Tyra Biosciences reported disappointing early Phase 2 bladder cancer results for dabogratinib (Surf302) in FGFR3-altered low-grade intermediate-risk non-muscle-invasive bladder cancer, with clinical proof-of-concept for selective FGFR3 blocking but a complete response rate falling below what investors expected. Tyra indicated 60 mg once daily as a potential dose to support registrational adjuvant development. The study’s performance reinforced how early response benchmarks can drive market reaction even when mechanistic targets are hit. Tyra also highlighted that most patients do not receive adjuvant therapy despite evidence that intravesical treatment reduces recurrence risk. For other FGFR programs, the readout is a reminder that endpoint selection and effect-size expectations remain pivotal as bladder cancer enters a phase of increasingly targeted, biomarker-defined trials.