Despite an outcome that TD Cowen analyst Tyler Van Buren called ”fantastic,” shares of Tyra Biosciences Inc. (NASDAQ:TYRA) closed Oct. 25 at $21.93, down $6.68, or 23%, as Wall Street digested new phase I/II data with FGFR3 inhibitor TYRA-300 in metastatic urothelial cancer from the Surf301 phase I/II study in progress.
Hypochondroplasia (HCH) is a skeletal dysplasia similar to achondroplasia (ACH) but with milder features, that affects particularly the ossification of proximal long bones of arms and legs. Around 70% to 80% of cases of HCH are caused by N540K alterations in the FGFR3 gene. At the recent 6th Annual Achondroplasia & Skeletal Dysplasia Research Conference, researchers from Tyra Biosciences Inc. presented preclinical proof-of-concept data of TYRA-300, an oral FGFR3-selective inhibitor in a model of HCH.
A rare pediatric disease designation for its achondroplasia treatment and a subsequent $200 million private placement boosted shares of Tyra Biosciences Inc. on Feb. 2 by 29.3%.
Tyra Biosciences Inc. is expanding development of TYRA-300 into achondroplasia based on promising preclinical results from a study conducted in collaboration with the Imagine Institute. A specific mutation in fibroblast growth factor receptor 3 (FGFR3) causes over 97% of achondroplasia.
Tyra Biosciences Inc.’s recent deal with Xcures Inc. drew more attention to the already popular FGFR inhibitor space in oncology, as the pair made known a collaboration on a real-world biomarker study involving patients with FGFR-mutant bladder cancer who are given once-daily, oral Balversa (erdafitinib, Johnson & Johnson), a pan-FGFR blocker approved in April 2019.
The market’s appetite for immunology candidates in chronic disease – in particular an oral interleukin-17 (IL-17) therapy for psoriasis – was proved by the upsized IPO pulled off by Dice Therapeutics Inc., and Tyra Biosciences Inc. benefited from the ongoing appetite in precision oncology in another, bigger-than-expected debut. Preclinical-stage Pasithea Therapeutics Inc. went public as well, albeit less spectacularly.
