What changed in this filing

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Item 1. Financial Statements

2022-11-03 compared with 2022-08-04 · 153 added, 92 removed, 480 unchanged (34% of the section changed)

3 unchanged sentences

(in thousands, except share and par value data)

September 30,

Current assets:

20 unchanged sentences

50,000,000 shares authorized at

June 30, 2022 and December 31, 2021, respectively;

no shares issued and outstanding at June 30, 2022 and

September 30, 2022 and December 31, 2021, respectively;

no shares issued and outstanding at September 30, 2022 and

December 31, 2021, respectively

1 unchanged sentence

500,000,000 shares authorized at

June 30, 2022 and December 31, 2021, respectively;

and 42,536,183 shares issued at June 30, 2022 and December 31, 2021,

September 30, 2022 and December 31, 2021, respectively;

and 42,536,183 shares issued at September 30, 2022 and December 31, 2021,

respectively, and 42,136,971 and 41,441,135 shares outstanding at

June 30, 2022 and December 31, 2021, respectively

September 30, 2022 and December 31, 2021, respectively

Additional paid-in capital

7 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Operating expenses:

7 unchanged sentences

Interest income

Other expense

Other income (expense)

Total other income (expense)

29 unchanged sentences

Balance at June 30, 2021

Preferred stock converted into

shares of common stock

Initial public offering of common

shares, net of issuance costs

Issuance of common stock under

benefit plans

Vesting of shares of common

stock subject to repurchase

Stock-based compensation

Balance at September 30, 2021

Preferred Stock

15 unchanged sentences

Balance at June 30, 2022

Issuance of common stock under

benefit plans

Vesting of shares of common

stock subject to repurchase

Stock-based compensation

Balance at September 30, 2022

See accompanying notes to unaudited financial statements.

2 unchanged sentences

(in thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities:

10 unchanged sentences

Purchases of property and equipment

Proceeds from sale of property and equipment

Net cash used in investing activities

Cash flows from financing activities:

Payment of deferred offering costs

Proceeds from the issuance of Series A convertible preferred stock, net of issuance costs

1 unchanged sentence

Proceeds from issuances of common stock under benefit plans

Payment of deferred offering costs

Payments for financing lease

3 unchanged sentences

Cash, cash equivalents and restricted cash at end of the period

Reconciliation of cash, cash equivalents and restricted cash to the balance sheet

Reconciliation of cash, cash equivalents and restricted cash to the balance sheets

Cash and cash equivalents

4 unchanged sentences

Non-cash investing and financing activities:

Repurchase of early exercise liability in accounts payable

Purchases of equipment included in accounts payable

18 unchanged sentences

These 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 and six months ended June 30, 2022 and 2021 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period.

The balance sheet at June 30, 2022 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements.

The results for the three and nine months ended September 30, 2022 and 2021 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period.

The balance sheet at September 30, 2022 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, 2021 .

Liquidity and Capital Resources

From inception to June 30, 2022, the Company has devoted substantially all of its resources to organizing and staffing the company, business planning, raising capital, developing its proprietary SNÅP platform, undertaking research and development activities for its development programs, establishing its intellectual property portfolio, and providing general and administrative support for its operations.

From inception to September 30, 2022, the Company has devoted substantially all of its resources to organizing and staffing the company, business planning, raising capital, developing its proprietary SNÅP platform, undertaking research and development activities for its development programs, establishing its intellectual property portfolio, and providing general and administrative support for its operations.

The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven.

The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur net losses into the foreseeable future as it continues to develop its current and future product candidates.

From inception through June 30, 2022, the Company funded its operations primarily through the issuance of common stock in its IPO, the sale of convertible preferred stock and the issuance of Simple Agreements for Future Equity.

From inception through September 30, 2022, the Company funded its operations primarily through the issuance of common stock in its IPO, the sale of convertible preferred stock and the issuance of Simple Agreements for Future Equity.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty.

3 unchanged sentences

Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were available to be issued.

There can be no assurance that the Company will be successful in

acquiring additional funding (if needed), that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.

There can be no assurance that the Company will be successful in acquiring additional funding (if needed), that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.

Summary of Significant Accounting Policies

During the three and six months ended June 30, 2022, 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, 2021.

During the three and nine months ended September 30, 2022, 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, 2021.

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 September 30, 2022 and December 31, 2021 was $ 1.0 million and $ 0.2 million, respectively, which consisted of collateral letters of credit related to the Company's operating leases and which are considered a non-current asset on the balance sheet.

Commitments and Contingencies

2 unchanged sentences

When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range.

The Company has no t recorded any such liabilities as of June 30, 2022 and December 31, 2021 .

The Company has no t recorded any such liabilities as of September 30, 2022 and December 31, 2021 .

Related Parties

14 unchanged sentences

van den Boom became a Company officer.

For the three and six months ended June 30, 2022, van den Boom & Associates rendered contracted services totaling approximately $ 0.2 million and $ 0.4 million, respectively.

For the three and nine months ended September 30, 2022, van den Boom & Associates rendered contracted services totaling approximately $ 0.2 million and $ 0.6 million, respectively.

Recently Issued Accounting Pronouncements

There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2021 and 2020 to the recently issued accounting standards for the three and six months ended June 30, 2022 .

Although there are 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.

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

7 unchanged sentences

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 liabilities, approximate fair value due to their short maturities.

Included in cash and cash equivalents at June 30, 2022 and December 31, 2021 are money market funds with a carrying value and fair value of $ 275.1 million and $ 302.2 million, respectively, based upon a Level 1 fair value assessment.

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.

Included in cash and cash equivalents at September 30, 2022 and December 31, 2021 are money market funds with a carrying value and fair value of $ 252.7 million and $ 291.7 million, respectively, based upon a Level 1 fair value assessment.

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

Fair Value Measurements Using

As of September 30, 2022

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

Money Market Funds

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

2 unchanged sentences

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

September 30,

Computers and software

3 unchanged sentences

Total property and equipment, net

Depreciation expense for the three and six months ended June 30, 2022 was $ 69,000 and $ 132,000 , respectively.

Depreciation expense for the three and six months ended June 30, 2021 was $ 26,000 and $ 49,000 , res pectively.

Depreciation expense for the three and nine months ended September 30, 2022 was $ 82,000 and $ 214,000 , respectively.

Depreciation expense for the three and nine months ended September 30, 2021 was $ 41,000 and $ 90,000 , respectively.

Accrued and Other Current Liabilities

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

September 30,

Accrued payroll and other employee benefits

9 unchanged sentences

Common stock reserved for future issuance consisted of the following:

September 30,

Common stock options granted and outstanding

7 unchanged sentences

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, for accounting purposes, to be outstanding until those shares vest.

Unvested outstanding Founders Stock as of June 30, 2022 and December 31, 2021 were 250,230 and 495,170 shares, respectively.

The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of June 30, 2022 and December 31, 2021.

For the six months ended June 30, 2022 and 2021, 244,940 and 243,631 shares vested in each period and the Company recognized $ 0.1 million of stock-based compensation expense for each period related to the awards, respectively.

As of June 30, 2022, the total unrecognized compensation expense related to unvested Founders Stock was $ 0.2 million and is expected to be recognized over a weighted-average period of approximately 0.6 years.

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 September 30, 2022 and December 31, 2021 were 127,760 and 495,170 shares, respectively.

The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of September 30, 2022 and December 31, 2021.

For the nine months ended September 30, 2022 and 2021, 367,410 and 365,445 shares vested in each period and the Company recognized $ 0.2 million of stock-based compensation expense for each period related to the awards, respectively.

As of September 30, 2022, the total unrecognized compensation expense related to unvested Founders Stock was $ 0.1 million and is expected to be recognized over a weighted-average period of approximately 0.3 years.

Equity Incentive Plans and Stock-Based Compensation

10 unchanged sentences

The exercise price shall not be less than 100% of the fair market value of the Company’s common stock at the time the option is granted.

Most option grants generally vest 25 % on the first anniversary of the original vesting commencement date, with the balance vesting monthly over the remaining three years and early exercise is permitted.

The vesting period generally occurs over four years unless there is a specific performance vesting trigger at which time those shares will vest when the performance trigger is probable to occur.

A summary of the Company’s stock option activity for the period ended June 30, 2022 is as follows:

The vesting period generally occurs over four years, either ratably, or with a one year cliff followed by ratable vesting over the remaining 36 months, unless there is a specific performance vesting trigger at which time those shares will vest when the performance trigger is probable to occur.

Certain grants contain performance vesting conditions in addition to defined service periods.

A summary of the Company’s stock option activity for the period ended September 30, 2022 is as follows:

Weighted-Average

4 unchanged sentences

Outstanding at December 31, 2021

Outstanding at June 30, 2022

Exercisable at June 30, 2022

Vested and expected to vest as of June 30, 2022

As of June 30, 2022, 98,879 performance-based stock options were both outstanding and unvested, with total unrecognized stock-based compensation expense of $ 0.5 million.

The achievement of the performance conditions for these options was deemed probable to occur as of June 30, 2022, therefore the Company recognized $ 0.9 million in expense over the requisite service period related to these awards for the six months ended June 30, 2022.

The achievement of performance conditions for an additional 96,341 performance-based stock options were met during the three months ended June 30, 2022 and vested.

The Company recognized $ 0.6 million of expense related to these awards for the three months ended June 30, 2022 and $ 1.2 million for the six months ended June 30, 2022.

Outstanding at September 30, 2022

Exercisable at September 30, 2022

Vested and expected to vest as of September 30, 2022

During the nine months ended September 30, 2022, 96,431 performance-based stock options vested upon the achievement of the performance condition.

The Company recorded $ 1.2 million of compensation expense relating to the vested performance-based stock options for the nine months ended September 30, 2022.

During the nine months ended September 30, 2022, an aggregate of 94,731 performance-based stock options were forfeited as the related performance conditions were not achieved.

The Company reversed previously recognized $ 1.0 million of expense related to the cancelled options.

As of September 30, 2022, 3,493 performance-based stock options were both outstanding and unvested.

The performance conditions related to these options were satisfied in 2020, and the options will continue to vest over the remaining service period of 16 months.

Total unrecognized stock-based compensation expense on outstanding performance based options was $ 13,000 as of September 30, 2022.

Stock-Based Compensation Expense

The Company estimated the fair value of stock options using the Black-Scholes valuation model.

The Company accounts for any forfeitures of options when they occur.

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:

Six Months Ended

Nine Months Ended

September 30,

Stock Options:

9 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Research and development expense

General and administrative expense

The weighted-average grant date fair value of employee option grants for the six months ended June 30, 2022 and 2021 was $ 6.40 and $ 2.67 per share, respectively.

Forfeitures resulting in the reversal of compensation expense were immaterial for the three and six months ended June 30, 2022 and 2021.

As of June 30, 2022, the unrecognized compensation cost related to outstanding employee and nonemployee options was $ 21.8 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.5 years.

The weighted-average grant date fair value of employee option grants for the nine months ended September 30, 2022 and 2021 was $ 5.59 and $ 2.70 per share, respectively.

For the three and nine months ended September 30, 2022, forfeitures resulted in the reversal of compensation expense in each case totaling $ 1.1 million, of which $ 1.0 million related to the non-achievement of underlying performance conditions for certain performance-based stock option grants.

Forfeitures resulting in the reversal of compensation expense were immaterial for the three and nine months ended September 30, 2021.

As of September 30, 2022, the unrecognized compensation cost related to outstanding employee and nonemployee options was $ 28.1 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.9 years.

Employee Stock Purchase Plan

6 unchanged sentences

Each offering period is six 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 six months ended June 30, 2022, the Company issued 27,518 shares of common stock in connection with the ESPP.

During the nine months ended September 30, 2022, the Company issued 45,919 shares of common stock in connection with the ESPP.

Liability for Early Exercise of Stock Options

4 unchanged sentences

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 June 30, 2022 and December 31, 2021, 427,041 and 599,878 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively.

As of June 30, 2022 and December 31, 2021, the Company recorded $ 0.3 million and $ 0.4 million, respectively, associated with shares issued with repurchase rights in other long-term liabilities.

As of September 30, 2022 and December 31, 2021, 368,127 and 599,878 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively.

As of September 30, 2022 and December 31, 2021, the Company recorded $ 0.2 million and $ 0.4 million, respectively, associated with early exercised stock options in other long-term liabilities.

Net Loss Per Share

1 unchanged sentence

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Weighted average common shares outstanding

weighted average unvested founder shares of

weighted average unvested common stock

issued upon early exercise of common stock

Weighted average shares used to compute net loss

1 unchanged sentence

Net loss per share, basic and diluted

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

As of June 30,

Convertible preferred stock

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 September 30,

Unvested restricted common stock subject to repurchase

5 unchanged sentences

In March 2022, the Company entered into an agreement (the Expansion Lease), for an additional office and laboratory space.

The Expansion Lease is expected to commence in the second quarter 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 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 Company has an option to renew the Expansion Lease and its existing operating lease, which has the same lessor and has been amended to have the same lease term as the Expansion Lease for two additional thirty-six month periods.

In connection with the Company's operating leases, the Company paid a security deposit of $ 71,000 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.

The Company's operating lease cost was $ 0.1 million and $ 0.1 million for the three months ended June 30, 2022 and 2021, respectively, and $ 0.2 million and $ 0.1 million for the six months ended June 30, 2022 and 2021, respectively.

Cash paid for amounts included in the measurement of lease liabilities was $ 0.1 million and $ 0.1 million for the three months ended June 30, 2022 and 2021, respectively, and $ 0.1 million and $ 0.1 million for the six months ended June 30, 2022 and 2021, respectively.

The Company's operating lease cost was $ 0.1 million and $ 0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $ 0.2 million and $ 0.3 million for the nine months ended September 30, 2022 and 2021, respectively.

Cash paid for amounts included in the measurement of lease liabilities was $ 0.1 million and $ 0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $ 0.2 million and $ 0.2 million for the nine months ended September 30, 2022 and 2021, respectively.

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

As of June 30,

As of September 30,

Year ending December 31,

2022 (remaining six months)

2022 (remaining 3 months)

Total minimum lease payments

3 unchanged sentences

Lease liabilities, noncurrent

September 30,

Weighted-average remaining lease term

2 unchanged sentences

rate - operating leases

Subsequent Events

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.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

2 unchanged sentences

This Quarterly Report on Form 10-Q (Quarterly Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act).

All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations and financial position, business strategy, research and development plans, the anticipated timing, costs, design and conduct of our ongoing and planned preclinical studies and planned clinical trials for our product candidates, the timing and likelihood of regulatory filings and approvals for our product candidates, our ability to commercialize our product candidates, if approved, the impact of the COVID-19 pandemic on our business, plans and objectives of management for future operations and future results of anticipated product development efforts, are forward-looking statements.

All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations and financial position, business strategy, research and development plans, the anticipated timing, costs, design and conduct of our ongoing and planned preclinical studies and planned clinical trials for our product candidates, the timing and likelihood of regulatory filings and approvals for our product candidates, our ability to commercialize our product candidates, if approved, the impact on our business from the COVID-19 pandemic, geopolitical instability, inflation, rising interest rates or other factors and from resulting adverse effects on financial markets, the global economy, and the supply chain, plans and objectives of management for future operations and future results of anticipated product development efforts, are forward-looking statements.

These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

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We are advancing multiple product candidates toward the clinic including our lead product candidate TYRA-300, an FGFR3 inhibitor with an initial focus on patients with metastatic urothelial carcinoma of the bladder and urinary tract.

Our second product candidate, TYRA-200, is an FGFR2 inhibitor with an initial focus on patients with an intrahepatic cholangiocarcinoma who have developed drug resistance mutations to existing FGFR inhibitors due to activating mutations and gene alterations in FGFR2.

Our second product candidate, TYRA-200 is an FGFR1/2/3 inhibitor with potency against FGFR2 fusions, molecular brake mutations and gatekeeper resistance that TYRA is developing initially in intrahepatic cholangiocarcinoma.

We submitted an Investigational New Drug application (IND) with the U.S.

Food and Drug Administration (FDA) for TYRA-300 in June 2022 and received clearance in July 2022 to proceed with our Phase 1/2 clinical study of TYRA-300 (SURF301), a two-part study designed to determine the optimal and maximum tolerated doses (MTD) and the recommended Phase 2 dose (RP2D) of TYRA-300, as well as to evaluate the preliminary antitumor activity of TYRA-300.

We anticipate submitting an IND with the FDA for TYRA-200 in the second half of 2022.

In addition, we have pipeline development programs targeting FGFR3-related achondroplasia and other FGFR3-related skeletal dysplasias, FGFR4-related cancers, and REarranged during Transfection kinase (RET).

Food and Drug Administration (FDA) for TYRA-300 in June 2022 and received clearance in July 2022 to proceed with our Phase 1/2 clinical trial of TYRA-300 (SURF301), a two-part study designed to determine the optimal and maximum tolerated doses (MTD) and the recommended Phase 2 dose (RP2D) of TYRA-300, as well as to evaluate the preliminary antitumor activity of TYRA-300.

We anticipate submitting an IND with the FDA for TYRA-200 in the fourth quarter of 2022.

In addition, we have pipeline development programs targeting FGFR3-related achondroplasia and other FGFR3-related skeletal dysplasias, FGFR4 driven cancers, and RET (REarranged during Transfection kinase) driven cancers.

Since the commencement of our operations in 2018, we have devoted substantially all of our resources to organizing and staffing the company, business planning, raising capital, developing our proprietary SNÅP platform, undertaking research and development activities for our development programs, establishing our intellectual property portfolio, and providing general and administrative support for our operations.

We have not generated any revenue to date and have funded our operations primarily from our initial public offering (IPO), private placements of our convertible preferred stock, and the issuance of Simple Agreements for Future Equity.

Our net losses for the six months ended June 30, 2022 and 2021 were $29.9 million and $9.7 million, respectively.

As of June 30, 2022, we had an accumulated deficit of $70.3 million.

As of June 30, 2022, we had cash and cash equivalents of $275.1 million.

Our net losses for the nine months ended September 30, 2022 and 2021 were $42.4 million and $16.4 million, respectively.

As of September 30, 2022, we had an accumulated deficit of $82.8 million.

As of September 30, 2022, we had cash and cash equivalents of $263.2 million.

We have incurred significant operating losses since inception.

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the impact of any business interruptions to our operations or to those of the third parties with whom we work, particularly in light of the COVID-19 pandemic environment;

geopolitical instability, such as the military conflict in the Ukraine;

adverse effects on the financial markets, the global economy, the supply chain and our expenses due to the COVID-19 pandemic, geopolitical instability, inflation, rising interest rates and other factors;

the extent to which we establish additional strategic collaborations or other arrangements.

9 unchanged sentences

Results of Operations

Comparison of the Three Months Ended June 30, 2022 and 2021

Comparison of the Three Months Ended September 30, 2022 and 2021

The following table summarizes our results of operations for the periods indicated (in thousands):

Three Months Ended June 30,

Three Months Ended September 30,

Operating expenses:

5 unchanged sentences

Interest income

Other expense

Other income (expense)

Total other income (expense)

1 unchanged sentence

Research and Development Expenses

Research and development expenses were $12.0 million and $4.4 million for the three months ended June 30, 2022 and 2021, respectively.

Research and development expenses were $10.9 million and $5.5 million for the three months ended September 30, 2022 and 2021, respectively.

The increase of $5.4 million was primarily due to additional spend to support the advancement of TYRA-300, TYRA-200 and our SNÅP platform, including $1.3 million of higher personnel-related costs, which included $0.4 million of non-cash stock-based compensation costs.

The following table summarizes our research and development expenses by development program for the three months ended June 30, 2022 and 2021 (in thousands):

Three Months Ended June 30,

The following table summarizes our research and development expenses by development program for the three months ended September 30, 2022 and 2021 (in thousands):

Three Months Ended September 30,

External research and development expense by

6 unchanged sentences

General and Administrative Expenses

General and administrative expenses were $3.4 million and $1.1 million for the three months ended June 30, 2022 and 2021, respectively.

General and administrative expenses were $2.7 million and $1.2 million for the three months ended September 30, 2022 and 2021, respectively.

The increase of $1.5 million was primarily due to increases of $0.5 million in personnel-related expenses, including $0.1 million in non-cash stock-based compensation costs, $0.6 million in other operating expenses and $0.4 million in professional services related to legal, accounting, and other consulting fees.

Comparison of the Six Months Ended June 30, 2022 and 2021

Comparison of the Nine Months Ended September 30, 2022 and 2021

The following table summarizes our results of operations for the periods indicated (in thousands):

Six Months Ended June 30,

Nine Months Ended September 30,

Operating expenses:

5 unchanged sentences

Interest income

Other expense

Other income (expense)

Total other income (expense)

1 unchanged sentence

Research and Development Expenses

Research and development expenses were $21.7 million and $7.9 million for the six months ended June 30, 2022 and 2021, respectively.

Research and development expenses were $32.6 million and $13.4 million for the nine months ended September 30, 2022 and 2021, respectively.

The increase of $19.2 million was primarily due to additional spend to support the advancement of TYRA-300, TYRA-200 and our SNÅP platform, including $5.9 million of higher personnel-related costs, which included $3.3 million of non-cash stock-based compensation costs.

The following table summarizes our research and development expenses by development program for the six months ended June 30, 2022 and 2021 (in thousands):

Six Months Ended June 30,

The following table summarizes our research and development expenses by development program for the nine months ended September 30, 2022 and 2021 (in thousands):

Nine Months Ended September 30,

External research and development expense by

6 unchanged sentences

General and Administrative Expenses

General and administrative expenses were $8.6 million and $1.8 million for the six months ended June 30, 2022 and 2021, respectively.

General and administrative expenses were $11.3 million and $3.0 million for the nine months ended September 30, 2022 and 2021, respectively.

The increase of $8.3 million was primarily due to increases of $5.0 million in personnel-related expenses, including $0.7 million in non-cash stock-based compensation costs, $1.4 million in professional services related to legal, accounting, and other consulting fees and $1.9 million in other operating expenses.

5 unchanged sentences

The following table sets forth a summary of our cash flows for the periods indicated (in thousands):

Six Months Ended June 30,

Nine Months Ended September 30,

Net cash used in operating activities

3 unchanged sentences

Operating Activities

Net cash used in operating activities for the six months ended June 30, 2022 was $26.1 million, consisting primarily of our net loss of $29.9 million and net changes in operating assets and liabilities of $3.0 million, adjusted for $6.8 million of non-cash charges related to stock-based compensation expense and depreciation and amortization.

Net cash used in operating activities for the six months ended June 30, 2021 was $9.1 million, consisting primarily of our net loss of $9.7 million, adjusted for $0.6 million of non-cash charges.

Non-cash charges consisted primarily of $0.5 million of stock-based compensation expense.

Net cash used in operating activities for the nine months ended September 30, 2022 was $38.3 million, consisting primarily of our net loss of $42.4 million and net changes in operating assets and liabilities of $3.8 million, adjusted for $7.9 million of non-cash charges related to stock-based compensation expense and depreciation and amortization.

Net cash used in operating activities for the nine months ended September 30, 2021 was $14.7 million, consisting primarily of our net loss of $16.4 million, adjusted for $1.1 million of non-cash charges and $0.6 million for net changes in operating assets and liabilities.

Non-cash charges consisted primarily of stock-based compensation expense and depreciation and amortization.

Investing Activities

Net cash used in investing activities for the six months ended June 30, 2022 and 2021 was $0.5 million and $0.3 million, respectively, consisting of purchases of property and equipment.

Net cash used in investing activities for the nine months ended September 30, 2022 and 2021 was $0.5 million and $0.5 million, respectively, consisting of purchases of property and equipment.

Financing Activities

Net cash provided by financing activities was $0.3 million for the six months ended June 30, 2022, due to proceeds received from the issuance of common stock under benefit plans.

Net cash provided by financing activities was $129.4 million for the six months ended June 30, 2021, due to net proceeds of $23.5 million from the second closing of our Series A convertible preferred stock, $106.1 million in net proceeds from the issuance of our Series B convertible preferred stock, and $0.5 million from the issuance of common stock under benefit plans, partially offset by $0.7 million in payments for deferred offering costs.

Net cash provided by financing activities was $0.6 million for the nine months ended September 30, 2022, due to proceeds received from the issuance of common stock under benefit plans.

Net cash provided by financing activities was $312.9 million for the nine months ended September 30, 2021, primarily due to net proceeds of $182.7 million from our IPO, in addition to net proceeds of $23.5 million from the second closing of our Series A convertible preferred stock, $106.1 million in net proceeds from the issuance of our Series B convertible preferred stock, and $0.6 million from the issuance of common stock under benefit plans.

Future Funding Requirements

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costs associated with any products or technologies that we may in-license or acquire;

delays or issues with any of the above, including the risk of each of which may be exacerbated by the ongoing COVID-19 pandemic.

delays or issues with any of the above, including the risk of each of which may be exacerbated by the ongoing COVID-19 pandemic, potential geopolitical instability, inflation or rising interest rates.

Until such time, if ever, as we can generate substantial product revenues to support our cost structure, we expect to finance our cash needs through equity offerings, debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements.

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If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.

On October 3, 2022, we entered into an ATM Sales Agreement (the Sales Agreement) with Virtu Americas LLC (the Agent), under which we may, from time to time, sell shares of our 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 us of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement.

We are not obligated to sell, and the Agent is not obligated to buy or sell, any shares of common stock under the Sales Agreement.

No assurance can be given that we will sell any shares of common stock under the Sales Agreement, or, if we do, as to the price or amount of shares of common stock that we may sell or the dates when such sales will take place.

Contractual Obligations and Commitments

Other than disclosed below, there were no material changes outside the ordinary course of our business during the six months ended June 30, 2022 to the information regarding our contractual obligations that was disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

Other than disclosed below, there were no material changes outside the ordinary course of our business during the nine months ended September 30, 2022 to the information regarding our contractual obligations that was disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

included in the 2021 Annual Report.

The following table summarizes our contractual obligations and commitments as of June 30, 2022 (in thousands):

In March 2022, we entered into the Expansion Lease for additional office and laboratory space.

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.

These obligations are further described in Note 10 to our audited financial statements and Note 9 to our unaudited interim financial statements.

The following table summarizes our contractual obligations and commitments as of September 30, 2022, including the executed but not yet commenced, Expansion Lease (in thousands):

Payments Due by Period

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Critical Accounting Policies and Estimates

There have been no material changes to our critical accounting policies and estimates during the three and six months ended June 30, 2022, as compared to the critical accounting policies and estimates disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

There have been no material changes to our critical accounting policies and estimates during the three and nine months ended September 30, 2022, as compared to the critical accounting policies and estimates disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

included in the 2021 Annual Report.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements