Lyra Therapeutics (LYRA) Company Report

Lyra Therapeutics' Board of Directors approved a plan on January 9, 2026, to suspend further development of LYR-210, its lead product candidate, and implement a cost reduction plan.
The cost reduction plan includes a workforce reduction impacting substantially all remaining employees, effective January 12, 2026, and other cost-saving actions to preserve capital.
The employment of Dr. Maria Palasis, the Company’s Chief Executive Officer, and Mr. Jason Cavalier, the Company’s Chief Financial Officer, was terminated on January 9, 2026; however, they will continue to serve as principal executive and financial officers, respectively, under consulting agreements, receiving monthly fees of $78,125 and $55,555.50.
As of September 30, 2025, prior to the reduction in force, the company had approximately $22.1 million in cash, cash equivalents, and short-term investments, with an expected cash runway extending to the third quarter of 2026.

Jan 12, 2026, 12:30 PM

Lyra Therapeutics Suspends LYR-210 Development and Pursues Strategic Alternatives

LYRA

Layoffs

New Projects/Investments

Lyra Therapeutics' Board of Directors has decided to suspend further development of LYR-210, its lead product candidate, and cease product development operations, despite reporting positive Phase 3 trial data in June 2025.
The company announced a workforce reduction impacting its remaining 28 employees and other cost-saving actions to preserve capital.
CEO Maria Palasis and CFO Jason Cavalier are being retained as consultants to support the pursuit of strategic alternatives, with SSG Capital Advisors, LLC engaged to assist with this effort.
As of September 30, 2025, Lyra had approximately $22.1 million in cash, cash equivalents, and short-term investments, with a projected cash runway into the third quarter of 2026.

Jan 12, 2026, 12:00 PM

Lyra Therapeutics Reports Q3 2025 Financial Results and Outlines LYR-210 Clinical Plan

LYRA

Earnings

Guidance Update

New Projects/Investments

Lyra Therapeutics reported cash and cash equivalents of $22.1 million as of September 30, 2025, a decrease from $40.6 million at December 31, 2024. This cash balance is anticipated to fund operating expenses and capital expenditures into the third quarter of 2026.
For the third quarter ended September 30, 2025, the company reported a net loss of $6.0 million, an improvement compared to a net loss of $11.9 million for the same period in 2024. This was primarily due to a $1.9 million decrease in research and development expenses and a $1.7 million decrease in general and administrative expenses compared to the prior year period.
The company plans a new, confirmatory Phase 3 clinical trial for LYR-210 to support a New Drug Application (NDA) submission for the treatment of chronic rhinosinusitis (CRS) without nasal polyps.
Lyra presented positive ENLIGHTEN 2 Phase 3 results as a Late-Breaking Scientific Oral Presentation at the Annual Meeting of the American Academy of Otolaryngology\u2013Head and Neck Surgery (AAO-HNS) in October 2025.

Nov 12, 2025, 9:04 PM

Lyra Therapeutics Reports Third Quarter 2025 Financial Results and Plans New Phase 3 Trial

LYRA

Earnings

Guidance Update

New Projects/Investments

Lyra Therapeutics reported a net loss of $6.0 million for the third quarter ended September 30, 2025, compared to $11.9 million for the same period in 2024.
As of September 30, 2025, cash and cash equivalents were $22.1 million, and the company anticipates this balance is sufficient to fund operations into the third quarter of 2026.
Operating expenses decreased, with research and development expenses falling to $4.0 million in Q3 2025 from $5.9 million in Q3 2024, and general and administrative expenses decreasing to $2.2 million from $3.9 million over the same periods.
The company plans a new, confirmatory Phase 3 clinical trial for LYR-210 for chronic rhinosinusitis (CRS) without nasal polyps, aiming for a New Drug Application (NDA) submission, and presented positive ENLIGHTEN 2 Phase 3 results in October 2025.

Nov 12, 2025, 9:01 PM

Lyra Therapeutics Announces Clinical Plan for LYR-210 and Positive Phase 3 ENLIGHTEN 2 Results

LYRA

New Projects/Investments

Guidance Update

Lyra Therapeutics announced its clinical plan for LYR-210, confirming that an additional clinical trial is required for New Drug Application (NDA) submission for the treatment of chronic rhinosinusitis (CRS) without nasal polyps, following a September 2025 meeting with the FDA.
The company plans to proceed with this third clinical trial, refining its design based on learnings from ENLIGHTEN 1 and ENLIGHTEN 2 and FDA feedback, with the goal of LYR-210 becoming a six-month treatment option for CRS patients.
Positive Phase 3 ENLIGHTEN 2 results for LYR-210 will be presented at the Annual Meeting of the American Academy of Otolaryngology–Head and Neck Surgery (AAO-HNS) on Monday, October 13.
The ENLIGHTEN 2 trial met its primary endpoint, demonstrating statistically significant improvement in a composite of three cardinal CRS symptoms at week 24 in patients without nasal polyps, and also met key secondary endpoints.