0001193125-26-085490 | 10-K | XBRL Viewer

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Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 41,792	$ 18,938
Capitalized research and development	24,439	27,105
Tax credits	16,380	10,725
Stock based compensation	4,570	5,771
Other, net	2,287	2,267
Total deferred tax assets	89,468	64,806
Valuation allowance	(88,026)	(63,267)
Deferred tax assets, net of valuation allowance	1,442	1,539
Deferred tax liabilities:
Depreciation	(175)	(256)
Right of use assets	(1,182)	(1,283)
Deferred Tax Liabilities, Other	(85)	0
Total deferred tax liabilities	(1,442)	(1,539)
Net deferred tax assets / (liabilities)	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (119,947)	$ (86,481)

- Definition

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

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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

2. Fair Value Measurements

The following tables show the Company’s cash equivalents and marketable securities measured at fair value as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025
	Total		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	$	54,444	$	54,444	$	—	$	—
Marketable securities:
U.S. Treasury securities		133,264		—		133,264		—
U.S. government agency securities		45,352		—		45,352		—
Total marketable securities		178,616		—		178,616		—
Total	$	233,060	$	54,444	$	178,616	$	—


	December 31, 2024
	Total		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	$	69,698	$	69,698	$	—	$	—
Marketable securities:
U.S. Treasury securities		122,980		—		122,980		—
U.S. government agency securities		126,495		—		126,495		—
Total marketable securities		249,475		—		249,475		—
Total	$	319,173	$	69,698	$	249,475	$	—

The carrying amounts of the Company’s prepaid and other current assets, accounts payable, and accrued and other current liabilities approximate fair value due to their short maturities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

- 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.

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+ Details

Employee Benefits	12 Months Ended
Dec. 31, 2025
Compensation Related Costs [Abstract]
Employee Benefits	11. Employee Benefits The Company offers a 401(k) plan (401(k) Plan) for all employees who have met certain eligibility requirements. Under the 401(k) Plan, employees may elect to contribute a portion of their eligible compensation, subject to certain limitations. The Company has a program to match 100% of employee contributions to the 401(k) Plan up to a maximum of 4% of eligible earnings, subject to statutory limitations. Employer contributions for the year ended December 31, 2025 were $0.6 million.

Employee Benefits

12 Months Ended

Dec. 31, 2025

Employee Benefits

11. Employee Benefits

The Company offers a 401(k) plan (401(k) Plan) for all employees who have met certain eligibility requirements. Under the 401(k) Plan, employees may elect to contribute a portion of their eligible compensation, subject to certain limitations. The Company has a program to match 100% of employee contributions to the 401(k) Plan up to a maximum of 4% of eligible earnings, subject to statutory limitations. Employer contributions for the year ended December 31, 2025 were $0.6 million.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Stockholders' Equity - Summary of Reserved Shares of Common Stock (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock options granted and outstanding	13,617,445	10,462,129
Pre-funded warrants issued and outstanding	6,381,950	8,382,187
Total common stock reserved for future issuance	23,480,092	23,387,099
2021 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Total common stock reserved for future issuance	1,528,992	3,051,588
2021 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Shares available for future issuance	1,951,705	1,491,195

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net Income (Loss)	$ (119,947)	$ (86,481)
Denominator:
Weighted average common shares outstanding	59,602,328	57,250,061
Less: weighted average unvested common stock issued upon early exercise of common stock options	0	(32,315)
Weighted-average shares used to compute net loss per share - basic	59,602,328	57,217,746
Weighted-average shares used to compute net loss per share - diluted	59,602,328	57,217,746
Net loss per share, basic	$ (2.01)	$ (1.51)
Net loss per share, diluted	$ (2.01)	$ (1.51)

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The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

+ Details

Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 900
2027	927
2028	955
2029	983
2030	1,013
Thereafter	3,035
Total minimum lease payments	7,813
Less: amount representing interest	(2,003)
Present value of lease liabilities	5,810
Less: current portion of lease liabilities	(472)	$ (412)
Lease liabilities, noncurrent	$ 5,338	$ 5,810
Weighted-average remaining lease term (years) - operating leases	7 years 10 months 24 days	8 years 10 months 24 days
Weighted-average incremental borrowing rate - operating leases	8.07%	8.07%

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We implement reasonable administrative, technical and procedural safeguards to manage cybersecurity risks, including enforcing single sign-on or multi-factor authentication where supported or appropriate. We engage third-party cybersecurity experts to assess the security of our network. In addition, we engage a third-party to perform internal audits of our IT General Controls (ITGCs). We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is designed to be integrated into our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include but are not limited to the following: • risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; • a security team principally responsible for managing (i) our cybersecurity risk assessment processes, (ii) our security controls, and (iii) our response to cybersecurity incidents; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; • cybersecurity awareness training of our employees, including incident response personnel and senior management; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and • a third-party risk management process for key service providers, based on our assessment of their criticality to our operations and respective risk profile, suppliers, and vendors that have access to our critical systems and information. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Risk Factors – Our information technology systems, or those of any of our CROs, other contractors or consultants or potential future collaborators, may fail or suffer security breaches, which could result in a material disruption of our product development programs, harm our reputation, significant fines, penalties and liability and loss of customers or sales.” Cybersecurity Governance Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the audit committee (the Committee) oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program. The Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Committee where it deems appropriate, regarding any cybersecurity incidents it considers to be significant or potentially significant. The Committee reports to the full board of directors regarding its activities, including those related to cybersecurity. The full board of directors may also periodically receive briefings from management on our cyber risk management program. Board members may receive presentations on cybersecurity topics from our Chief Financial Officer (CFO), internal security staff or external experts as part of the board of director’s continuing education on topics that impact public companies. Our IT Senior Director, is primarily responsible for assessing and managing our material risks from cybersecurity threats. Our IT Senior Director has primary responsibility for our overall cybersecurity risk management program and supervises our retained external cybersecurity consultants. Our IT Senior Director has over 25 years of IT and cybersecurity experience. Our IT Senior Director takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is designed to be integrated into our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include but are not limited to the following: • risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; • a security team principally responsible for managing (i) our cybersecurity risk assessment processes, (ii) our security controls, and (iii) our response to cybersecurity incidents; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; • cybersecurity awareness training of our employees, including incident response personnel and senior management; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and • a third-party risk management process for key service providers, based on our assessment of their criticality to our operations and respective risk profile, suppliers, and vendors that have access to our critical systems and information.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the audit committee (the Committee) oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program. The Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Committee where it deems appropriate, regarding any cybersecurity incidents it considers to be significant or potentially significant. The Committee reports to the full board of directors regarding its activities, including those related to cybersecurity. The full board of directors may also periodically receive briefings from management on our cyber risk management program. Board members may receive presentations on cybersecurity topics from our Chief Financial Officer (CFO), internal security staff or external experts as part of the board of director’s continuing education on topics that impact public companies. Our IT Senior Director, is primarily responsible for assessing and managing our material risks from cybersecurity threats. Our IT Senior Director has primary responsibility for our overall cybersecurity risk management program and supervises our retained external cybersecurity consultants. Our IT Senior Director has over 25 years of IT and cybersecurity experience. Our IT Senior Director takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the audit committee (the Committee) oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Committee where it deems appropriate, regarding any cybersecurity incidents it considers to be significant or potentially significant. The Committee reports to the full board of directors regarding its activities, including those related to cybersecurity. The full board of directors may also periodically receive briefings from management on our cyber risk management program
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our IT Senior Director, is primarily responsible for assessing and managing our material risks from cybersecurity threats. Our IT Senior Director has primary responsibility for our overall cybersecurity risk management program and supervises our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our IT Senior Director has over 25 years of IT and cybersecurity experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our IT Senior Director takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fair Value Measurements - Assets measured at fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assets On Recurring Basis Line Items
Marketable securities	$ 178,616	$ 249,475
Fair Value, Recurring [Member]
Fair Value Assets On Recurring Basis Line Items
Fair Value	233,060	319,173
Marketable securities	178,616	249,475
Fair Value, Recurring [Member] \| Money market funds
Fair Value Assets On Recurring Basis Line Items
Cash and Cash Equivalents	54,444	69,698
Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value Assets On Recurring Basis Line Items
Marketable securities	133,264	122,980
Fair Value, Recurring [Member] \| U.S. government agency
Fair Value Assets On Recurring Basis Line Items
Marketable securities	45,352	126,495
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value Assets On Recurring Basis Line Items
Fair Value	54,444	69,698
Marketable securities	0	0
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member] \| Money market funds
Fair Value Assets On Recurring Basis Line Items
Cash and Cash Equivalents	54,444	69,698
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value Assets On Recurring Basis Line Items
Marketable securities	0	0
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member] \| U.S. government agency
Fair Value Assets On Recurring Basis Line Items
Marketable securities	0	0
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value Assets On Recurring Basis Line Items
Fair Value	178,616	249,475
Marketable securities	178,616	249,475
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member] \| Money market funds
Fair Value Assets On Recurring Basis Line Items
Cash and Cash Equivalents	0	0
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value Assets On Recurring Basis Line Items
Marketable securities	133,264	122,980
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member] \| U.S. government agency
Fair Value Assets On Recurring Basis Line Items
Marketable securities	45,352	126,495
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value Assets On Recurring Basis Line Items
Fair Value	0	0
Marketable securities	0	0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| Money market funds
Fair Value Assets On Recurring Basis Line Items
Cash and Cash Equivalents	0	0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| US Treasury Securities
Fair Value Assets On Recurring Basis Line Items
Marketable securities	0	0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member] \| U.S. government agency
Fair Value Assets On Recurring Basis Line Items
Marketable securities	$ 0	$ 0

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class Of Stock [Line Items]
Unrecognized compensation cost related to options	$ 75.8
Term of Unrecognized Expense	2 years 7 months 6 days
Total common stock reserved for future issuance	23,480,092	23,387,099
Share-Based Payment Arrangement, Accelerated Cost		$ 2.0
2021 Plan
Class Of Stock [Line Items]
Shares reserved for future issuance	1,528,992
Increase in common stock	5.00%
Employee Stock Option
Class Of Stock [Line Items]
Weighted average grant fair value	$ 9.05	$ 15.95
Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Unrecognized compensation cost related to options	$ 0.6
Term of Unrecognized Expense	1 year 2 months 12 days
Common Stock [Member] \| Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance	1,951,705
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.
Purchase of common stock through payroll deduction	15.00%
Fair market value of the common stock, percentage	85.00%

Organization and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Organization and Summary of Significant Accounting Policies [Line Items]
Penalties and interest accrued	$ 0
Accumulated deficit	$ (371,258)	$ (251,311)
Entity Incorporation, Date of Incorporation	Aug. 02, 2018
Cash, cash equivalents and marketable securities	$ 256,000
Restricted cash	$ 1,000	1,000
Dividend payment description	The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore, has estimated the dividend yield to be zero.
Dividend yield	$ 0
Property, Plant and Equipment, Other Types [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Impairement loss	$ 0	$ 0
Minimum [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years
Maximum [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	7 years
Options granted contractual term	10 years

Segment Information - Schedule of reconciliation of the Company's net loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Research and Development Expense [Abstract]

Total research and development expenses

$ 102,928

$ 80,077

General and administrative expenses

29,834

24,100

Interest and other income, net

(12,815)

(17,696)

Net loss

(119,947)

(86,481)

CODM

Research and Development Expense [Abstract]

Total research and development expenses

102,928

80,077

General and administrative expenses

^[1]

29,834

24,100

Interest and other income, net

(12,815)

(17,696)

Net loss

(119,947)

(86,481)

CODM | TYRA-300ACH

Research and Development Expense [Abstract]

Total research and development expenses

13,379

7,718

CODM | TYRA-300NMIBC

Research and Development Expense [Abstract]

Total research and development expenses

8,244

122

CODM | TYRA-300UTUC

Research and Development Expense [Abstract]

Total research and development expenses

2,440

CODM | TYRA-300mUC

Research and Development Expense [Abstract]

Total research and development expenses

9,590

14,319

CODM | TYRA-430

Research and Development Expense [Abstract]

Total research and development expenses

9,055

5,677

CODM | TYRA-200

Research and Development Expense [Abstract]

Total research and development expenses

4,308

4,969

CODM | FGFR Discovery

Research and Development Expense [Abstract]

Total research and development expenses

10,967

8,199

CODM | Personnel Costs

Research and Development Expense [Abstract]

Total research and development expenses

^[2]

36,218

30,423

CODM | Other development programs

Research and Development Expense [Abstract]

Total research and development expenses

2,623

2,537

CODM | Facilities and Other Costs

Research and Development Expense [Abstract]

Total research and development expenses

^[3]

$ 6,104

$ 6,113

[1]	General and administrative expenses consist of personnel-related expenses, including stock-based compensation, legal fees, facility-related costs, depreciation, professional and consulting fees and insurance costs.
[2]	Personnel costs include $15.7 million and $14.3 million of stock-based compensation for the years ended December 31, 2025 and 2024, respectively.
[3]	Facilities and other costs consist of research consumables, facility-related costs, depreciation and costs not attributed to a specific program.

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net Income (Loss)	$ (119,947)	$ (86,481)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	546	519
Stock-based compensation	28,006	22,801
Accretion on marketable securities, net	(2,119)	(5,884)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(5,080)	(169)
Accounts payable, accrued expenses and other liabilities	3,369	(744)
Right-of-use assets and lease liabilities, net	83	184
Net cash used in operating activities	(95,142)	(69,774)
Cash flows from investing activities:
Purchases of marketable securities	(101,254)	(263,624)
Maturities of marketable securities	173,858	165,885
Purchases of property and equipment	(141)	(664)
Net cash provided by (used in) investing activities	72,463	(98,403)
Cash flows from financing activities:
Proceeds from issuances of common stock under benefit plans	8,100	2,557
Proceeds from issuance of common stock and pre-funded warrants from Private Placement	0	200,000
Payments of issuance costs for common stock and pre-funded warrants from Private Placement	0	(420)
Net cash provided by financing activities	8,100	202,137
Net cash increase (decrease) for the period	(14,579)	33,960
Cash, cash equivalents and restricted cash at beginning of the period	92,966	59,006
Cash, cash equivalents and restricted cash at end of the period	78,387	92,966
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet
Cash and cash equivalents	77,387	91,966
Restricted cash	1,000	1,000
Total cash, cash equivalents and restricted cash	78,387	92,966
Non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities	68	0
Vesting of options early exercised subject to repurchase	3	43
Receivable from exercise of stock options included in prepaid expenses and other current assets	$ 241	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate for the year ended December 31, 2025, in accordance with the new disclosure requirements (in thousands):


	Year Ended December 31, 2025
	Amount			%
Income tax benefit at statutory federal rate	$	(25,189	)		21.00	%
State and local taxes, net of federal benefit (1)		(1,330	)		1.11	%
Tax credits
Federal research and development credits		(6,411	)		5.35	%
Changes in valuation allowance		23,683			-19.75	%
Nontaxable or nondeductible items
Stock based compensation		1,653			-1.38	%
Officer compensation		4,725			-3.94	%
Other		46			-0.04	%
Changes in unrecognized tax benefits		2,823			-2.35	%
Provision for income taxes	$	—			0.00	%

(1) The state that contributes to the majority (greater than 50%) of the tax effect in this category is California for the year ended December 31, 2025.

The following is a reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate for the year ended December 31, 2024, in accordance with the guidance prior to the adoption of ASU 2023-09 (in thousands):


	Year Ended December 31, 2024
Expected tax benefit at statutory rate	$	(18,161	)
State income tax, net of federal benefit		(134	)
Stock based compensation		(757	)
Officer compensation		977
Permanent items and other		7
Research credits		(4,363	)
Change in valuation allowance		22,431
Provision for income taxes	$	—

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 are as follows (in thousands):


	As of December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	41,792		$	18,938
Capitalized research and development		24,439			27,105
Tax credits		16,380			10,725
Stock based compensation		4,570			5,771
Other, net		2,287			2,267
Total deferred tax assets		89,468			64,806
Valuation allowance		(88,026	)		(63,267	)
Deferred tax assets, net of valuation allowance		1,442			1,539
Deferred tax liabilities:
Depreciation		(175	)		(256	)
Right of use assets		(1,182	)		(1,283	)
Other, net		(85	)		—
Total deferred tax liabilities		(1,442	)		(1,539	)
Net deferred tax assets / (liabilities)	$	—		$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2025 and 2024, respectively (in thousands):


	Year Ended December 31,
	2025		2024
Beginning balance at January 1	$	5,529	$	3,006
Additions related to current year positions		2,043		1,869
Additions related to prior year positions		1,133		654
Ending balance at December 31	$	8,705	$	5,529

Marketable Securities - Summary of Available-for-Sale Securities and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Amortized cost	$ 178,223	$ 248,705
Unrealized gains	393	797
Unrealized losses	0	(27)
Estimated fair value	178,616	249,475
Unrealized losses less than 12 months, fair value		25,924
Unrealized losses less than 12 months, unrealized losses		(27)
Unrealized losses 12 months or greater, fair value		0
Unrealized losses 12 months or greater, unrealized losses		0
Unrealized losses on fair value		25,924
Debt Securities, Available-for-Sale, Unrealized Loss	(27)
US Treasury Securities
Marketable Securities [Line Items]
Unrealized losses less than 12 months, fair value		16,033
Unrealized losses less than 12 months, unrealized losses		(6)
Unrealized losses 12 months or greater, fair value		0
Unrealized losses 12 months or greater, unrealized losses		0
Unrealized losses on fair value		16,033
Debt Securities, Available-for-Sale, Unrealized Loss		(6)
U.S. Government Agency Securities
Marketable Securities [Line Items]
Unrealized losses less than 12 months, fair value		9,891
Unrealized losses less than 12 months, unrealized losses		(21)
Unrealized losses 12 months or greater, fair value		0
Unrealized losses 12 months or greater, unrealized losses		0
Unrealized losses on fair value		9,891
Debt Securities, Available-for-Sale, Unrealized Loss		(21)
More than One year \| US Treasury Securities
Marketable Securities [Line Items]
Amortized cost	25,684	44,547
Unrealized gains	33	239
Unrealized losses	0	(3)
Estimated fair value	25,717	44,783
More than One year \| U.S. Government Agency Securities
Marketable Securities [Line Items]
Amortized cost		32,015
Unrealized gains		159
Unrealized losses		(12)
Estimated fair value		32,162
Less than one year \| US Treasury Securities
Marketable Securities [Line Items]
Amortized cost	107,324	77,990
Unrealized gains	223	210
Unrealized losses	0	(3)
Estimated fair value	107,547	78,197
Less than one year \| U.S. Government Agency Securities
Marketable Securities [Line Items]
Amortized cost	45,215	94,153
Unrealized gains	137	189
Unrealized losses	0	(9)
Estimated fair value	$ 45,352	$ 94,333

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Private Placement [Member] Common Stock [Member]	Private Placement [Member] Additional Paid-in Capital [Member]	Pre-funded Warrants [Member] Common Stock [Member]	Pre-funded Warrants [Member] Additional Paid-in Capital [Member]
Beginning balance at Dec. 31, 2023	$ 204,262	$ 4	$ 368,707	$ 381	$ (164,830)
Beginning balance (in shares) at Dec. 31, 2023		43,024,634
Issuance of common stock under benefit plans	2,557		2,557
Issuance of common stock under benefit plans, Shares		664,184
Issuance of common stock, shares						9,286,023
Issuance of common stock under Private Placement, net of issuance costs	120,558					$ 1	$ 120,557
Issuance of Pre Funded Warrants under Private Placement	79,022		79,022
Issuance of common stock pursuant to pre-funded warrant exercise, Shares								705,000
Exchange of common stock for pre-funded warrants, shares		(3,000,000)
Vesting of shares of common stock subject to repurchase	43		43
Vesting of shares of common stock subject to repurchase, Shares		70,104
Stock-based compensation	22,801		22,801
Unrealized gain on marketable securities available-for-sale, net	389			389
Net Income (Loss)	(86,481)				(86,481)
Ending balance at Dec. 31, 2024	343,151	$ 5	593,687	770	(251,311)
Ending balance (in shares) at Dec. 31, 2024		50,749,945
Issuance of common stock under benefit plans	8,341		8,341
Issuance of common stock under benefit plans, Shares		952,026
Issuance of common stock pursuant to pre-funded warrant exercise									$ 0
Issuance of common stock pursuant to pre-funded warrant exercise, Shares								2,000,069
Vesting Of Shares Of Common Stock Subject To Repurchase, Shares		4,317
Vesting Of Shares Of Common Stock Subject To Repurchases	3		3
Stock-based compensation	28,006		28,006
Unrealized gain on marketable securities available-for-sale, net	(377)			(377)
Net Income (Loss)	(119,947)				(119,947)
Ending balance at Dec. 31, 2025	$ 259,177	$ 5	$ 630,037	$ 393	$ (371,258)
Ending balance (in shares) at Dec. 31, 2025		53,706,357

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

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):


	Year Ended December 31,
	2025			2024
Numerator:
Net loss	$	(119,947	)	$	(86,481	)
Denominator:
Weighted-average common shares outstanding		59,602,328			57,250,061
Less: weighted-average unvested common stock issued upon early exercise of common stock options		—			(32,315	)
Weighted-average shares used to compute net loss per common share, basic and diluted		59,602,328			57,217,746
Net loss per share, basic and diluted	$	(2.01	)	$	(1.51	)

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

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 December 31,
	2025		2024
Options to purchase common stock		13,617,445		10,462,129
Unvested common stock upon early exercise of stock options		—		4,317
Estimated shares purchasable under the ESPP		27,761		14,280
		13,645,206		10,480,726

Equity Incentive Plans and Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

6. Equity Incentive Plans and Stock-Based Compensation

2021 Incentive Award Plan

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. Shares that expire, terminate or are cancelled under the 2020 Plan are added back to the 2021 Plan share reserve. 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. The Company issues new shares of common stock upon exercise of options. As of December 31, 2025, 1,528,992 shares were available for future grant under the 2021 Plan.

A summary of the Company’s stock option activity for the year ended December 31, 2025 was as follows (in thousands, except 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, 2024		10,462,129		$	13.43		7.6	$	33,798
Granted		5,029,190		$	12.08
Exercised		(904,993	)	$	8.72
Forfeited and expired		(968,881	)	$	16.31
Outstanding at December 31, 2025		13,617,445		$	12.58		8.0	$	186,669
Exercisable at December 31, 2025		6,300,582		$	11.39		6.8	$	93,903
Vested and expected to vest as of December 31, 2025		13,617,445		$	12.58		8.0	$	186,669

Employee Stock Purchase Plan

In September 2021, the Company’s Board of Directors adopted, and its stockholders approved, the 2021 Employee Stock Purchase Plan (ESPP). 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. As of December 31, 2025, there were 1,951,705 shares available for future purchase under the ESPP.

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 unvested award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions:


	Year Ended December 31,
	2025	2024
Risk-free rate of interest	3.8 - 4.4%	3.5 - 4.6%
Expected term (years)	5.1 - 6.1	5.3 - 6.1
Expected stock price volatility	84.8 - 95.4%	87.8 - 98.7%
Dividend yield	—	—

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


	Year Ended December 31,
	2025		2024
Research and development expense	$	15,749	$	14,291
General and administrative expense		12,257		8,510
Total	$	28,006	$	22,801

The weighted-average grant date fair value of options granted (excluding modified options) for the years ended December 31, 2025 and 2024 were $9.05 and $15.95 per share, respectively.

During the year ended December 31, 2024, the Company recognized $2.0 million in additional stock-based compensation expense recorded within research and development expenses, in connection with the modification and acceleration of stock options held by a former executive.

For the years ended December 31, 2025 and 2024, forfeitures resulting in the reversal of compensation expenses were immaterial.

As of December 31, 2025, the unrecognized compensation cost related to options was $75.8 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.6 years.

As of December 31, 2025, the unrecognized compensation cost related to ESPP was $0.6 million, and is expected to be recognized as expense over a weighted-average period of approximately 1.2 years.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Expected tax benefit at statutory rate

$ (25,189)

$ (18,161)

Income tax benefit at statutory federal rate Percentage

21.00%

State income tax, net of federal benefit

$ (1,330)

^[1]

(134)

State and local taxes, net of federal benefit Percentage

^[1]

1.11%

Tax credits

Research credits

$ (6,411)

(4,363)

Research credits Percentage

5.35%

Change in valuation allowance

$ 23,683

22,431

Change in valuation allowance Percentage

(19.75%)

Nontaxable or nondeductible items

Stock based compensation

$ 1,653

(757)

Officers compensation

4,725

977

Other

$ 46

Stock based compensation Percentage

(1.38%)

Other Percentage

(0.04%)

Officer compensation Percentage

(3.94%)

Changes in unrecognized tax benefits

$ 2,823

Changes in unrecognized tax benefits Percentage

(2.35%)

Provision for income taxes

$ 0

Provision for income taxes, Percent

0.00%

[1]	The state that contributes to the majority (greater than 50%) of the tax effect in this category is California for the year ended December 31, 2025.

Net Loss Per Share - Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	13,645,206	10,480,726
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	0	4,317
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	13,617,445	10,462,129
Estimated shares purchasable under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	27,761	14,280

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
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	53,706,357	50,754,262
Common stock, shares outstanding	53,706,357	50,749,945

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

7. 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):


	Year Ended December 31,
	2025			2024
Numerator:
Net loss	$	(119,947	)	$	(86,481	)
Denominator:
Weighted-average common shares outstanding		59,602,328			57,250,061
Less: weighted-average unvested common stock issued upon early exercise of common stock options		—			(32,315	)
Weighted-average shares used to compute net loss per common share, basic and diluted		59,602,328			57,217,746
Net loss per share, basic and diluted	$	(2.01	)	$	(1.51	)

Shares issuable pursuant to the 2024 Pre-Funded Warrants and the Exchange Warrants are included in the calculation of weighted-average shares of common stock outstanding, both basic and diluted, for the years ended December 31, 2025 and 2024. These warrants are exercisable at any time for nominal consideration, and therefore, the shares thereunder are considered outstanding for the purpose of calculating basic and diluted net loss per share.


	As of December 31,
	2025		2024
Options to purchase common stock		13,617,445		10,462,129
Unvested common stock upon early exercise of stock options		—		4,317
Estimated shares purchasable under the ESPP		27,761		14,280
		13,645,206		10,480,726

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	December 31, 2025		December 31, 2024
Accrued payroll and other employee benefits	$	5,533	$	6,451
Accrued research and development expenses		9,840		6,612
Accrued legal and professional fees		316		296
Accrued other general and administrative fees		755		233
Total accrued expenses and other current liabilities	$	16,444	$	13,592

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

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 which product candidates may demonstrate the highest potency, selectivity and tolerability. The Company’s focus is on applying its accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions.

Since its inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. It has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $371.3 million and cash, cash equivalents and marketable securities of $256.0 million as of December 31, 2025. From its inception through December 31, 2025, the Company has financed its operations primarily through the sale of common stock, private placements of its convertible preferred stock, and the issuance of common stock and pre-funded common stock warrants through a private placement.

As the Company continues its expansion, it may seek additional financing and/or strategic investments. However, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of issuance of these financial statements.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP). 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).

Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions made in the accompanying financial statements include, but are not limited to, the valuation of share-based awards, the valuation of deferred tax assets and income tax uncertainties, accruals for research and development activities, and incremental borrowing rate (IBR) for right-of-use (ROU) assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to a significant concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the nature of the instruments held in the depository institutions.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents primarily represent funds invested in readily available money market accounts. As of December 31, 2025, the Company had cash and cash equivalents balances deposited at major financial institutions.

Marketable Securities

Marketable securities consist of debt securities of government-sponsored entities. These securities are classified as available-for sale, as the sale of such securities may be required prior to their maturity. Available-for-sale securities are recorded at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income or loss and included as a separate component of stockholders’ equity. The amortized cost of available-for-sale securities reflects amortization of premiums and accretion of discounts to maturity. Premiums and discounts on debt securities are amortized or accreted into interest and other income, net. The Company classifies investments in marketable debt securities as current assets, regardless of the stated maturity date, which may be beyond one year from the current balance sheet date. Short-term classification reflects management’s view that the entire portfolio is available, and the Company may use the proceeds from sales of these investments to fund current operations, as necessary.

Allowance for Credit Losses

The Company regularly reviews its portfolio for declines in fair value. For investments in an unrealized loss position, the Company assesses whether the decline is based on credit losses or other factor. As part of this assessment, the Company considers the cause of the impairment, the creditworthiness of the security issuers, current market conditions, the number of securities in an unrealized loss position, the severity of the losses, whether it will be required or will intend to sell the investment before recovery of its amortized cost basis. If fair value decline is determined to be due to a credit-related factor, the amortized cost basis is written down to fair value through net loss. If fair value decline is not due to credit-related factors, a loss is recorded in other comprehensive income or loss. The Company recognizes an allowance for credit losses up to the amount of the unrealized loss when appropriate.

We do not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized costs basis of the investment. Uncollectible accrued interest receivables associated with an impaired marketable security are reversed against interest income in a timely manner upon identification of the impairment.

Fair Value Measurements

The Company measures cash equivalents and available-for-sale debt securities at fair value. 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. Therefore, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is affected by a number of factors, including the type of asset or liability, the characteristics specific to the asset or liability and the state of the marketplace, including the existence and transparency of transactions between market participants. 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 that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

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).

Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Available-for-sale debt securities, including U.S. Treasury securities and U.S. Agency bonds are classified as Level 2. These securities are valued using fair value from third-party pricing services, which may use observable inputs based on real-time trade data for similar assets, broker/dealer quotes, bids and/or offers and other observable inputs. The Company validates valuations obtained from third-party pricing services by understanding the models used and obtaining market values from independent sources.

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 December 31, 2025 and 2024 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases.

Property and Equipment

Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to seven years, or the remaining term of the lease).

Impairment of Long-Lived Assets

The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the years ended December 31, 2025 and 2024.

Accrued Research and Development Expenses

Research and development expenses consist of external and internal costs associated with the Company’s research and development activities, including its discovery and research efforts and the preclinical and clinical development of its product candidates. Research and development costs are expensed in the period incurred.

The Company has entered into various research and development contracts with clinical research organizations, clinical manufacturing organizations, clinical sites and other vendors and consultants. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of or after the performance are reflected in the accompanying balance sheets as prepaid expenses or accrued liabilities, respectively. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. The Company holds discussions with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Nonrefundable advance payments for goods and services, including fees for process

development, are deferred and recognized as expenses in the period that the related goods are consumed or services are performed.

Patent Costs

The Company expenses all costs as incurred in connection with patent applications (including direct application fees, and the legal and consulting expenses related to making such applications) and such costs are included in general and administrative expenses in the statements of operations and comprehensive loss.

Leases

The Company has operating leases for office and lab space. At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding ROU asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease.

Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding ROU assets are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. The Company excludes short-term leases, if any, having initial terms of 12 months or less at lease commencement as an accounting policy election.

Certain adjustments to the ROU assets may be required for items such as payments made at or before the commencement date, initial direct costs paid or lease incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate IBR, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. In measuring the ROU assets and lease liabilities, the Company has elected to combine lease and non-lease components.

Operating ROU assets are reflected in right-of-use assets in the accompanying balance sheets. Operating lease liabilities are reflected in lease liabilities, current and noncurrent in the accompanying balance sheets.

Common Stock Warrants

Common stock warrants are classified as either a liability or equity, based on an assessment of specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (ASC 480) and ASC 815, Derivatives and Hedging (ASC 815). The Company considers whether the warrants are freestanding financial instruments, whether they meet the definition of a liability pursuant to ASC 480, and whether they meet all of the requirements for equity classification under ASC 815. This assessment is performed at the time of warrant issuance and re-assessed as of each subsequent quarterly balance sheet date, while the warrants are outstanding.

Stock-Based Compensation

Stock-based compensation expense represents the cost of the grant date fair value of employee, officer, director and non-employee equity awards, estimated in accordance with the applicable accounting guidance, and, for those awards subject only to service conditions, recognized on a straight-line basis over the vesting period. The vesting period generally approximates the expected service period of the awards. The Company recognizes stock-based compensation expense for awards with performance conditions when it is probable that the condition will be

met, and the award will vest. If the achievement of performance conditions is no longer deemed probable, previously recognized compensation cost is reversed. For awards with performance and service conditions, the Company begins recording share-based compensation when achieving the performance criteria is probable and recognizes the costs using the accelerated attribution method. The Company recognizes forfeitures as they occur.

The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. This method requires certain assumptions to be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of ten years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is estimated based on the average historical volatilities of common stock of comparable publicly traded companies and the Company’s own volatility. The comparable companies are chosen based on their size and stage in the life cycle. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore, has estimated the dividend yield to be zero.

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.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

As of December 31, 2025 and 2024, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes may result in a change in the estimated annual effective tax rate.

The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. As of December 31, 2025, the Company had no accrued interest or penalties.

Comprehensive Loss

Comprehensive loss consists of two components: net loss and other comprehensive income or loss. Other comprehensive income (loss) refers to gains or losses that are recorded as an element of stockholders’ equity but are excluded from net loss. The Company’s other comprehensive income (loss) consists of unrealized gains and losses on marketable securities.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. Pre-funded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little or no additional consideration and are fully vested and exercisable after the original issuance date of the pre-funded warrant. The Company’s potentially dilutive securities include unvested common stock upon early exercise of stock options, outstanding stock options under the Company’s equity incentive plan, and estimated shares purchasable under the employee stock purchase plan, and have been excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

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 (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.

Capitalized Software Implementation Costs

The Company capitalizes certain implementation costs incurred under a cloud computing arrangement that is a service contract. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within prepaid and other current assets, and other long-term assets on the accompanying balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this standard prospectively for the period ending December 31, 2025. The adoption impacted the disclosures and did not impact the financial statements. See Note 8, Income Taxes, for disclosures related to the adoption of ASU 2023-09.

Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". In January 2025, the FASB issued ASU 2025-01, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date", to clarify the effective date of ASU 2024-03. These amendments are intended to provide more information about certain costs and expenses on an interim and annual basis. The amendments are effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The new standards are expected to be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact on its financial statements and related disclosures.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Other Funding Commitments

As of December 31, 2025, the Company had ongoing clinical and pre-clinical studies for its various 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 December 31, 2025, 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.

Segment Information (Additional Information) (Details)	12 Months Ended
Segment Information (Additional Information) (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Segment Reporting, Expense Information Used by CODM, Type [Extensible Enumeration]	Chief Operating Decision Maker [Member]
Segment reporting, CODM, profit (loss) measure, how used, description	net loss
Number of reportable segments	1

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

4. Accrued Expenses and Other Current Liabilities

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


	December 31, 2025		December 31, 2024
Accrued payroll and other employee benefits	$	5,533	$	6,451
Accrued research and development expenses		9,840		6,612
Accrued legal and professional fees		316		296
Accrued other general and administrative fees		755		233
Total accrued expenses and other current liabilities	$	16,444	$	13,592

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lease, Cost [Abstract]
Operating lease cost	$ 957	$ 957
Short-term lease cost	90	90
Variable lease cost	139	127
Total lease cost	$ 1,186	$ 1,174

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

5. Stockholders’ Equity

Common stock reserved for future issuance consisted of the following:


	December 31, 2025		December 31, 2024
Common stock options granted and outstanding		13,617,445		10,462,129
Shares available for future issuance under the 2021 Incentive Award Plan		1,528,992		3,051,588
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,951,705		1,491,195
Pre-funded warrants issued and outstanding		6,381,950		8,382,187
Total common stock reserved for future issuance		23,480,092		23,387,099

On October 3, 2022, the Company entered into an ATM Sales Agreement (the 2022 Sales Agreement) with Virtu Americas LLC (the 2022 Agent), under which the Company could have, from time to time, sold shares of its common stock having an aggregate offering price of up to $150.0 million, in “at the market” offerings through the 2022 Sales Agent. The 2022 Agent would have received a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold under the 2022 Sales Agreement. No shares of common stock were issued and sold pursuant to the 2022 Sales Agreement. The Company terminated the 2022 Sales Agreement in May 2025.

On May 8, 2025, the Company entered into a Sales Agreement (the 2025 Sales Agreement) with TD Securities (USA) LLC (the 2025 Sales 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 2025 Sales 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 2025 Sales Agent. The 2025 Sales 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 2025 Sales Agreement. As of December 31, 2025, no shares of common stock had been issued and sold pursuant to the 2025 Sales Agreement.

On February 1, 2024, the Company entered into a securities purchase agreement for a private placement of 9,286,023 shares of the Company's common stock at a price of $13.01 per share (the 2024 Private Placement). The 2024 Private Placement also included pre-funded warrants (the 2024 Pre-Funded Warrants) to purchase an aggregate of 6,087,230 shares of common stock at a purchase price of $13.009 per pre-funded warrant. Each pre-funded warrant has an exercise price of $0.001 per share of common stock, is immediately exercisable on the date of issuance and will not expire. The 2024 Private Placement closed on February 6, 2024 and the Company received gross proceeds of approximately $200.0 million, before deducting offering expenses of $0.4 million. In connection with the 2024 Private Placement, the Company issued 4,780,846 shares of common stock and pre-funded warrants to purchase 2,243,737 shares of common stock to related parties, resulting in aggregate gross proceeds of approximately $91.4 million. On March 19, 2024, the Company filed a registration statement on Form S-3 with the SEC registering the resale of the shares of common stock issued, or underlying the pre-funded warrants issued, in the 2024 Private Placement. The 2024 Pre-funded Warrants did not meet the characteristics of a liability or a derivative and are classified within stockholders’ equity.

On October 18, 2024, the Company entered into an exchange agreement with certain of the Company’s stockholders, who were related parties to the Company at the time of the exchange. Pursuant to the exchange agreement, 3,000,000 shares of the Company’s common stock were exchanged for pre-funded warrants to acquire an aggregate of 3,000,000 shares of common stock (each of such pre-funded warrants an Exchange Warrant and collectively the Exchange Warrants, and such exchanges of common stock for Exchange Warrants collectively the Exchange). Each Exchange Warrant has an exercise price of $0.001 per share of common stock, is immediately exercisable on the date of issuance and will not expire. No cash was exchanged related to the transaction. The Exchange closed on October 22, 2024. The Exchange Warrants did not meet the characteristics of a liability or a derivative and are classified within stockholders’ equity.

During the year ended December 31, 2025, 2,000,000 of the Exchange Warrants and 237 of the 2024 Pre-Funded Warrants were exercised in cashless transactions, which resulted in an aggregate of 2,000,069 shares of common stock being issued. As of December 31, 2025, a total of 6,381,950 pre-funded warrants remained available for exercise, including 1,000,000 Exchange Warrants and 5,381,950 2024 Pre-Funded Warrants.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

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 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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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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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Number of Outstanding Options, Beginning balance	10,462,129
Number of Outstanding Options, Granted	5,029,190
Number of Outstanding Options, Exercised	(904,993)
Number of Outstanding Options, Cancelled	(968,881)
Number of Outstanding Options, Ending balance	13,617,445	10,462,129
Number of Outstanding Options, Exercisable	6,300,582
Number of Outstanding Options, Vested and expected to vest	13,617,445
Weighted- Average Exercise Price, Beginning balance	$ 13.43
Weighted- Average Exercise Price, Granted	12.08
Weighted- Average Exercise Price, Exercised	8.72
Weighted- Average Exercise Price, Forfeited	16.31
Weighted- Average Exercise Price, Ending balance	12.58	$ 13.43
Weighted- Average Exercise Price, Exercisable	11.39
Weighted- Average Exercise Price, Vested and expected to vest	$ 12.58
Weighted- Average Remaining Contractual Term	8 years	7 years 7 months 6 days
Weighted- Average Remaining Contractual Term, Exercisable	6 years 9 months 18 days
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years
Aggregate Intrinsic Value, Beginning balance	$ 33,798
Aggregate Intrinsic Value, Ending balance	186,669	$ 33,798
Aggregate Intrinsic Value, Exercisable	93,903
Aggregate Intrinsic Value, Vested and expected to vest	$ 186,669

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company's pretax losses for the years ended December 31, 2025 and 2024 are from U.S. operations. There was no provision for or benefit from income taxes for the years ended December 31, 2025 and 2024.

The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures prospectively, as disclosed in Note 1. The following is a reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate for the year ended December 31, 2025, in accordance with the new disclosure requirements (in thousands):


	Year Ended December 31, 2025
	Amount			%
Income tax benefit at statutory federal rate	$	(25,189	)		21.00	%
State and local taxes, net of federal benefit (1)		(1,330	)		1.11	%
Tax credits
Federal research and development credits		(6,411	)		5.35	%
Changes in valuation allowance		23,683			-19.75	%
Nontaxable or nondeductible items
Stock based compensation		1,653			-1.38	%
Officer compensation		4,725			-3.94	%
Other		46			-0.04	%
Changes in unrecognized tax benefits		2,823			-2.35	%
Provision for income taxes	$	—			0.00	%

(1) The state that contributes to the majority (greater than 50%) of the tax effect in this category is California for the year ended December 31, 2025.

The following is a reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate for the year ended December 31, 2024, in accordance with the guidance prior to the adoption of ASU 2023-09 (in thousands):


	Year Ended December 31, 2024
Expected tax benefit at statutory rate	$	(18,161	)
State income tax, net of federal benefit		(134	)
Stock based compensation		(757	)
Officer compensation		977
Permanent items and other		7
Research credits		(4,363	)
Change in valuation allowance		22,431
Provision for income taxes	$	—

The Company did not pay federal or state cash income taxes or have cash income taxes refunded in the year ended December 31, 2025.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 are as follows (in thousands):


	As of December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	41,792		$	18,938
Capitalized research and development		24,439			27,105
Tax credits		16,380			10,725
Stock based compensation		4,570			5,771
Other, net		2,287			2,267
Total deferred tax assets		89,468			64,806
Valuation allowance		(88,026	)		(63,267	)
Deferred tax assets, net of valuation allowance		1,442			1,539
Deferred tax liabilities:
Depreciation		(175	)		(256	)
Right of use assets		(1,182	)		(1,283	)
Other, net		(85	)		—
Total deferred tax liabilities		(1,442	)		(1,539	)
Net deferred tax assets / (liabilities)	$	—		$	—

The Company has established a valuation allowance against its net deferred tax assets due to the uncertainty surrounding the realization of such assets. The Company periodically evaluates the recoverability of the deferred tax assets. At such time as it is determined that it is more likely than not that deferred assets are realizable, the valuation allowance will be reduced. The Company has recorded a full valuation allowance of $88.0 million as of December 31, 2025 as management cannot conclude that it is more likely than not that certain deferred tax assets will be realized primarily due to the history of losses from inception. The Company increased its valuation allowance by approximately $24.8 million during the year ended December 31, 2025.

At December 31, 2025, the Company had federal and state tax loss carry forwards of approximately $188.7 million and $67.3 million, respectively. As a result of the Tax Cuts and Jobs Act of 2017, for U.S. income tax purposes, net operating losses generated after December 31, 2017 can be carried forward indefinitely, but are limited to 80% utilization against future taxable income each year. Of the amount of federal and state net operating loss carryforwards, $188.7 million and $1.7 million, respectively, can be carried forward indefinitely. Unless previously utilized, the state net operating losses will begin to expire in 2038.

At December 31, 2025, the Company has federal and state research and development tax credits of $18.1 million and $4.5 million, respectively. The federal research and development tax credit carryforwards begin to expire in 2040, the state research and development tax credit carryforwards of $4.4 million will not expire and the state research and development tax credit carryforwards of $0.1 million will begin to expire in 2039.

Pursuant to the IRC Sections 382 and 383, annual use of the Company’s net operating loss (NOL) and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes have occurred or occurs in the future, the amount of remaining tax attribute carryforwards available to offset taxable income and income tax expense in future years may be restricted or eliminated. If eliminated, the related asset would be removed from deferred tax assets with a corresponding reduction in the valuation allowance.

Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustment may result, for example, upon resolution of an issue with the taxing authorities or expiration of a statute of limitations barring an assessment for an issue.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination by tax authorities.

The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2025 and 2024, respectively (in thousands):


	Year Ended December 31,
	2025		2024
Beginning balance at January 1	$	5,529	$	3,006
Additions related to current year positions		2,043		1,869
Additions related to prior year positions		1,133		654
Ending balance at December 31	$	8,705	$	5,529

Due to the existence of the valuation allowance, future recognition of previously unrecognized tax benefits will not impact the Company’s effective tax rate. The Company is subject to taxation in the United States and various state jurisdictions. All of the Company’s tax years from inception are subject to examination by federal and state tax authorities. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense.

The Company had no accrued interest or penalties related to income tax matters in the Company’s balance sheet as of December 31, 2025 and has not recognized interest or penalties in the Company’s statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024. Further, the Company is not currently under examination by any federal, state or local tax authority.

On July 4, 2025, the U.S. President signed into law H.R.1, the legislation commonly known as the One Big Beautiful Bill (OBBB). This legislation extended, modified, or made permanent many of the tax provisions which were initially enacted as part of the Tax Cuts and Jobs Act of 2017. The OBBB contains a number of tax provisions including, but not limited to, immediate expensing of domestic research and experimental expenditures, modifications to the limitation on business interest, bonus depreciation modifications, as well as international tax provision modifications. The Company has reflected the effect of OBBB within the provision for income taxes and the deferred taxes as of December 31, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [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 which product candidates may demonstrate the highest potency, selectivity and tolerability. The Company’s focus is on applying its accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions. Since its inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. It has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $371.3 million and cash, cash equivalents and marketable securities of $256.0 million as of December 31, 2025. From its inception through December 31, 2025, the Company has financed its operations primarily through the sale of common stock, private placements of its convertible preferred stock, and the issuance of common stock and pre-funded common stock warrants through a private placement. As the Company continues its expansion, it may seek additional financing and/or strategic investments. However, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of issuance of these financial statements.
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP). 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).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions made in the accompanying financial statements include, but are not limited to, the valuation of share-based awards, the valuation of deferred tax assets and income tax uncertainties, accruals for research and development activities, and incremental borrowing rate (IBR) for right-of-use (ROU) assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to a significant concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the nature of the instruments held in the depository institutions.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents primarily represent funds invested in readily available money market accounts. As of December 31, 2025, the Company had cash and cash equivalents balances deposited at major financial institutions.
Marketable Securities	Marketable Securities Marketable securities consist of debt securities of government-sponsored entities. These securities are classified as available-for sale, as the sale of such securities may be required prior to their maturity. Available-for-sale securities are recorded at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income or loss and included as a separate component of stockholders’ equity. The amortized cost of available-for-sale securities reflects amortization of premiums and accretion of discounts to maturity. Premiums and discounts on debt securities are amortized or accreted into interest and other income, net. The Company classifies investments in marketable debt securities as current assets, regardless of the stated maturity date, which may be beyond one year from the current balance sheet date. Short-term classification reflects management’s view that the entire portfolio is available, and the Company may use the proceeds from sales of these investments to fund current operations, as necessary.
Allowance for Credit Losses	Allowance for Credit Losses The Company regularly reviews its portfolio for declines in fair value. For investments in an unrealized loss position, the Company assesses whether the decline is based on credit losses or other factor. As part of this assessment, the Company considers the cause of the impairment, the creditworthiness of the security issuers, current market conditions, the number of securities in an unrealized loss position, the severity of the losses, whether it will be required or will intend to sell the investment before recovery of its amortized cost basis. If fair value decline is determined to be due to a credit-related factor, the amortized cost basis is written down to fair value through net loss. If fair value decline is not due to credit-related factors, a loss is recorded in other comprehensive income or loss. The Company recognizes an allowance for credit losses up to the amount of the unrealized loss when appropriate. We do not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized costs basis of the investment. Uncollectible accrued interest receivables associated with an impaired marketable security are reversed against interest income in a timely manner upon identification of the impairment.
Fair Value Measurements	Fair Value Measurements The Company measures cash equivalents and available-for-sale debt securities at fair value. 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. Therefore, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is affected by a number of factors, including the type of asset or liability, the characteristics specific to the asset or liability and the state of the marketplace, including the existence and transparency of transactions between market participants. 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 that are observable, either directly or indirectly, for substantially the full term of the asset or liability. 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). Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Available-for-sale debt securities, including U.S. Treasury securities and U.S. Agency bonds are classified as Level 2. These securities are valued using fair value from third-party pricing services, which may use observable inputs based on real-time trade data for similar assets, broker/dealer quotes, bids and/or offers and other observable inputs. The Company validates valuations obtained from third-party pricing services by understanding the models used and obtaining market values from independent sources.
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 December 31, 2025 and 2024 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases.
Property and Equipment	Property and Equipment Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to seven years, or the remaining term of the lease).
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the years ended December 31, 2025 and 2024.
Accrued Research and Development Expenses	Accrued Research and Development Expenses Research and development expenses consist of external and internal costs associated with the Company’s research and development activities, including its discovery and research efforts and the preclinical and clinical development of its product candidates. Research and development costs are expensed in the period incurred. The Company has entered into various research and development contracts with clinical research organizations, clinical manufacturing organizations, clinical sites and other vendors and consultants. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of or after the performance are reflected in the accompanying balance sheets as prepaid expenses or accrued liabilities, respectively. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. The Company holds discussions with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Nonrefundable advance payments for goods and services, including fees for process development, are deferred and recognized as expenses in the period that the related goods are consumed or services are performed.
Patent Costs	Patent Costs The Company expenses all costs as incurred in connection with patent applications (including direct application fees, and the legal and consulting expenses related to making such applications) and such costs are included in general and administrative expenses in the statements of operations and comprehensive loss.
Leases	Leases The Company has operating leases for office and lab space. At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding ROU asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding ROU assets are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. The Company excludes short-term leases, if any, having initial terms of 12 months or less at lease commencement as an accounting policy election. Certain adjustments to the ROU assets may be required for items such as payments made at or before the commencement date, initial direct costs paid or lease incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate IBR, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. In measuring the ROU assets and lease liabilities, the Company has elected to combine lease and non-lease components. Operating ROU assets are reflected in right-of-use assets in the accompanying balance sheets. Operating lease liabilities are reflected in lease liabilities, current and noncurrent in the accompanying balance sheets.
Common Stock Warrants	Common Stock Warrants Common stock warrants are classified as either a liability or equity, based on an assessment of specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (ASC 480) and ASC 815, Derivatives and Hedging (ASC 815). The Company considers whether the warrants are freestanding financial instruments, whether they meet the definition of a liability pursuant to ASC 480, and whether they meet all of the requirements for equity classification under ASC 815. This assessment is performed at the time of warrant issuance and re-assessed as of each subsequent quarterly balance sheet date, while the warrants are outstanding.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of employee, officer, director and non-employee equity awards, estimated in accordance with the applicable accounting guidance, and, for those awards subject only to service conditions, recognized on a straight-line basis over the vesting period. The vesting period generally approximates the expected service period of the awards. The Company recognizes stock-based compensation expense for awards with performance conditions when it is probable that the condition will be met, and the award will vest. If the achievement of performance conditions is no longer deemed probable, previously recognized compensation cost is reversed. For awards with performance and service conditions, the Company begins recording share-based compensation when achieving the performance criteria is probable and recognizes the costs using the accelerated attribution method. The Company recognizes forfeitures as they occur. The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. This method requires certain assumptions to be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of ten years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is estimated based on the average historical volatilities of common stock of comparable publicly traded companies and the Company’s own volatility. The comparable companies are chosen based on their size and stage in the life cycle. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore, has estimated the dividend yield to be zero.
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.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of December 31, 2025 and 2024, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes may result in a change in the estimated annual effective tax rate. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. As of December 31, 2025, the Company had no accrued interest or penalties.
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of two components: net loss and other comprehensive income or loss. Other comprehensive income (loss) refers to gains or losses that are recorded as an element of stockholders’ equity but are excluded from net loss. The Company’s other comprehensive income (loss) consists of unrealized gains and losses on marketable securities.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. Pre-funded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little or no additional consideration and are fully vested and exercisable after the original issuance date of the pre-funded warrant. The Company’s potentially dilutive securities include unvested common stock upon early exercise of stock options, outstanding stock options under the Company’s equity incentive plan, and estimated shares purchasable under the employee stock purchase plan, and have been excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.
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 (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.
Capitalized Software Implementation Costs	Capitalized Software Implementation Costs The Company capitalizes certain implementation costs incurred under a cloud computing arrangement that is a service contract. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within prepaid and other current assets, and other long-term assets on the accompanying balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this standard prospectively for the period ending December 31, 2025. The adoption impacted the disclosures and did not impact the financial statements. See Note 8, Income Taxes, for disclosures related to the adoption of ASU 2023-09.
Issued Accounting Pronouncements Not Yet Adopted	Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". In January 2025, the FASB issued ASU 2025-01, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date", to clarify the effective date of ASU 2024-03. These amendments are intended to provide more information about certain costs and expenses on an interim and annual basis. The amendments are effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The new standards are expected to be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact on its financial statements and related disclosures.

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

Marketable Securities [Abstract]

Summary of Available-for-Sale Securities and Gross Unrealized Losses

The following tables summarize the Company’s marketable securities (see below and Note 2) accounted for as available-for-sale securities (in thousands, except years):


	December 31, 2025
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
U.S. Treasury securities	Less than one	$	107,324	$	223	$	—	$	107,547
U.S. government agency securities	Less than one		45,215		137		—		45,352
U.S. Treasury securities	1-2		25,684		33		—		25,717
Total		$	178,223	$	393	$	—	$	178,616


	December 31, 2024
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
U.S. Treasury securities	Less than one	$	77,990	$	210	$	(3	)	$	78,197
U.S. government agency securities	Less than one		94,153		189		(9	)		94,333
U.S. Treasury securities	1-2		44,547		239		(3	)		44,783
U.S. government agency securities	1-2		32,015		159		(12	)		32,162
Total		$	248,705	$	797	$	(27	)	$	249,475


	December 31, 2024
	Less than 12 months					12 months or longer				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. Treasury securities	$	16,033	$	(6	)	$	—	$	—	$	16,033	$	(6	)
U.S. government agency securities		9,891		(21	)		—		—		9,891		(21	)
Total	$	25,924	$	(27	)	$	—	$	—	$	25,924	$	(27	)

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Contingency [Line Items]
Provision for or benefit from income taxes	$ 0	$ 0
Deferred tax assets, valuation allowance	88,026	$ 63,267
Change in valuation allowance	$ 24,800
Percentage of federal net operating losses used to offset of future taxable income	80.00%
Net Operating Loss Carry Forward Indefinitely	$ 1,700
Net operating loss carryforwards, expire date	Unless previously utilized, the state net operating losses will begin to expire in 2038.
Penalties and interest accrued	$ 0
Federal [Member]
Income Tax Contingency [Line Items]
Tax credit carryforward	100
State [Member]
Income Tax Contingency [Line Items]
Tax credit carryforward	4,400
Domestic Country [Member]
Income Tax Contingency [Line Items]
Tax loss carryforwards	188,700
Net Operating Loss Carry Forward Indefinitely	188,700
Tax credit carryforward	$ 18,100
Research and development credit carryforwards under internal revenue code description	The federal research and development tax credit carryforwards begin to expire in 2040
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Tax loss carryforwards	$ 67,300
Tax credit carryforward	$ 4,500
Research and development credit carryforwards under internal revenue code description	development tax credit carryforwards of $0.1 million will begin to expire in 2039.

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued payroll and other employee benefits	$ 5,533	$ 6,451
Accrued research and development expenses	9,840	6,612
Accrued legal and professional fees	316	296
Accrued other general and administrative fees	755	233
Total accrued and other current liabilities	$ 16,444	$ 13,592

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 77,387	$ 91,966
Marketable securities	178,616	249,475
Prepaid expenses and other current assets	9,447	6,022
Total current assets	265,450	347,463
Restricted cash	1,000	1,000
Property and equipment, net	1,314	1,651
Right-of-use asset	5,573	6,068
Other long-term assets	9,272	7,376
Total assets	282,609	363,558
Current liabilities:
Accounts payable	1,178	590
Lease liabilities, current	472	412
Accrued expenses and other current liabilities	16,444	13,592
Total current liabilities	18,094	14,594
Lease liabilities, noncurrent	5,338	5,810
Other long-term liabilities	0	3
Total liabilities	23,432	20,407
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024.	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized at December 31, 2025 and December 31, 2024; 53,706,357 and 50,754,262 shares issued at December 31, 2025 and December 31, 2024, respectively, and 53,706,357 and 50,749,945 shares outstanding at December 31, 2025 and December 31, 2024, respectively.	5	5
Additional paid-in capital	630,037	593,687
Accumulated other comprehensive income	393	770
Accumulated deficit	(371,258)	(251,311)
Total stockholders' equity	259,177	343,151
Total liabilities and stockholders' equity	$ 282,609	$ 363,558

Equity Incentive Plans and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Stock Options Abstract

Summary of Stock Options Activity

A summary of the Company’s stock option activity for the year ended December 31, 2025 was as follows (in thousands, except 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, 2024		10,462,129		$	13.43		7.6	$	33,798
Granted		5,029,190		$	12.08
Exercised		(904,993	)	$	8.72
Forfeited and expired		(968,881	)	$	16.31
Outstanding at December 31, 2025		13,617,445		$	12.58		8.0	$	186,669
Exercisable at December 31, 2025		6,300,582		$	11.39		6.8	$	93,903
Vested and expected to vest as of December 31, 2025		13,617,445		$	12.58		8.0	$	186,669

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

The fair value of stock options was estimated using the following assumptions:


	Year Ended December 31,
	2025	2024
Risk-free rate of interest	3.8 - 4.4%	3.5 - 4.6%
Expected term (years)	5.1 - 6.1	5.3 - 6.1
Expected stock price volatility	84.8 - 95.4%	87.8 - 98.7%
Dividend yield	—	—

Schedule of Stock-based Compensation Expense


	Year Ended December 31,
	2025		2024
Research and development expense	$	15,749	$	14,291
General and administrative expense		12,257		8,510
Total	$	28,006	$	22,801

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases

12 Months Ended

Dec. 31, 2025

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 a lease agreement for approximately 8,331 square feet of additional office and laboratory space at 2676 State Street in Carlsbad, California (the Expansion Lease). The Expansion Lease commenced for accounting purposes in May 2023, when the Company gained access to the premises. The Company’s obligation for payment of base rent began on the date the landlord delivered possession of the Expansion Lease premises in November 2023. The landlord completed improvements to the Expansion Lease premises, and the Company paid $0.5 million toward these costs prior to the Expansion Lease commencement. The Company determined that the landlord is the accounting owner of these improvements, and therefore this payment was included in the measurement of the right-of-use asset and corresponding lease liability. The Company was granted rent abatement for delays related to the landlord’s delivery of the Expansion Lease premises to the Company. The Expansion Lease has a lease term of 120 months, commencing on the day the landlord delivered possession of the Expansion Lease premises. The Company has the option to renew the Expansion Lease for two additional 36-month periods. The Original Lease was also amended to have the same lease expiration as the Expansion Lease.

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. The letter of credit may be reduced to $0.9 million in 2027 and further reduced to $0.5 million in 2028.

Cash paid for amounts included in the measurement of lease liabilities was $0.9 million and $0.8 million for the years ended December 31, 2025 and 2024, 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 years ended December 31, 2025 and 2024, respectively, were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	957	$	957
Short-term lease cost		90		90
Variable lease cost		139		127
Total lease cost	$	1,186	$	1,174

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


Year ending December 31,
2026	$	900
2027		927
2028		955
2029		983
2030		1,013
Thereafter		3,035
Total minimum lease payments		7,813
Less: amount representing interest		(2,003	)
Present value of lease liabilities		5,810
Less: current portion of lease liabilities		(472	)
Lease liabilities, noncurrent	$	5,338


	December 31,			December 31,
	2025			2024
Weighted-average remaining lease term (years) - operating leases		7.9			8.9
Weighted-average incremental borrowing rate - operating leases		8.07	%		8.07	%

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Total property and equipment, net	$ 1,314	$ 1,651

Leases (Additional Information) (Details) $ in Thousands	1 Months Ended	12 Months Ended
Leases (Additional Information) (Details) $ in Thousands	May 31, 2021 Renewal	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2022 ft²	Aug. 31, 2020 ft²
Lessee, Lease, Description [Line Items]
Operating lease cost		$ 957	$ 957
Lease liability paid		900	$ 800
First Amendment [Member] \| Lease Agreements [Member]
Lessee, Lease, Description [Line Items]
Area of lease \| ft²				8,331	4,734
First Amendment [Member] \| Office and Laboratory Facilities [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			36 months
Expansion Lease Agreement [Member]
Lessee, Lease, Description [Line Items]
Operating lease term of contract				120 months
Security Deposit		100
Long-term line of credit		1,000
Operating lease cost		500
2027 Lease Agreement [Member] \| Minimum
Lessee, Lease, Description [Line Items]
Long-term line of credit		900
2028 Lease Agreement [Member] \| Minimum
Lessee, Lease, Description [Line Items]
Long-term line of credit		$ 500

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of reconciliation of the Company's net loss

The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, to the Company’s total net loss in the statements of operations and comprehensive loss (in thousands):


	Year ended December 31,
	2025			2024
Research and development expenses:
External research and development expenses by program:
Dabogratinib (TYRA-300ACH)	$	13,379		$	7,718
Dabogratinib (TYRA-300NMIBC)		8,244			122
Dabogratinib (TYRA-300UTUC)		2,440			—
Dabogratinib (TYRA-300mUC)		9,590			14,319
TYRA-430		9,055			5,677
TYRA-200		4,308			4,969
FGFR discovery		10,967			8,199
Other development programs		2,623			2,537
Unallocated research and development expenses:
Personnel costs(1)		36,218			30,423
Facilities and other costs(2)		6,104			6,113
Total research and development expenses		102,928			80,077
General and administrative expenses(3)		29,834			24,100
Interest and other income, net		(12,815	)		(17,696	)
Net loss	$	(119,947	)	$	(86,481	)

(1) Personnel costs include $15.7 million and $14.3 million of stock-based compensation for the years ended December 31, 2025 and 2024, respectively.

(2) Facilities and other costs consist of research consumables, facility-related costs, depreciation and costs not attributed to a specific program.

(3) General and administrative expenses consist of personnel-related expenses, including stock-based compensation, legal fees, facility-related costs, depreciation, professional and consulting fees and insurance costs.

Marketable Securities

12 Months Ended

Dec. 31, 2025

Marketable Securities [Abstract]

Marketable Securities

3. Marketable Securities

The following tables summarize the Company’s marketable securities (see below and Note 2) accounted for as available-for-sale securities (in thousands, except years):


	December 31, 2025
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
U.S. Treasury securities	Less than one	$	107,324	$	223	$	—	$	107,547
U.S. government agency securities	Less than one		45,215		137		—		45,352
U.S. Treasury securities	1-2		25,684		33		—		25,717
Total		$	178,223	$	393	$	—	$	178,616


	December 31, 2024
	Maturity (in years)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
U.S. Treasury securities	Less than one	$	77,990	$	210	$	(3	)	$	78,197
U.S. government agency securities	Less than one		94,153		189		(9	)		94,333
U.S. Treasury securities	1-2		44,547		239		(3	)		44,783
U.S. government agency securities	1-2		32,015		159		(12	)		32,162
Total		$	248,705	$	797	$	(27	)	$	249,475

The following table presents fair values and gross unrealized losses for those available-for-sale securities that were in an unrealized loss position, aggregated by category and the length of time that the securities have been in a continuous loss position (in thousands):


	December 31, 2024
	Less than 12 months					12 months or longer				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. Treasury securities	$	16,033	$	(6	)	$	—	$	—	$	16,033	$	(6	)
U.S. government agency securities		9,891		(21	)		—		—		9,891		(21	)
Total	$	25,924	$	(27	)	$	—	$	—	$	25,924	$	(27	)

As of December 31, 2025, there were no available-for-sale securities in an unrealized loss position.

The amortized cost and fair value of marketable securities excludes $1.9 million and $2.0 million of accrued interest receivable as of December 31, 2025 and 2024, respectively. Accrued interest receivable is included in prepaid expenses and other current assets on the Company's balance sheets. The Company has not written off any accrued interest receivables for the years ended December 31, 2025 and 2024.

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 28,006	$ 22,801
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	15,749	14,291
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 12,257	$ 8,510

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Research and development	$ 102,928	$ 80,077
General and administrative	29,834	24,100
Total operating expenses	132,762	104,177
Loss from operations	(132,762)	(104,177)
Other income :
Interest and other income, net	12,815	17,696
Total other income	12,815	17,696
Net loss	(119,947)	(86,481)
Unrealized gain (loss) on marketable securities available-for-sale, net	(377)	389
Comprehensive loss	$ (120,324)	$ (86,092)
Net loss per share, basic	$ (2.01)	$ (1.51)
Net loss per share, diluted	$ (2.01)	$ (1.51)
Weighted-average shares used to compute net loss per share - basic	59,602,328	57,217,746
Weighted-average shares used to compute net loss per share - diluted	59,602,328	57,217,746

Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Option Grants (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class Of Stock [Line Items]
Dividend yield	0.00%	0.00%
Minimum
Class Of Stock [Line Items]
Risk-free rate of interest	3.80%	3.50%
Expected term (years)	5 years 1 month 6 days	5 years 3 months 18 days
Expected stock price volatility	84.80%	87.80%
Maximum
Class Of Stock [Line Items]
Risk-free rate of interest	4.40%	4.60%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected stock price volatility	95.40%	98.70%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	May 08, 2025	Oct. 18, 2024	Feb. 06, 2024	Oct. 03, 2022	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock, shares issued					53,706,357	50,754,262
Warrants issued, price per share		$ 0.001
Proceeds from issuance of private placement						$ 120,558
Common Stock, Par or Stated Value Per Share					$ 0.0001	$ 0.0001
Warrants available for exercise					1,000,000
Pre-funded warrants issued and outstanding					6,381,950	8,382,187
ATM Sales Agreement
Class of Stock [Line Items]
Commission for agent on sales	3.00%			3.00%
Aggregate offering price	$ 150,000			$ 150,000
Common Stock [Member]
Class of Stock [Line Items]
Exchange of common stock for pre-funded warrants						3,000,000
Pre-funded Warrants [Member]
Class of Stock [Line Items]
Pre-Funded Warrants available for exercise					5,381,950
Private Placement [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock						9,286,023
Proceeds from issuance of private placement						$ 1
Related Party [Member]
Class of Stock [Line Items]
Pre-Funded Warrants available for exercise					6,381,950
Exercise of Pre-funded Warrants					2,000,000
Related Party [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Exchange of common stock for pre-funded warrants		3,000,000
Related Party [Member] \| Pre-funded Warrants [Member]
Class of Stock [Line Items]
Exchange of common stock for pre-funded warrants		3,000,000
Related Party [Member] \| Pre-funded Warrants [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares issued					2,000,069
Related Party [Member] \| 2024 pre funded warrants
Class of Stock [Line Items]
Exercise of Pre-funded Warrants					237
2024 Private Placement [Member]
Class of Stock [Line Items]
Proceeds From Issuance Of Warrants			$ 91,400
Proceeds from issuance of private placement			200,000
Offering expenses			$ 400
2024 Private Placement [Member] \| Pre-funded Warrants [Member]
Class of Stock [Line Items]
Warrants issued price per share			$ 13.009
Warrants issued to purchase common stock			6,087,230
2024 Private Placement [Member] \| Pre-funded Warrants [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares issued			4,780,846
Warrants issued, price per share			$ 0.001
Warrants issued to purchase common stock			2,243,737
2024 Private Placement [Member] \| Private Placement [Member]
Class of Stock [Line Items]
Issuance of common stock			9,286,023
Share issued, price per share			$ 13.01

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Beginning balance at January 1	$ 5,529	$ 3,006
Additions related to current year positions	2,043	1,869
Additions related to prior year positions	1,133	654
Ending balance at December 31	$ 8,705	$ 5,529

Marketable Securities (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Available-for-sale security in gross unrealized loss position for less than 12 months, fair value		$ 25,924
Accrued interest available-for-sale securities	$ 1,900	$ 2,000

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	December 31, 2025		December 31, 2024
Common stock options granted and outstanding		13,617,445		10,462,129
Shares available for future issuance under the 2021 Incentive Award Plan		1,528,992		3,051,588
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,951,705		1,491,195
Pre-funded warrants issued and outstanding		6,381,950		8,382,187
Total common stock reserved for future issuance		23,480,092		23,387,099

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured

The following tables show the Company’s cash equivalents and marketable securities measured at fair value as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025
	Total		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	$	54,444	$	54,444	$	—	$	—
Marketable securities:
U.S. Treasury securities		133,264		—		133,264		—
U.S. government agency securities		45,352		—		45,352		—
Total marketable securities		178,616		—		178,616		—
Total	$	233,060	$	54,444	$	178,616	$	—


	December 31, 2024
	Total		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	$	69,698	$	69,698	$	—	$	—
Marketable securities:
U.S. Treasury securities		122,980		—		122,980		—
U.S. government agency securities		126,495		—		126,495		—
Total marketable securities		249,475		—		249,475		—
Total	$	319,173	$	69,698	$	249,475	$	—

Statements of Stockholders' Equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Warrant [Member]
Payments Of Stock Issuance Costs	$ 0.2
Common Stock [Member] \| Private Placement [Member]
Payments Of Stock Issuance Costs	$ 0.2

Employee Benefits (Additional Information) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Compensation Related Costs [Abstract]
Employee contribution percentage	100.00%
Maximum employee contributions	4.00%
Employer contributions	$ 0.6

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(01)
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Paragraph 18
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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
-Topic 715
-SubTopic 20
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-Subparagraph (b)(3)
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Cost

Components of lease cost for the years ended December 31, 2025 and 2024, respectively, were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	957	$	957
Short-term lease cost		90		90
Variable lease cost		139		127
Total lease cost	$	1,186	$	1,174

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):


Year ending December 31,
2026	$	900
2027		927
2028		955
2029		983
2030		1,013
Thereafter		3,035
Total minimum lease payments		7,813
Less: amount representing interest		(2,003	)
Present value of lease liabilities		5,810
Less: current portion of lease liabilities		(472	)
Lease liabilities, noncurrent	$	5,338


	December 31,			December 31,
	2025			2024
Weighted-average remaining lease term (years) - operating leases		7.9			8.9
Weighted-average incremental borrowing rate - operating leases		8.07	%		8.07	%

Segment Information - Schedule of reconciliation of the Company's net loss (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting [Abstract]
Employee Benefits And Share Based Compensation	$ 15.7	$ 14.3

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Feb. 25, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Transition Report	false
Entity File Number	001-40800
Entity Registrant Name	TYRA BIOSCIENCES, INC.
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,867,115
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001863127
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TYRA
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Certain sections of the registrant’s definitive proxy statement for the 2025 annual meeting of stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Form 10-K are incorporated by reference into Part III of this Form 10-K.
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Ex Transition Period	false
Entity Public Float			$ 297.3
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Diego, California
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying balance sheets of Tyra Biosciences, Inc. (the Company) as of December 31, 2025 and 2024, the related statements of operations and comprehensive loss, stockholders’ equity and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Rule 10b5-1 Trading Plans

From time to time, our officers (as defined in Rule 16a-1(f) of the Exchange Act) and directors may enter into Rule 10b5-1 or non-Rule 10b5-1 trading arrangements (as each such term is defined in Item 408 of Regulation S-K). During the three months ended December 31, 2025, our officers and directors took the following actions with respect to such trading arrangements:

        
       Trading Arrangement

       Name and Title

       Action

       Date

       Rule 10b5-1*

       Non-Rule 10b5-1**

       Total Shares Authorized to be Sold***

       Expiration Date

Todd Harris
President, Chief Executive Officer and Director

Terminate (1)

11/21/2025

X

315,000

12/31/2026

Alan Fuhrman
Chief Financial Officer

Terminate (2)

11/21/2025

X

80,000

7/31/2026

* Intended to satisfy the affirmative defense of Rule 10b5-1(c)

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

*** Represents the maximum number of shares that may be sold pursuant to the 10b5-1 arrangement. The number of shares sold is dependent on the satisfaction of certain conditions as set forth in the written plan and the satisfaction of applicable vesting conditions of equity awards.

(1) Trading arrangement was originally adopted on 11/4/2024.

(2) Trading arrangement was originally adopted on 11/5/2024.

Todd Harris [Member]

Trading Arrangements, by Individual

Name

Todd Harris

Title

President, Chief Executive Officer and Director

Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

true

Termination Date

11/21/2025

Expiration Date

12/31/2026

Aggregate Available

315,000

Alan Fuhrman [Member]

Trading Arrangements, by Individual

Name

Alan Fuhrman

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

true

Termination Date

11/21/2025

Expiration Date

7/31/2026

Aggregate Available

80,000

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

12. Segment Information

The Company reports segment information based on the management approach, which reflects the way in which the internal reporting is used by the chief operating decision maker (CODM) to analyze performance, make decisions and allocate resources. The CODM is the Company’s Chief Executive Officer.

The Company manages its operations as a single reportable segment, which includes all activities related to the research, development, and potential future commercialization of its small molecule drug development candidates. The CODM assesses performance and decides how to allocate resources based on net loss (presented in the statements of operations and comprehensive loss). The measure of segment assets is reported on the balance sheets as total assets. All long-lived assets are located in the United States.


	Year ended December 31,
	2025			2024
Research and development expenses:
External research and development expenses by program:
Dabogratinib (TYRA-300ACH)	$	13,379		$	7,718
Dabogratinib (TYRA-300NMIBC)		8,244			122
Dabogratinib (TYRA-300UTUC)		2,440			—
Dabogratinib (TYRA-300mUC)		9,590			14,319
TYRA-430		9,055			5,677
TYRA-200		4,308			4,969
FGFR discovery		10,967			8,199
Other development programs		2,623			2,537
Unallocated research and development expenses:
Personnel costs(1)		36,218			30,423
Facilities and other costs(2)		6,104			6,113
Total research and development expenses		102,928			80,077
General and administrative expenses(3)		29,834			24,100
Interest and other income, net		(12,815	)		(17,696	)
Net loss	$	(119,947	)	$	(86,481	)

(1) Personnel costs include $15.7 million and $14.3 million of stock-based compensation for the years ended December 31, 2025 and 2024, respectively.

(2) Facilities and other costs consist of research consumables, facility-related costs, depreciation and costs not attributed to a specific program.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
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+ Details