0000950170-23-017875 | 10-Q | XBRL Viewer

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Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 241,701	$ 251,213
Prepaid and other current assets	5,008	6,075
Total current assets	246,709	257,288
Restricted cash	1,000	1,000
Property and equipment, net	1,048	1,077
Right-of-use asset	2,424	2,466
Other long-term assets	3,874	4,350
Total assets	255,055	266,181
Current liabilities:
Accounts payable	1,280	1,145
Lease liabilities, current	144	140
Accrued and other current liabilities (including related party amounts of $56 and $59, respectively)	2,258	4,416
Total current liabilities	3,682	5,701
Lease liabilities, noncurrent	2,444	2,482
Other long-term liabilities	139	169
Total liabilities	6,265	8,352
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding at March 31, 2023 and December 31, 2022.	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized at March 31, 2023 and December 31, 2022, respectively; 42,762,501 and 42,634,459 shares issued at March 31, 2023 and December 31, 2022, respectively, and 42,535,374 and 42,353,550 shares outstanding at March 31, 2023 and December 31, 2022, respectively.	4	4
Additional paid-in capital	356,362	353,521
Accumulated deficit	(107,576)	(95,696)
Total stockholders' equity	248,790	257,829
Total liabilities and stockholders' equity	$ 255,055	$ 266,181

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Restricted Cash	$ 1.0	$ 1.0

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Number of Outstanding Options, Beginning balance	5,890,869
Number of Outstanding Options, Granted	541,300
Number of Outstanding Options, Exercised	(97,227)
Cancelled	208,849
Number of Outstanding Options, Ending balance	6,126,093	5,890,869
Number of Outstanding Options, Exercisable	1,975,304
Number of Outstanding Options, Vested and expected to vest	6,126,093
Weighted- Average Exercise Price, Beginning balance	$ 7.91
Weighted- Average Exercise Price, Granted	8.55
Weighted- Average Exercise Price, Exercised	1.68
Weighted- Average Exercise Price, Cancelled	11.68
Weighted- Average Exercise Price, Ending balance	7.94	$ 7.91
Weighted- Average Exercise Price, Exercisable	7.06
Weighted- Average Exercise Price, Vested and expected to vest	$ 7.94
Weighted- Average Remaining Contractual Term	8 years 6 months	8 years 9 months 18 days
Weighted- Average Remaining Contractual Term, Exercisable	7 years 6 months
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years 6 months
Aggregate Intrinsic Value, Beginning balance	$ 13,492
Aggregate Intrinsic Value, Exercised	20,377
Aggregate Intrinsic Value, Ending balance	55,897	$ 13,492
Aggregate Intrinsic Value, Vested and expected to vest	$ 55,897

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease, Cost [Abstract]
Operating lease cost	$ 83	$ 73
Short-term lease cost	22	20
Variable lease cost	14	16
Total lease cost	$ 119	$ 109

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	May 31, 2021 Renewal	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022	Aug. 31, 2020 ft²
Lessee Lease Description [Line Items]
Present value of lease liabilities		$ 2,588
Weighted-average incremental borrowing rate - operating leases		6.50%		6.50%
Operating Lease, Cost		$ 83	$ 73
Lease liability paid		100	$ 100
First Amendment [Member] \| Lease Agreements Member
Lessee Lease Description [Line Items]
Area of Lease \| ft²					4,734
First Amendment [Member] \| Office Building [Member] \| Lease Agreements Member
Lessee Lease Description [Line Items]
Operating lease term of contract	60 months
Number of lease term renewal option \| Renewal	2
Operating lease renewal term	36 months
Expansion Lease Agreement [Member]
Lessee Lease Description [Line Items]
Operating lease term of contract			120 months
Operating lease renewal term			36 months
Present value of lease liabilities			$ 5,500
Security deposit		100
Long-term line of credit		1,000
Expansion Lease Agreement [Member] \| Minimum
Lessee Lease Description [Line Items]
Long-term line of credit		$ 500

Document and Entity Information - $ / shares	3 Months Ended
Document and Entity Information - $ / shares	Mar. 31, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	TYRA BIOSCIENCES, INC.
Entity Central Index Key	0001863127
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40800
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1476348
Entity Address, Address Line One	2656 State Street
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	619
Local Phone Number	728-4760
Entity Common Stock, Shares Outstanding		42,561,733
Entity Listing, Par Value Per Share	$ 0.0001
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TYRA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Document Transition Report	false
Document Quarterly Report	true

Statement of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 10,408	$ 9,645
General and administrative (including related party amounts of $0 and $210, respectively)	3,926	5,189
Total operating expenses	14,334	14,834
Loss from operations	(14,334)	(14,834)
Other income (expense):
Interest income	2,455	18
Other expense	(1)	(10)
Total other income	2,454	8
Net loss and comprehensive loss	$ (11,880)	$ (14,826)
Net loss per share, basic	$ (0.28)	$ (0.36)
Net loss per share, diluted	$ (0.28)	$ (0.36)
Weighted - average shares used to compute net loss per common share - basic	42,394,623	41,551,713
Weighted - average shares used to compute net loss per common share - diluted	42,394,623	41,551,713

Fair Value Measurements - Summary of assets measured at fair value (Details) - Money Market Funds [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	$ 239.7	$ 240.7
Fair Value, Inputs, Level 1 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	239.7	240.7
Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	0.0	0.0
Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Fair Value Of Assets	$ 0.0	$ 0.0

Equity Incentive Plans and Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options:
Dividend yield	0.00%	0.00%
Minimum
Stock Options:
Stock price	$ 7.07	$ 10.96
Risk-free rate of interest	3.50%	1.60%
Expected term (years)	6 years	6 years
Expected stock price volatility	89.20%	86.40%
Maximum
Stock Options:
Stock price	$ 13.20	$ 12.31
Risk-free rate of interest	4.20%	2.00%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected stock price volatility	89.70%	90.40%
Employee Stock [Member]
Stock Options:
Stock price	$ 14.77	$ 11.03
Dividend yield	0.00%	0.00%
Employee Stock [Member] \| Minimum
Stock Options:
Risk-free rate of interest	4.10%	0.90%
Expected term (years)	6 months	6 months
Expected stock price volatility	99.20%	80.70%
Employee Stock [Member] \| Maximum
Stock Options:
Risk-free rate of interest	4.90%	2.00%
Expected term (years)	2 years	2 years
Expected stock price volatility	122.50%	89.80%

Equity Incentive Plans and Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

7. Equity Incentive Plans and Stock-Based Compensation

Equity Incentive Plans

In September 2021, the Company's Board of Directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (the 2021 Plan). Upon the adoption of the 2021 Plan, the Company restricted the grant of future equity awards under the 2020 Equity Incentive Plan (the 2020 Plan).

The 2021 Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors, and consultants of the Company. A total of 5,570,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the 2021 Plan. In addition to 4,537,850 reserved shares, the number of shares reserved under the 2021 Plan also included 1,032,150 shares of the Company’s common stock that remained available for issuance under the 2020 Plan as of immediately prior to the effectiveness of the 2021 Plan. The 2021 Plan share reserve will be increased by the number of shares under the 2020 Plan that are repurchased, forfeited, expired or cancelled after the effective date of the 2021 Plan. In addition, the number of shares of the Company’s common stock available for issuance under the 2021 Plan automatically increases on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. On January 1, 2022, the number of shares reserved for issuance under the 2021 Plan was increased to 7,696,809 shares and on January 1, 2023, the number of shares reserved for issuance under the 2021 Plan was increased to 9,828,531 shares. As of March 31, 2023, 6,138,644 shares were authorized for issuance under the 2021 Plan, inclusive of shares added from cancellations under the 2020 Plan.

A summary of the Company’s stock option activity for the period ended March 31, 2023 is as follows (in thousands, expect share and per share data and years):


	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2022		5,890,869		$	7.91		8.8	$	13,492
Granted		541,300		$	8.55
Exercised		(97,227	)	$	1.68
Cancelled		(208,849	)	$	11.68
Outstanding at March 31, 2023		6,126,093		$	7.94		8.5	$	55,897
Exercisable at March 31, 2023		1,975,304		$	7.06		7.5	$	20,377
Vested and expected to vest as of March 31, 2023		6,126,093		$	7.94		8.5	$	55,897

Stock-Based Compensation Expense

The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions (excluding option modifications):


	Three Months Ended March 31,
	2023	2022
Stock Options:
Stock price	$7.07 - 13.20	$10.96 - 12.31
Risk-free rate of interest	3.5 - 4.2%	1.6 - 2.0%
Expected term (years)	6.0 - 6.1	6.0 - 6.1
Expected stock price volatility	89.2 - 89.7%	86.4 - 90.4%
Dividend yield	—	—

Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development expense	$	1,460	$	1,478
General and administrative expense		973		2,494
Total	$	2,433	$	3,972

During the period ended March 31, 2022, the Company recognized $1.2 million additional stock-based compensation expense within general and administrative expenses related to accelerated vesting of options of a former executive.

The weighted-average grant date fair value of options granted for the three months ended March 31, 2023 and 2022 was $6.51 and $8.52 per share, respectively.

Forfeitures resulting in the reversal of compensation expense were immaterial for the three months ended March 31, 2023 and 2022.

As of March 31, 2023, the unrecognized compensation cost related to outstanding employee and nonemployee options was $24.5 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.3 years.

Employee Stock Purchase Plan

In September 2021, the Company’s Board of Directors and stockholders approved and adopted the 2021 Employee Stock Purchase Plan (ESPP). The ESPP became effective on the business day immediately prior to the effective date of the Company’s first registration statement. A total of 380,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the ESPP. In addition, the number of shares of the Company’s common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 1% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. On January 1, 2022, the number of shares reserved for issuance under the ESPP was increased to 805,361 shares and on January 1, 2023, the number of shares reserved for issuance under the ESPP was increased to 1,231,705 shares.

The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is 24 months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year. During the three months ended March 31, 2023 and 2022, the Company issued 32,442 and 27,518 shares, respectively, of common stock in connection with the ESPP. As of March 31, 2023, there were 1,153,344 shares available for future purchase under the ESPP.

The Company estimated the fair value of shares purchased under the ESPP, using the Black-Scholes valuation model. The fair value of shares purchased under the ESPP was estimated using the following assumptions:


	Three Months Ended March 31,
	2023	2022
Stock Options:
Stock price	$14.77	$11.03
Risk-free rate of interest	4.1 - 4.9%	0.9 - 2.0%
Expected term (years)	0.5 - 2.0	0.5 - 2.0
Expected stock price volatility	99.2 - 122.5%	80.7 - 89.8%
Dividend yield	—	—

During the three months ended March 31, 2023 and 2022, the Company recognized compensation expense of $0.1 million and $0.2 million, respectively, related to the ESPP. As of March 31, 2023, the remaining unrecognized compensation expense related to the ESPP was $0.7 million, and is expected to be recognized as expense over a weighted-average period of approximately 1.4 years.

Liability for Early Exercise of Stock Options

Certain individuals were granted the ability to early exercise their stock options prior to the IPO. The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted is recorded as a liability for the early exercise of stock options on the accompanying balance sheets and will be transferred into common stock and additional paid-in capital as the shares vest. As of March 31, 2023 and December 31, 2022, 225,581 and 277,081 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively. As of March 31, 2023 and December 31, 2022, the Company recorded $0.1 million and $0.2 million, respectively, associated with early exercised stock options in other long-term liabilities.

Equity Incentive Plans and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the period ended March 31, 2023 is as follows (in thousands, expect share and per share data and years):


	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2022		5,890,869		$	7.91		8.8	$	13,492
Granted		541,300		$	8.55
Exercised		(97,227	)	$	1.68
Cancelled		(208,849	)	$	11.68
Outstanding at March 31, 2023		6,126,093		$	7.94		8.5	$	55,897
Exercisable at March 31, 2023		1,975,304		$	7.06		7.5	$	20,377
Vested and expected to vest as of March 31, 2023		6,126,093		$	7.94		8.5	$	55,897

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options was estimated using the following assumptions (excluding option modifications):


	Three Months Ended March 31,
	2023	2022
Stock Options:
Stock price	$7.07 - 13.20	$10.96 - 12.31
Risk-free rate of interest	3.5 - 4.2%	1.6 - 2.0%
Expected term (years)	6.0 - 6.1	6.0 - 6.1
Expected stock price volatility	89.2 - 89.7%	86.4 - 90.4%
Dividend yield	—	—

Schedule of Stock-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development expense	$	1,460	$	1,478
General and administrative expense		973		2,494
Total	$	2,433	$	3,972

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	March 31, 2023		December 31, 2022
Common stock options granted and outstanding		6,126,093		5,890,869
Shares available for future issuance under the 2021 Incentive Award Plan		6,138,644		4,339,373
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,153,344		759,442
Total common stock reserved for future issuance		13,418,081		10,989,684

Schedule of Share-Based Compensation, Employee Stock Purchase Plan

The fair value of shares purchased under the ESPP was estimated using the following assumptions:


	Three Months Ended March 31,
	2023	2022
Stock Options:
Stock price	$14.77	$11.03
Risk-free rate of interest	4.1 - 4.9%	0.9 - 2.0%
Expected term (years)	0.5 - 2.0	0.5 - 2.0
Expected stock price volatility	99.2 - 122.5%	80.7 - 89.8%
Dividend yield	—	—

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	March 31, 2023		December 31, 2022
Common stock options granted and outstanding		6,126,093		5,890,869
Shares available for future issuance under the 2021 Incentive Award Plan		6,138,644		4,339,373
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,153,344		759,442
Total common stock reserved for future issuance		13,418,081		10,989,684

Net Loss Per Share - Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,354,849	4,712,764
Unvested restricted common stock subject to repurchase
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,175	372,700
Unvested common stock upon early exercise of stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	225,581	495,870
Options to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,126,093	3,844,194

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

9. Leases

The Company has operating leases for its office and laboratory space, including its corporate headquarters.

In August 2020, the Company entered into a lease agreement for approximately 4,734 square feet of office and lab space at 2656 State Street in Carlsbad, California, for the Company’s headquarters (the Original Lease). The Original Lease commenced in May 2021, and had an original term of 60 months, with an option to extend for two additional 36 month periods.

In March 2022, the Company entered into an agreement for an additional office and laboratory space (the Expansion Lease). The Expansion Lease is expected to commence in the second half of 2023 and projected lease payments over the life of the lease are expected to be $5.5 million with a lease expiration of 120 months after the commencement of the Expansion Lease. The Original Lease was amended to have the same lease expiration as the Expansion Lease. The Company has an option to renew the Expansion Lease and the Original Lease, which has the same lessor and has been amended to have the same option to extend for two additional 36 month periods.

The Company did not include the renewal periods in determining the lease term, as the Company was not reasonably certain to exercise either the amended Original Lease or the Expansion Lease renewal options.

In connection with the Company's lease agreements, the Company paid security deposits of $0.1 million and is required to maintain a letter of credit of $1.0 million until 2027 at which time it can be reduced to $0.5 million throughout the end of the lease term.

Cash paid for amounts included in the measurement of lease liabilities was $0.1 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively.

The components of lease expense include operating, short-term, and variable lease costs. Amortization is recorded within research and development and general and administrative expenses in the statements of operations and comprehensive loss. Components of lease cost for the three months ended March 31, 2023 and 2022, respectively, were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	83	$	73
Short-term lease cost		22		20
Variable lease cost		14		16
Total lease cost	$	119	$	109

Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands):


	As of March 31,
Year ending December 31,
2023 (remaining nine months)	$	225
2024		309
2025		318
2026		328
2027		337
Thereafter		2,044
Total minimum lease payments (1)		3,561
Less: amount representing interest		(973	)
Present value of lease liabilities		2,588
Less: current portion of lease liabilities		(144	)
Lease liabilities, noncurrent	$	2,444

(1) Excludes $5.5 million of legally binding minimum lease payments for leases not yet commenced


	March 31,			December 31,
	2023			2022
Weighted-average remaining lease term (years) - operating leases		10.3			10.5
Weighted-average incremental borrowing rate - operating leases		6.50	%		6.50	%

Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

8. Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023			2022
Numerator:
Net loss	$	(11,880	)	$	(14,826	)
Denominator:
Weighted-average common shares outstanding		42,690,767			42,585,657
Less: weighted-average unvested restricted common stock subject to repurchase		(3,274	)		(454,163	)
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(292,870	)		(579,781	)
Weighted-average shares used to compute net loss per common share, basic and diluted		42,394,623			41,551,713
Net loss per share, basic and diluted	$	(0.28	)	$	(0.36	)

The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive.


	As of March 31,
	2023		2022
Unvested restricted common stock subject to repurchase		3,175		372,700
Unvested common stock upon early exercise of stock options		225,581		495,870
Options to purchase common stock		6,126,093		3,844,194
		6,354,849		4,712,764

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (11,880)	$ (14,826)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization	83	64
Stock-based compensation	2,433	3,972
Loss on disposal of property and equipment	0	2
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,530	299
Accounts payable, accrued expenses and other liabilities (including related party amounts of ($3) and $22, respectively)	(2,022)	1,560
Right-of-use assets and lease liabilities, net	9	4
Net cash used in operating activities	(9,847)	(8,925)
Cash flows from investing activities:
Purchases of property and equipment	(41)	(239)
Net cash used in investing activities	(41)	(239)
Cash flows from financing activities:
Proceeds from issuances of common stock under benefit plans	376	238
Net cash provided by financing activities	376	238
Net cash decrease for the period	(9,512)	(8,926)
Cash, cash equivalents and restricted cash at beginning of the period	252,213	302,425
Cash, cash equivalents and restricted cash at end of the period	242,701	293,499
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet
Cash and cash equivalents	241,701	292,499
Restricted cash	1,000	1,000
Total cash, cash equivalents and restricted cash	242,701	293,499
Supplemental disclosure of cash flow information:
Right-of-use asset obtained in exchange for lease liability	0	1,547
Non-cash financing activities:
Purchases of equipment included in accounts payable	$ 0	$ 17

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 1,592	$ 1,538
Less: accumulated depreciation	(544)	(461)
Total property and equipment, net	1,048	1,077
Equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	1,150	1,119
Computers and Software
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	181	181
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	165	156
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 96	$ 82

Stockholders' Equity - Additional Information (Details) - USD ($)		3 Months Ended
	Oct. 03, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, par value		$ 0.0001		$ 0.0001
Common stock, shares issued		42,762,501		42,634,459
Stock based compensation expense		$ 100,000	$ 200,000
Total common stock reserved for future issuance		13,418,081		10,989,684
Term of recognized expense		2 years 3 months 18 days
ATM Sales Agreement [Member]
Class Of Stock [Line Items]
Aggregate Common Stock Offering Price	$ 150,000,000.0
Commission For Agent on Sales	3.00%
Common stock, shares issued		0
2021 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance		5,570,000
Restricted Stock [Member]
Class Of Stock [Line Items]
Common stock, par value		$ 0.0001
Common stock, shares issued		2,820,560
Unvested founders stock outstanding		3,175		3,828
Shares vested		654	122,470
Stock based compensation expense		$ 5,000	$ 73,000

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($)			3 Months Ended
	Jan. 01, 2023	Jan. 01, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Total common stock reserved for future issuance			13,418,081		10,989,684
Stock-based compensation expense			$ 2,433,000	$ 3,972,000
Unrecognized compensation cost related to options				24,500,000
Term of recognized expense			2 years 3 months 18 days
Common stock, shares issued			42,762,501		42,634,459
Common stock, par value			$ 0.0001		$ 0.0001
Liability of early exercise options, shares			225,581		277,081
Liability of early exercise options			$ 100,000		$ 200,000
Common Stock, Capital Shares Reserved for Future Issuance			13,418,081		10,989,684
Stock based compensation expense			$ 100,000	200,000
General And Administrative Expense
Class Of Stock [Line Items]
Stock-based compensation expense				$ 1,200,000
Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance			380,000
Increase in common stock			1.00%
Term of recognized expense			1 year 4 months 24 days
Employee Stock Purchase Plan Description			The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is 24 months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year.
Common stock, shares issued			32,442	27,518
Increased decrease in stock reserve for future issuance	1,231,705	805,361
Common Stock, Capital Shares Reserved for Future Issuance			380,000
Unrecognized compensation expense			$ 700,000
Employee Stock Purchase Plan [Member] \| Common Stock [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance			1,153,344
Fair market value of the common stock, percentage			85.00%
Purchase of common stock through payroll deduction			15.00%
Common Stock, Capital Shares Reserved for Future Issuance			1,153,344
Stock Options [Member]
Class Of Stock [Line Items]
Weighted average grant fair value			$ 6.51	$ 8.52
Restricted Stock [Member]
Class Of Stock [Line Items]
Performance-based stock options, vested			654	122,470
Common stock, shares issued			2,820,560
Common stock, par value			$ 0.0001
Unvested founders stock outstanding			3,175		3,828
Stock based compensation expense			$ 5,000	$ 73,000
2021 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance			5,570,000
Increase in common stock			5.00%
Total common stock available for future issuance			1,032,150
Common stock reserve for future issuance			4,537,850
Increased decrease in stock reserve for future issuance		7,696,809	9,828,531
Shares reserved for future issuance			6,138,644
Common Stock, Capital Shares Reserved for Future Issuance			5,570,000

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

During the three months ended March 31, 2023, there have been no changes to the Company's significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Restricted Cash

Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both March 31, 2023 and December 31, 2022 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the balance sheets.

Commitments and Contingencies

The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range.

Related Parties

Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties

that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships:

•

Affiliates of the entity;

•

Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity;

•

Trusts for the benefit of employees;

•

Principal owners of the entity and members of their immediate families;

•

Management of the entity and members of their immediate families; or

•

Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (van den Boom & Associates), a professional services firm contracted to provide resources to assist with day-to-day accounting functions. Services provided under the agreement with van den Boom & Associates are billed at hourly rates. On April 16, 2021, Ms. van den Boom, the managing partner of van den Boom & Associates, entered into an employment agreement with the Company whereby she became its Chief Financial Officer. Van den Boom & Associates is considered a related party under FASB ASC 850 from the point in which Ms. van den Boom became a Company officer. On October 28, 2022, Ms. van den Boom informed the Company of her intent to resign as the Chief Financial Officer, effective December 31, 2022. Effective January 1, 2023, van den Boom & Associates is no longer considered a related party.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. In November 2019, the FASB issued ASU No. 2019-10, which changed the effective date of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods. This update was effective for the Company beginning January 1, 2023. The adoption of this new standard did not have a material impact on the Company's financial statements.

There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2022 and 2021 to the recently issued accounting standards for the three months ended March 31, 2023. Although there were several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

Statement of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Related party transaction, selling, general and administrative expenses	$ 0	$ 210

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following (in thousands):


	March 31, 2023			December 31, 2022
Equipment	$	1,150		$	1,119
Computers and software		181			181
Leasehold improvements		165			156
Furniture and fixtures		96			82
		1,592			1,538
Less: accumulated depreciation		(544	)		(461	)
Total property and equipment, net	$	1,048		$	1,077

Accrued and Other Current Liabilities

3 Months Ended

Mar. 31, 2023

Accrued Liabilities, Current [Abstract]

Accrued and Other Current Liabilities

5. Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Accrued payroll and other employee benefits	$	863	$	2,854
Accrued research and development		986		1,028
Accrued legal and professional fees		79		94
Accrued other general and administrative fees		330		440
Total accrued and other current liabilities	$	2,258	$	4,416

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023			2022
Numerator:
Net loss	$	(11,880	)	$	(14,826	)
Denominator:
Weighted-average common shares outstanding		42,690,767			42,585,657
Less: weighted-average unvested restricted common stock subject to repurchase		(3,274	)		(454,163	)
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(292,870	)		(579,781	)
Weighted-average shares used to compute net loss per common share, basic and diluted		42,394,623			41,551,713
Net loss per share, basic and diluted	$	(0.28	)	$	(0.36	)

Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding


	As of March 31,
	2023		2022
Unvested restricted common stock subject to repurchase		3,175		372,700
Unvested common stock upon early exercise of stock options		225,581		495,870
Options to purchase common stock		6,126,093		3,844,194
		6,354,849		4,712,764

Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ 301,737	$ 4	$ 342,104	$ (40,371)
Beginning balance (in shares) at Dec. 31, 2021		41,441,135
Issuance of common stock under benefit plans, Shares		28,951
Issuance of common stock under benefit plans	238		238
Vesting of shares of common stock subject to repurchase	63		63
Vesting of shares of common stock subject to repurchase, Share		226,478
Stock-based compensation	3,972		3,972
Net loss	(14,826)			(14,826)
Ending balance at Mar. 31, 2022	291,184	$ 4	346,377	(55,197)
Ending balance (in shares) at Mar. 31, 2022		41,696,564
Beginning balance at Dec. 31, 2022	257,829	$ 4	353,521	(95,696)
Beginning balance (in shares) at Dec. 31, 2022		42,353,550
Issuance of common stock under benefit plans, Shares		129,669
Issuance of common stock under benefit plans	376		376
Vesting of shares of common stock subject to repurchase	32		32
Vesting of shares of common stock subject to repurchase, Share		52,155
Stock-based compensation	2,433		2,433
Net loss	(11,880)			(11,880)
Ending balance at Mar. 31, 2023	$ 248,790	$ 4	$ 356,362	$ (107,576)
Ending balance (in shares) at Mar. 31, 2023		42,535,374

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 825
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-Paragraph 28
-Subparagraph (f)
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+ Details

Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Accounts Payable Accrued Expenses And Other Liabilities Related Parties Transaction	$ 0	$ 22

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

6. Stockholders' Equity

Common Stock

Common stock reserved for future issuance consisted of the following:


	March 31, 2023		December 31, 2022
Common stock options granted and outstanding		6,126,093		5,890,869
Shares available for future issuance under the 2021 Incentive Award Plan		6,138,644		4,339,373
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,153,344		759,442
Total common stock reserved for future issuance		13,418,081		10,989,684

On October 3, 2022, the Company entered into an ATM Sales Agreement (the Sales Agreement) with Virtu Americas LLC (the Agent), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $150.0 million in “at the market” offerings through the Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. As of March 31, 2023, no shares of common stock were issued and sold pursuant to the Sales Agreement.

Restricted Stock

Since inception, the Company has issued 2,820,560 shares of restricted common stock at a price of $0.0001 per share to certain founders of the Company (Founders Stock). The Company maintains a repurchase right whereby the shares of Founders Stock are released from such repurchase right over a period of time of continued service by the recipient. Any shares subject to repurchase by the Company are not deemed to be outstanding, for accounting purposes, until those shares vest. Unvested outstanding Founders Stock as of March 31, 2023 and December 31, 2022 were 3,175 and 3,828 shares, respectively. The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of March 31, 2023 and December 31, 2022.

For the three months ended March 31, 2023 and 2022, 654 and 122,470 shares vested in each period and the Company recognized $5,000 and $73,000 of stock-based compensation expense for each period related to the Founders Stock, respectively. As of March 31, 2023, the total unrecognized compensation expense related to unvested Founders Stock was immaterial.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Other Funding Commitments

As of March 31, 2023, the Company had ongoing clinical and pre-clinical studies for its various pipeline programs. The Company enters into contracts in the normal course of business with contract research organizations in preparation for clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties.

Litigation

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of March 31, 2023, and no material legal proceedings are currently pending or threatened. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount is reasonably estimable, the Company will accrue a liability for the estimated loss.

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	42,762,501	42,634,459
Common stock, shares outstanding	42,535,374	42,353,550
Accrued and other related parties	$ 0	$ 59

Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued payroll and other employee benefits	$ 863	$ 2,854
Accrued research and development	986	1,028
Accrued legal and professional fees	79	94
Accrued other general and administrative fees	330	440
Total accrued and other current liabilities	$ 2,258	$ 4,416

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (11,880)	$ (14,826)
Denominator:
Weighted average common shares outstanding	42,690,767	42,585,657
Less: weighted-average unvested restricted common stock subject to repurchase	(3,274)	(454,163)
Less: weighted average unvested common stock issued upon early exercise of common stock options	(292,870)	(579,781)
Weighted - average shares used to compute net loss per common share - basic	42,394,623	41,551,713
Weighted - average shares used to compute net loss per common share - diluted	42,394,623	41,551,713
Net loss per share, basic	$ (0.28)	$ (0.36)
Net loss per share, diluted	$ (0.28)	$ (0.36)

Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Leases [Abstract]

2023 (remaining nine months)

$ 225

309

318

328

337

2,044

Total minimum lease payments

^[1]

3,561

Less: amount representing interest

(973)

Present value of lease liabilities

2,588

Operating lease liabilities, current

144

$ 140

Operating lease liabilities, noncurrent

$ 2,444

$ 2,482

Weighted-average remaining lease term (years) - operating leases

10 years 3 months 18 days

10 years 6 months

Weighted-average incremental borrowing rate - operating leases

6.50%

[1]	(1) Excludes $5.5 million of legally binding minimum lease payments for leases not yet commenced

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Summary of Components of Lease Cost

Components of lease cost for the three months ended March 31, 2023 and 2022, respectively, were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	83	$	73
Short-term lease cost		22		20
Variable lease cost		14		16
Total lease cost	$	119	$	109

Schedule of Lease Liabilities with Weighted Average Remaining Term and Weighted Average Discount Rate

Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands):


	As of March 31,
Year ending December 31,
2023 (remaining nine months)	$	225
2024		309
2025		318
2026		328
2027		337
Thereafter		2,044
Total minimum lease payments (1)		3,561
Less: amount representing interest		(973	)
Present value of lease liabilities		2,588
Less: current portion of lease liabilities		(144	)
Lease liabilities, noncurrent	$	2,444

(1) Excludes $5.5 million of legally binding minimum lease payments for leases not yet commenced


	March 31,			December 31,
	2023			2022
Weighted-average remaining lease term (years) - operating leases		10.3			10.5
Weighted-average incremental borrowing rate - operating leases		6.50	%		6.50	%

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Organization	Organization Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018. The Company is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions.
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The unaudited financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2023 and 2022 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The balance sheet at March 31, 2023 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Restricted Cash	Restricted Cash Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both March 31, 2023 and December 31, 2022 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the balance sheets.
Commitments and Contingencies	Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range.
Related Parties	Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: • Affiliates of the entity; • Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; • Trusts for the benefit of employees; • Principal owners of the entity and members of their immediate families; • Management of the entity and members of their immediate families; or • Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (van den Boom & Associates), a professional services firm contracted to provide resources to assist with day-to-day accounting functions. Services provided under the agreement with van den Boom & Associates are billed at hourly rates. On April 16, 2021, Ms. van den Boom, the managing partner of van den Boom & Associates, entered into an employment agreement with the Company whereby she became its Chief Financial Officer. Van den Boom & Associates is considered a related party under FASB ASC 850 from the point in which Ms. van den Boom became a Company officer. On October 28, 2022, Ms. van den Boom informed the Company of her intent to resign as the Chief Financial Officer, effective December 31, 2022.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. In November 2019, the FASB issued ASU No. 2019-10, which changed the effective date of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods. This update was effective for the Company beginning January 1, 2023. The adoption of this new standard did not have a material impact on the Company's financial statements. There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2022 and 2021 to the recently issued accounting standards for the three months ended March 31, 2023. Although there were several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, prepaid and other current assets, restricted cash, accounts payable, and accrued and other current liabilities, approximate fair value due to their short maturities.

Assets measured at fair value on a recurring basis are as follows (in millions):


			Fair Value Measurements Using
	As of March 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money Market Funds	239.7		$	239.7	$	—	$	—

			Fair Value Measurements Using
	As of December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money Market Funds	$	240.7	$	240.7	$	—	$	—

None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accrued and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Accrued payroll and other employee benefits	$	863	$	2,854
Accrued research and development		986		1,028
Accrued legal and professional fees		79		94
Accrued other general and administrative fees		330		440
Total accrued and other current liabilities	$	2,258	$	4,416

Property and Equipment - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 83,000	$ 64,000

Stockholders' Equity - Summary of Reserved Shares of Common Stock (Details) - shares (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common Stock Options Granted And Outstanding	6,126,093	5,890,869
Total common stock reserved for future issuance	13,418,081	10,989,684
2021 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Total common stock reserved for future issuance	6,138,644	4,339,373
2021 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Shares Available For Future Issuance	1,153,344	759,442

Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Option Grants (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class Of Stock [Line Items]
Dividend yield	0.00%	0.00%
Minimum
Class Of Stock [Line Items]
Stock price	$ 7.07	$ 10.96
Risk-free rate of interest	3.50%	1.60%
Expected term (years)	6 years	6 years
Expected stock price volatility	89.20%	86.40%
Maximum
Class Of Stock [Line Items]
Stock price	$ 13.20	$ 12.31
Risk-free rate of interest	4.20%	2.00%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected stock price volatility	89.70%	90.40%

Property and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following (in thousands):


	March 31, 2023			December 31, 2022
Equipment	$	1,150		$	1,119
Computers and software		181			181
Leasehold improvements		165			156
Furniture and fixtures		96			82
		1,592			1,538
Less: accumulated depreciation		(544	)		(461	)
Total property and equipment, net	$	1,048		$	1,077

The Company recognized $83,000 and $64,000 in depreciation expense for the three months ended March 31, 2023 and 2022, respectively.

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,433	$ 3,972
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,460	1,478
General And Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 973	$ 2,494

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Organization Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018. The Company is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions. Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The unaudited financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2023 and 2022 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The balance sheet at March 31, 2023 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Common stock, shares issued	42,762,501	42,634,459
Stock option exercised	97,227
Entity Incorporation, Date of Incorporation	Aug. 02, 2018
Accumulated deficit	$ 107,576	$ 95,696

Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Parenthetical) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Leases [Abstract]
Legally binding minimum lease payments for leases not yet commenced	$ 5.5

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of fair value of assets measured

Assets measured at fair value on a recurring basis are as follows (in millions):


			Fair Value Measurements Using
	As of March 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money Market Funds	239.7		$	239.7	$	—	$	—

			Fair Value Measurements Using
	As of December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money Market Funds	$	240.7	$	240.7	$	—	$	—