Tyra Biosciences, Inc. Earnings Per Share Disclosure
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 |
|
|||||
|
|
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.
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, |
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|||||
|
|
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 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 27, 2025 | |
| 2023 | Mar 19, 2024 | |
| 2022 | Mar 22, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.