Tyra Biosciences Reports $28.1 Million Net Loss in Q1 2025, Increases R&D Spending

Tyra Biosciences, Inc. reported a net loss of $28.1 million for the first quarter of 2025, an increase from the $18.2 million loss recorded in the same period of the previous year. The company's total operating expenses rose to $31.9 million, up from $22.3 million in the first quarter of 2024, primarily driven by increased research and development costs associated with its clinical programs. Research and development expenses alone reached $25.0 million, compared to $17.2 million in the prior year, reflecting a $7.8 million increase largely due to clinical trial start-up activities and personnel costs.

In terms of financial position, Tyra Biosciences reported total assets of $343.5 million as of March 31, 2025, a decrease from $363.6 million at the end of 2024. The decline in total assets was attributed to a reduction in marketable securities, which fell from $249.5 million to $218.2 million. The company’s cash and cash equivalents increased to $100.7 million from $92.0 million, indicating a positive cash flow from investing activities, which provided $32.0 million during the quarter, primarily from the maturity of marketable securities.

Operationally, Tyra Biosciences has been focused on advancing its clinical-stage product candidates, including TYRA-300, TYRA-200, and TYRA-430, which target various cancers and genetic conditions. The company is currently preparing to initiate three Phase 2 studies for TYRA-300, with the first patient expected to be dosed in the second quarter of 2025. The company’s employee headcount has also increased, contributing to higher personnel-related expenses, which are expected to continue as the company expands its research and development efforts.

Looking ahead, Tyra Biosciences anticipates that its existing cash, cash equivalents, and marketable securities will be sufficient to fund operations through at least 2027. However, the company has acknowledged that it has not generated any revenue to date and does not expect to do so until it successfully completes the development and regulatory approval of its product candidates. The company plans to finance its future operations through equity offerings, debt financing, or other capital sources, which may include collaborations or licensing agreements.