Q1 Financials; SURF Set to Make Waves in August

Research evidence excerpt

Q1 Financials; SURF Set to Make Waves in August

Company Report

May 13, 2026 Tyra Biosciences (TYRA)

Rating: Q1 Financials; SURF Set to Make Waves in AugustOUTPERFORM

Price:

$35.91 The Wedbush View

12-Month Price Target:

$53.00 TYRA reported first quarter financials and provided corporate updates ahead of

initial data in intermediate-risk non-muscle invasive bladder cancer (IR-NMIBC)

Analysts coming in August. We expect the readout to include initial efficacy and safety

Robert Driscoll, Ph.D. data among approximately 20 patients enrolled across either 50 or 60 mg QD dose

(415) 274-6863 cohorts. Importantly, we view a clear bar, as well as potential derisked readout for

Robert.Driscoll@wedbush.com dabo in the study following updated THOR-2 data presented last year by JNJ (see

Geoffrey Von Der Ahe our note, here); among 18 patients with IR-NMIBC enrolled to receive intravesical

(628) 223-0517 TAR-210, CR rate at any time was 89%, alongside a median time on treatment ofgeoffrey.vonderahe@wedbush.com

12.0 months. However, at the 6 mg dose used in the trial, G3+ AEs were reported in

22% of patients, including 100% reporting hyperphosphatemia, 39% PPE syndrome,

Company Information 28% nail disorders, and 28% stomatitis. As a result, we continue to believe any

Market Cap (M) $2,216 comparable efficacy data alongside a more tolerable profile would be somewhat

Enterprise Value (M) $1,832 paradigm shifting. As a reminder, dabo was designed to selectively inhibit FGFR3Shares Outst (M) 61.7

52-Week Range $8.75 - $40.65 (versus erdafitinib targeting pan-FGFR), which resulted in no hyperphosphatemia,

Cash/sh $6.22 dose reductions, or discontinuations at doses under 60 mg evaluated previously in

Net Debt (M) $(383.50) mUC patients.