CARLSBAD, Calif. – Tyra Biosciences, Inc. (NASDAQ: TYRA), a biotech firm specializing in precision medicines targeting FGFR biology, announced a private placement financing deal with institutional and accredited investors, totaling approximately $200 million. The financing, expected to close on February 6, 2024, is led by RA Capital Management and included participation from Boxer Capital, BVF Partners, Nextech Invest Ltd, OrbiMed, and 5AM Ventures, among others.
The company plans to issue around 15.4 million shares of common stock, or pre-funded warrants as an alternative, at $13.01 per share or $13.009 per pre-funded warrant. These pre-funded warrants will be immediately exercisable at $0.001 per share and will not expire. The transaction was conducted at-the-market under Nasdaq's rules.
According to CEO Todd Harris, this funding boosts the company's balance sheet during a period of strong momentum. "We are focused on developing TYRA-300, an oral FGFR3-selective inhibitor, to become a best-in-class agent for achondroplasia, NMIBC and metastatic urothelial carcinoma, while advancing TYRA-200 and leveraging our SNÃ…P platform to discover new drug candidates," he said.
The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended, and therefore cannot be sold in the United States without registration or an applicable exemption. Tyra Biosciences has committed to filing a registration statement with the SEC for the resale of the common stock shares and the shares issuable upon exercising the pre-funded warrants.
The information in this article is based on a press release statement from Tyra Biosciences.
InvestingPro Insights
In the context of Tyra Biosciences' recent private placement financing, a look at some real-time data and InvestingPro Tips can provide investors with a deeper understanding of the company's financial health and market position. Tyra Biosciences holds a market capitalization of approximately $560.17 million, suggesting a moderate size within the biotech sector. Notably, the company's P/E ratio stands at -10.21, reflecting its current lack of profitability, which aligns with analyst expectations that the company will not be profitable this year.
InvestingPro Tips indicate that Tyra Biosciences maintains more cash than debt on its balance sheet, a positive sign of financial stability. Additionally, the company's liquid assets exceed its short-term obligations, which could be crucial for funding ongoing research and development activities without the immediate pressure of financial constraints. However, it's important to note that four analysts have revised their earnings downwards for the upcoming period, and the company suffers from weak gross profit margins, which could impact its financial performance.
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