high unmet needs -- low grade upper tract urothelial carcinoma (LG-UTUC), intermediate risk non-muscle invasive bladder cancer (IR NMIBC) and achondroplasia $(ACH)$ -- where selective FGFR3 inhibition has the potential to make a meaningful impact for patients, while creating significant potential long-term value."

"Oral dabogratinib reflects years of deliberate molecular optimization to achieve highly selective FGFR3 inhibition with a profile designed to balance potency, safety and convenience," said Doug Warner, MD, Chief Medical Officer of TYRA. "The clinical data generated to date -- with more than 100 participants dosed -- reinforces our confidence in its potential efficacy and tolerability and supports once-daily (QD) dosing across our targeted indications. We believe this target profile positions oral dabogratinib to deliver meaningful benefit for patients, and we look forward to expanding our clinical database this year."

Fourth Quarter and Recent Corporate Highlights

Dabogratinib 3x3 Strategy

TYRA is focused on executing our "dabogratinib 3x3" strategy: developing the first orally available, FGFR3 selective inhibitor in 3 future potentially pivotal clinical studies to support regulatory submissions with the aim to commercialize in 3 potential blockbuster indications: LG-UTUC, IR NMIBC and ACH.

"In Q4 2025, we prioritized our portfolio to maximize potential return on invested capital," commented Alan Fuhrman, Chief Financial Officer of TYRA. "Exiting metastatic bladder cancer allows us to focus financial and operational resources on the three core indications within our "dabogratinib 3x3" strategy that we believe offer the most compelling risk-adjusted opportunities."

   -- Phase 2 LG-UTUC Study -- SURF303. SURF303 is a Phase 2a/b, multicenter, 
      open-label study designed with pivotal intent to evaluate the efficacy 
      and safety of oral dabogratinib at two QD doses in participants with 
      LG-UTUC, a rare cancer where approximately 85% of tumors are driven by 
      FGFR3. Study startup is ongoing, and the first patient is anticipated to 
      be dosed in 2026. 
 
   -- Phase 2 IR NMIBC Study -- SURF302. SURF302 is a Phase 2, multicenter, 
      open-label clinical study evaluating the efficacy and safety of oral 
      dabogratinib at two QD doses in participants with FGFR3-altered low-grade 
      IR NMIBC. TYRA opened additional US and international trial sites in Q4 
      2025, and the Company expects to report initial three-month complete 
      response data by the end of 1H 2026. 
 
   -- Phase 2 ACH Study -- BEACH301. BEACH301 is a Phase 2, multicenter, 
      open-label, dose-escalation/dose-expansion study evaluating oral 
      dabogratinib in children ages 3 to 10 with achondroplasia. The study is 
      enrolling a safety sentinel cohort of at least 3 participants per dose 
      level in children ages 5 to 10, and TYRA has successfully cleared two of 
      the four dose levels with no safety events to report. The Company remains 
      on track and is expected to report interim results from the safety 
      sentinel cohort -- which will include 6-month average height velocity 
      data and safety results -- in 2H 2026. 
 
   -- Phase 1/2 mUC Study -- SURF301. At ASCO GU 2026, TYRA presented a poster 
      detailing the response, safety, pharmacokinetics/pharmacodynamics and 
      circulating tumor DNA data from the SURF301 mUC study. These 
      translational data were leveraged to select doses that have the potential 
      to achieve the target product profiles for efficacy and safety in the 
      SURF303, SURF302 and BEACH301 studies. TYRA is planning to publish final 
      Phase 1 results from SURF301 in a future scientific publication. The 
      SURF301 study is no longer recruiting patients. 

Corporate

   -- Strengthened Leadership Team. In Q4 2025, TYRA announced the appointments 
      of Bhavesh Ashar as Chief Operating Officer, and Heather Faulds as Chief 
      Regulatory Officer. Together, Mr. Ashar and Ms. Faulds will be essential 
      in advancing oral dabogratinib through potentially global Phase 2 studies 
      in skeletal dysplasia and urothelial cancers, and preparing for future 
      potential pivotal studies. 

SNÅP Platform and Pipeline

   -- TYRA continued to advance its in-house precision medicine discovery 
      engine, SNÅP, used to develop therapies in targeted oncology and 
      genetically defined conditions. 

Fourth Quarter and Full-Year 2025 Financial Results

   -- Cash, Cash Equivalents and Short-Term Investments. As of December 31, 
      2025, TYRA had cash, cash equivalents and marketable securities of $256.0 
      million. TYRA's current cash, cash equivalents and marketable securities 
      are expected to allow TYRA to execute on its plans through at least 2027. 
 
   -- Research and Development (R&D) Expenses. R&D expenses for the three 
      months ended December 31, 2025 were $28.2 million compared to $22.2 
      million for the same period in 2024, and $102.9 million for the full year 
      2025 compared to $80.1 million for the same period in 2024. The increases 
      were primarily associated with development activities for oral 
      dabogratinib, reflecting ongoing BEACH301 and SURF302 clinical trials and 
      start-up costs for SURF303, as well as development expenditures for 
      SURF431. 
 
   -- General and Administrative (G&A) Expenses. G&A expenses for the three 
      months ended December 31, 2025 were $8.3 million compared to $7.6 million 
      for the same period in 2024, and $29.8 million for the full year 2025 
      compared to $24.1 million for the same period in 2024. The increases were 
      primarily driven by higher compensation and other personnel costs driven 
      by headcount growth. 
 
   -- Net Loss. Fourth quarter net loss was $33.8 million compared to $25.6 
      million for the same period in 2024, and $119.9 million for the full year 
      2025 compared to $86.5 million for the same period in 2024. 

Upcoming Clinical Milestones:

   -- SURF303: dose first patient with LG-UTUC -- 2026 
 
   -- SURF302: initial three-month complete response data -- end of 1H 2026 
 
   -- BEACH301: initial results from safety sentinel cohort -- 2H 2026 

About Dabogratinib (formerly TYRA-300)

Dabogratinib is TYRA's lead precision medicine candidate stemming from its in-house SNÅP platform. Dabogratinib is an investigational, oral, FGFR3-selective inhibitor currently in Phase 2 development for the treatment of urologic cancers and skeletal dysplasias, specifically LG-UTUC, IR NMIBC and ACH. We believe dabogratinib was the first orally available, FGFR3 selective inhibitor to enter clinical development and it has been studied in more than 100 patients to date across multiple clinical studies. To date, oral dabogratinib has demonstrated very positive target engagement with FGFR3, favorable anti-tumor effects and safety results in oncology, and an optimized QD dosing regimen.

Oral dabogratinib is currently advancing in three Phase 2 clinical trials for LG-UTUC (SURF303), IR NMIBC (SURF302), and ACH (BEACH301). The FDA has granted Orphan Drug Designation and Rare Pediatric Disease Designation to oral dabogratinib for the treatment of achondroplasia.

Please visit the Patients page of our website for more information on our clinical trials.

About Tyra Biosciences

Tyra Biosciences, Inc. (Nasdaq: TYRA) is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in FGFR biology. TYRA's in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help TYRA design and predict which candidates may demonstrate the highest potency, selectivity and tolerability in the clinic. TYRA's expertise in FGFR biology has created a differentiated pipeline with clinical-stage programs in targeted oncology and genetically defined conditions. TYRA's lead precision medicine stemming from SNÅP, oral dabogratinib, is a potential first-in-class selective FGFR3 inhibitor in development for LG-UTUC, IR NMIBC and ACH. TYRA is also developing TYRA-430, an oral, investigational FGFR4/3-biased inhibitor for FGF19+/FGFR4-driven cancers, in the SURF431 study for advanced hepatocellular carcinoma, and TYRA-200, an oral, investigational, FGFR1/2/3 inhibitor, in the SURF201 study for metastatic intrahepatic cholangiocarcinoma. 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

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