Safety First – Intermediate Risk Into NMIBC Readout; Initiate at Peer Perform

Research evidence excerpt

Safety First – Intermediate Risk Into NMIBC Readout; Initiate at Peer Perform

Biotechnology - Oncology & Rare Diseases

Oncology - Market Overweight

TYRA BIOSCIENCE, INC (TYRA) May 19, 2026

Safety First – Intermediate Risk Into NMIBC Readout; Rating:

Initiate at Peer Perform Peer Perform

Price:

$35.66

The Wolfe Byte Price Target:

Tyra is developing dabo across LG IR NMIBC (Aug '26E), ACH (4Q26E), and LG NA

UTUC ('27E). In NMIBC, we expect favorable efficacy, though safety remains a View TYRA Model

View Comp Tablekey uncertainty. In ACH/UTUC, we are constructive on clinical outcomes but more

tempered on the commercial outlook. Company Information

52-Week Range $9 - $40

Market Cap. (MM) $2,121

Tyra has a selective FGFR3 inhibitor in development for bladder cancer and Enterprise Value (MM) $1,824

achondroplasia. Dabogratinib is likely to achieve the CR bar for LR IR NMIBC, Shares Out. (MM) 59.5

Avg. Value Traded (MM) $37.14

but we are on the fence until we see safety de-risking. The pipeline supports the SI% of Float 17.0%

long-term thesis, though current levels limit near-term upside.

1. We think the 60mg dose can surpass the 70% 3M CR bar for SURF302 4540

in LG IR NMIBC but are uncertain if safety will meet expectations. Our PK 35

model suggests a >70-75% CR at 3M is feasible for the 60mg. However, with 3025

potential ~10-30%+ rates of dry mouth, diarrhea, dry skin, ALT elevation, and 20

fatigue, this could limit adoption to the ~10-20% pts who have difficulties with 1510

intravesical tx or are pulled in by the oral convenience despite the price. Longer- 5

term, we’re cautiously optimistic on a 24M DFS in an adj. Ph3. This could drive Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

~$930M in U.S. unadj. peak sales.