aibioTyra Biosciences prices $400 million offering of shares and pre-funded warrants at $22.03
Tickers TYRA
Tyra Biosciences priced 9,079,000 common shares and pre-funded warrants for 9,078,529 more, expecting about $400.0 million gross at $22.03 a share. The company had $73.8 million of cash at June 30, 2026, and a 2025 net loss of $119.9 million.
Key facts
- Company
- Tyra Biosciences, Inc. (NASDAQ: TYRA)
- News type
- Financings
- Primary source
- Tyra Biosciences, Inc. 424B5 (2026-09-15)
The pricing
Tyra Biosciences, Inc. (Nasdaq: TYRA) announced on September 14, 2026 that it had priced an underwritten offering of 9,079,000 shares of common stock at $22.03 a share. Investors who prefer not to take shares can buy pre-funded warrants for 9,078,529 shares at $22.029 each. A pre-funded warrant has a $0.001 exercise price, so the buyer pays nearly all of the cost upfront. The company expects gross proceeds of about $400.0 million before underwriting discounts and offering expenses, and it expects the deal to close on September 15, 2026.
The prospectus supplement, dated September 14, 2026, shows underwriting discounts and commissions of $24,000,621.83 on a total offering price of $400,001,285.34. Proceeds to Tyra before expenses come to $376,000,663.51. Net proceeds are estimated at about $373.9 million. The $22.03 price equals the last reported sale price on the Nasdaq Global Select Market on September 11, 2026.
The banks and counsel
RA Capital Management led the offering, according to the company's release. The release names Invus, Commodore Capital, BVF Partners and Janus Henderson Investors among the investors. RA Capital is an investor here, not one of the banks named in the filing.
The underwriting table lists Jefferies LLC, Guggenheim Securities, LLC, Cantor Fitzgerald & Co. and Barclays Capital Inc. as representatives of the underwriters and joint book-running managers. The cover also lists William Blair (William Blair & Company, L.L.C. in the table) as a joint book-running manager. Wedbush PacGrow (Wedbush Securities Inc. in the table), Raymond James & Associates, Inc. and Oppenheimer & Co. Inc. are lead managers. Jefferies is to receive the largest allotment, 3,086,860 shares and 3,086,701 pre-funded warrants. Tyra agreed not to sell or register more stock for 60 days without Jefferies' written consent.
Latham & Watkins LLP of San Diego will pass on the securities for Tyra. Cooley LLP of San Francisco represents the underwriters. The supplement also refers to a sales agreement with TD Securities (USA) LLC dated May 8, 2025 and amended on August 4, 2026, under which Tyra may issue shares through an at-the-market program, and it says $250.0 million of common stock remains available under it.
What the money is for
Tyra says it will use the net proceeds, together with existing cash, cash equivalents and marketable securities, to advance its dabogratinib development strategy in low-grade upper tract urothelial carcinoma, intermediate-risk non-muscle invasive bladder cancer and achondroplasia. The proceeds will also support preclinical and drug discovery work, working capital and other general corporate purposes.
The company calls dabogratinib a potential first-in-class selective FGFR3 inhibitor. The release does not report new trial results, and it gives no timetable for data from the programs it names.
The financial base
The XBRL data from the 2025 annual report show a net loss of $119.9 million, up from $86.5 million in 2024. Research and development expense rose to $102.9 million from $80.1 million. Cash used in operations was $95.1 million in 2025, against $69.8 million a year earlier. Cash and cash equivalents were $73.8 million at June 30, 2026, according to the company's quarterly report. The offering documents do not give a cash runway.
Dilution and warrant terms
The supplement says new investors will suffer immediate dilution of $11.45 per share based on net tangible book value at June 30, 2026.
The count of 59,662,877 shares outstanding at June 30, 2026 excludes 14,409,364 shares issuable on options at a weighted-average exercise price of $16.54, 455,750 shares issuable on restricted stock units, and 6,381,950 shares issuable on pre-funded warrants already outstanding. Each new pre-funded warrant cannot be exercised if the holder would own more than 4.99 percent of the outstanding shares, unless the holder raises that cap, to no more than 19.99 percent, on 61 days' notice. The warrants will not be listed on Nasdaq or any other exchange.
What is not said
The supplement does not say how the proceeds will be divided among the three named programs, how long the company can fund operations after this deal, or how much of the at-the-market program it expects to use.