8-K
false 0001863127 0001863127 2022-05-05 2022-05-05

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 5, 2022

 

 

TYRA BIOSCIENCES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-40800   83-1476348

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

2656 State Street

Carlsbad, California 92008

(Address of principal executive offices) (Zip Code)

(619) 728-4760

(Registrant’s telephone number, include area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, par value $0.0001 per share   TYRA   Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 

 


Item 2.02

Results of Operations and Financial Condition.

On May 5, 2022, Tyra Biosciences, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
No.

  

Description

99.1    Press Release Issued on May 5, 2022
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    TYRA BIOSCIENCES, INC.
Date: May 5, 2022     By:  

/s/ Esther van den Boom

      Esther van den Boom
      Chief Financial Officer
     
EX-99.1

Exhibit 99.1

 

LOGO

Tyra Biosciences Reports First Quarter 2022 Financial Results and Highlights

-Pipeline on-track; INDs to be filed for TYRA-300 and TYRA-200 in 2022-

-Well-capitalized with cash and cash equivalents of $292.5 million as of Q1 2022-

CARLSBAD, Calif., May 5, 2022 – Tyra Biosciences, Inc. (Nasdaq: TYRA), a precision oncology company focused on developing purpose-built therapies to overcome tumor resistance and improve outcomes for patients with cancer, today reported financial results for the quarter ended March 31, 2022 and highlighted recent corporate progress.

“2022 is off to a great start at TYRA and we continue to focus our efforts on preparing for a successful transition to a clinical-stage company. We look forward to filing INDs for both TYRA-300 and TYRA-200 this year, while continuing to advance our platform and pipeline,” said Todd Harris, CEO of TYRA.

First Quarter 2022 and Recent Corporate Highlights

 

   

INDs for TYRA-300 and TYRA-200 on Track. TYRA continued to advance TYRA-300, an FGFR3 inhibitor with an initial focus on patients with metastatic urothelial carcinoma of the bladder and urinary tract, and TYRA-200, an FGFR2 inhibitor with an initial focus on patients with intrahepatic cholangiocarcinoma. TYRA remains on track to submit an Investigational New Drug Application (IND) with the U.S. Food and Drug Administration (FDA) for TYRA-300 in mid-2022 and for TYRA-200 in the second half of 2022.

 

   

Pipeline Progression. TYRA continued to progress its pipeline including programs targeting achondroplasia and other FGFR3-related skeletal dysplasias, REarranged during Transfection kinase (RET) and FGFR4-related cancers.

First Quarter 2022 Financial Results

 

   

First quarter 2022 net loss was $14.8 million compared to $4.2 million for the same period in 2021.

 

   

First quarter 2022 research and development expense was $9.6 million compared to $3.5 million for the same period in 2021.

 

   

First quarter 2022 general and administrative expense was $5.2 million compared to $0.7 million for the same period in 2021.

 

   

As of March 31, 2022, TYRA had cash and cash equivalents of $292.5 million.

About Tyra Biosciences

Tyra Biosciences, Inc. is a precision oncology company focused on developing purpose-built therapies to overcome tumor resistance and improve outcomes for patients with cancer. TYRA’s proprietary in-house discovery platform, SNÅP, enables the rapid and precise refinement of structural design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. Leveraging SNÅP, TYRA is developing a pipeline of selective inhibitors of Fibroblast Growth Factor Receptors (FGFR), which are altered in approximately 7% of all cancers. TYRA-300 is an


FGFR3 selective inhibitor for oncology. TYRA-200 targets FGFR2 driven cancers and resistant mutations. TYRA is also targeting achondroplasia and other FGFR3 related skeletal dysplasias, as well as RET and FGFR4 driven cancers. TYRA is based in Carlsbad, CA. For more information about our science, pipeline and people, please visit www.tyra.bio and engage with us on LinkedIn.


Forward-Looking Statements

TYRA cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on our current beliefs and expectations and include, but are not limited to: the potential to develop next-generation targeted therapies that improve clinical outcomes; the expected IND submission timing for TYRA-300 and TYRA-200; and the progress and planned advancement of our development pipeline, including expanding the nomination of clinical candidates from our FGFR3-related skeletal dysplasia, RET and FGFR4 programs and transitioning to a clinical-stage company. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: we are early in our development efforts, have not tested any of our product candidates in clinical trials and the approach we are taking to discover and develop drugs based on our SNÅP platform is novel and unproven and it may never lead to product candidates that are successful in clinical development or approved products of commercial value; potential delays in the commencement, enrollment, and completion of preclinical studies and clinical trials; our dependence on third parties in connection with manufacturing, research and preclinical testing; unexpected adverse side effects or inadequate efficacy of our product candidates that may limit their development, regulatory approval, and/or commercialization; unfavorable results from preclinical studies; results from preclinical studies or early clinical trials not necessarily being predictive of future results; our ability to maintain undisrupted business operations due to the COVID-19 pandemic, including delaying or disrupting our preclinical studies, manufacturing, and supply chain; regulatory developments in the United States and foreign countries; our ability to obtain and maintain intellectual property protection for our product candidates and proprietary technologies; we may use our capital resources sooner than we expect; and other risks described in our prior filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact:

Amy Conrad

aconrad@tyra.bio


Tyra Biosciences, Inc.

Balance Sheet Data

(in thousands)

 

     March 31,      December 31,  
     2022      2021  
     (unaudited)         

Balance Sheet Data:

     

Cash and cash equivalents

   $ 292,499      $ 302,182  

Working capital

     289,124        300,441  

Total assets

     298,971        306,701  

Accumulated deficit

     (55,197      (40,371

Total stockholders’ equity

     291,184        301,737  

Tyra Biosciences, Inc.

Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)

 

     Three Months Ended March 31,  
     2022      2021  

Operating expenses:

     

Research and development

   $ 9,645      $ 3,522  

General and administrative

     5,189        689  
  

 

 

    

 

 

 

Total operating expenses

     14,834        4,211  
  

 

 

    

 

 

 

Loss from operations

     (14,834      (4,211

Other (expense) income:

     

Interest income

     18        2  

Other expense

     (10      —    
  

 

 

    

 

 

 

Total other expense

     8        2  
  

 

 

    

 

 

 

Net loss and comprehensive loss

   $ (14,826    $ (4,209
  

 

 

    

 

 

 

Net loss per share, basic and diluted

   $ (0.36    $ (2.09
  

 

 

    

 

 

 

Weighted-average shares used to compute net loss per share, basic and diluted

     41,551,713        2,009,370