XVARY Composite Score
62
/ 100
Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Tyra is a clinical-stage biotech trying to turn FGFR biology into cancer and genetic-disease drugs.
How it gets paid
Last year Tyra Biosciences made n/a in revenue.
What just happened
Q4 2025 net loss per share was $; FY 2025 was $ on ~$119.9M net loss.
At a Glance
B balance sheet — gets the job done, barely
$(2.01) FY 2025 EPS (loss)
1.8 beta
~$2B market cap
Mid cap (~$2B)
XVARY composite: 62/100 — average
What They Do
Tyra is a clinical-stage biotech trying to turn FGFR biology into cancer and genetic-disease drugs.
The edge is focus on FGFR3. Oral dabogratinib (formerly TYRA-300) is in Phase 2 studies (e.g. SURF302 IR NMIBC, BEACH301 achondroplasia) with SURF303 startup in LG-UTUC— plus TYRA-200 in SURF201 and TYRA-430 in SURF431 per the Mar 2, 2026 release. Headcount is lean; verify the exact employee count in the latest 10-K.
How They Make Money
n/a
annual revenue
The Products That Matter
Oral FGFR3-selective inhibitor
Dabogratinib (ex-TYRA-300)
“3×3” Phase 2 · urology + achondroplasia
Company is concentrating on dabogratinib in LG-UTUC (SURF303 startup), IR NMIBC (SURF302— initial 3-mo CR data end of 1H 2026), and achondroplasia (BEACH301— sentinel cohort interim 2H 2026). On a pre-revenue name, this program carries most of the valuation.
lead clinical asset
FGFR1/2/3 inhibitor · oncology
TYRA-200 (SURF201)
Phase 1/2 · intrahepatic cholangiocarcinoma
IR calls out SURF201 for metastatic iCCA— separate from the dabogratinib achondroplasia path. Treat “$4B market” sizing as sell-side/illustrative until you read management’s TAM footnotes.
pipeline breadth
Key Numbers
$6M
long-term debt
Debt is just $6 million and 0% of capital. Plain English: creditors are not the problem. So what: your risk is trial failure, not a balance-sheet squeeze.
$(2.01)
FY 2025 EPS (loss)
FY 2025 net loss was $(2.01) per share vs. $(1.51) in FY 2024 (company release). You are still buying optionality on data, not sales.
1.8
beta
Beta measures stock volatility versus the market. Plain English: TYRA tends to move more than the market. So what: your ride will be rough.
lean
headcount
G&A commentary cites headcount growth— use the latest 10-K “employees” line for a hard number. So what: one program still moves the stock more than at a diversified pharma.
Financial Health
B
Strength
- balance sheet grade B — adequate — nothing special
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
- long-term debt $6M (0% of capital)
B — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
FY25 reported
Q4 2025 net loss per share was $(0.57); FY 2025 was $(2.01) on ~$119.9M net loss.
Cash, equivalents, and marketable securities were ~$256.0M at Dec 31, 2025; company expects runway through at least 2027. R&D was ~$102.9M FY 2025 vs. ~$80.1M prior year— trial cadence drives the burn.
$(0.57)
Q4 2025 EPS (loss)
$(2.01)
FY 2025 EPS (loss)
~$256M
cash + securities
the number that mattered
Runway into 2027 vs. three concurrent Phase 2 fronts— financing risk is lower until data risk spikes at the SURF302 / BEACH301 windows.
source: Tyra Q4/FY 2025 release (Mar 2, 2026) · PRNewswire
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What Could Go Wrong
The #1 risk is dabogratinib failing to differentiate in achondroplasia (BEACH301) or urothelial settings (SURF302/SURF303).
Med
BEACH301 / achondroplasia readout disappoints
Achondroplasia is competitive. If the 2H 2026 safety-sentinel / height-velocity data are weak, the “largest prize” leg of the 3×3 strategy narrows fast.
This would directly challenge a core leg of the dabogratinib “3×3” story behind a roughly $2B valuation.
Med
SURF302 / urothelial data do not clear the bar
IR NMIBC is crowded with FGFR stories. If end-of-1H 2026 initial CR data from SURF302 underwhelm, the oncology leg of dabogratinib loses momentum.
On a pre-revenue company, weak data does not have operating profits to cushion it.
Med
Cash burn leads to dilution
Tyra lost $119.9M in 2025 and still has negligible revenue. That makes future funding a business reality, not a theoretical risk, if trial timelines extend or both programs need more capital.
More capital raised before approval would spread future upside across more shares.
A failed readout here would hit a company with less than $1M in revenue and a roughly $2B market cap — most of the value is expectation, not current earnings power.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Catalyst
SURF302 initial 3-mo CR data (IR NMIBC)
Company expects initial three-month complete response data by end of 1H 2026.
Catalyst
BEACH301 achondroplasia sentinel interim
Interim safety-sentinel results (incl. 6-mo height velocity) expected 2H 2026.
Competition
Ascendis Pharma and the achondroplasia race
Competing data can move TYRA even before TYRA publishes its own. In a three-rival field, peer results become valuation events.
Setup
Where the stock sits inside its own range
At $30.50, TYRA is much closer to its $37 high than its $6 low. That leaves less room for mediocre data to be forgiven.
Analyst Rankings
target coverage
thin
Smaller clinical-stage biotech names often have sparse or stale coverage. That makes the underlying data more important than consensus theater.
Source: institutional data
Institutional Activity
institutional ownership data for TYRA is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$30
Current price
Target midpoint · from current
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