Stock Markets September 9, 2026 08:36 AM

Tyra Biosciences Shares Plunge After SURF302 Phase 2 Data Release

Company posts mixed efficacy and tolerability readouts for dabogratinib; 60 mg cohort shows strong responses but stock reacts sharply

By Sofia Navarro
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TYRA

Tyra Biosciences saw its stock drop about 30% on Wednesday after publishing initial Phase 2 SURF302 trial outcomes for dabogratinib in patients with FGFR3-altered low-grade intermediate-risk non-muscle invasive bladder cancer. The data showed a 79% overall response rate and a 64% complete response rate for the combined single and multiple marker lesion population at 60 mg once-daily, with higher response rates in single marker lesion patients. Safety findings included Grade 3 treatment-emergent adverse events in a minority of patients and no Grade 4 or 5 events. The company plans additional enrollment and dose escalation and intends to consult health authorities on Phase 3 planning.

Tyra Biosciences Shares Plunge After SURF302 Phase 2 Data Release
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Key Points

  • Tyra shares dropped about 30% after SURF302 Phase 2 results for dabogratinib were released.
  • At 60 mg once-daily, combined patients showed a 79% overall response rate and 64% complete response rate; single marker lesion patients had a 100% overall response rate and 75% complete response rate.
  • Safety: Grade 3 treatment-emergent adverse events in 14% at 60 mg and 9% at 50 mg; no Grade 4 or 5 events; no dose reductions or treatment-related discontinuations at 60 mg.

Tyra Biosciences Inc. experienced a roughly 30% decline in its share price on Wednesday after releasing initial efficacy and safety data from its Phase 2 SURF302 study of dabogratinib in patients with FGFR3-altered low-grade intermediate-risk non-muscle invasive bladder cancer.

The company reported that, for combined single and multiple marker lesion patients receiving 60 mg once-daily dosing, the best overall response measured a 79% overall response rate and a 64% complete response rate. In the subgroup of single marker lesion patients treated with 60 mg once-daily, the best overall response reached a 100% overall response rate and a 75% complete response rate.

The trial had enrolled 44 participants across the 60 mg once-daily and 50 mg once-daily cohorts as of the August 31, 2026 data cutoff. Of those, 26 patients were evaluable for efficacy at that cutoff, with 14 evaluable patients having received 60 mg once-daily and 12 having received 50 mg once-daily.

On safety, Tyra reported Grade 3 treatment-emergent adverse events in 14% of participants treated at 60 mg once-daily and in 9% of participants treated at 50 mg once-daily. Across both cohorts, Grade 3 treatment-related adverse events occurred in 4.5% of participants, with none reported at the 60 mg once-daily dose level. No Grade 4 or Grade 5 treatment-emergent adverse events were recorded. The company also stated that at the 60 mg once-daily dose there were no dose reductions or treatment-related discontinuations.

The most commonly reported treatment-emergent adverse events at the 60 mg once-daily dose were fatigue, diarrhea and dry eye. Tyra noted the absence of clinically significant hyperphosphatemia, nail toxicity or ocular toxicity, and reported that transaminase treatment-emergent adverse events occurred at a frequency below 10%.

Looking ahead, Tyra said it plans to complete enrollment in the 60 mg once-daily cohort and to open a cohort dosed at 70 mg once-daily. The company also intends to engage with health authorities regarding the design of a Phase 3 study and decisions around dose selection.

Separately, in the SURF303 Phase 2 study evaluating dabogratinib in low-grade upper tract urothelial cancer, the company reported that the first patient treated with 60 mg once-daily achieved a complete response at the three-month assessment.


Key points

  • Tyra shares fell about 30% on Wednesday following the release of initial Phase 2 SURF302 data for dabogratinib.
  • At 60 mg once-daily, combined patients showed a 79% overall response rate and 64% complete response rate; single marker lesion patients had a 100% overall response rate and 75% complete response rate.
  • Safety signals included Grade 3 treatment-emergent adverse events in a minority of patients, no Grade 4 or 5 events, and no dose reductions or treatment-related discontinuations at 60 mg once-daily.

Risks and uncertainties

  • Stock market reaction - The steep share price decline reflects market sensitivity in biotech and capital markets to clinical readouts.
  • Limited evaluable population - Efficacy assessments were based on 26 evaluable patients as of the data cutoff, which may limit the statistical certainty of the reported response rates.
  • Dose escalation and regulatory discussions - Future dose selection and Phase 3 design remain contingent on ongoing enrollment, additional safety data and interactions with health authorities.

Risks

  • Market sensitivity to clinical data may drive volatile share price movements, affecting investors and the biotech sector.
  • Efficacy conclusions rest on 26 evaluable patients at the data cutoff, limiting the statistical robustness of response rate estimates.
  • Future development depends on completing enrollment, testing higher doses, and regulatory discussions for Phase 3 design and dose selection.

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