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Relative valuation derived from Healthcare sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 26.7GRADE F
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
-42.5%
Sector: -43.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Tyra Biosciences, Inc. (TYRA) receives a "Hold" rating with a composite score of 39.4/100, ranked #965 out of 4446 stocks. Key factor scores: Quality 27/100, Value 26/100, Momentum 77/100. This is quantitative analysis only — not investment advice.
Tyra Biosciences, Inc. (TYRA) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Tyra Biosciences, Inc. Do?
Tyra Biosciences, Inc., a preclinical-stage biopharmaceutical company, focuses on developing therapies to overcome tumor resistance and enhance outcomes for patients with cancer. Its lead product candidate is TYRA-300, a selective inhibitor of fibroblast growth factor receptor (FGFR)3 for the treatment of muscle invasive bladder cancer. The company is also developing programs targeting FGFR2- intrahepatic cholangiocarcinoma,FGFR3-related achondroplasia, REarranged during transfection kinase, and FGFR4-related cancers. In addition, the company offers SNAP platform which enable rapid structural design through iterative molecular SNAPshots. Tyra Biosciences, Inc. was incorporated in 2018 and is based in Carlsbad, California. Tyra Biosciences, Inc. (TYRA) is classified as a mid-cap stock in the Healthcare sector, specifically within the Pharmaceutical Products industry. The company is led by CEO Todd J. Harris and employs approximately 20 people. With a market capitalization of $2.1B, TYRA is one of the notable companies in the Healthcare sector.
Tyra Biosciences, Inc. (TYRA) Stock Rating — Hold (April 2026)
As of April 2026, Tyra Biosciences, Inc. receives a Hold rating with a composite score of 39.4/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.TYRA ranks #965 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, Tyra Biosciences, Inc. ranks #68 of 838 stocks, placing it in the top 10% of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
TYRA Stock Price and 52-Week Range
Tyra Biosciences, Inc. (TYRA) currently trades at $35.26. The stock lost $1.43 (3.9%) in the most recent trading session. The 52-week high for TYRA is $38.53, which means the stock is currently trading -8.5% from its annual peak. The 52-week low is $6.42, putting the stock 449.2% above its annual trough. Recent trading volume was 875K shares, suggesting relatively thin trading activity.
Is TYRA Overvalued or Undervalued? — Valuation Analysis
Tyra Biosciences, Inc. (TYRA) carries a value factor score of 26/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 7.84x, versus the sector average of 2.75x.
At current multiples, Tyra Biosciences, Inc. trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.
Tyra Biosciences, Inc. Profitability — ROE, Margins, and Quality Score
Tyra Biosciences, Inc. (TYRA) earns a quality factor score of 27/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -42.5%, compared to the Healthcare sector average of -43.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -39.0% versus the sector average of -33.1%.
Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
TYRA Debt, Balance Sheet, and Financial Health
Tyra Biosciences, Inc. has a debt-to-equity ratio of 9.0%, compared to the Healthcare sector average of 32.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 14.67x, indicating strong short-term liquidity. Total debt on the balance sheet is $0. Cash and equivalents stand at $62M.
TYRA has a beta of 1.01, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Tyra Biosciences, Inc. is 42/100, reflecting average volatility within the normal range for its sector.
Tyra Biosciences, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Tyra Biosciences, Inc. reported revenue of $0 and earnings per share (EPS) of $-2.01. Net income for the quarter was $-110M. Operating income came in at $-125M.
In FY 2025, Tyra Biosciences, Inc. reported revenue of $0 and earnings per share (EPS) of $-2.01. Net income for the quarter was $-120M. Operating income came in at $-133M.
In Q3 2025, Tyra Biosciences, Inc. reported revenue of $0 and earnings per share (EPS) of $-0.50. Net income for the quarter was $-30M. Operating income came in at $-33M.
In Q2 2025, Tyra Biosciences, Inc. reported revenue of $0 and earnings per share (EPS) of $-0.47. Net income for the quarter was $-28M. Operating income came in at $-31M.
Over the past 8 quarters, Tyra Biosciences, Inc. has experienced revenue contraction from $0 to $0. Investors analyzing TYRA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
TYRA Dividend Yield and Income Analysis
Tyra Biosciences, Inc. (TYRA) does not currently pay a dividend. This is common among smaller companies in the Pharmaceutical Products industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.
TYRA Momentum and Technical Analysis Profile
Tyra Biosciences, Inc. (TYRA) has a momentum factor score of 77/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 15/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
TYRA vs Competitors — Healthcare Sector Ranking and Peer Comparison
Comparing TYRA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full TYRA vs S&P 500 (SPY) comparison to assess how Tyra Biosciences, Inc. stacks up against the broader market across all factor dimensions.
TYRA Next Earnings Date
No upcoming earnings date has been announced for Tyra Biosciences, Inc. (TYRA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy TYRA? — Investment Thesis Summary
Tyra Biosciences, Inc. presents a balanced picture with arguments on both sides. The quality score of 27/100 flags below-average profitability. The value score of 26/100 indicates premium valuation. Price momentum is positive at 77/100, suggesting the trend favors buyers.
In summary, Tyra Biosciences, Inc. (TYRA) earns a Hold rating with a composite score of 39.4/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on TYRA stock.
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Institutional Research Dossier
Tyra Biosciences, Inc. (TYRA) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on Tyra Biosciences (TYRA), driven by the company's promising but early-stage pipeline of FGFR inhibitors and its SNAP platform. While the potential of TYRA-300 in muscle invasive bladder cancer and other FGFR-driven cancers is significant, the inherent risks associated with preclinical-stage biopharmaceutical companies, coupled with the current valuation, warrant a cautious approach. The company's lack of revenue and consistent net losses necessitate careful monitoring of clinical trial progress and cash burn rate.
The primary concern revolves around the execution risk associated with bringing novel therapies to market, particularly given the competitive landscape in oncology. While Tyra's SNAP platform offers a potential advantage in drug design, its ultimate impact on clinical success and commercial viability remains to be seen. The high Momentum score suggests significant investor optimism, which could lead to volatility if clinical data disappoints. Therefore, a Hold rating reflects a balanced view of the company's potential and the associated risks.
Business Strategy & Overview
Tyra Biosciences operates as a preclinical-stage biopharmaceutical company focused on developing therapies for cancer, specifically targeting tumor resistance mechanisms. Their core strategy revolves around leveraging their proprietary SNAP platform to design selective inhibitors of fibroblast growth factor receptors (FGFRs). This platform aims to accelerate drug discovery and development by enabling rapid structural design and iterative molecular snapshots, potentially leading to more effective and targeted therapies.
The company's lead product candidate, TYRA-300, is a selective FGFR3 inhibitor being developed for the treatment of muscle invasive bladder cancer. This represents a significant unmet medical need, as current treatment options are limited and often associated with significant side effects. In addition to TYRA-300, Tyra is also pursuing programs targeting FGFR2 in intrahepatic cholangiocarcinoma, FGFR3 in achondroplasia, and FGFR4 in other cancers, demonstrating a diversified approach within the FGFR pathway.
Tyra's business model is predicated on advancing its preclinical programs through clinical trials and ultimately securing regulatory approval for its drug candidates. This involves significant investment in research and development, as evidenced by the consistent net losses reported in recent years. The company will likely seek partnerships or out-licensing agreements to further develop and commercialize its therapies, particularly as they progress through later stages of clinical development. The success of this strategy hinges on the ability to generate compelling clinical data and demonstrate a clear benefit-risk profile for its drug candidates.
The pharmaceutical industry is characterized by intense competition and high regulatory hurdles. Tyra faces competition from established pharmaceutical companies and other biotechnology firms developing therapies for similar indications. The company's ability to differentiate its products through superior efficacy, safety, or convenience will be crucial for achieving commercial success. Furthermore, the regulatory landscape is constantly evolving, requiring Tyra to adapt its development strategies to meet the requirements of regulatory agencies such as the FDA.
Execution Benchmarks audit
Return on Equity
Equity capital efficiency
-42.5%
Sector: -43.5%
IN LINE
Economic Moat Analysis
Tyra Biosciences' economic moat is currently considered to be None. The company operates in the highly competitive and risky biopharmaceutical industry, where success is heavily dependent on clinical trial outcomes and regulatory approvals. While the SNAP platform represents a potential source of competitive advantage, its long-term impact on drug development and commercialization remains uncertain.
The biopharmaceutical industry is characterized by intense competition, with numerous companies vying to develop therapies for similar indications. This makes it difficult for any single company to establish a sustainable competitive advantage. Furthermore, the patent protection afforded to pharmaceutical products is limited in duration, eventually leading to generic competition and erosion of market share.
Tyra's SNAP platform could potentially create a narrow moat if it consistently leads to the discovery and development of superior drug candidates. However, the platform's effectiveness needs to be validated through clinical success and commercial adoption. The platform's ability to generate novel and differentiated therapies will determine its long-term value and contribution to Tyra's competitive position.
The absence of revenue and consistent net losses further weakens Tyra's economic moat. The company is heavily reliant on external funding to support its research and development activities. This dependence on external capital increases the company's vulnerability to market fluctuations and investor sentiment. A successful IPO and subsequent financings have provided the company with a cash runway, but this needs to be carefully managed to ensure long-term sustainability.
Intangible assets, such as patents and proprietary know-how, are crucial for establishing a competitive advantage in the biopharmaceutical industry. Tyra's patent portfolio related to its SNAP platform and drug candidates will play a key role in protecting its intellectual property and preventing competitors from replicating its innovations. However, the strength and enforceability of these patents will be critical in determining their ultimate value.
Financial Health & Profitability
Tyra Biosciences' financial health presents a mixed picture. The company currently generates no revenue, which is typical for a preclinical-stage biopharmaceutical company. The company reported a net loss of $119.95 million for FY2025, reflecting significant investment in research and development. This is an increase from the $86.48 million loss in FY2024 and $69.13 million loss in FY2023, indicating an accelerating burn rate as the company progresses its pipeline.
The company's balance sheet is relatively strong, with total cash of $61.95 million and no debt. This provides a cushion to fund ongoing operations and clinical trials. The current ratio of 14.67 indicates a strong ability to meet short-term obligations. However, the lack of revenue and consistent net losses necessitate careful monitoring of cash burn and the need for future financing.
Compared to the healthcare sector, Tyra's financial metrics are significantly different due to its preclinical stage. The sector average P/E ratio is 24.3x, while Tyra's is not applicable due to negative earnings. Similarly, the sector average EV/EBITDA is 6.4x, while Tyra's is not applicable due to negative EBITDA. The sector average ROE is -42.5%, which is similar to Tyra's -42.5%, reflecting the challenges faced by many companies in the sector.
The quarterly financial history reveals a consistent pattern of net losses. In Q3 FY2025, the company reported a net loss of $29.87 million, compared to $24.02 million in Q3 FY2024 and $21.15 million in Q3 FY2023. This trend suggests that the company's expenses are increasing as it advances its pipeline. The absence of revenue and consistent net losses highlight the inherent risks associated with investing in preclinical-stage biopharmaceutical companies.
The company's ability to secure future funding will be crucial for its long-term success. This may involve raising additional capital through equity offerings or debt financing, or entering into partnerships or licensing agreements with larger pharmaceutical companies. The terms of these financing arrangements will have a significant impact on the company's financial health and shareholder value.
Valuation Assessment
Valuing Tyra Biosciences is challenging due to its preclinical stage and lack of revenue. Traditional valuation metrics such as P/E and EV/EBITDA are not applicable. The company's market capitalization of $2.00 billion reflects investor expectations for the potential success of its pipeline and SNAP platform. However, this valuation is highly sensitive to clinical trial outcomes and regulatory approvals.
Given the absence of traditional valuation metrics, alternative approaches such as discounted cash flow (DCF) analysis or probability-adjusted net present value (rNPV) analysis are often used to value biopharmaceutical companies. These methods require making assumptions about the probability of success for each drug candidate, the potential market size, and the timing of future cash flows. These assumptions are inherently uncertain and can significantly impact the valuation.
The company's high Momentum score of 77/100 suggests that investors are optimistic about its prospects. This optimism may be driven by positive preclinical data or expectations for future clinical trial success. However, it also increases the risk of a significant correction if clinical data disappoints or regulatory hurdles prove insurmountable.
Compared to other preclinical-stage biopharmaceutical companies, Tyra's valuation appears to be relatively high. This may reflect the perceived value of its SNAP platform and the potential of its FGFR inhibitor pipeline. However, it also highlights the importance of executing on its development strategy and delivering positive clinical results to justify the current valuation.
Based on the available information, Tyra's stock appears to be fairly valued, given the inherent uncertainties and risks associated with its preclinical stage. The Hold rating reflects a balanced view of the company's potential and the associated risks. Investors should closely monitor clinical trial progress and regulatory developments to assess the company's long-term prospects.
Risk & Uncertainty
Tyra Biosciences faces several significant risks and uncertainties. The most prominent risk is the inherent uncertainty associated with drug development. Clinical trials can fail at any stage, and even successful trials may not lead to regulatory approval. The company's reliance on a limited number of drug candidates increases its vulnerability to clinical trial failures.
Competition is another significant risk. The biopharmaceutical industry is highly competitive, with numerous companies developing therapies for similar indications. Tyra faces competition from established pharmaceutical companies and other biotechnology firms. The company's ability to differentiate its products through superior efficacy, safety, or convenience will be crucial for achieving commercial success.
Regulatory risk is also a major concern. The development and commercialization of pharmaceutical products are subject to extensive regulatory oversight. Changes in regulatory requirements or delays in regulatory approvals could significantly impact the company's prospects. The FDA's review process is rigorous and unpredictable, and there is no guarantee that Tyra's drug candidates will be approved.
Financial risk is also a factor. Tyra is currently generating no revenue and is reliant on external funding to support its research and development activities. The company may need to raise additional capital in the future, which could dilute existing shareholders. Furthermore, adverse market conditions could make it more difficult to secure funding on favorable terms.
Finally, there is execution risk. Tyra's success depends on its ability to effectively manage its research and development programs, conduct clinical trials, and navigate the regulatory landscape. Any missteps in these areas could jeopardize the company's prospects.
Bulls Say / Bears Say
The Bull Case
BULL VIEWTyra's SNAP platform offers a significant competitive advantage in designing selective FGFR inhibitors, potentially leading to more effective and safer cancer therapies.
BULL VIEWThe large unmet medical need in muscle invasive bladder cancer and other FGFR-driven cancers provides a substantial market opportunity for TYRA-300 and other pipeline candidates.
BULL VIEWStrong cash position and no debt provide financial flexibility to advance pipeline programs through clinical development.
The Bear Case
BEAR VIEWPreclinical-stage biopharmaceutical companies are inherently risky, with a high probability of clinical trial failures and regulatory setbacks.
BEAR VIEWThe lack of revenue and consistent net losses necessitate reliance on external funding, which could dilute existing shareholders and increase financial risk.
BEAR VIEWThe high valuation reflects significant investor optimism, which could lead to a sharp correction if clinical data disappoints or regulatory hurdles prove insurmountable.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score TYRA and 4,400+ other equities.
Tyra Biosciences, Inc. exhibits a 4% valuation premium relative to institutional benchmarks. This represents a balanced risk/reward profile based on current multiples.
Return on Assets
Efficiency of asset utilization
-39.0%
Sector: -33.1%
Gross Margin
Pricing power and cost efficiency
—
Sector: 71.5%
Operating Margin
Core business profitability
—
Sector: -66.1%
Net Margin
Bottom-line profitability
—
Sector: -58.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
