Tyra Biosciences Inc. (TYRA)

The total Delta Exposure (DEX) for TYRA across all expirations shows 96.43 net shares that market makers must hedge, with 163.91 from calls and 67.48 from puts. The put-call delta ratio of 0.41 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Nov 21, 25 with 91.25 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries negative delta forcing market makers to buy shares, potentially providing support.