CARLSBAD, Calif. – Tyra Biosciences, Inc. (NASDAQ:TYRA), a biotechnology firm working on precision medicines targeting Fibroblast Growth Factor Receptor (FGFR) biology, announced today the appointment of Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., as independent directors. Concurrently, the company acknowledged the resignation of Isan Chen, M.D., effective immediately.
The CEO of Tyra, Todd Harris, commented on the expertise the new appointees bring to the board, particularly in advancing TYRA-300, a potential treatment for skeletal dysplasias and oncology. Dr. Moran's background includes leading clinical trials and regulatory submissions for various drugs, including infigratinib, and she has recently served as the Chief Medical Officer of RayzeBio. Dr. Rothenberg, with two decades of experience in oncology and drug development, is the current Chief Medical Officer at insitro and has previously held key roles at Pfizer (NYSE:PFE) and Loxo Oncology.
Dr. Moran expressed her eagerness to contribute to Tyra's future success, leveraging her experience in achondroplasia and oncology. Dr. Rothenberg also conveyed excitement about the clinical potential of Tyra's pipeline and his intention to use his expertise to aid the company's growth.
Robert More, Chairman of the TYRA Board, thanked Dr. Chen for his significant contributions since June 2020, highlighting his role as an original investor and supporter of the company's early development.
Tyra Biosciences focuses on developing precision medicines for targeted oncology and genetically defined conditions. The company's proprietary SNÃ…P platform is designed to enable rapid and precise drug design by predicting genetic alterations likely to cause resistance to existing therapies.
InvestingPro Insights
As Tyra Biosciences (NASDAQ:TYRA) continues to evolve with new board appointments and a focus on developing precision medicines, investors and industry watchers are keeping a close eye on the company's financial health and market performance. Noteworthy InvestingPro Data reveals that Tyra Biosciences holds a market capitalization of approximately $963.81 million, with a negative price-to-earnings (P/E) ratio of -10.73, reflecting investor expectations of future earnings growth despite current unprofitability. Over the last six months, the company has experienced a substantial price uptick of 50.9%, indicating a significant investor interest.
Moreover, a couple of InvestingPro Tips provide additional context: Tyra Biosciences holds more cash than debt on its balance sheet, suggesting a stable financial position that could support ongoing research and development efforts. However, analysts have tempered expectations, with three analysts revising their earnings downwards for the upcoming period and projecting that the company will not be profitable this year. This aligns with the company's reported net income expectations to drop and weak gross profit margins. While these factors may raise concerns, it's also important to note that the company's liquid assets exceed its short-term obligations, providing some financial cushion.
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With its next earnings date approaching on May 7, 2024, stakeholders will be keen to see how the strategic board changes and the company's SNÃ…P platform development will translate into financial performance and market valuation.
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