Latest Ratios: P/E Ratio -9.4x · EV/EBITDA N/A · ROE -39.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $1.6B | $795M | $591M | $318M | $583M | — | — |
| Enterprise Value | $1.2B | $1.5B | $710M | $540M | $70M | $282M | — | — |
| P/E Ratio → | -9.39 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 4.86 | 6.05 | 2.32 | 2.90 | 1.23 | 1.93 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -39.8% | -39.8% | -31.6% | -29.9% | -19.8% | -18.3% | — | — |
| ROA | -37.1% | -37.1% | -29.3% | -28.1% | -19.3% | -16.3% | -112.6% | -768.6% |
| ROIC | -44.8% | -44.8% | -38.1% | -74.0% | -886.0% | — | — | — |
| ROCE | -43.3% | -43.3% | -37.2% | -33.9% | -20.9% | -16.6% | -195.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.03 | 0.01 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.28 | -0.25 | -0.25 | -0.96 | -1.00 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -9335.00 | -3122.00 |
Net cash position: cash ($77M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 14.67 | 14.67 | 23.81 | 13.80 | 45.13 | 84.09 | 8.22 | 0.02 |
| Quick Ratio | 14.67 | 14.67 | 23.81 | 13.80 | 45.13 | 84.09 | 8.22 | 0.02 |
| Cash Ratio | 14.15 | 14.15 | 23.40 | 13.27 | 44.06 | 83.57 | 8.19 | 0.02 |
| Asset Turnover | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $60M | $57M | $43M | $42M | $41M | $43M | $43M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TYRA stock.
Tyra Biosciences, Inc.'s current P/E ratio is -9.4x. This places it at the 50th percentile of its historical range.
Tyra Biosciences, Inc.'s return on equity (ROE) is -39.8%. The historical average is -27.9%.
Based on historical data, Tyra Biosciences, Inc. is trading at a P/E of -9.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Cash runway depletion
Metrics are mathematically derived from official filings.
Liquidity Ratios Mask Shrinking Runway
Despite a current ratio of 14.91 in 2026Q2, TYRA's cash of $73.8M covers only about 1.6 quarters of operating burn, per SEC filings, signaling a tightening liquidity position.
The current ratio remains exceptionally high because TYRA holds minimal current liabilities, but the absolute cash balance has fallen 71% from $254.4M in 2024Q1 to $73.8M in 2026Q2. With quarterly operating cash outflows averaging roughly $23M, the liquidity cushion is eroding faster than the ratio suggests. Investors should monitor the pace of cash consumption relative to the remaining runway, as the ratio's stability may obscure the underlying depletion.
Minimal Debt but Rising Relative to Cash
TYRA's debt-to-equity ratio remains low at 0.02, but debt now represents 7.6% of cash, up from 2.6% in 2024Q1, as reported in financial statements, indicating a modest but growing leverage risk.
Total debt is stable at $5.6M, but as cash declines, the relative burden of this debt increases. While interest coverage is not meaningful given the lack of revenue, the absolute debt level is manageable. However, the trend suggests that if cash continues to deplete without additional financing, the company may need to rely on debt or equity issuance, which could dilute shareholders. The low D/E ratio may understate the financial strain implied by the shrinking cash buffer.
Negative Returns Deepen as Losses Accelerate
ROIC deteriorated from -8.5% in 2024Q4 to -12.4% in 2026Q2, per TYRA's quarterly data, reflecting escalating clinical investment with no revenue offset, indicating a widening gap between capital deployed and returns.
The negative ROIC is expected for a clinical-stage biotech, but the trend is concerning: losses are growing faster than the capital base, driving returns further negative. ROE similarly worsened from -7.2% to -12.3% over the same period, while equity declined from $389.9M to $353.7M. This suggests that each dollar of retained capital is generating increasingly negative returns, a pattern that may persist until a product reaches commercialization or a partnership provides non-dilutive funding.
Asset-Light Model Shows No Working Capital Strain
TYRA's asset turnover and working capital metrics are largely unavailable, but minimal PP&E and negligible inventory indicate an asset-light model, with cash conversion cycle not meaningful, per reported figures.
The absence of significant receivables, inventory, or payables data is consistent with a pre-revenue biotech that outsources manufacturing and has no product sales. The high DPO figures in early 2024 (e.g., 2812 days) likely reflect timing of payables rather than operational inefficiency. The efficiency of the model is better measured by cash burn per clinical milestone, not traditional working capital ratios. Investors should focus on R&D spend efficiency and trial progress rather than asset turnover.
Relative to Peers, TYRA's Burn Is Moderate
Compared to peers like KROS and NUVL, TYRA's ROE of -12.3% is less negative than NUVL's -42.8% and KROS's -21.4%, per peer data, suggesting a relatively slower cash burn pace.
TYRA's negative returns are less severe than those of its clinical-stage peers, which may indicate a more disciplined spending approach or earlier-stage pipeline. However, the peer comparison is limited by the lack of revenue and the different stages of development. TYRA's P/B of 5.91 is lower than NUVL's 7.22 and PRAX's 9.34, suggesting the market is pricing in a relatively lower growth expectation or a higher risk of dilution. The gap in returns may narrow or widen depending on clinical trial outcomes.
Misapplied Metric: Current Ratio
The current ratio is commonly misapplied to TYRA because it ignores the lack of revenue and the finite cash runway; a more relevant metric is months of cash burn, which is approximately 1.6 quarters.
For a pre-revenue biotech, the current ratio overstates liquidity because it treats cash as a static pool, but the cash is being consumed at an accelerating rate. The ratio does not capture the sustainability of the business model. Instead, investors should use cash runway (cash divided by quarterly burn) and the trend in burn rate. As of 2026Q2, TYRA's cash of $73.8M against a quarterly burn of roughly $31M implies a runway of under two quarters, which is the critical metric for assessing solvency risk.