MeritValue

Tyra Biosciences, Inc.

TYRAdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Tyra Biosciences, Inc. earns about -27% on equity, but has diluted owners by 333% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$26.3M1−$55.3M2−$69.1M3−$86.5M4−$119.9M4
Operating cash flow−$23.7M5−$50.3M6−$50.1M7−$69.8M8−$95.1M8
Capital expenditure$661,0009$559,00010$770,00011$664,00012$141,00012
Free cash flow (derived)−$24.4M5−$50.8M6−$50.9M7−$70.4M8−$95.3M8
Total debt—————
Cash & equivalents$302.2M13$251.2M14$58M15$92M16$77.4M16
Diluted shares13.8M41.9M42.7M57.2M59.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$43.48
your share of equity
Profit it earned you last year
−$20.12
Free cash flow it threw off
−$15.99
Debt you’d be carrying
—

10 shares is a claim on $43.48 of net worth that earned you −$20.12 and generated −$15.99 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-27% avg · 5y
FY21 -9%FY22 -21%FY23 -34%FY24 -25%FY25 -46%

It earned an average -27% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+333% shares · 5y

Share count is up 333% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-009181 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-033461 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046124 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-085490 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-009181 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-033461 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-046124 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-085490 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-009181 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-033461 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-046124 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-085490 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009181 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-033461 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-046124 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-085490 (CashAndCashEquivalentsAtCarryingValue)