12:39 PM EDT, 10/25/2024 (MT Newswires) -- Tyra Biosciences ( TYRA ) shares were down more than 21% in recent Friday trading, reversing earlier gains spurred by the company's disclosure of positive clinical proof-of-concept data for TYRA-300.

The company said Thursday that preliminary data from its ongoing SURF301 phase 1/2 study showed TYRA-300, an investigational oral fibroblast growth factor receptor-selective inhibitor, to be "generally well-tolerated with fewer toxicities."

Preliminary anti-tumor activity with TYRA-300 dosing was also "encouraging," it said.

The initial trial results, which were scheduled for presentation at a symposium this week on cancer therapeutics in Barcelona, support further development of TYRA-300, the company said.

"We remain focused on progressing TYRA-300 through dose optimization in SURF301 and toward patients in need," Tyra Chief Medical Officer Doug Warner said.

Price: 22.48, Change: -6.14, Percent Change: -21.44