TYRA — Tyra Biosciences
Company context · prepared 2026-08-07 · company sweep 2026-08-07 · USD · framework v5.5.0
How to read this. Written for a reader who has not studied pharmacology or finance. General terms are defined once in
framework/04-glossary.md. Tags:[VERIFIED — source]/[UNVERIFIED]/[WEB ESTIMATE — source, date].Program analyses for this company are the sub-folders listed in C.2.
C.0 Company-tier coverage — CLEARED
| Tool | State | Note / verbatim error |
|---|---|---|
BPIQ fetch_company_info | CALLED | One record. Last price $26.96, previous close $25.71 (+4.86%). Financial fields (cash $383.5M, enterprise value, burn) are timestamped 2026-03-31 — one quarter stale against the Q2 release of 2026-08-04. Short-interest fields timestamped 2026-07-15. tute_own reads 1.11832, an impossible >100% — see C.8. |
BPIQ fetch_company_drugs | CALLED | 6 rows, all reproduced in C.2. Four carry has_catalyst: true. The note fields all carry a single 08/04/26 entry keyed to the Q2 release. |
BPIQ fetch_company_historical_catalysts | CALLED | 4 rows, 2024-10-25 to 2025-08-21. Two of the four carry an intra_day_price_change_percent that contradicts the committed price cache in sign — see C.7 and C.8. |
BPIQ fetch_company_options_data | CALLED | 5 expiries: 2026-08-21, 2026-09-18, 2026-10-16, 2026-11-20, 2027-02-19. The September expiry sits at the front edge of the SURF302 readout window. Quoted spreads are $3–5 wide on near-the-money strikes; the documented 0.01488 implied-volatility floor artifact appears on deep in-the-money August calls. |
BPIQ fetch_company_insider_transactions | CALLED | 250 rows, 2023-06-29 to 2026-05-28. Response exceeded the tool output limit and was read in full from the saved file. Not limited to four filing quarters, contrary to the tool’s own documentation. |
BPIQ fetch_company_press_releases | CALLED | 236 items, 2021-08-23 to 2026-08-04. Response exceeded the tool output limit and was read in full from the saved file. The feed has a coverage hole: exactly one item predates 2024-10-28, so the February 2024 financing does not appear in it — see C.8. |
BPIQ fetch_company_hedge_fund_holdings (optional) | CALLED | 16 quarters, 2022Q2 to 2026Q2. 2026Q2 shows 8 funds; values internally consistent (~$38.3/share implied across funds, the quarter-end mark). |
BPIQ fetch_company_earnings_transcript (optional) | CALLED | Empty result on two attempts. No earnings-call transcript is available for TYRA through this connector; management commentary in this document comes from press releases instead. |
C.1 What the company is
Tyra Biosciences is a clinical-stage biotechnology company in Carlsbad, California, with no product
revenue [VERIFIED — BPIQ fetch_company_info 2026-08-07]. Its work is built on one piece of
biology: the fibroblast growth factor receptor (FGFR) family, a set of four related proteins
(FGFR1 through FGFR4) that sit on cell surfaces and tell cells to grow. Its in-house SNÅP platform
designs small molecules that hit one member of that family while sparing the others.
The lead asset is dabogratinib (TYRA-300), an oral drug designed to block only FGFR3. Management
markets a “dabogratinib 3×3” strategy: the same molecule aimed at three indications it calls
potential blockbusters — low-grade intermediate-risk non-muscle invasive bladder cancer
(IR NMIBC, the SURF302 trial), low-grade upper tract urothelial carcinoma (LG-UTUC, SURF303), and
pediatric achondroplasia (BEACH301) [VERIFIED — Q2 2026 release, 2026-08-04]. Behind it sit
TYRA-200 (an FGFR2-focused molecule in bile-duct cancer) and TYRA-430 (FGFR4, liver cancer).
The next disclosed event on the whole pipeline is the initial SURF302 readout, guided to
September 2026 [VERIFIED — Q2 2026 release, 2026-08-04]. The equity re-rated from about $10
to an all-time-high $40.65 between June 2025 and April 2026 largely in anticipation of the 2026
dabogratinib readouts, and now sits at $26.96 with 15 of 17 tracked sell-side ratings at buy
[VERIFIED — price cache; WEB ESTIMATE — MarketBeat/TipRanks aggregators, 2026-08-07]. Cash was
$353.9M at 2026-06-30 with a stated runway into the second half of 2028, so this is not a
financing-distressed story; it is an expectations story [VERIFIED — Q2 2026 release].
C.2 Pipeline — every program
All six rows returned by fetch_company_drugs on 2026-08-07. The catalyst column reports
catalyst_date_text exactly as disclosed; the “to a day?” column is yes only where that text names
a day (01-rules.md, rule 23). No row names a day.
| Program (drug — indication) | bpiq_drug_id | Stage & event | Catalyst (as disclosed) | Date to a day? | Analysed? | Materiality to the stock |
|---|---|---|---|---|---|---|
| TYRA-300 (dabogratinib) — low-grade, intermediate-risk non-muscle invasive bladder cancer (IR NMIBC), SURF302 | 18677 | Phase 2 Data readout | September 2026 | No — a month, not a day. BPIQ stores 2026-09-30 as a placeholder. | Yes → dabogratinib-ir-nmibc/ | Dominant near-term. The next disclosed catalyst on the entire pipeline, the first controlled-expectation efficacy disclosure since October 2024, and the leg of the “3×3” the 2025–26 re-rating rode on. It is not the whole equity — two other dabogratinib legs and TYRA-200 carry value — but it is the event the next three months of the share price answer to. |
| TYRA-200 — intrahepatic cholangiocarcinoma | 17139 | Phase 2 Data readout | Q4 2026 | No — a quarter. BPIQ stores 2026-12-31 as a placeholder. | No | Meaningful. Second near-term readout, different molecule (FGFR2), first efficacy data for the platform beyond FGFR3. BPIQ flags is_high_mgmt_interest. Lands inside or just after the SURF302 reaction window, which is what contaminates attribution (see the program document). |
| TYRA-300 (dabogratinib) — pediatric achondroplasia, BEACH301 | 16756 | Phase 2 Data readout | End Of Q1 2027 | No — a quarter-end. BPIQ stores 2027-03-31 as a placeholder. | No | Meaningful, and the largest long-term optionality. A daily oral for the most common form of genetic dwarfism, where the incumbent (BioMarin’s Voxzogo) is a daily injection. Safety-sentinel initial data only; the fifth dose level opened per the 2026-08-04 note. BPIQ flags is_high_mgmt_interest. |
| Dabogratinib — low-grade upper tract urothelial carcinoma, SURF303 | 19389 | Phase 2 Data readout | 2027 | No — a year. BPIQ stores 2027-12-31 as a placeholder. | No | Meaningful. Third leg of the “3×3”: same drug, adjacent organ (kidney-side urinary tract), where surgery often costs patients a kidney. A SURF302 efficacy miss would read across to it directly, because the biology and the drug are the same. |
| TYRA-300 — cancer, solid tumors (SURF301 Phase 1/2) | 18397 | Phase 1/2 Data readout | TBA (has_catalyst: false) | No | No | Not analysed — no disclosed catalyst. This is the trial that produced the existing clinical evidence: 6 of 11 (54.5%) confirmed partial responses in FGFR3-altered metastatic urothelial carcinoma at ≥90 mg once daily, the disclosure the stock fell 23% on in October 2024 (C.7). |
| TYRA-430 — hepatocellular carcinoma | 18563 | Phase 1 Data readout | TBA (has_catalyst: false) | No | No | Not analysed — no disclosed catalyst. Earliest-stage program; immaterial to the next twelve months. |
No row is marked failed or discontinued. Tyra has never reported a failed clinical program, so there is no record of how this management team or this register behaves through a miss — the closest precedent is the October 2024 sell-off on data the company itself presented as positive (C.7).
C.3 Financial position
| Item | Value | As of | Tag |
|---|---|---|---|
| Cash and equivalents | $353.9M in cash, cash equivalents and marketable securities. BPIQ still carries the Q1 figure of $383.5M stamped 2026-03-31; the Q2 release supersedes it. | 2026-06-30 | [VERIFIED — Q2 2026 results release, 2026-08-04] |
| Burn (per month) | ~$9.9M recomputed from the quarter’s balance movement: $383.5M at 2026-03-31 less $353.9M at 2026-06-30 is $29.6M for the quarter. BPIQ’s trailing-twelve-month monthly_burn of $10.86M agrees within 10%. Spending is rising: Q2 R&D was $39.2M against $24.3M a year earlier (+61%), because three Phase 2 trials now run at once. | Q2 2026 | [VERIFIED — Q2 2026 release; recomputed per rule 11] |
| Runway as the company states it | ”Into the second half of 2028.” Exact wording: current cash “expected to allow TYRA to execute on its plans into the second half of 2028.” | 2026-08-04 | [VERIFIED — Q2 2026 release] |
| Runway recomputed (cash ÷ burn) | $353.9M ÷ $9.9M ≈ 36 months from 2026-06-30, which is ≈ mid-2029 — if spending stayed flat. It will not: the R&D line grew 61% year over year and SURF303 and BEACH301 are both scaling. The company’s “into 2H 2028” is the flat-burn arithmetic with a realistic spend ramp taken off, and it reconciles. BPIQ’s screener carries cash_runway_end_date of 2029-02-22, which is the flat-burn version; the company’s own statement is used. | 2026-08-07 | [UNVERIFIED — modelled from verified inputs] |
| Debt | None found. No borrowings, term loans or convertibles appear in the Q2 release or anywhere in the 236-item press feed. The 10-Q itself was not opened in this sweep, so absence is asserted only at the level of those sources. | 2026-08-04 | [UNVERIFIED — no disclosure found; 10-Q not opened] |
Dilution history. Raises inside the last 24 months, plus one older financing for context.
| Date | Instrument | Gross proceeds | Price | Source |
|---|---|---|---|---|
| 2026-03-04 | Block sale of 4,000,000 newly issued shares to “a large investment management firm” per the SEC-filing coverage. Announced at an all-time-high share price, one quarter after the 52-week-low-to-high run began. | $126.0M | $31.50 per share | [VERIFIED — press feed 2026-03-04/05, multiple items citing the SEC filing] |
| 2026-08-04 | Amended at-the-market (ATM) sales agreement with TD Securities: up to $250.0M of additional shares. Capacity, not a raise — but capacity refreshed one month before the readout. | — (up to $250.0M) | market | [VERIFIED — Q2 2026 release, 2026-08-04] |
| 2024-02-06 (outside the 24-month window, context) | Private placement at $13.01: the insider file shows RA Capital taking 3,180,155 shares plus 1,538,457 pre-funded warrants and Boxer Capital taking shares plus 705,280 warrants. The full size was not confirmed in this sweep — the press feed’s coverage hole (C.8) predates it. | not confirmed; visible legs ≈ $80M | $13.01 / $13.009 | [VERIFIED — BPIQ insider file rows 2024-02-06; total UNVERIFIED] |
Is a raise likely before the next catalyst? Before: no — cash reaches two years past the event and there is no distress. After: very likely on good data. The company amended its ATM to $250M on the same day it guided the readout to September, which is the standard setup for selling into post-data strength. The March block sale at $31.50 shows this management team raises opportunistically at highs. A holder should expect a positive September readout to be followed by equity issuance, which caps the top of the positive scenario in the program document.
C.4 Valuation frame
| Item | Value | Source / tag |
|---|---|---|
| Share price (spot) | $26.96 | [VERIFIED — BPIQ fetch_company_info 2026-08-07, last price; equal to the price cache's 2026-08-06 close. Previous close $25.71] |
| Market capitalisation | As reported: $1,534.3M (BPIQ). Dividing by the previous close of $25.71 gives 59,677,715 implied shares — which matches the company’s fiscal-2025 weighted share count, not today’s: the Q2 2026 10-Q summary reports 65,991,171 weighted shares after the March block sale. Recomputed: 65,991,171 × $26.96 ≈ $1,779M. The BPIQ figure is ~$245M too low, from a stale share count on top of the previous-close bug family. | [VERIFIED — Q2 2026 release (weighted shares); recomputed per rule 11] |
| Enterprise value | As reported: $1,519.3M (BPIQ) — stale on both legs (stale market cap, 2026-03-31 cash). Recomputed: $1,779M − $353.9M cash + $0 debt found ≈ $1,425M. | [UNVERIFIED — modelled from the verified inputs above] |
| 52-week high / low | $40.65 / $9.96 — derived from the committed price cache (data/prices/TYRA.json, bars to 2026-08-06) with lib/prices.mjs range52w(bars, 2026-08-07); identical to BPIQ’s own quoted range. | [VERIFIED — price cache, cross-checked against BPIQ 2026-08-07] |
| Position in the 52-week range, computed off the last price | 55.4%: positionInRange(26.96, 9.96, 40.65) = 0.554, on the cache’s most recent close (2026-08-06, $26.96, the same print BPIQ quotes as last). BPIQ’s own max_52_week_position reads 0.51320, computed on the previous close — the documented bug, designed around rather than read. | [VERIFIED — derived from the price cache with lib/prices.mjs] |
| Multiple off the 52-week low | 2.71× the low, and 33.7% below the high, at $26.96 | [VERIFIED — recomputed] |
Two facts about this range matter more than the level. First, the whole range is one anticipation
trade: closes ran $9.60 (2025-06-02) → $20.81 (2025-12-01) → $26.79 (2026-01-02) → a $39.61 peak
close on 2026-04-02 — up roughly 300% in ten months with no efficacy data released anywhere in
the period — then gave back a third to $25.42 by 2026-06-10 as sell-side flagged “renewed
SURF-302 concerns,” and has sat in the mid-$20s since [VERIFIED — data/prices/TYRA.json closes; press feed 2026-06-10 (BofA note)]. Second, that give-back happened while guidance slipped twice,
from “1H 2026” to “August” to “September” (program document, Readout). The market has already paid
for a good readout once, at $39.61, and has partially taken it back. This is the run-up baseline
for every program under this ticker.
C.5 Ownership and flow
| Holder type | Share | Note | Source |
|---|---|---|---|
| Insider | 2.85% | BPIQ insider_own 0.02850 read as a fraction. Understates effective insider alignment: RA Capital (18.5%, below) files as a director/10%-owner. CEO Todd Harris reported 2.91M shares (~4.4%) on 2026-05-14, which already exceeds the BPIQ figure — units and coverage of this field are unreliable for this ticker. | [UNVERIFIED — BPIQ 2026-08-07, units unconfirmed; press feed 2026-05-14] |
| Institutional | High but not quantifiable from BPIQ | BPIQ tute_own reads 1.11832 — more than 100% of shares outstanding, which is impossible; the field is unusable for this ticker (C.8). Filings in the press feed give the texture instead: FMR 14.4% (2026-04-07), Janus Henderson 7.2% (2026-05-15), BlackRock 5% passive (2026-07-30), Commodore 4.2% (2026-05-15), Farallon multi-percent (2026-05-12), plus the eight 13F funds below. | [UNVERIFIED — BPIQ field broken; individual stakes VERIFIED per the cited filings] |
| Retail / other | residual | Not separately reported by any source in this sweep. | [UNVERIFIED] |
| Short interest | 32.0% | BPIQ short_float reads 0.32005, timestamped 2026-07-15. Units are unconfirmed for this connector across the corpus; read comparatively it is the highest figure in this repo’s coverage by a factor of four and, if it is a fraction of float, roughly a third of the float is bet against this readout. Either way it is fuel on both sides: a squeeze on good data, company on bad. | [UNVERIFIED — BPIQ 2026-07-15, units unconfirmed] |
Insider flow. The file is 250 rows from 2023-06-29 to 2026-05-28 [VERIFIED — BPIQ fetch_company_insider_transactions 2026-08-07]. The one genuine open-market conviction buyer is
RA Capital: ~1.55M shares bought on the open market across 2025-06-04 to 2025-06-16 at
$9.63–$10.20 — within days of the SURF302 first-patient announcement, at what proved to be the
bottom — plus 1.22M shares at $16.25 on 2024-11-08, into the post-EORTC wreckage, plus the
February 2024 placement legs above. RA Capital holds a board seat and 12.2M shares. Officer and
director flow is routine: annual grants (2026-05-05, 2026-05-28), ESPP purchases by the CEO and
CFO at $9.129 (2026-03-13), and steady 10b5-1-pattern selling — COO/CDO Daniel Bensen accounts for
71 of the 140 disposals, director Kjellson 26, CEO Harris 23. Director Kaplan exercised 67,467
options and sold ~$528k on 2026-03-25/27 near the highs. A Form 144 filed 2026-06-27 proposes a
further $9.54M insider sale. No officer or director has made an open-market purchase at any
price above $10.20. The people running the company take grants and sell into the run; the fund
with the board seat did its buying 60% below today’s price.
Concentration (13F, 2026Q2). Eight funds: RA Capital 12,198,625 shares (~18.5% of the Q2
weighted count), TCG Crossover 3,248,980 (added ~351k in Q2), Paradigm Biocapital 2,054,991 (new
in Q2), BVF 1,976,196 (trimmed from 2,127,665), 5AM Ventures 1,029,298, Logos Global 850,000 (up
from 210,000), Sofinnova 204,015 (new), Baker Bros 10,607 [VERIFIED — BPIQ fetch_company_hedge_fund_holdings 2026-08-07]. New money entered in Q2 2026 at $30+ marks
(Paradigm, Logos adds); Boxer Capital, a 6.4M-share holder through 2025Q1, is gone. Eversept sold
(2026-07-29). The register is crowded with specialists positioned for the readout — BPIQ’s own
screener flags TYRA as held by 8 hedge funds, its top-10% threshold — which cuts both ways: strong
hands into the event, but nobody left to upgrade on merely-fine data.
C.6 Options chain and its readability
Plain takeaway. The chain can see the event but cannot price it cleanly. The September 2026 expiry (2026-09-18) sits at the front edge of the guided readout month, and the two largest open positions in the entire chain are September calls above spot — 2,313 contracts at the $40 strike and 1,144 at $30 — visible positioning for an up-move on data landing early in September. But quoted spreads are $3–5 wide on near-the-money strikes with day volumes of 0–22 contracts, so any implied-move number is a construction. Bid-to-ask, the September $25 straddle brackets a move anywhere from ~17% to ~49% of spot; the honest statement is “wide, likely 25–40%,” not a number. Note also that data landing mid-to-late September would expire the September chain worthless before the print; the October (2026-10-16) and November (2026-11-20) expiries span the whole readout window.
| Item | Value | Note |
|---|---|---|
| Spot | $26.96 | 2026-08-07 |
| Nearest listed strike to spot | $25 | Strikes run 12.5–55 across expiries; $25 and $30 bracket spot. |
| Expiry nearest the next catalyst | 2026-09-18 | Inside the guided month but before its back half; 2026-10-16 and 2026-11-20 cover the full readout window (earliest 2026-09-01, latest 2026-10-31, program document). |
| At-the-money straddle ÷ spot | Bracket only: ~17% (both legs at bid) to ~49% (both at ask) | September $25 call 3.00/7.70, September $25 put 1.60/5.50. Mid-to-mid gives ~33%, but $4–5 spreads make the mid a fiction. |
| Front implied volatility | ~1.18–1.21 on the September $25/$30 calls | Elevated, consistent with a binary event; the documented 0.01488 floor artifact appears on August deep in-the-money calls (treated as null per 02-connectors.md). |
| Open interest at that strike | September: 10 at $25C, 1,144 at $30C, 2,313 at $40C; 417 at August $15P, 150 at August $25P | The $30/$40 September call wall is the most informative structure: real money positioned for an early-September up-move through the old high. |
| Liquidity confidence | LOW | Day volume across the whole chain was ~40 contracts. Open interest is readable as positioning; prices are not readable as an implied move. |
[VERIFIED — BPIQ fetch_company_options_data 2026-08-07]
C.7 Reaction to past catalysts
Four rows from fetch_company_historical_catalysts, each cross-checked against the committed
price cache and the press feed. Two BPIQ intraday figures fail the cross-check in sign; the cache
is used (C.8).
| Date | Event | Intraday move | Same-day press-feed check | Read |
|---|---|---|---|---|
| 2024-10-25 | SURF301 interim proof-of-concept at EORTC-NCI-AACR: 6 of 11 (54.5%) confirmed partial responses in FGFR3-altered metastatic urothelial carcinoma | −23.3% close-to-close (28.61 → 21.93); opening gap −16.2%; open-to-close −8.5%. BPIQ’s field says +18.97%, which the cache contradicts — flagged in C.8. The slide continued: −40.9% over three sessions to $16.91 by 2024-10-29. | Feed hole predates 2024-10-28, so no same-day bundle check is possible; the catalyst source is the company’s own release. | The most important row in the table. Tyra’s only prior efficacy disclosure — data the company presented as positive proof of concept — cost the stock a quarter of its value in a day and 40% in three. Whether the whisper was higher or the details (durability, tolerability) disappointed, the lesson for September 2026 is that this name sells “good” data that is not great data. |
| 2024-10-28 | FDA IND clearance for BEACH301 (achondroplasia Phase 2) | −10.8% close-to-close (21.93 → 19.89). BPIQ’s field says +13.50%; cache open 22.30 → close 19.89 contradicts it. | No feed coverage that day (hole). | Confounded — good regulatory news drowned by the ongoing post-EORTC unwind. Not a clean read. |
| 2025-06-30 | First patient dosed in SURF302 (this program) | +3.6% open-to-close (9.24 → 9.57); +5.2% close-to-close. BPIQ says +7.58%. | Company release same day; nothing else in the feed. | Clean, modest. An operational milestone at the bottom of the range. RA Capital’s open-market buying bracketed this date. |
| 2025-08-21 | First child dosed in BEACH301 | +15.5% open-to-close (10.13 → 11.70); +14.3% close-to-close. BPIQ says +18.36%, direction consistent. | Company release same day; nothing else. | Clean. The largest positive one-day reaction on record — for a dosing milestone, not data. |
The read that matters. Operational milestones move this stock +4% to +15%. The single efficacy disclosure in its history moved it −23% in a day from a much lower base of expectations than today’s: on 2024-10-25 the stock had run to ~$28 into the data; today it sits at $26.96, up 2.7× in a year, with 15 buys, a crowded specialist register and (if the units are right) a third of the float short. Nothing in this table prices a Phase 2 readout received well; the only precedent for “data meets high expectations” on this ticker resolved sharply down.
C.8 Company data-quality flags
- BPIQ market capitalisation uses a stale share count on top of the previous-close bug. $1,534.3M ÷ $25.71 implies 59.68M shares — the fiscal-2025 weighted count. The Q2 2026 10-Q summary reports 65,991,171 weighted shares (post the March 2026 block sale). Recomputed: ~$1,779M. Every BPIQ-derived per-share and EV figure inherits this.
- BPIQ
enterprise_value($1,519.3M) is stale on both legs — stale market cap, 2026-03-31 cash. Recomputed ≈ $1,425M. - BPIQ
cash($383.5M, stamped 2026-03-31) is one quarter stale. The Q2 release supersedes it at $353.9M (2026-06-30). - BPIQ
tute_ownreads 1.11832 — institutional ownership above 100% of shares outstanding, which is impossible. The field is unusable for this ticker; individual 13G/13F filings are used instead (C.5). - BPIQ
intra_day_price_change_percentis wrong in sign on both 2024-10 catalyst rows. It reports +18.97% (2024-10-25) and +13.50% (2024-10-28) against cache opens/closes of 23.98→21.93 and 22.30→19.89 — both down days, confirmed close-to-close as −23.3% and −10.8%. The committed cache is used for every C.7 figure. This is one step worse than the documentedopen_price_gap_percentunreliability: here the preferred field fails the cross-check. - BPIQ
short_floatunits are unconfirmed (0.32005, 2026-07-15). Read comparatively: highest in this repo’s coverage by ~4×. No second source resolved it this sweep. - BPIQ
insider_own(2.85%) is inconsistent with the CEO’s own reported 2.91M-share position (~4.4% of the Q2 weighted count, press feed 2026-05-14). Field treated as unreliable. - The press-release feed has a coverage hole: 236 items but only one predates 2024-10-28, so the February 2024 private placement and the entire 2022–2024 history are invisible to it. The insider-transaction file partially fills the gap.
- Options implied volatility carries the documented 0.01488 floor artifact on August deep in-the-money calls; near-dated quotes have $3–5 spreads on single-digit volume. Treated as unpriceable beyond a bracket (C.6).
- The insider-transaction feed is not limited to four filing quarters for this ticker (250 rows back to 2023-06-29) — same behaviour as documented on ABOS; the C.5 findings rest on the full returned history.
- No earnings-call transcript is available for TYRA through the connector (empty on two attempts). Management wording is sourced from releases only.
- Runway sources disagree in a minor way and both are reported: the company states “into the second half of 2028”; BPIQ’s screener field carries 2029-02-22 (flat-burn arithmetic). The company’s own statement is used for every judgement in this document.