Lyra Therapeutics Reports Second Quarter 2025 Financial Results and Provides Corporate Update

Core Insights - Lyra Therapeutics, Inc. reported positive results from its ENLIGHTEN 2 trial, which supports the advancement of LYR-210 as a six-month treatment option for chronic rhinosinusitis (CRS) patients who do not respond to standard medical management [2][5] - The company secured approximately $5.0 million in financing, extending its cash runway into the third quarter of 2026, with potential additional proceeds of approximately $9.8 million if private placement warrants are fully exercised [6][8] - LYR-210 demonstrated statistically significant improvement in key efficacy endpoints during the ENLIGHTEN 2 trial, including a notable reduction in the three cardinal symptoms of CRS at week 24 [6][10] Financial Highlights - As of June 30, 2025, cash and cash equivalents were $29.8 million, down from $40.6 million at the end of 2024, but sufficient to fund operations into Q3 2026 [8] - Research and development expenses decreased by $8.2 million to $5.1 million for Q2 2025 compared to the same period in 2024, primarily due to reduced clinical costs and a reduction in workforce [9][10] - General and administrative expenses also decreased by $1.6 million to $3.5 million for Q2 2025, driven by lower professional fees and employee-related costs [11][12] Clinical Development - The ENLIGHTEN program includes two pivotal Phase 3 trials, with ENLIGHTEN 2 meeting its primary and key secondary endpoints, while ENLIGHTEN 1 did not meet its primary endpoint [5][6] - LYR-210 is designed to deliver six months of continuous anti-inflammatory therapy via a bioabsorbable nasal implant, targeting CRS patients who have failed current therapies [19][20] - The company is preparing for a Type C meeting with the FDA to discuss the path forward for a New Drug Application (NDA) submission for LYR-210 [6][20] Corporate Actions - The company implemented a 1-for-50 reverse stock split to regain compliance with Nasdaq's minimum bid price requirement, which was successfully achieved [6][14] - Lyra has resumed in-house chemistry, manufacturing, and controls (CMC) activities to prepare for future clinical trials and compliance with regulations [6][20]