Carlsbad, California-based Tyra Biosciences (Nasdaq: TYRA) announced the pricing of a USD 400 million underwritten public offering of common stock and pre-funded warrants, raising capital to execute a three-indication, late-stage clinical push for its lead FGFR3-selective inhibitor dabogratinib across bladder cancer and achondroplasia. Tyra reported USD 353.9 million in cash, cash equivalents, and marketable securities as of June 30, 2026, with runway into 2H 2028 before the new financing.
The offering comprises 9,079,000 shares of common stock priced at USD 22.03 per share, with certain investors electing pre-funded warrants to purchase 9,078,529 shares at USD 22.029 per warrant. RA Capital Management led the syndicate, with participation from Invus, Commodore Capital, BVF Partners, Janus Henderson Investors, Trails Edge Capital Partners, Integral Health Asset Management, TCGX, StemPoint Capital, and several large unnamed investment management firms. The offering was expected to close September 15, 2026.
Tyra intends to use the net proceeds, together with existing cash, to advance its "dabogratinib 3x3" strategy — three Phase II studies targeting three indications it describes as potential blockbuster markets: low-grade upper tract urothelial carcinoma (LG-UTUC), intermediate-risk non-muscle invasive bladder cancer (IR NMIBC), and achondroplasia (ACH). Proceeds will also support preclinical and drug discovery programs and general corporate purposes. The company previously raised USD 200 million in a February 2024 PIPE at USD 13.01 per share to advance the same programs, with the current offering priced at a roughly 69% premium to that transaction.