Lyra Therapeutics Reports 2024 Financial Results and Updates

Lyra Therapeutics, Inc. ( (LYRA) ) has released its Q4 earnings. Here is a breakdown of the information Lyra Therapeutics, Inc. presented to its investors.

Lyra Therapeutics, Inc. is a clinical-stage biotechnology company specializing in the development of long-acting, anti-inflammatory sinonasal implants for chronic rhinosinusitis (CRS). The company’s lead product, LYR-210, is a bioabsorbable nasal implant designed to deliver continuous anti-inflammatory therapy for six months.

In its latest earnings report, Lyra Therapeutics highlighted its focus on the upcoming results from the ENLIGHTEN 2 pivotal Phase 3 trial in CRS patients, expected in the second quarter of 2025. The company is also analyzing data from the LYR-210 treatment in CRS patients with nasal polyps, which has shown promising results.

Financially, Lyra reported a net loss of $93.4 million for the full year 2024, compared to a $62.7 million loss in 2023. The company’s cash and cash equivalents stood at $40.6 million as of December 31, 2024, which is expected to fund operations into the first quarter of 2026. Research and development expenses decreased year-over-year, attributed to the completion of certain trials and a reduction in workforce.

Strategically, Lyra is planning a reverse stock split to meet Nasdaq’s minimum bid price requirement. The company is also in discussions with the FDA regarding the development pathway for LYR-210 in CRS patients with nasal polyps, aligning on various elements of a potential Phase 3 study.

Looking ahead, Lyra Therapeutics is optimistic about the potential of LYR-210 to benefit CRS patients and is focused on advancing its clinical programs. The company aims to provide further updates following the anticipated results of the ENLIGHTEN 2 trial in 2025.