LYRA News & Events

On February 2, Lyra Therapeutics received a letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the company that Nasdaq has determined to delist the company's common stock from The Nasdaq Stock Market. The company has requested a hearing before a Nasdaq Hearings Panel to appeal Nasdaq's determination.

Lyra Therapeutics, announced that its Board of Directors has decided to suspend further development of LYR-210, the Company's lead product candidate for the treatment of chronic rhinosinusitis. The Company also announced a workforce reduction impacting its remaining 28 employees and other cost-saving actions to preserve capital. Maria Palasis, Ph.D., Chief Executive Officer, President and Chair of the Board, and Jason Cavalier, Chief Financial Officer and Treasurer, are each being retained as consultants to support the Company's pursuit of strategic alternatives. The Company has engaged SSG Capital Advisors to assist with this effort. "In connection with the Company's review of strategic options, which was announced in May 2024, the Board has concluded that it is in the best interests of shareholders to cease Lyra's product development operations," said Dr. Palasis. "We are grateful for the contributions of our employees most of whom will leave Lyra as a result of this decision to discontinue development of LYR-210. Our priority moving forward is to evaluate and explore strategic alternatives to advance LYR-210 for the potential benefit of patients."

Reports Q3 revenue $25,000, consensus $154,250. "We are now focused on putting all the components in place for a new, confirmatory Phase 3 clinical trial to make progress toward a New Drug Application ("NDA") for LYR-210 as a six-month treatment for CRS patients without nasal polyps," said Maria Palasis, President and CEO, Lyra Therapeutics. "We are excited to move forward with our business strategy and to advance LYR-210 as a novel therapeutic option for millions of CRS patients who fail current medical therapy."