Tyra Biosciences Plunges 20% as Bladder Cancer Data Disappoints
TYRA sits 71% above its 52-week low of $11.703.
Summary
Tyra Biosciences shares dropped more than 20% in premarket trading after the company released initial Phase 2 SURF302 data for its lead candidate dabogratinib in FGFR3-altered low-grade intermediate-risk non-muscle-invasive bladder cancer. The data showed a favorable safety profile with no Grade 4 or 5 treatment-emergent adverse events, but Grade 3 TEAEs occurred in 14% of patients at the 60 mg dose and 9% at the 50 mg dose. The company reported a 100% overall response rate and 75% best overall response CR rate in single-marker lesion patients at the 60 mg dose, which it says supports selection of that dose for a registrational adjuvant strategy. The negative market reaction suggests investors were expecting stronger efficacy or cleaner safety data. This follows the company's Q2 2026 report of a $45.6M net loss and $353.9M in cash, and an upsized ATM program to $250M. The next key event will be the company's decision on advancing to a registrational trial.
At the time of this announcement, TYRA was trading at $20.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $11.70 to $40.65. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Seeking Alpha.