Tyra Biosciences, Inc. (NASDAQ:TYRA) reported its Q4/22 results yesterday. According to CEO Alan Fuhrman, the company is starting off 2023 in a very favorable financial position. As of the end of 2022, the company had $251.2 million in cash and cash equivalents, which is more than enough to support its ongoing development plans across its precision medicine platform for over two years.
Last week, analysts at Oppenheimer hosted the company at their healthcare conference, where management shared thoughts about the company’s recent decision to expand TYRA-300’s development into achondroplasia–as well as their expectations for the recently initiated SURF301 trial.
The analysts came away with greater conviction in the scope of TYRA-300’s potential market opportunity, which they believe is probably underappreciated, given middling sales from pan-FGFR inhibitors (e.g., erdafitinib) in metastatic urothelial carcinoma (mUC).
Unlike erdafitinib, TYRA-300 was designed to dial out off-target toxicities, which the analysts believe could not only translate to better efficacy in mUC–but could also make the case for expansion into earlier lines of treatment and non-oncology indications (e.g., achondroplasia).