Form 4: Tyra Biosciences Director Sells Shares Under 10b5-1 Plan

Tyra Biosciences Director Robert J. More sold 10,000 shares of common stock at $25 per share on December 19, 2025, under a pre-arranged 10b5-1 trading plan.

Summary

• Director Robert J. More sold 10,000 shares of Tyra Biosciences, Inc. common stock.
• The transaction occurred on December 19, 2025, at a price of $25 per share.
• The sale was executed pursuant to a Rule 10b5-1 trading plan adopted by Alta Partners NextGen Fund II, L.P. (APNG II) on June 26, 2025.
• Following the transaction, 3,823,425 shares are beneficially owned indirectly by APNG II.
• Robert J. More is a managing director of the general partner of APNG II and shares voting and investment control over these shares, disclaiming beneficial ownership except for his pecuniary interest.

Sentiment

Score: 5

Explanation: The transaction is a pre-scheduled sale under a 10b5-1 plan, which is a neutral event. While any insider sale can be perceived slightly negatively, the pre-planned nature mitigates concerns about immediate insider sentiment or new information.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating a pre-scheduled transaction rather than a reaction to new, non-public information.

Negatives

• A director selling shares, even under a 10b5-1 plan, can sometimes be perceived as a slight negative signal regarding insider sentiment, though less so than an unscheduled sale.

Future Outlook

No future outlook or guidance is provided in this Form 4 filing.

Management Comments

• The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Alta Partners NextGen Fund II, L.P. ('APNG II') on June 26, 2025.
• The Reporting Person disclaims beneficial ownership of all shares held by APNG II, except to the extent of his pecuniary interest therein.

Industry Context

This Form 4 reports a routine insider transaction under a pre-arranged plan, which is a common practice for corporate insiders to manage their equity holdings while complying with insider trading regulations. It does not provide specific industry-related insights beyond the company's name.

Comparison to Industry Standards

• The use of a Rule 10b5-1 trading plan aligns with best practices for corporate insiders to sell shares in a pre-scheduled, transparent manner, mitigating concerns about trading on material non-public information.
• Many executives and directors at publicly traded biotechnology companies, similar to Tyra Biosciences, utilize 10b5-1 plans to diversify their holdings or manage liquidity.

Related Party Transactions

• The reporting person, Robert J. More, is a managing director of the general partner of Alta Partners NextGen Fund II, L.P. (APNG II), which directly holds the shares. He shares voting and investment control over these shares, constituting an indirect beneficial ownership relationship.

Stakeholder Impact

• Shareholders: The sale of shares by a director, even under a 10b5-1 plan, could lead to minor short-term sentiment shifts, but the pre-planned nature typically limits significant impact. The transaction represents a diversification or liquidity event for the insider.

Key Dates

Recommendation

This Form 4 reports a routine, pre-scheduled insider sale under a 10b5-1 plan. Such transactions are generally not indicative of a change in the company's fundamental outlook or a strong signal for immediate stock price movement. Therefore, it does not provide sufficient new information to alter an existing investment thesis, warranting a 'hold' recommendation.

Keywords

Tyra Biosciences, TYRA, Form 4, Insider Trading, Stock Sale, Director, 10b5-1 Plan, Equity Transaction, Robert J. More, Alta Partners NextGen Fund II