Tyra Biosciences reported early Phase 2 results for oral dabogratinib (FGFR3-altered, low-grade, intermediate-risk non-muscle-invasive bladder cancer) and moved to define a go-forward dose of 60 mg once daily. The company said the dataset provides proof of selective FGFR3 blocking and supports an adjuvant registrational pathway. Despite the dose confirmation, Tyra’s stock fell sharply after the complete response rate did not meet the level some analysts had expected. Tyra’s update also highlighted that a large proportion of eligible patients do not receive adjuvant therapy despite evidence from prior intravesical approaches. From a development standpoint, the key near-term question is whether this dose and patient selection can translate into stronger recurrence endpoints in subsequent studies. The interim results also signal how quickly biomarker-defined NMIBC programs can reprice based on response-rate readouts. The move to a registrational approach keeps Tyra in the competitive crosshairs of other low-risk NMIBC strategies, where endpoints and durability will likely matter more than early response alone.