Lyra Therapeutics suspends further development of LYR-210

Core Viewpoint - Lyra Therapeutics has decided to suspend the development of its lead product candidate LYR-210 for chronic rhinosinusitis, indicating a strategic shift in the company's operations [1] Group 1: Company Actions - The company announced a workforce reduction affecting its remaining 28 employees as part of cost-saving measures to preserve capital [1] - Maria Palasis, CEO, and Jason Cavalier, CFO, will continue as consultants to support the company's exploration of strategic alternatives [1] - The company has engaged SSG Capital Advisors to assist in evaluating strategic options [1] Group 2: Strategic Review - The decision to cease product development operations was made following a review of strategic options that began in May 2024 [1] - The Board concluded that halting the development of LYR-210 is in the best interests of shareholders [1] - The company aims to explore strategic alternatives to potentially advance LYR-210 for patient benefit [1]