Multiple 2H26 Catalysts; IR NMIBC Pushed By 2mos But Not a Big Deal In Our View

研报英文原文证据摘录

Multiple 2H26 Catalysts; IR NMIBC Pushed By 2mos But Not a Big Deal In Our View

C O M PA N Y N O T E

M a y 1 3 , 2 0 2 6

Tyra Biosciences, Inc. (TYRA) Overweight

CONCLUSION PRICE: US$34.87

Remain Overweight on TYRA shares following the company's Q126 update, which TARGET: US$56.00

highlighted key progress across its "3x3" strategy and the narrowing of clinical timelines. 11x 2033E revenue, discounted back by 20%/

Notably, the company provided an updated timeline for the SURF302 IR-NMIBC year to 1H27 (assumes ~84M shares)

readout, now expected in August (previously expected end of 1H26). In the BEACH301

achondroplasia study, the fourth and highest dose level has been cleared and data is Allison M. Bratzel, CFA

Sr. Research Analyst, Piper Sandler & Co.

coming Q426 (narrowed from 2H26). The first patient has been dosed in the pivotal-intent 312 267-5025, allison.bratzel@psc.com

SURF303 study in LG-UTUC (data expected in 2027). We continue to view dabogratinib’s Ashleigh Acker

FGFR3 selectivity as a major differentiator, offering both an efficacy and safety advantage Research Analyst, Piper Sandler & Co.

that supports its potential as a chronic, oral treatment option across these blockbuster 312 267-5021, ashleigh.acker@psc.com

indications. We believe TYRA is well-positioned to advance these late-stage clinical Peter Spanogiannopoulos, Ph.D.

programs and view these upcoming data readouts as key de-risking events. TYRA remains Research Analyst, Piper Sandler & Co.

a top pick and we remain buyers. 312 267-5039,

peter.spanogiannopoulos@psc.com

• Q126 financial update. TYRA reported Q126 R&D expense of $33.5M (vs. consensus Changes Previous Current

$29.1M; PSC $28.0M) and G&A expense of $8.5M (vs. consensus $8.6M; PSC $8.3M). Rating — Overweight