Tyra Biosciences Reports $29.9 Million Net Loss in Q3 2025, Increased Operating Expenses

Tyra Biosciences, Inc. reported a net loss of $29.9 million for the third quarter of 2025, compared to a loss of $24.0 million in the same period of 2024, reflecting a 24% increase in losses year-over-year. For the nine months ending September 30, 2025, the company recorded a net loss of $86.1 million, up from $60.9 million in the prior year. The increase in losses is attributed to higher operating expenses, which rose to $32.9 million in Q3 2025 from $28.6 million in Q3 2024, driven primarily by increased research and development costs associated with ongoing clinical trials.

Total operating expenses for the nine months ended September 30, 2025, reached $96.2 million, a significant increase from $74.4 million in the same period of 2024. Research and development expenses accounted for $74.7 million, up from $57.9 million, largely due to clinical start-up and enrollment activities for multiple trials, including those for the company's lead product candidate, dabogratinib. General and administrative expenses also increased to $21.5 million from $16.5 million, primarily due to higher personnel costs and stock-based compensation.

As of September 30, 2025, Tyra Biosciences had total assets of $301.9 million, a decrease from $363.6 million at the end of 2024. The decline in assets was primarily due to a reduction in cash and cash equivalents, which fell to $61.9 million from $92.0 million. The company’s marketable securities also decreased to $213.0 million from $249.5 million. The total liabilities increased slightly to $21.3 million from $20.4 million, with current liabilities rising due to increased accounts payable and accrued expenses.

In terms of operational developments, Tyra Biosciences is advancing its clinical programs, particularly for dabogratinib, which is being evaluated in multiple Phase 2 trials targeting conditions such as pediatric achondroplasia and bladder cancer. The company has also expanded its research into low-grade upper tract urothelial carcinoma. As of the latest report, Tyra Biosciences has not generated any revenue and continues to rely on funding from equity offerings and private placements to support its operations. The company believes its current cash and marketable securities will be sufficient to fund operations through at least 2027, although it acknowledges the potential need for additional capital to support ongoing and future clinical trials.

Looking ahead, Tyra Biosciences anticipates continued significant operating losses as it invests in research and development activities. The company remains focused on advancing its clinical pipeline and is exploring various funding options to support its growth and operational needs.