Shares of Tyra Biosciences fell after the company said some patients in a mid-stage trial of its treatment for certain types of bladder cancer reported side effects such as fatigue, diarrhea and dry eyes.

The stock lost nearly a quarter of its value, down 23% at $20.50, shortly after Wednesday's opening bell. Despite the loss, shares are up roughly 75% over the past year.

Tyra before the bell said the treatment-emergent adverse events were generally manageable. Most were mild or moderate; however, three participants in the study's 60-mg arm and two participants in the study's 50-mg arm reported Grade 3 treatment-emergent adverse events.

Grade 3 treatment-emergent adverse events are severe or medically significant, but not immediately life threatening. There were no reports of Grade 4 or 5 treatment-emergent adverse events, Tyra said.

In all, Tyra said the study provided clinical proof of concept for the treatment, dabogratinib. Moving forward, the company will continue to advance the treatment, which it believes could become the first once-daily oral therapy for patients with low-grade intermediate-risk non-muscle invasive bladder cancer.