Tyra Biosciences, Inc. [TYRA] Filings

10-Q 1 tyra-20220930.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________.

Commission File Number: 001-40800

TYRA BIOSCIENCES, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware	83-1476348
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2656 State Street Carlsbad, California	92008
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (619) 728-4760

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

TYRA

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2022, the registrant had 42,197,431 shares of common stock, $0.0001 par value per share, outstanding.

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	2
	Balance Sheets	2
	Statements of Operations and Comprehensive Loss	3
	Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit)	4
	Statements of Cash Flows	6
	Notes to Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23
Item 4.	Controls and Procedures	23
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	25
Signatures		26

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

Tyra Biosciences, Inc.
Balance Sheets

(in thousands, except share and par value data)


	September 30,			December 31,
	2022			2021
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	263,211		$	302,182
Prepaid and other current assets		4,260			1,875
Total current assets		267,471			304,057
Restricted cash		1,000			243
Property and equipment, net		1,146			1,027
Right-of-use asset		2,496			1,062
Other long-term assets		3,872			312
Total assets	$	275,985		$	306,701
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable (including related party amounts of $64 and $47, respectively)	$	2,747		$	599
Lease liabilities, current		127			202
Accrued and other current liabilities		2,615			2,815
Total current liabilities		5,489			3,616
Lease liabilities, noncurrent		2,514			981
Other long-term liabilities		226			367
Total liabilities		8,229			4,964
Commitments and contingencies (Note 2)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively; no shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively		—			—
Common stock, $0.0001 par value; 500,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively; 42,632,858 and 42,536,183 shares issued at September 30, 2022 and December 31, 2021, respectively, and 42,136,971 and 41,441,135 shares outstanding at September 30, 2022 and December 31, 2021, respectively		4			4
Additional paid-in capital		350,553			342,104
Accumulated deficit		(82,801	)		(40,371	)
Total stockholders’ equity		267,756			301,737
Total liabilities and stockholders’ equity	$	275,985		$	306,701

See accompanying notes to unaudited financial statements.

Tyra Biosciences, Inc.
Statements of Operations and Comprehensive Loss

(unaudited)
(in thousands, except share and per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Operating expenses:
Research and development	$	10,915		$	5,484		$	32,608		$	13,386
General and administrative (including related party amounts of $173, $142, $570 and $260, respectively)		2,730			1,154			11,301			2,970
Total operating expenses		13,645			6,638			43,909			16,356
Loss from operations		(13,645	)		(6,638	)		(43,909	)		(16,356	)
Other income (expense):
Interest income		1,131			2			1,496			8
Other income (expense)		5			(7	)		(17	)		(16	)
Total other income (expense)		1,136			(5	)		1,479			(8	)
Net loss and comprehensive loss	$	(12,509	)	$	(6,643	)	$	(42,430	)	$	(16,364	)
Net loss per share, basic and diluted	$	(0.30	)	$	(0.72	)	$	(1.02	)	$	(3.63	)
Weighted-average shares used to compute net loss per share, basic and diluted		41,997,195			9,164,003			41,777,052			4,504,997

See accompanying notes to unaudited financial statements.

Tyra Biosciences, Inc.

Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(unaudited)

(in thousands, except share amounts)


	Series A Convertible Preferred Stock						Series B Convertible Preferred Stock						Common Stock				Additional Paid-In Capital		Accumulated Deficit			Total Stockholders’ Equity (Deficit)
	Shares			Amount			Shares			Amount			Shares		Amount
Balance at December 31, 2020		3,374,560		$	27,651			—		$	—			1,829,377	$	—	$	439	$	(14,077	)	$	(13,638	)
Issuance of Series A convertible preferred stock, net of issuance costs		2,848,486			23,495			—			—			—		—		—		—			—
Issuance of Series B convertible preferred stock, net of issuance costs		—			—			3,874,793			106,128			—		—		—		—			—
Issuance of common stock under benefit plans		—			—			—			—			139,212		—		86		—			86
Vesting of shares of common stock subject to repurchase		—			—			—			—			234,239		—		65		—			65
Stock-based compensation		—			—			—			—			—		—		174		—			174
Net loss		—			—			—			—			—		—		—		(4,209	)		(4,209	)
Balance at March 31, 2021		6,223,046		$	51,146			3,874,793		$	106,128			2,202,828	$	—	$	764	$	(18,286	)	$	(17,522	)
Issuance of common stock under benefit plans		—			—			—			—			1,511		—		1		—			1
Vesting of shares of common stock subject to repurchase		—			—			—			—			170,012		—		28		—			28
Stock-based compensation		—			—			—			—			—		—		338		—			338
Net loss		—			—			—			—			—		—		—		(5,512	)		(5,512	)
Balance at June 30, 2021		6,223,046		$	51,146			3,874,793		$	106,128			2,374,351	$	—	$	1,131	$	(23,798	)	$	(22,667	)
Preferred stock converted into shares of common stock		(6,223,046	)		(51,146	)		(3,874,793	)		(106,128	)		26,228,089		3		157,271		—			157,274
Initial public offering of common shares, net of issuance costs		—			—			—			—			12,420,000		1		181,219		—			181,220
Issuance of common stock under benefit plans		—			—			—			—			522		—		1		—			1
Vesting of shares of common stock subject to repurchase		—			—			—			—			184,698		—		39		—			39
Stock-based compensation		—			—			—			—			—		—		507		—			507
Net loss		—			—			—			—			—		—		—		(6,643	)		(6,643	)
Balance at September 30, 2021		—		$	—			—		$	—			41,207,660	$	4	$	340,168	$	(30,441	)	$	309,731


	Series A Convertible Preferred Stock				Series B Convertible Preferred Stock				Common Stock				Additional Paid-In Capital		Accumulated Deficit			Total Stockholders’ Equity (Deficit)
	Shares		Amount		Shares		Amount		Shares		Amount
Balance at December 31, 2021		—	$	—		—	$	—		41,441,135	$	4	$	342,104	$	(40,371	)	$	301,737
Issuance of common stock under benefit plans		—		—		—		—		28,951		—		238		—			238
Vesting of shares of common stock subject to repurchase		—		—		—		—		226,478		—		63		—			63
Stock-based compensation		—		—		—		—		—		—		3,972		—			3,972
Net loss		—		—		—		—		—		—		—		(14,826	)		(14,826	)
Balance at March 31, 2022		—	$	—		—	$	—		41,696,564	$	4	$	346,377	$	(55,197	)	$	291,184
Issuance of common stock under benefit plans		—		—		—		—		15,247		—		34		—			34
Vesting of shares of common stock subject to repurchase		—		—		—		—		191,299		—		42		—			42
Stock-based compensation		—		—		—		—		—		—		2,688		—			2,688
Net loss		—		—		—		—		—		—		—		(15,095	)		(15,095	)
Balance at June 30, 2022		—	$	—		—	$	—		41,903,110	$	4	$	349,141	$	(70,292	)	$	278,853
Issuance of common stock under benefit plans		—		—		—		—		52,477		—		356		—			356
Vesting of shares of common stock subject to repurchase		—		—		—		—		181,384		—		37		—			37
Stock-based compensation

Tyra Biosciences, Inc. [TYRA] Filings
10-Q	[2022-11-03]
10-Q	[2022-08-04]
10-Q	[2022-05-05]
10-K	[2022-03-03]
10-Q	[2021-11-03]
S-1	[2021-08-20]