Tyra Biosciences Reports $28.1 Million Net Loss in Q2 2025, Increased Operating Expenses

Tyra Biosciences, Inc. reported a net loss of $28.1 million for the second quarter of 2025, compared to a net loss of $18.7 million for the same period in 2024, reflecting a 50% increase in losses year-over-year. For the first half of 2025, the company recorded a net loss of $56.2 million, up from $36.9 million in the prior year. The increase in losses was primarily attributed to higher operating expenses, which rose to $31.5 million in Q2 2025 from $23.5 million in Q2 2024, driven by increased research and development costs associated with ongoing clinical trials and personnel expenses.

Total operating expenses for the first half of 2025 reached $63.3 million, a significant increase from $45.9 million in the same period of 2024. Research and development expenses accounted for $49.3 million, up from $35.2 million, largely due to clinical start-up activities for multiple trials, including those for the company's lead product candidate, dabogratinib. General and administrative expenses also increased to $14.0 million from $10.7 million, reflecting higher personnel costs and stock-based compensation.

In terms of financial position, Tyra Biosciences reported total assets of $321.5 million as of June 30, 2025, a decrease from $363.6 million at the end of 2024. The decline in assets was primarily due to a reduction in marketable securities, which fell to $197.8 million from $249.5 million. The company's cash and cash equivalents increased to $98.5 million from $92.0 million, indicating a slight improvement in liquidity. The accumulated deficit also widened to $307.6 million from $251.3 million at the end of 2024.

Strategically, Tyra Biosciences has been focused on advancing its clinical programs, particularly dabogratinib, which is being evaluated for bladder cancer and skeletal conditions. The company has initiated several clinical trials, including a Phase 2 study for non-muscle invasive bladder cancer and a pediatric study for achondroplasia. Additionally, Tyra has entered into a new sales agreement allowing for the potential sale of up to $150 million in common stock, which could provide further capital to support its operations.

Looking ahead, Tyra Biosciences anticipates continued significant operating losses as it invests in research and development activities. The company believes its existing cash, cash equivalents, and marketable securities will be sufficient to fund operations through at least 2027. However, it acknowledges the inherent uncertainties in clinical development and the potential need for additional financing to support its long-term growth and operational needs.