Tyra Biosciences Inc

Oppenheimer initiated coverage of Tyra Biosciences with an Outperform rating and a $50 price target, citing upcoming clinical milestones. The firm highlighted the expected three-month complete response data from the SURF302 study in induction-refractory non-muscle invasive bladder cancer, anticipated in August 2026. Following discussions with management, Oppenheimer expressed increased confidence in the company's outlook, noting its strong cash position of $383.5 million expected to fund operations into the second half of 2028. Tyra Biosciences reported a first-quarter 2026 net loss of $39.3 million, with research and development expenses rising to $33.5 million from $25.0 million a year earlier, driven by ongoing trials including SURF302.

The non-muscle invasive bladder cancer market is expected to undergo significant transformation during the 2026 to 2036 forecast period as novel targeted and gene therapies advance through late-stage clinical development. The total market size across the seven major markets, comprising the United States, the EU4 countries of Germany, France, Italy, and Spain, the United Kingdom, and Japan, was approximately USD 3 billion in 2025, with the United States holding the largest share. Total prevalent cases of non-muscle invasive bladder cancer in these markets were nearly 1.56 million and are projected to increase by 2036. Key emerging therapies include CG0070 from CG Oncology, EG-70 from enGene, TAR-210 from Janssen, Dabogratinib from Tyra Biosciences, UGN-103 from UroGen Pharma, and TARA-002 from Protara Therapeutics, with cretostimogene grenadenorepvec plus or minus KEYTRUDA expected to generate the highest revenue among all therapies by 2036.