Tyra Biosciences Announces $400M Equity Offering

What Happened
Tyra Biosciences, Inc. announced on September 14, 2026 that it entered into an underwriting agreement to sell common stock and pre‑funded warrants in a registered offering. The deal covers 9,079,000 shares of common stock priced at $22.03 per share and pre‑funded warrants to purchase 9,078,529 shares at $22.029 per pre‑funded warrant. The underwriters (led by Jefferies, Guggenheim, Cantor Fitzgerald and Barclays) agreed to purchase the securities from the company at $20.7082 per share and $20.7072 per pre‑funded warrant. Gross proceeds to the company are expected to be approximately $400.0 million before underwriting discounts, commissions and offering expenses, and the offering was expected to close on September 15, 2026, subject to customary closing conditions. The pre‑funded warrants are immediately exercisable, have a $0.001 exercise price and do not expire.

Key Details

• Offering size: 9,079,000 common shares and pre‑funded warrants for 9,078,529 shares.
• Public prices: $22.03 per common share; $22.029 per pre‑funded warrant.
• Company proceeds: ~ $400.0 million gross (before fees); company sale price to underwriters was ~$20.71 per security.
• Pre‑funded warrant terms: $0.001 exercise price, immediately exercisable, no expiration; exercise is limited by a holder’s elected beneficial‑ownership cap (4.99%, 9.99% or 19.99%), which can be changed (with increases effective after 61 days’ notice).
• Offering made under the company’s shelf registration statement; legal opinion from Latham & Watkins LLP was filed with the 8‑K.

Why It Matters
This offering is a capital‑raising event that will significantly increase Tyra’s cash resources (roughly $400M before fees), which may support development programs and operations. For existing shareholders, the issuance of new shares and exercisable pre‑funded warrants is dilutive once warrants are exercised; the pre‑funded structure and beneficial‑ownership limits affect timing and immediate dilution. The transaction is underwritten and subject to customary closing conditions, so closing is expected but not guaranteed.