1Q: Caught Up W/ Mgmt; August IR-NMIBC Readout Is A Key Near‑Term Catalyst

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1Q: Caught Up W/ Mgmt; August IR-NMIBC Readout Is A Key Near‑Term Catalyst

USA | Biotechnology

Tyra EquityMayResearch13, 2026

TARGET | ESTIMATE CHANGE1Q: Caught Up W/ Mgmt; August IR-NMIBC

RATING BUYReadout Is A Key Near-Term Catalyst

PRICE $36.19^

TYRA’s next key catalyst is 3mo CR data from the IR-NMIBC study in Aug.

While >70% CR may be a clearing threshold, we think dabogratinib’s real PRICE TARGET | % TO PT $44.00 ($45.00) | +22%

differentiation should come from durability and convenience that can offset any 52W HIGH-LOW $40.65 - $8.75

pot’l commercialization friction vs intravesical tx. In achondroplasia, the ph.II FLOAT (%) | ADV MM (USD) 73.4% | 34.70

safety sentinel is fully enrolled, w/ 6mo AHV data expected 4Q26. UTUC remains MARKET CAP $2.2B

the most registrationally efficient path w/ 1st pt dosed and data in 2027. TICKER TYRA ^Prior trading day's closing price unless otherwise

noted.

The most immediate catalyst for TYRA is the initial 3mo CR readout from its ph.II IR-NMIBC

study, now expected in Aug’26 (vs prior 1H26 guidance) -- we expect +/-30% stock move. Mgmt

FY (Dec) CHANGE TO JEFe JEF vs CONS

noted efficacy should be assessable in ~20 pts across two dose cohorts, w/ >30 pts informing

2026 2027 2026 2027

safety. Mgmt added they’re expecting a couple of final 3mo scans in July and pushed the readout

to Aug to allow enough time in case biopsies are required for those pts. REV NA NA NA NA

EPS -17% -9% -10% -8%

Co continues to guide to a >~70% CR bar to be competitive (w/ Zusduri’s ~78% CR a key

comp). Mgmt at our prior mtg has also highlighted high bladder exposure (~6x bladder vs plasma; 2026 ($) Q1 Q2 Q3 Q4 FY

similar to erdafitnib), supporting the oral, continuous dosing thesis vs procedure-based/intravesical EPS (0.64) (0.61) (0.63) (0.65) (2.52)