Tyra Extends Cash Runway to 2030 After $400 Million Raise

The Tip Desk · November 12, 2026 · 3 min read

Cash, cash equivalents and marketable securities were $700.5 million as of September 30, 2026, after a September underwritten offering.

Tyra Biosciences, Inc. (TYRA), a clinical-stage biotechnology company developing FGFR-targeted precision medicines, completed a $400 million underwritten public offering in September 2026 and said the proceeds, together with existing cash, are expected to fund planned operations through 2030.

Cash, cash equivalents and marketable securities were $700.5 million as of September 30, 2026, versus $353.9 million at June 30, 2026, when the company had described runway into the second half of 2028. The offering, led by RA Capital Management, raised approximately $400 million in gross proceeds before discounts and expenses.

The quarter also delivered the first Phase 2 efficacy readout in the company’s “dabogratinib 3x3” strategy. In September 2026, Tyra reported initial results from SURF302, its Phase 2 ablative study of oral dabogratinib in FGFR3-altered low-grade intermediate-risk non-muscle invasive bladder cancer, with a data cutoff of August 31, 2026. At 60 mg once daily, the drug showed a 79% overall response rate and a 64% best overall response complete-response rate among participants with single and multiple marker lesions (n=14). Among participants with a single marker lesion (n=8), the 60 mg cohort showed a 100% overall response rate and a 75% complete-response rate. Initial safety results were favorable across both dose cohorts (n=44), with no Grade 3 treatment-related adverse events at 60 mg. Enrollment in the 60 mg cohort is complete; a 70 mg cohort is enrolling. Tyra said it is preparing for a Phase 3 adjuvant study, with initiation expected in 2027, subject to regulatory feedback.

President and Chief Executive Officer Todd Harris said the company believes dabogratinib has the potential to be the first oral FGFR3-selective inhibitor in IR NMIBC and that the strengthened balance sheet supports the 3x3 strategy through late-stage development.

In SURF303, a Phase 2a/b study in low-grade upper tract urothelial carcinoma, Tyra reported that the first participant treated achieved a complete response at the 3-month assessment on 60 mg once daily, with no observed treatment-emergent adverse events as of the August 31 cutoff. Additional clinical results are expected in 2027.

In BEACH301, the Phase 2 study in children ages 3 to 10 with achondroplasia, the safety sentinel cohort advanced through five dose levels. The Data Safety Monitoring Committee authorized a sixth level at 0.875 mg/kg. Initial six-month annualized height-velocity and safety results for about 25 children are expected in 2027.

Research and development expenses for the three months ended September 30, 2026 were $43.1 million, compared with $25.5 million a year earlier. The company said the increase was primarily driven by dabogratinib development in SURF303, SURF302 and BEACH301, with the remainder from personnel, facilities and other costs. General and administrative expenses were $11.7 million, versus $7.5 million a year earlier, primarily higher compensation from headcount growth.

Net loss was $51.1 million for the three months ended September 30, 2026, compared with $29.9 million a year earlier, or $0.74 a share versus $0.50. Weighted-average shares used to compute net loss per share were 69.1 million, versus 59.7 million a year earlier.

Cash and cash equivalents were $456.0 million and marketable securities $244.5 million at September 30, 2026.

Tyra said upcoming clinical milestones include Phase 3 adjuvant initiation and additional SURF302 ablative results in IR NMIBC, initial Phase 2 results in LG-UTUC, and initial Phase 2 results from the BEACH301 safety sentinel cohort, all in 2027.