Company: TYRA
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0000950170-25-046124
Chunk: 197

Company: Tyra Biosciences, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 197
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 $0.3 million and $0.5 million for the years ended December 31, 2024 and 2023, respectively, related to the ESPP. As of December 31, 2024, the remaining unrecognized compensation expense related to the ESPP was $0.4 million, and is expected to be recognized as expense over a weighted-average period of approximately 1.5 years.Stock-Based Compensation ExpenseThe Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions:  

        Year EndedDecember 31,

        2024
         
        2023

        Risk-free rate of interest
         
        3.5 - 4.6%
         
        3.5 - 4.7%

        Expected term (years)
         
        5.3 - 6.1
         
        5.2 - 6.1

        Expected stock price volatility
         
        87.8 - 98.7%
         
        86.2 - 92.3 %

        Dividend yield
         
        —
         
        —

      Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands): 

        Year EndedDecember 31,

        2024

        2023

        Research and development expense
         
        $
        14,291

        $
        8,337

        General and administrative expense

        8,510

        5,188

        Total
         
        $
        22,801

        $
        13,525

131

The weighted-average grant date fair value of options granted for the years ended December 31, 2024 and 2023 was $15.95 and $9.96 per share, respectively. During the year ended December 31, 2024, the Company entered into a transition agreement (the Transition Agreement) with its Chief Medical Officer. The Transition Agreement included accelerated vesting of 50% of unvested stock options and modified the original award terms to extend the exercise period of vested options from three months to two years from the separation date. As