Tyra Biosciences reported initial phase II data for dabogratinib in FGFR3-altered low-grade intermediate-risk non-muscle-invasive bladder cancer and set a go-forward dose of 60 mg once daily. The company also said the trial provided proof of selective FGFR3 blocking. However, the update also drove investor concern as remission-related outcomes fell short of what some analysts expected, deflating the stock response. Tyra is still signaling a path toward registrational adjuvant development next year. In NMIBC, where adjuvant therapy decisions depend heavily on recurrence control endpoints and safety durability, early phase signals are closely interpreted for both dose selection and endpoint feasibility. The immediate industry relevance is how quickly markets recalibrate around mid-stage confidence, especially when companies are shaping late-stage trial design off early clinical proof of concept.