CARLSBAD, Calif. - Tyra Biosciences, Inc. (NASDAQ: TYRA), a biotech firm engaged in developing precision medicines targeting Fibroblast Growth Factor Receptor (FGFR) biology, will present research findings at the upcoming 36th EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics (ENA 2024) in Barcelona, Spain, scheduled for October 23-25, 2024.
The company is set to deliver three abstracts, including a late-breaking oral presentation on the preliminary safety and anti-tumor activity of TYRA-300. This presentation will focus on the results from the SURF301 study, which involves participants with advanced solid tumors harboring activating FGFR3 mutations or fusions. The session is slated for the final day of the symposium, October 25.
In addition to the oral presentation, Tyra Biosciences will showcase two posters. One will provide a preliminary pharmacokinetic and pharmacodynamic analysis of TYRA-300 from the SURF301 study, which is a multicenter open-label phase 1/2 study. The second poster will detail the design and methodology of the SURF301 study itself, highlighting the investigation of TYRA-300 in advanced urothelial carcinoma and other solid tumors with activating FGFR3 gene alterations.
The abstracts for these presentations will remain under embargo until the morning of October 25, 2024. This strategic sharing of research at a prominent oncology symposium underscores Tyra Biosciences' commitment to advancing the understanding and treatment of cancers with specific genetic profiles.
Tyra Biosciences is known for its precision medicine platform, SNÄP, which facilitates rapid and precise drug design by predicting genetic alterations that may lead to resistance against existing therapies. The company's focus is on leveraging this platform to accelerate the discovery of small molecule drugs for targeted oncology and genetically defined conditions.
This announcement is based on a press release statement from Tyra Biosciences and does not include any additional analysis or opinions. The information will be made available to the public following the lifting of the embargo at the ENA 2024 symposium.
In other recent news, Tyra Biosciences has seen a flurry of activity around its lead drug, TYRA-300. H.C. Wainwright has maintained a Buy rating on the stock and raised its price target to $30, based on anticipated clinical data from the TYRA-300 trial. Similarly, Piper Sandler and Oppenheimer have maintained a price target of $33, expressing confidence in the company's clinical progress.
Tyra Biosciences' revenue is projected to grow to approximately $2.5 billion by 2035, as per Piper Sandler's estimates. The company's TYRA-300 drug, currently in clinical development, is expected to advance to Phase 2 clinical study for achondroplasia and non-muscle invasive bladder cancer by the end of 2024 and the first half of 2025, respectively.
The company has also appointed Doug Warner as its new Chief Medical Officer and added Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., to its board as independent directors. These developments are part of Tyra Biosciences' ongoing efforts to advance its drug pipeline and commitment to developing precision medicines for targeted oncology and genetically defined conditions.
InvestingPro Insights
As Tyra Biosciences (NASDAQ: TYRA) prepares to present its research findings at the upcoming ENA 2024 symposium, investors may find additional context from recent financial metrics and analyst insights valuable.
According to InvestingPro data, Tyra Biosciences has a market capitalization of $1.11 billion, reflecting investor interest in the company's potential despite its current unprofitability. The company's focus on precision medicine and its SNÄP platform for targeted oncology treatments appears to have captured market attention, as evidenced by a significant year-to-date price total return of 51.48% as of the latest data.
InvestingPro Tips highlight that Tyra holds more cash than debt on its balance sheet, which could provide the financial flexibility needed to support ongoing research and development efforts, such as the SURF301 study featured in their upcoming presentations. This solid financial footing is further underscored by the fact that the company's liquid assets exceed its short-term obligations.
While the company is not currently profitable, with a negative P/E ratio of -13.67 over the last twelve months, four analysts have revised their earnings upwards for the upcoming period. This could suggest growing optimism about the company's near-term prospects, possibly influenced by anticipated results from studies like those being presented at ENA 2024.
It's worth noting that Tyra Biosciences does not pay a dividend, which is common for biotech companies reinvesting heavily in research and development. The company's large price uptick over the last six months, with a 39.22% total return, indicates that investors may be pricing in positive expectations for the company's pipeline and upcoming data presentations.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights, with 7 more tips available for Tyra Biosciences on the platform.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.