1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
TYRA
Listed on
2021-09-15
Sector
Health Care
Subsector
Pharmaceuticals
Offer Price
$16.00
first filed $14.00–$16.00Shares Offered
10.8M
41.27M
$654.6M
26.2%
Implied Upside vs Midpoint
Description
We are a precision oncology company focused on developing purpose-built therapies to overcome tumor resistance and improve outcomes for patients with cancer. The widespread availability of approved targeted oncology treatments, such as kinase inhibitors, has transformed the cancer treatment landscape. Despite the therapeutic benefit that targeted oncology treatments have created for some patients, the response rate and duration of efficacy is often limited by acquired drug resistance and other shortcomings of existing therapies. We are using our proprietary SNÅP platform, which is optimized to enable rapid and precise refinement of structural design through iterative molecular SNÅPshots, in order to generate next-generation product candidates that are specifically designed to address acquired drug resistance and provide alternative treatment options. We are initially focused on developing a pipeline of selective inhibitors of the Fibroblast Growth Factor Receptor, or FGFR, family, which are altered in approximately 7% of all cancers. Our lead product candidate, TYRA-300, is designed to selectively inhibit FGFR3, with an initial focus on patients with bladder cancer. We anticipate filing an Investigational New Drug application, or IND, with the U.S. Food and Drug Administration, or the FDA, for TYRA-300 in mid-2022. In addition, we have pipeline development programs targeting FGFR2-related cancers, FGFR3-related achondroplasia, REarranged during Transfection kinase, or RET, and FGFR4-related cancers. Our SNÅP platform We developed our proprietary SNÅP platform to efficiently identify and selectively target vulnerabilities in the mutant proteins where genetic alterations have eliminated or reduced the effectiveness of targeted therapies. Through the rapid generation of precise molecular SNÅPshots, we continually gain deeper insights into the structure of inhibitor binding sites and how commonly occurring genetic alterations lead to acquired drug resistance to existing therapies. Leveraging these insights, we aim to predict the genetic alterations most likely to cause resistance to specific existing therapies and develop compound candidates with innovative structures that are designed to inhibit the target while avoiding those mutations. Through this process, we identify product candidates that may have the potency and selectivity to, if approved, be used as important treatment options to address critical unmet needs. Our SNÅP platform is driven by our ability to rapidly and concurrently generate iterative data from the following three key pillars. • Protein crystallography. We have developed proprietary protein crystallography techniques that enable us to determine the co-crystal structures of newly synthesized compounds in target proteins in as little as three days. This enables weekly generation of detailed structural insights on the precise interactions and conformational changes that occur when our potential product candidates bind to a particular target, creating opportunities to further refine the structural design. • Cell-based assays. We assess inhibitor potency directly in in vitro target-specific anti-proliferation assays, in addition to enzymatic assays, to enable us to simultaneously understand target potency and cell penetration as well as target-specific cell killing. Our process allows us to generate data on newly synthesized compounds in as little as two days. • In vivo models. Our direct structural insights and in vitro datasets are complemented by in vivo pharmacologic data generated through in-house animal models that provide us with bioavailability, pharmacokinetic data and anti-tumor activity in as little as five days. --- We were incorporated under the laws of the State of Delaware on August 2, 2018 under the name “Tyra Biosciences, Inc.” Our principal corporate office is located at 2656 State Street, Carlsbad, CA 92008, and our telephone number is (619) 728-4760. Our website address is www.tyra.bio.
| Metric | Value | Peer median | Among peers | |
|---|---|---|---|---|
Net cash / market cap | 2.3% | 5.4% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 8.22 | 4.62 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▲ Priced at $16.00, 7% above the midpoint of the first filed range ($14.00–$16.00, 2021-09-09).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2021-09-09 | S-1/A | $14.00–$16.00 | — | 6,700,000 | $100.5M |
| 2021-09-14 | S-1/A | $14.00–$16.00 | — | 9,000,000 | $135.0M |
| 2021-09-15 | 424B4 | — | $16.00 | 10,800,000 | $172.8M |
Tyra Biosciences, Inc. income statement and balance sheet, FY Dec 2021 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Operating income | ($26.3M) | ($58.9M) | ($104M) | ($133M) |
| Net income | ($26.3M) | ($55.3M) | ($86.5M) | ($120M) |
| Metric | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | $307M | $266M | $364M | $283M |
| Total liabilities | $5.0M | $8.4M | $20.4M | $23.4M |
| Total equity | $302M | $258M | $343M | $259M |
| Cash & equivalents | $302M | $251M | $92.0M | $77.4M |