Why Is Tyra Biosciences Stock Up Today?

Tyra Biosciences stock is up today after the company sold $400.0 million of stock and pre-funded warrants at $22.03 a share, the same price at which the stock closed on Friday, five days after its bladder cancer data sent the shares sharply lower. The pricing crossed MoveSurge's tape at 06:45:01 ET; the first premarket trades after it were at $22.35, 2.995% above the last print of $21.70, and at 12:21 ET the stock was at $25.48, up 15.66% on the session.

What Tyra sold on September 14

Each pre-funded warrant is paid for almost entirely upfront and converts into one share for an exercise price of $0.001. Together the two pieces add 18,157,529 shares once every warrant is exercised. Tyra sold them under a shelf registration that became automatically effective on September 14, and it expects the deal to close on September 15. The company said it will spend the money on dabogratinib in low-grade upper tract urothelial carcinoma, intermediate-risk non-muscle invasive bladder cancer and achondroplasia, plus its preclinical programs.

Why a raise lifted the stock

A share sale usually pushes a biotech stock lower, because new stock tends to arrive at a discount to the last trade. Tyra's deal carried no discount to Friday's close of $22.03. Institutions paid $22.03 a share for $400.0 million of stock five days after the SURF302 release took 34.6% off the price in one minute. By 12:21 ET the shares were 15.66% above the offering price and 5.10% below the $26.85 level they held before the data.

The runway guidance into the second half of 2028 rested on $353.9 million of June 30 cash and was given before this offering.

From the SURF302 drop to the raise

1. August 4, 2026 — Tyra reported $353.9 million in cash, cash equivalents and marketable securities at June 30 and said that would fund its plans into the second half of 2028.
2. September 9, 2026, 07:00:14 ET — initial SURF302 results crossed. The stock went from $26.85 to $17.56 in the first minute, a 34.6% drop, and was at $20.25 fifteen minutes later, 24.581% below where it started (measured).
3. September 14, 2026, 06:45:01 ET — the $400.0 million offering priced at $22.03, 17.95% below the price the stock held before the SURF302 release.
4. September 15, 2026 — expected closing of the offering.

What the SURF302 trial showed

SURF302 is a Phase 2 study of oral dabogratinib, a selective FGFR3 inhibitor, in patients with FGFR3-altered low-grade intermediate-risk non-muscle invasive bladder cancer. Tyra reported these best-overall-response figures for the 60 mg once-daily dose, the dose it picked for its planned registrational adjuvant strategy:

Tyra said grade 3 treatment-related adverse events occurred in fewer than 5% of patients, with none at 60 mg, and that it saw no clinically significant hyperphosphatemia, nail toxicity or eye toxicity. In the separate SURF303 study in low-grade upper tract urothelial cancer, the first patient treated reached a complete response at the three-month check.