Tyra Biosciences (TYRA)

Executive Summary

Tyra Biosciences is a clinical-stage precision medicine company leveraging its proprietary SNÅP platform to develop next-generation FGFR inhibitors designed to overcome resistance mutations and off-target toxicities. The lead candidate, dabogratinib (TYRA-300), is an oral FGFR3-selective inhibitor being evaluated in achondroplasia and multiple urologic cancers, including low-grade NMIBC and upper tract urothelial carcinoma. Additional pipeline assets include TYRA-430 for FGFR-driven hepatocellular carcinoma and TYRA-200 for cholangiocarcinoma. The company's platform-driven approach aims to improve upon first-generation FGFR inhibitors by enhancing selectivity and brain penetration, potentially expanding the therapeutic index. As of mid-2026, Tyra has several ongoing Phase 1/2 trials, with initial clinical data expected in the coming quarters. The company went public in 2024 and maintains a market capitalization of approximately $1.6 billion.

Upcoming Catalysts (preview)

• H2 2026Initial Phase 2 data for dabogratinib in achondroplasia50% success
• 2026-2027Phase 1/2 dose escalation and expansion data for TYRA-430 in FGFR-driven HCC40% success
• 2026-2027Interim safety and efficacy data from Phase 2 trial of dabogratinib in low-grade NMIBC45% success