R&D expenses rose 63% from $17.1M in 2024Q1 to $39.2M in 2026Q2, while net losses widened from $18.2M to $45.6M, reflecting negative operating leverage with no revenue.
Tyra Biosciences, Inc. (TYRA) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 138K | 0 | 0 | 0 | 0 | 0 | 47K | 8K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -138K | 0 | 0 | 0 | 0 | 0 | -47K | -8K |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -487.5% | - |
| Operating Expenses | 160.32M | 132.76M | 104.18M | 79.94M | 58.93M | 26.29M | 9.25M | 3.12M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 34.14M | 29.83M | 24.1M | 17.43M | 15.92M | 5.65M | 2.09M | 1.33M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 126.18M | 102.93M | 80.08M | 62.52M | 43.01M | 20.64M | 7.2M | 1.79M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -23K | -8K |
| Operating Income | -160.46M | -132.76M | -104.18M | -79.94M | -58.93M | -26.29M | -9.3M | -3.12M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -27.44% | -30.31% | -35.67% | -124.16% | -182.76% | -197.79% | - |
| EBITDA | -159.92M | -132.22M | -103.66M | -79.59M | -58.63M | -26.15M | -9.25M | -3.11M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -32.06% | -27.55% | -30.24% | -35.74% | -124.23% | -182.68% | -197.05% | - |
| D&A (Non-Cash Add-back) | 539K | 546K | 519K | 357K | 296K | 140K | 47K | 8K |
| EBIT | -148.56M | -119.95M | -86.48M | -69.13M | -55.33M | -26.29M | -9.34M | -3.12M |
| Net Interest Income | 11.9M | 12.81M | 17.7M | 10.81M | 3.65M | 13K | -999 | -999 |
| Interest Income | 11.9M | 12.81M | 17.7M | 10.81M | 3.65M | 13K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 1K |
| Other Income/Expense | 11.9M | 12.81M | 17.7M | 10.81M | 3.6M | -6K | -39K | -943K |
| Pretax Income | -148.56M | -119.95M | -86.48M | -69.13M | -55.33M | -26.29M | -9.34M | -4.07M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -148.56M | -119.95M | -86.48M | -69.13M | -55.33M | -26.29M | -9.31M | -4.06M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -40.38% | -38.7% | -25.09% | -24.96% | -110.41% | -182.31% | -129.52% | - |
| Net Income (Continuing) | -148.56M | -119.95M | -86.48M | -69.13M | -55.33M | -26.29M | -9.34M | -4.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.25 | -2.01 | -1.51 | -1.62 | -1.23 | -0.63 | -0.22 | -0.10 |
| EPS Growth % | -34.83% | -33.11% | 6.79% | -31.71% | -95.24% | -186.36% | -130.61% | - |
| EPS (Basic) | - | -2.01 | -1.51 | -1.62 | -1.23 | -0.63 | -0.22 | -0.10 |
| Diluted Shares Outstanding | 65.99M | 59.6M | 57.22M | 42.7M | 41.88M | 41.44M | 42.54M | 42.54M |
| Basic Shares Outstanding | 65.99M | 59.6M | 57.22M | 42.7M | 41.88M | 41.44M | 42.54M | 42.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TYRA stock.
For fiscal year 2025, Tyra Biosciences, Inc. (TYRA) reported total revenue of $0.0M.
Tyra Biosciences, Inc. (TYRA) reported a net loss of $119.9M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Cash burn acceleration
Metrics are mathematically derived from official filings.
R&D Spend Drives Loss Expansion
According to TYRA's quarterly filings, R&D expenses rose 63% from $17.1M in 2024Q1 to $39.2M in 2026Q2, while net losses widened from $18.2M to $45.6M, indicating a deliberate acceleration in clinical investment.
The sequential increase in R&D spending from $33.3M in 2026Q1 to $39.2M in 2026Q2 suggests a ramp-up in clinical trial activity, likely for later-stage programs. This spending trajectory, coupled with no revenue, implies the company is prioritizing pipeline advancement over near-term profitability, a common but capital-intensive strategy in biotech.
R&D Dominates Cost Structure
R&D consistently represents over 80% of total operating expenses, with 2026Q2 R&D of $39.2M versus SG&A of $9.8M, as per TYRA's income statement, underscoring a research-centric model with minimal administrative overhead.
The ratio of R&D to SG&A has remained stable around 4:1, indicating disciplined spending on general operations while channeling resources into drug development. However, the absolute increase in both lines—SG&A up 92% from $5.1M to $9.8M over the period—suggests growing organizational complexity, which investors should monitor for efficiency.
Negative Operating Leverage Amplifies Losses
As reported in TYRA's financial statements, operating losses have grown faster than R&D alone, with operating margin deteriorating from -130% of revenue (not meaningful) to -49.0M in 2026Q2, reflecting negative operating leverage as fixed costs expand without revenue.
Since TYRA has no revenue, operating leverage is inherently negative; each incremental dollar of R&D directly increases losses. The sequential jump in operating loss from $42.0M to $49.0M in 2026Q2 indicates that spending growth is outpacing any potential efficiency gains, a trend that will persist until a product generates revenue.
SBC Adds to Cash Burn
Stock-based compensation has risen from $4.1M in 2024Q1 to $10.2M in 2026Q2, per TYRA's income statement, representing roughly 22% of operating losses, which may indicate that reported net losses understate the true cash consumption.
The increasing SBC, now exceeding $10M quarterly, suggests heavy equity-based compensation, likely to attract talent in a competitive biotech market. While non-cash, this dilutes existing shareholders and, when combined with cash burn, raises questions about the sustainability of the current funding model without additional capital raises.
2026Q2 Marks Accelerated Burn
The most pronounced inflection occurs in 2026Q2, where R&D jumped 18% sequentially to $39.2M and net loss widened to $45.6M, the largest quarterly loss in the dataset, signaling a strategic shift toward later-stage trials.
This quarter's spending surge, coupled with a 46.8% year-over-year EPS decline, suggests TYRA is entering a capital-intensive phase, possibly for pivotal studies. The lasting impact is a higher cash burn rate that will likely necessitate external financing, as the company's cash reserves may not sustain this pace indefinitely.
Cash Burn Sustainability Questioned
With quarterly net losses averaging $33M and no revenue, TYRA's cash runway appears limited; based on reported figures, the company may need to raise capital within the next year, potentially diluting shareholders.
The accelerating burn rate, from $18.2M in 2024Q1 to $45.6M in 2026Q2, implies that even a strong balance sheet could be strained. Short-sellers might argue that without near-term catalysts, the company's valuation is unsupported, and the lack of revenue makes profitability a distant prospect, increasing the risk of equity dilution.