Breaking Down Tyra Biosciences, Inc. (TYRA) Financial Health: Key Insights for Investors

You're looking at Tyra Biosciences, Inc. (TYRA) and trying to map the clinical promise of their lead drug, dabogratinib, against the financial reality of a pure-play biotech, and honestly, it's a classic high-risk, high-reward setup. The good news is the balance sheet provides a solid buffer: as of September 30, 2025, the company held $274.9 million in cash, cash equivalents, and marketable securities, which management projects gives them a cash runway through at least 2027. That's a defintely strong position for a clinical-stage firm. But here's the quick math on the burn: the net loss for the third quarter of 2025 widened to $29.9 million, driven by a significant jump in Research and Development (R&D) expenses to $25.5 million as they push their Phase 2 studies, BEACH301 and SURF302, forward. This means the stock's near-term fate is tied directly to the clinical milestones-specifically, the interim Phase 2 results expected in 2026 for dabogratinib, their oral Fibroblast Growth Factor Receptor 3 (FGFR3) selective inhibitor. The runway is long, but the clock is ticking for positive data.

Revenue Analysis

You're looking at Tyra Biosciences, Inc. (TYRA) and trying to figure out where the money comes from, but honestly, you have to shift your focus. As a clinical-stage biotechnology company, Tyra Biosciences, Inc.'s financial health isn't driven by product sales; it's driven by its cash runway and investment income. The short answer is: they have virtually $0 in operational revenue.

The company is pre-commercial, meaning its pipeline-like its lead candidate, dabogratinib (formerly TYRA-300), for achondroplasia and bladder cancer-is still in clinical trials. So, the revenue line on the income statement is almost entirely composed of what they call Other Income, which is primarily interest earned on their substantial cash and marketable securities balance. This is the only real 'segment' contributing to the top line.

Here's the quick math on their primary inflow, based on the nine months ended September 30, 2025:

• Total Product/Service Revenue: $0
• Total Other Income (YTD Q3 2025): $10.13 million

To be fair, that $10.13 million in Other Income is a significant amount for a company at this stage, but it's not a sustainable business model. It just reflects smart cash management in a high-interest-rate environment. Still, this is the number you need to track as their core non-financing inflow.

Analyzing the year-over-year trend in this 'revenue' stream reveals a contraction, which is a key near-term risk. For the nine months ended September 30, 2024, Tyra Biosciences, Inc. reported Other Income of $13.523 million. This means the YTD 2025 Other Income of $10.13 million represents a year-over-year decrease of approximately 25.09%. This drop is likely due to the company drawing down its cash reserves to fund the accelerating research and development (R&D) costs, which rose to $74.74 million YTD Q3 2025, up from $57.90 million YTD Q3 2024.

What this estimate hides is the true revenue opportunity, which is zero until a product is approved. The entire value proposition of Tyra Biosciences, Inc. is tied to clinical execution, not current revenue. The only significant change in the revenue stream is the slight, expected decline in interest income as the cash balance is utilized to push programs like BEACH301 and SURF302 into later-stage trials. The financial focus should always be on the cash runway, which was a healthy $274.9 million as of September 30, 2025, providing a runway through at least 2027.

For a deeper dive into the operational burn rate, you should read the full analysis at Breaking Down Tyra Biosciences, Inc. (TYRA) Financial Health: Key Insights for Investors.

Profitability Metrics

You're looking at Tyra Biosciences, Inc. (TYRA) through a traditional profitability lens-Gross Profit, Operating Profit, Net Profit-but for a clinical-stage biotech, that view is defintely misleading. Tyra Biosciences, Inc. is not selling a commercial product yet, so it has no meaningful revenue. This means its traditional gross profit margin, operating profit margin, and net profit margin are all effectively zero or deeply negative.

The real profitability story here is the net burn rate (how fast they spend cash) and the operational loss that funds their pipeline. For the first nine months of 2025 (through September 30, 2025), the company reported a combined Net Loss of approximately $86.1 million. This is the key number you need to focus on right now.

Trends in Operational Loss

The trend is clear: the net loss is increasing, but this is a sign of operational progress, not failure, in this sector. You're seeing the cost of advancing their lead drug candidates, like dabogratinib, into later-stage clinical trials. Here's the quick math on the quarterly net loss trend for 2025:

• Q1 2025 Net Loss: $28.1 million
• Q2 2025 Net Loss: $28.1 million
• Q3 2025 Net Loss: $29.9 million

The third quarter's net loss of $29.9 million was a notable jump from the $24.0 million loss in the same period a year ago, Q3 2024. This isn't a surprise; it's the cost of dosing the first patients in their Phase 2 studies, SURF302 and BEACH301, which is a major milestone for the company.

Analysis of Operational Efficiency and Cost Management

Operational efficiency for a company like Tyra Biosciences, Inc. is measured by how effectively it converts cash into clinical progress, not by gross margin. Since they have no Cost of Goods Sold (COGS), the 'gross margin' is irrelevant. We look at the expense lines instead.

The primary driver of the operational loss is Research and Development (R&D) expense, which is where the clinical trial spending lives. This is the engine of the business. R&D expenses for Q3 2025 were $25.5 million, up from $22.7 million in Q3 2024. General and Administrative (G&A) expenses also climbed to $7.5 million in Q3 2025, reflecting the necessary growth in corporate infrastructure to support a maturing pipeline.

The increase in R&D is directly tied to the start-up and enrollment activities for their key Phase 2 trials, which is what investors want to see.

Industry Comparison and Investor Takeaway

Tyra Biosciences, Inc.'s financial profile-high R&D expense, increasing net loss, and zero product revenue-is typical for a clinical-stage biotech. The broader US biotechnology industry is expected to grow its revenue by around 6.3% in 2025, but this growth is concentrated in commercial-stage companies. Small-cap biotech valuations remain low, so capital efficiency is critical.

What matters most for Tyra Biosciences, Inc. is their cash runway. As of September 30, 2025, they had cash, cash equivalents, and marketable securities of $274.9 million, which they project will fund operations through at least 2027. That runway provides a buffer against the rising operational costs and gives them time to hit those critical clinical milestones expected in 2026. This cash position is the true measure of their financial health right now. If you want to dive deeper into who is funding this burn, you should check out Exploring Tyra Biosciences, Inc. (TYRA) Investor Profile: Who's Buying and Why?

Here is a summary of the key quarterly expense trends:

Your action is to monitor R&D spend against clinical progress-a sharp increase without corresponding trial advancement would be a red flag. As of now, the spending aligns with their announced Phase 2 enrollment.

Debt vs. Equity Structure

The core takeaway here is simple: Tyra Biosciences, Inc. (TYRA) is a clinical-stage biotech company with a remarkably clean balance sheet, relying almost entirely on equity funding and cash reserves, not debt. This is a deliberate, low-risk capital structure that is typical for a pre-revenue company in this sector.

As of the third quarter of the 2025 fiscal year, Tyra Biosciences, Inc.'s total debt stood at a minimal $5.92 million. This figure is dwarfed by its massive cash position, which includes cash, cash equivalents, and marketable securities totaling $274.9 million as of September 30, 2025. That's a huge cushion.

When you look at the Debt-to-Equity (D/E) ratio, the picture is even clearer. Tyra Biosciences, Inc.'s D/E ratio is an ultra-conservative 2.11% (or 0.0211). For context, the average Debt-to-Equity ratio for the broader Biotechnology industry is around 0.17, or 17%. Here's the quick math: Tyra Biosciences, Inc.'s D/E is less than one-eighth of the industry average, signaling minimal financial leverage (using borrowed money to increase potential returns) and a very low risk profile from a credit perspective.

The company's financing strategy is heavily skewed toward equity, which is common for biotech firms with long, costly R&D cycles and no immediate revenue. You're seeing a classic 'equity-first' approach, where the company raises capital through stock offerings to fund its clinical trials-like the Phase 2 studies for dabogratinib (formerly TYRA-300)-rather than taking on interest-bearing loans. This strategy allows them to keep their focus solely on clinical execution, not debt service.

Tyra Biosciences, Inc. has not reported any major debt issuances, credit ratings, or refinancing activity in 2025, precisely because they are not a borrower. The company's management has stated that their current cash and equivalents provide a runway through at least 2027, which is a defintely strong signal of financial stability for a clinical-stage firm. The risk here shifts from credit risk to dilution risk, as future funding will likely continue to come from equity offerings. You can read more about the core mission that drives this capital allocation in the Mission Statement, Vision, & Core Values of Tyra Biosciences, Inc. (TYRA).

• Total Debt (Q3 2025): $5.92 million
• Debt-to-Equity Ratio: 2.11%
• Cash and Securities: $274.9 million
• Cash Runway: Through at least 2027

Liquidity and Solvency

You want to know if Tyra Biosciences, Inc. (TYRA) has the cash to keep the lights on and fund its clinical trials, and the short answer is a definitive yes for the near term. The company's liquidity position is exceptionally strong, driven by a substantial cash reserve, but you must still track its cash burn rate closely as it ramps up R&D spending.

The core takeaway is that Tyra Biosciences, Inc. has intentionally positioned itself as a cash-rich, pre-revenue biotech, giving it a runway through at least 2027 based on its current operating plan.

Assessing Liquidity Positions: Current and Quick Ratios

When we look at liquidity, we use the Current Ratio and Quick Ratio to see if a company can cover its short-term debts. For Tyra Biosciences, Inc., these numbers are outstanding, reflecting a balance sheet designed for long-term drug development, not near-term commercial sales.

As of the most recent quarter in 2025, the Current Ratio stood at an impressive 17.71, and the Quick Ratio was 17.45. That's a huge cushion. A Current Ratio of 1.0 is considered healthy for most industries, so a ratio this high tells you that the company holds nearly 18 times more current assets than current liabilities. The Quick Ratio is almost identical because, as a clinical-stage biotech, Tyra Biosciences, Inc. has virtually no inventory to exclude from the quick calculation. It's defintely a cash-heavy operation.

Here's the quick math on their short-term financial safety:

Working Capital and Cash Flow Trends

The working capital trend is essentially a reflection of their financing and R&D spend. Tyra Biosciences, Inc.'s net current asset value-your working capital-was approximately $282.80 million recently. This figure is dominated by the cash, cash equivalents, and marketable securities, which totaled $274.9 million as of September 30, 2025.

The cash flow statement shows the real story of a development-stage company. Over the trailing twelve months (TTM) leading up to Q3 2025, the company's cash flow broke down like this:

• Operating Cash Flow: Negative $91.11 million. This is the cash burn from running the business and funding clinical trials.
• Investing Cash Flow: Positive $45.04 million. This is largely driven by the maturities of marketable securities exceeding new purchases, essentially liquidating some of their investments to fund operations.
• Financing Cash Flow: This is where the initial capital came from, but it's less significant in 2025 compared to prior years, mostly involving proceeds from common stock issuances under benefit plans.

What this estimate hides is the accelerating cost of drug development. The net loss for the nine months ended September 30, 2025, was $86.1 million, a significant increase from the $60.9 million loss in the same period a year prior. That's a clear trend of increasing operational expenditure as they push their lead candidate, dabogratinib, through Phase 2 studies.

Near-Term Liquidity Strengths and Risks

The primary strength is the massive cash hoard. The management team has been clear: the $274.9 million in cash and equivalents gives them a financial runway through at least 2027. This is crucial for a biotech, as it reduces the immediate need for dilutive financing-selling more stock-which is a major risk for investors. They have the capital to execute their clinical strategy without panic.

The key risk, however, is the negative operating cash flow. They are burning cash at a rate of over $90 million per year to advance their pipeline. If clinical trials hit a snag or require more patients, that burn rate could accelerate, shortening the runway. You need to monitor R&D expenses, which were $25.5 million in Q3 2025 alone, up from $22.7 million in Q3 2024. This is the cost of progress.

Finance: Review the latest 10-Q filing to confirm the detailed cash flow breakdown by Friday, and then read the Mission Statement, Vision, & Core Values of Tyra Biosciences, Inc. (TYRA) to understand the strategic context of the burn rate.

Valuation Analysis

You're looking at Tyra Biosciences, Inc. (TYRA) and trying to figure out if the market price reflects its true potential, which is a tricky but essential question for any clinical-stage biotech. The short answer is that, based on Wall Street's consensus, Tyra Biosciences is currently undervalued relative to its near-term price targets, but its valuation ratios look stretched because the company is still pre-revenue. You need to look past traditional metrics here.

As of November 2025, Tyra Biosciences has a market capitalization of roughly $826.17 million, and the stock is trading around the $16.04 mark. The core of the valuation debate is the enormous upside analysts see in the pipeline, particularly its lead candidate, TYRA-300, for oncology and skeletal conditions like achondroplasia. Mission Statement, Vision, & Core Values of Tyra Biosciences, Inc. (TYRA).

Is Tyra Biosciences Overvalued or Undervalued?

The analyst community is largely bullish, assigning Tyra Biosciences a consensus rating of Moderate Buy to Strong Buy. This suggests a clear belief that the stock is undervalued at its current price. The average one-year price target among analysts sits at approximately $32.00, implying a potential upside of over 50% from the current trading price. To be fair, one analyst still has a 'Sell' recommendation, so it's not unanimous.

Here's the quick math on the valuation metrics, which, honestly, are less useful for a company focused on R&D:

• Price-to-Earnings (P/E) Ratio: This is not meaningful (NM) or N/A. Tyra Biosciences is a clinical-stage biotech with no commercial revenue yet, so it is reporting losses. For the most recent quarter in 2025, the company reported an EPS of ($0.50), making a trailing P/E ratio a negative number, which is common in this sector.
• Enterprise Value-to-EBITDA (EV/EBITDA): This is also N/A. Since the company is not generating significant earnings before interest, taxes, depreciation, and amortization (EBITDA), this metric is essentially useless for valuation right now.
• Price-to-Book (P/B) Ratio: This is the most relevant traditional metric here, sitting at about 3.99. What this estimate hides is that the book value is mostly cash and short-term investments, which stood at $318.9 million as of March 31, 2025. A P/B near 4.0 is high, but it reflects the market's pricing of the intellectual property and clinical data, not just the balance sheet assets.

Stock Price Trend and Dividend Profile (2025)

The stock price trend over the last 12 months shows a volatile but upward trajectory from its lows. The 52-week price range has been between a low of $6.42 and a high of $17.78. While the stock was down 0.95% over the full 12-month period as of mid-November 2025, it has seen a year-to-date increase of 12.16%, and a massive 45.02% jump in the last three months, showing strong positive momentum from clinical updates. This volatility is defintely a feature, not a bug, of early-stage biotech investing.

As for passive income, Tyra Biosciences does not pay a dividend. The dividend yield is 0.00%, and the payout ratio is N/A. This is standard for a company like this; they are reinvesting every dollar back into research and development (R&D) to push their drug candidates through clinical trials, which is a better use of capital right now. For example, R&D expenses for the first quarter of 2025 were $25.0 million.

Here is a summary of the key valuation data points:

Your next step should be to look closely at the clinical trial data for TYRA-300, as that is the true driver of this stock's valuation, not the traditional financial ratios.

Risk Factors

You're looking at a clinical-stage biotech like Tyra Biosciences, Inc. (TYRA), so the core risk isn't about margin compression-it's about binary clinical outcomes and cash burn. The direct takeaway is that while their cash position is strong, the widening net loss means the clock is defintely ticking toward key data readouts in 2026.

The company's financial health is entirely tied to its pipeline success, especially its lead candidate, dabogratinib. You need to map three critical areas of risk: the clinical uncertainty, the financial burn rate, and the competitive landscape. Honesty, in this industry, a single clinical trial failure changes everything.

Operational and Clinical Volatility

The biggest internal risk is the inherent uncertainty of clinical trials, which is a reality for any pre-revenue biotech. Tyra Biosciences, Inc. is advancing multiple programs, including dabogratinib in achondroplasia (BEACH301) and non-muscle invasive bladder cancer (SURF302), and TYRA-430 for hepatocellular carcinoma (SURF431). This diversification is a strength, but it also means more points of potential failure.

The risk is that pivotal efficacy data for the lead programs isn't expected until at least mid-2026. What this estimate hides is the possibility of unexpected adverse side effects or inadequate efficacy, which would severely limit regulatory approval and commercialization.

• Clinical failure stalls all revenue potential.
• Regulatory setbacks cause costly delays.
• Enrollment challenges slow down timelines.

Financial Runway and Cash Burn

Tyra Biosciences, Inc. has managed its financial risk well for the near term, but the operational costs are accelerating. For the nine months ended September 30, 2025, the company reported a net loss of $(86.11) million, a significant increase from $(60.91) million in the same period in 2024. This widening loss is directly linked to increased clinical activity.

Here's the quick math: Research and Development (R&D) expenses for the nine months ended September 30, 2025, were $74.74 million, up from $57.90 million year-to-date 2024, driven by clinical start-up and enrollment costs. Still, the primary mitigation is the cash position. As of September 30, 2025, the company held $274.9 million in cash, cash equivalents, and marketable securities, which management projects will fund operations through at least 2027. That's a solid buffer, but it's finite.

Competitive and External Pressures

The external market risk is twofold: competition and macroeconomic instability. In the oncology space, Tyra Biosciences, Inc. faces competition from established players with approved pan-FGFR inhibitors, notably Incyte Corporation's Pemazyre (pemigatinib) and QED Therapeutics' Truseltiq. The company's strategy is to differentiate its lead asset, dabogratinib, as a selective FGFR3 inhibitor designed to avoid the off-target toxicities associated with pan-inhibitors.

Also, like all biotechs, Tyra Biosciences, Inc. is exposed to global economic and supply chain disruptions, which can delay clinical trial execution or increase costs. The company's primary mitigation here is its focus on a differentiated, precision-medicine approach, aiming for best-in-class status rather than first-in-class in all indications. For a deeper dive into who is backing this strategy, consider Exploring Tyra Biosciences, Inc. (TYRA) Investor Profile: Who's Buying and Why?

Growth Opportunities

You're looking at Tyra Biosciences, Inc. (TYRA) and trying to map the path from a clinical-stage company with no revenue to a commercial success. The short answer is that their growth hinges entirely on the clinical execution of their lead program, dabogratinib, an investigational, oral selective Fibroblast Growth Factor Receptor 3 (FGFR3) inhibitor. For 2025, Wall Street analysts project $0 in revenue, which is typical for a biotech at this stage, but the average earnings forecast is a net loss of about -$108.3 million. That's the cost of building a pipeline, but their $274.9 million cash position as of Q3 2025 gives them a runway through at least 2027.

Key Growth Drivers: Pipeline Execution

The near-term value inflection points aren't sales; they are clinical data readouts. The company's strategy is to build a franchise around dabogratinib by targeting multiple, distinct conditions driven by FGFR3 alterations. They are moving fast, which is why Research and Development (R&D) expenses were $25.5 million in Q3 2025 alone. The biggest opportunities lie in two areas: oncology and skeletal dysplasia.

The key growth drivers are the three Phase 2 studies for dabogratinib:

• BEACH301: Pediatric achondroplasia (ACH), the most common form of dwarfism.
• SURF302: Intermediate-risk non-muscle invasive bladder cancer (IR NMIBC).
• SURF303: Low-grade upper tract urothelial carcinoma (LG-UTUC).

We expect interim results from both BEACH301 and SURF302 in 2026, which will be the critical moment for validating this multi-indication strategy. Honestly, a positive result in even one of these large indications could dramatically change the company's valuation overnight.

Competitive Edge and Strategic Focus

Tyra Biosciences, Inc.'s competitive advantage comes from its in-house precision medicine platform, which they call SNÅP (Selective Kinase Network Analysis Platform). This platform isn't just a fancy name; it's designed to predict genetic alterations that cause acquired resistance to existing therapies, allowing them to design next-generation drugs. Dabogratinib is a perfect example: it's a potential first-in-class selective FGFR3 inhibitor that aims to avoid the dose-limiting toxicities-like hyperphosphatemia-that come from inhibiting other FGFRs (FGFR1, 2, and 4). That selectivity is the real differentiator.

They are also advancing other pipeline candidates, TYRA-430 and TYRA-200, but dabogratinib is the main event right now. The expansion into LG-UTUC (where FGFR3 alterations occur in about 85% of cases) shows a smart, focused approach to maximizing their lead asset's potential. You can see their broad ambition in their Mission Statement, Vision, & Core Values of Tyra Biosciences, Inc. (TYRA).

Financial Risk Mapping to Milestones

This is a pure clinical-stage play, so risks are tied to trial outcomes. Here's the quick math: with a consensus net loss of around $108.3 million for 2025, and cash reserves of $274.9 million, they have sufficient capital to hit their major 2026 milestones. What this estimate hides is the potential for an accelerated trial or a new partnership, which could change the burn rate. For now, the financial health is strong enough to support the clinical plan.

The table below summarizes the near-term clinical opportunities that will drive future growth and potential revenue generation beyond 2025, where analysts project revenue could jump to over $408 million in 2027 if things go well.