Lyra Therapeutics Provides Corporate Update

Core Viewpoint - Lyra Therapeutics has decided to suspend the development of its lead product candidate LYR-210 for chronic rhinosinusitis and will reduce its workforce, impacting 28 employees, while exploring strategic alternatives to advance the product [1][2]. Group 1: Company Actions - The Board of Directors has concluded that ceasing product development operations is in the best interests of shareholders [2]. - The company has engaged SSG Capital Advisors, LLC to assist in exploring strategic alternatives [1]. - The CEO and CFO will remain as consultants to support the company's strategic efforts [1]. Group 2: Product Development Status - In June 2025, Lyra reported positive data from the ENLIGHTEN 2 Phase 3 trial of LYR-210, achieving statistically significant results for primary and key secondary endpoints [3]. - There are nearly three million non-polyp CRS patients in the U.S. who fail medical management annually and could be eligible for LYR-210 [3]. - A clinical development plan was established, including an additional Phase 3 trial to support a new drug application for LYR-210 [3]. Group 3: Financial Position - As of September 30, 2025, Lyra had approximately $22.1 million in cash, cash equivalents, and short-term investments [4]. - The company expects its cash runway to last into the third quarter of 2026 [4].