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Lyra Therapeutics Inc. (LYRA-3.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported that its Phase 3 ENLIGHTEN 1 trial for LYR-210 did not meet its primary endpoint, leading to a workforce reduction of approximately 75%, affecting 87 employees.
Lyra's primary product candidate, LYR-210, is designed for the treatment of chronic rhinosinusitis (CRS) and is currently undergoing further evaluation in the ENLIGHTEN 2 trial, with results expected in the second quarter of 2025.
The company has paused development efforts for its second product candidate, LYR-220, as part of cost-saving measures.
Lyra reported a net loss of $93.4 million for the year ended December 31, 2024, compared to a net loss of $62.7 million in the previous year.
The company had cash and cash equivalents totaling $40.6 million as of December 31, 2024, and management has expressed substantial doubt about its ability to continue as a going concern.
Lyra's collaboration with LianBio for the development and commercialization of LYR-210 in Greater China is uncertain due to LianBio's ongoing wind down activities.
The company is attempting to sublease its three leaseholds in Massachusetts to preserve capital, following the decision to halt manufacturing and commercialization efforts for LYR-210.
Lyra's management is considering various strategic options, including additional clinical trials, asset sales, or a strategic business combination, in light of the ENLIGHTEN 1 trial results.
The company is actively monitoring its Nasdaq listing status after receiving a notice regarding non-compliance with the minimum bid price requirement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lyra Therapeutics Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.