Tyra Biosciences, Inc. (TYRA): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Tyra Biosciences, Inc. (TYRA), and honestly, the model is classic high-stakes biotech: a focused race to clinical validation. Right now, the game is about efficiently deploying that $274.9 million in cash and equivalents-as of Q3 2025-to push their next-gen FGFR-targeting therapies, like dabogratinib, past key inflection points before 2027. We're talking about a structure heavily weighted toward Research and Development (R&D), with $25.5 million spent just on trials in Q3, so understanding how they partner, who they target, and where the money goes is defintely key to assessing the risk/reward. Dive into the full Business Model Canvas below to see the nine blocks driving this strategy.

Tyra Biosciences, Inc. (TYRA) - Canvas Business Model: Key Partnerships

The operational execution of Tyra Biosciences, Inc. (TYRA) is heavily reliant on external specialized entities to advance its FGFR-targeted pipeline, particularly dabogratinib (formerly TYRA-300).

Clinical Research Organizations (CROs) for global trial execution

While specific CRO partners are not publicly detailed, the execution of global, multicenter trials for dabogratinib necessitates significant CRO engagement. The company is actively enrolling in Phase 2 studies, which implies established operational partnerships for site management and data collection.

• Enrollment is progressing across the Phase 2 study BEACH301 for pediatric achondroplasia.
• Enrollment is progressing across the Phase 2 study SURF302 for low-grade, intermediate-risk non-muscle invasive bladder cancer (IR NMIBC).
• The SURF302 study is designed to enroll up to 90 participants.
• Interim results from both BEACH301 and SURF302 are expected in 2026.

Academic and medical centers for patient enrollment and clinical expertise

The nature of the trials, especially for rare diseases like achondroplasia, mandates partnerships with specialized academic and medical centers globally. The company has also onboarded key clinical leadership to guide these efforts.

• Dr. Erik Goluboff, an academic urologic oncologist, was appointed SVP of Clinical Development to lead the NMIBC program.
• The BEACH301 study evaluates dabogratinib in children with achondroplasia ages 3 to 10.
• The company advanced dabogratinib into low-grade upper tract urothelial carcinoma (LG-UTUC) for study SURF303, where FGFR3 alterations occur in approximately 85% of cases.

Regulatory bodies (e.g., U.S. FDA) for drug approval pathways

The U.S. Food and Drug Administration (FDA) clearance is a critical gatekeeper for Tyra Biosciences, Inc. (TYRA)'s clinical strategy. The company has secured multiple clearances for its lead candidate.

Contract manufacturing organizations (CMOs) for drug substance production

While specific CMO names are not public, the progression of multiple candidates into Phase 2 trials indicates established Chemistry, Manufacturing, and Controls (CMC) partnerships. Increased CMC costs were noted in Q2 2025 R&D expenses.

The Research and Development (R&D) expenses for the three months ended June 30, 2025, were $24.3 million, which included increased CMC and personnel-related costs.

Institutional investors like Farallon Capital for funding stability

Tyra Biosciences, Inc. (TYRA) relies on a base of specialized institutional investors to maintain its operational runway, which is critical given its clinical-stage, pre-revenue status. The company reported a strong cash position as of the third quarter of 2025.

As of September 30, 2025, Tyra Biosciences, Inc. (TYRA) had cash, cash equivalents, and marketable securities of $274.9 million, providing runway through at least 2027. This is down from $318.9 million at the end of Q1 2025.

Key institutional holders as of late 2025 include specialized biotech funds, though Farallon Capital Management, L.L.C. was noted in earlier 2025 filings.

Overall, 255 institutional owners held shares as of the latest filings, representing over 107.48% of the float (ex 13D/G) in February 2025, showing high conviction from professional money managers.

Tyra Biosciences, Inc. (TYRA) - Canvas Business Model: Key Activities

You're looking at the core engine of Tyra Biosciences, Inc. (TYRA) right now-the activities that consume capital and are designed to generate the future value. It's all about moving molecules through the clinic and protecting the science behind them. Here's the quick math on their cash position to fund this work: as of September 30, 2025, TYRA held $274.9 million in cash, cash equivalents, and marketable securities, which they expect covers operations through at least 2027.

The primary operational focus is advancing the three clinical-stage programs that stem from their proprietary SNÅP platform. This platform is key; it's their in-house precision medicine discovery engine used to design targeted inhibitors.

Advancing three clinical-stage programs: dabogratinib, TYRA-430, and TYRA-200

• Dabogratinib (lead candidate, FGFR3-selective inhibitor) is being developed for skeletal dysplasia and cancer.
• TYRA-430 is an oral, investigational FGFR4/3-biased inhibitor targeting FGF19+/FGFR4-driven cancers.
• TYRA-200 is an oral, investigational FGFR1/2/3 inhibitor designed for activating FGFR2 gene alterations.

Executing Phase 2 trials for dabogratinib in achondroplasia (BEACH301) and bladder cancer (SURF302)

Enrollment is progressing across these Phase 2 studies, with management noting strong engagement from the clinical and patient communities. The Research and Development (R&D) expenses reflect this activity, coming in at $25.5 million for the three months ended September 30, 2025.

For BEACH301, the study in pediatric achondroplasia, a safety sentinel cohort is enrolling at least 3 participants per dose level, with cohorts planned to enroll up to 10 participants per dose level across dose levels of 0.125, 0.25, 0.375, and 0.50 mg/kg. Dabogratinib has Orphan Drug Designation (ODD) and Rare Pediatric Disease (RPD) Designation for achondroplasia.

SURF302, evaluating dabogratinib in FGFR3-altered low-grade intermediate risk non-muscle invasive bladder cancer (IR NMIBC), involves randomization to 50 mg once-daily (QD) or 60 mg QD.

Continuous refinement of the proprietary SNÅP precision medicine platform

The SNÅP platform is the core technology enabling the pipeline, utilizing iterative molecular SNÅPshots to predict resistance alterations. TYRA continued to advance this discovery engine through Q3 2025.

Generating and publishing clinical/preclinical data to validate drug mechanism

The company is focused on delivering pivotal data in 2026. Preclinical data supporting dabogratinib's mechanism in skeletal dysplasias beyond achondroplasia was published in JCI Insight in April 2025.

Upcoming data readouts are critical milestones:

Securing intellectual property and patent protection for novel inhibitors

The proprietary nature of the SNÅP platform and its resulting assets is a core element, with analyst coverage highlighting the platform as a key differentiator. The company's General and Administrative (G&A) expenses were $7.5 million for the third quarter of 2025, which includes costs related to personnel supporting these strategic functions. Analyst firms maintain positive ratings, reflecting confidence in the market potential of assets like dabogratinib.

Finance: review Q4 2025 R&D spend against Q3 2025 actuals of $25.5 million by end of month.

Tyra Biosciences, Inc. (TYRA) - Canvas Business Model: Key Resources

When you look at the core assets powering Tyra Biosciences, Inc., it really boils down to proprietary technology, financial runway, and the people who can execute the science. These are the things that make the business function day-to-day.

The financial foundation is solid for near-term operations. As of the end of the third quarter of 2025, Tyra Biosciences, Inc. reported cash, cash equivalents, and marketable securities totaling $274.9 million. Honestly, that figure gives the company a projected runway to execute its plans through at least 2027. Still, you have to factor in the burn rate; for the three months ended September 30, 2025, Research and Development (R&D) Expenses were $25.5 million, and General and Administrative (G&A) Expenses were $7.5 million, resulting in a net loss of $29.9 million for that quarter. Here's the quick math: that cash position is what funds the next critical data readouts.

The technological edge is centered on the proprietary SNÅP platform. This in-house discovery engine is designed for rapid, precise drug design. What this means in practice is that full structural SNÅPshots, which show the real-world interaction between a drug and its target, can be obtained in as little as 7 days, instead of the weeks or months typical for older methods. This speed allows for rapid iteration on molecular designs, focusing on addressing key disease drivers and overcoming resistance mechanisms.

The company's deep expertise in Fibroblast Growth Factor Receptor (FGFR) biology is the scientific bedrock that informs the platform's application. This knowledge base is directly translated into their pipeline, which is focused on developing next-generation precision medicines for large opportunities in this area.

The pipeline itself represents significant tangible resources, comprised of clinical-stage assets and the data generated from their ongoing trials. You need to track these assets closely:

• The lead candidate is dabogratinib (formerly TYRA-300), an oral, FGFR3-selective inhibitor.
• TYRA-430 is an oral, investigational FGFR4/3-biased inhibitor targeting FGF19+/FGFR4-driven cancers.
• TYRA-200 is an oral, investigational FGFR1/2/3 inhibitor designed for potency against FGFR2 alterations and resistance mutations.

Here's a breakdown of the clinical-stage assets and their current studies as of late 2025:

Finally, the human capital is being actively strengthened. While you asked about a new SVP of Clinical Development, the company recently made key operational hires in December 2025. Bhavesh Ashar was appointed Chief Operating Officer, effective December 1, 2025, with an initial annual base salary set at $550,000 and a 40% annual bonus target. Heather Faulds joined as Chief Regulatory Officer on December 8, 2025. These appointments reflect strategic efforts to enhance leadership capabilities to advance the oral dabogratinib through global Phase 2 studies.

Tyra Biosciences, Inc. (TYRA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Tyra Biosciences, Inc. (TYRA) commands the market attention it does right now, late in 2025. Their value proposition isn't about current sales-they're pre-revenue-it's entirely about the differentiated science they are pushing through clinical development, grounded in their proprietary SNÅP platform.

Next-generation precision medicines targeting FGFR-driven diseases form the bedrock of their offering. The Fibroblast Growth Factor Receptor (FGFR) family is altered in about 7% of all cancers, representing a broad, yet addressable, target space for their precision approach. The company's strategy centers on designing highly selective inhibitors intended to circumvent the acquired resistance that plagues many existing targeted therapies.

The lead asset, dabogratinib (formerly TYRA-300), is positioned as a first-in-class selective oral FGFR3 inhibitor, which is a key differentiator. This selectivity is designed to avoid toxicities associated with inhibiting FGFR1, FGFR2, and FGFR4, while remaining effective against FGFR3 gatekeeper mutations.

The potential for a non-surgical, oral treatment for pediatric achondroplasia is a massive value driver. Achondroplasia, the most common form of dwarfism, affects approximately 250,000 individuals globally, with the underlying FGFR3 G380R gain-of-function mutation present in about 99% of cases. Current treatments require daily injections, so an oral, disease-modifying therapy is a significant shift. The achondroplasia market was valued at $185 million in 2025 and is projected to reach $294 million by 2030. Tyra Biosciences initiated the BEACH301 Phase 2 study in August 2025, evaluating dabogratinib in children aged 3 to 10, with initial safety sentinel cohort results anticipated in the 2H 2026.

Tyra Biosciences is also targeting high unmet need cancers with this same precision medicine. Dabogratinib is being advanced in Phase 2 for IR NMIBC (Intermediate Risk Non-Muscle Invasive Bladder Cancer) via the SURF302 study, where FGFR3 alterations are found in approximately 85% of LG-UTUC cases. The SURF302 study will enroll up to 90 participants randomized to 50 mg QD or 60 mg QD, with the primary endpoint being complete response rate at three months. Initial three-month complete response data for SURF302 is expected in the 1H 2026.

For HCC (Hepatocellular Carcinoma), the value proposition is built around TYRA-430, an oral, investigational FGFR4/3-biased inhibitor, which is currently enrolling and dosing adults in the Phase 1 SURF431 study. This is important because, for advanced HCC driven by FGF19+/FGFR4 aberrations, there are no approved biomarker-driven, targeted therapies yet.

To give you a clear picture of the pipeline advancing these value propositions, here's the current status as of late 2025:

The ability to fund this science is part of the value proposition for investors. As of September 30, 2025, Tyra Biosciences held $274.9 million in cash, cash equivalents, and marketable securities, which is projected to support operations through at least 2027. This financial buffer is critical while R&D expenses for the third quarter of 2025 stood at $25.5 million, funding the advancement of these multiple clinical-stage programs.

The core value is the scientific platform that enables these targeted therapies:

• Dabogratinib is the only oral FGFR3-selective inhibitor in clinical development for achondroplasia.
• The SNÅP platform helps predict genetic alterations causing acquired resistance.
• The pipeline is designed to overcome resistance to existing treatments.
• FGFR3 alterations are present in approximately 85% of LG-UTUC cases.

Tyra Biosciences, Inc. (TYRA) - Canvas Business Model: Customer Relationships

You're running a clinical-stage biotech, so your customer relationships aren't about selling widgets; they're about building trust with the scientific community, regulators, and, most importantly, the patient populations you aim to serve. Tyra Biosciences, Inc. has clearly structured its engagement around these critical, high-stakes interactions.

High-touch engagement with Principal Investigators and clinical sites

The core of your clinical development success hinges on the Principal Investigators (PIs) and the sites running your trials. Tyra Biosciences, Inc. has been actively managing this relationship as its lead asset, dabogratinib, moves through Phase 2 studies. Enrollment progress across the BEACH301 (pediatric achondroplasia) and SURF302 (intermediate risk non-muscle invasive bladder cancer) Phase 2 studies reflects this engagement, as noted in the Q3 2025 highlights. Enrollment continues to progress across these studies, which speaks directly to the strength of site relationships.

This engagement is geographically broad, with the company operating clinical trials across North America and Europe, requiring consistent, high-touch communication with investigators in both regions. The BEACH301 study, for instance, is a multicenter, open-label, dose-escalation/expansion study for children ages 3 to 10 with achondroplasia. The initial safety sentinel cohort in BEACH301 involved up to 3 participants per dose level for children ages 5 to 10. You need to keep those PIs engaged, especially when dealing with rare diseases.

Here's a quick look at the clinical trial milestones reflecting this relationship activity:

The commitment to addressing FGFR3-driven disorders, including expanding dabogratinib into low-grade upper tract urothelial carcinoma (LG-UTUC), further reinforces the need to build relationships with specialists in those specific oncology fields.

Direct communication with patient advocacy groups for rare diseases (e.g., achondroplasia)

For a rare disease like achondroplasia, patient advocacy groups are not just stakeholders; they are essential partners in trial design and recruitment. Tyra Biosciences, Inc. explicitly credits the achondroplasia community, including advocacy organizations, for partnering to shape the BEACH301 program. The CEO noted that enrollment progress reflects strong engagement from the patient communities.

This focus is on a market segment that, while rare, is significant. Achondroplasia affects approximately 250,000 individuals globally. The market size in 2025 is estimated at $185 million, projected to reach $294 million by 2030. Tyra Biosciences, Inc.'s approach, which includes leveraging the FDA's rare pediatric disease framework, is directly supported by this collaborative relationship, mitigating some of the inherent clinical trial risks.

The company's communication strategy here is one of deep partnership:

• Grateful to the community for partnering to shape the BEACH301 program.
• Working together with advocacy groups and patient families to improve functional ability.
• Focus remains on patients living with skeletal dysplasia who need precise options of care.

Investor relations and public disclosures (e.g., Q3 2025 earnings) to maintain trust

Maintaining investor trust is paramount, especially for a clinical-stage company. Tyra Biosciences, Inc. uses regular, structured disclosures to manage expectations. The report of Third Quarter 2025 Financial Results and Highlights on November 5, 2025, is a prime example. You want to show fiscal discipline and clear progress against milestones.

Financially, the Q3 2025 report showed cash, cash equivalents, and marketable securities of $274.9 million as of September 30, 2025. Crucially, this level of liquidity is expected to allow the company to execute on its plans through at least 2027. On the earnings performance front, the reported EPS for Q3 2025 was -$0.50, which exactly hit the consensus estimate of -$0.50. Hitting consensus is a key trust signal.

Beyond quarterly reports, management actively engages through conferences:

• Participated in H.C. Wainwright 27th Annual Global Investment Conference on September 10, 2025.
• Announced participation in the Jefferies London Healthcare Conference on November 19, 2025.
• Scheduled for the Piper Sandler 37th Annual Healthcare Conference on December 2 - 4, 2025.

These events feature fireside chats and one-on-one meetings, which are the definition of high-touch engagement for the financial community.

Scientific presentations at medical conferences (e.g., ENDO 2025)

The scientific community is a primary customer segment for validating the underlying technology and data. Tyra Biosciences, Inc. presented preclinical data at The Endocrine Society's Annual Meeting (ENDO 2025) in San Francisco, CA, from July 12-15, 2025. Specifically, a late-breaking poster presentation occurred on July 13, 2025, from 12:00 PM - 1:30 PM.

The poster was titled: 'TYRA-300 Promotes Bone Growth In Two Mouse Models Of FGFR3-related Skeletal Dysplasia,' presented in Session P70. This presentation directly supports the clinical development of dabogratinib (TYRA-300) for achondroplasia. Furthermore, the company presented at other key medical meetings earlier in 2025, including ASCO GU 2025 on February 14, 2025, and 2025 ASCO GI on January 24, 2025.

The presentation materials themselves are part of the relationship building, as the ENDO 2025 poster was made available on the investor relations site following the conference. You're showing the science, which is the product's foundation.

Finance: review cash runway projection against Q4 2025 R&D spend by next Tuesday.

Tyra Biosciences, Inc. (TYRA) - Canvas Business Model: Channels

You're hiring before product-market fit, so your channels for getting your investigational medicines to patients and regulators are everything. Tyra Biosciences, Inc. relies heavily on its clinical trial infrastructure and scientific communication to move its pipeline forward as of late 2025.

Global network of clinical trial sites for patient recruitment and dosing

The ability to enroll patients is directly tied to the network of clinical sites Tyra Biosciences, Inc. utilizes for its ongoing studies. Enrollment progress is cited as strong across key Phase 2 studies.

The company's lead program, dabogratinib (formerly TYRA-300), is being evaluated across several multicenter studies:

The broader market context for this channel shows the global clinical trial investigative site network market size was estimated at USD 8.77 billion in 2024, projected to grow at a CAGR of 7.85% from 2025 to 2030.

Direct-to-patient outreach and digital channels for clinical trial awareness

Tyra Biosciences, Inc. actively directs interested parties to its resources for trial participation. They state they are actively recruiting patients and encourage reaching out directly through a link on their website for information on therapeutic candidates.

• The company directs potential participants to visit the Patients page of their website for more information on clinical trials.
• Management participated in investor events in November 2025, including the Jefferies London Healthcare Conference and the Piper Healthcare Conference.

The company's cash position as of September 30, 2025, was $274.9 million, which is expected to fund operations through at least 2027.

Regulatory submissions (INDs, NDAs) to the U.S. FDA and international agencies

Regulatory clearance is a critical channel for advancing product candidates from the lab to the patient. Tyra Biosciences, Inc. has secured key clearances for its lead program.

• Received U.S. FDA clearance for the Investigational New Drug (IND) application for TYRA-300 (dabogratinib) to proceed with the SURF302 Phase 2 trial in IR NMIBC.
• The U.S. FDA allowed the IND application for TYRA-300 to proceed with the BEACH301 clinical trial in pediatric achondroplasia in October 2024.
• The IND for dabogratinib's expansion into low-grade upper tract urothelial carcinoma (LG-UTUC) was cleared with the U.S. FDA.

Research and Development Expenses for the three months ended September 30, 2025, were $25.5 million, associated with start-up and enrollment activities for clinical programs.

Scientific publications and medical journals (e.g., JCI Insight)

Dissemination of scientific data through peer-reviewed channels and major medical meetings validates the science behind Tyra Biosciences, Inc.'s platform and pipeline. While JCI Insight was not explicitly mentioned, other key scientific forums were utilized in 2025.

General and Administrative Expenses for the third quarter ended September 30, 2025, were $7.5 million.

Tyra Biosciences, Inc. (TYRA) - Canvas Business Model: Customer Segments

Tyra Biosciences, Inc. targets distinct patient populations defined by specific genetic alterations or rare diseases, primarily focusing on FGFR pathway biology.

Pediatric patients (ages 3-10) with achondroplasia (ACH)

• Condition is the most common form of chondrodysplasia, accounting for greater than 90% of dwarfism cases.
• Estimated occurrence rate is about 1 in 25,000 live births worldwide.
• Prevalence in the United States is estimated between 3.6 and 6.0 per 100,000 live births.
• General population prevalence is estimated between 1 and 9 people per 100,000.
• The BEACH301 Phase 2 study specifically evaluates dabogratinib in children ages 3 to 10 with open growth plates.
• About 80% of cases arise from a spontaneous alteration in the FGFR3 gene.

Oncology patients with FGFR3-altered non-muscle invasive bladder cancer (IR NMIBC)

This segment is being addressed with dabogratinib (TYRA-300) in the SURF302 Phase 2 study, which is designed to enroll up to 90 participants.

Patients with low-grade upper tract urothelial carcinoma (LG-UTUC)

Tyra Biosciences, Inc. expanded Phase 2 development into this area, targeting the high frequency of FGFR3 alterations found in this patient group.

• UTUC represents 5-10% of all urothelial cancers.
• Annual incidence in the USA is approximately 2 cases per 100,000 people.
• FGFR3 alterations occur in approximately 85% of LG-UTUC cases.

Patients with advanced hepatocellular carcinoma (HCC) with FGF19+/FGFR4 alterations

TYRA-430 is being evaluated in adults with advanced HCC in the Phase 1 SURF431 study, targeting the FGF19-FGFR4 oncogenic-driver pathway.

Financial Context for Operations Supporting Customer Segments (As of Q3 2025)

You need to know the resources available to support these clinical efforts.

• Cash, cash equivalents, and marketable securities as of September 30, 2025: $274.9 million.
• Expected cash runway through at least 2027.
• Research and Development Expenses for the three months ended September 30, 2025: $25.5 million.

Finance: draft 13-week cash view by Friday.

Tyra Biosciences, Inc. (TYRA) - Canvas Business Model: Cost Structure

You're looking at the core cash burn for Tyra Biosciences, Inc. as they push their pipeline through late-stage development. The cost structure here is dominated by the science, which is typical for a clinical-stage biotech.

Heavy Research and Development (R&D) expenses are the primary cost driver, funding the clinical trials for their precision medicines targeting FGFR biology. This is where the capital goes to generate the data needed for approval and commercialization. The R&D spend reflects the complexity and duration of these studies.

For the third quarter ending September 30, 2025, Tyra Biosciences, Inc. reported R&D expenses of $25.5 million. That increase from the prior year was mainly associated with start-up and enrollment activities for their key programs: BEACH301, SURF302, and SURF431. That's a lot of cash dedicated to getting patients dosed and gathering proof-of-concept data.

Next up are the General and Administrative (G&A) costs, which cover the overhead, executive team salaries, and definitely those necessary legal fees associated with intellectual property and regulatory navigation. For the same period, Q3 2025 G&A expenses were $7.5 million. This was up from the prior year, primarily driven by higher personnel-related costs, including non-cash stock-based compensation.

Here's a quick look at the key financial outflows and the resulting loss for that quarter:

Manufacturing costs for clinical-grade drug supply represent another significant, though often variable, component of the cost structure. This includes the expense of producing the necessary quantities of dabogratinib and TYRA-430 for ongoing and expanding clinical trials, ensuring the drug substance meets strict regulatory standards for patient use.

You can see the R&D spend is the engine here. Cash, cash equivalents, and marketable securities totaled $274.9 million as of September 30, 2025, which the company expects provides a runway through at least 2027. Finance: draft 13-week cash view by Friday.

Tyra Biosciences, Inc. (TYRA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Tyra Biosciences, Inc. (TYRA) as of late 2025. Since the company is clinical-stage, the revenue picture is what you'd expect for a biotech burning cash to advance its pipeline.

Currently, no product sales revenue as a clinical-stage company. For the full fiscal year 2024, Tyra Biosciences reported Total Revenue of $0.00 million. This confirms that revenue generation is entirely dependent on financing activities and non-operating income until a product gains regulatory approval and reaches commercialization.

Primary funding source is capital raises (equity financing) and IPO proceeds. These financing events are the lifeblood keeping the lights on and the labs running. You can see the scale of past capital events:

• Initial Public Offering (IPO) gross proceeds in September 2021 totaled $172.8 million.
• A Private Placement Financing (PIPE) in February 2024 brought in approximately $200 million in gross proceeds.

The company's ability to execute on its plans through at least 2027 is supported by its current liquidity position.

Interest income from cash and marketable securities portfolio provides a small, non-operating revenue stream. For the full year 2024, Tyra Biosciences reported Interest & Investment Income of $18 million. As of September 30, 2025, the balance sheet held $274.9 million in cash, cash equivalents, and marketable securities. This cash base generates the interest income.

Potential future milestone payments from strategic partnerships (not yet disclosed) and Future revenue from product sales post-regulatory approval and commercialization are entirely contingent on clinical success. There are no specific, disclosed revenue figures tied to partnership milestones as of the Q3 2025 reporting period.

Here's a quick look at the financial snapshot relevant to funding and operational burn as of the end of the third quarter of 2025:

The Q3 2025 net loss was reported at $29.9 million, with Research and Development Expenses accounting for $25.5 million of that burn. The company's runway is projected to last through at least 2027 based on the September 30, 2025 cash balance.

Finance: review cash burn rate against the 2027 runway projection by end of Q4.