Lyra Therapeutics (LYRA) AI Stock Analysis

• Market Cap: $3.53M
• Dividend Yield: N/A
• Average Volume (3M): 78.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.69
• Revenue Growth: -59.21%
• EPS Growth: 68.97%
• Country: US
• Employees: 30
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -3.38
• Shares Outstanding: 1,774,882
• 10 Day Avg. Volume: 180,300
• 30 Day Avg. Volume: 78,258
• PEG Ratio: -0.53
• Price to Book (P/B): 57.96
• Price to Sales (P/S): 438.05
• P/FCF Ratio: -9.29
• Enterprise Value/Market Cap: 3.64
• Enterprise Value/Revenue: 21.43
• Enterprise Value/Gross Profit: 42.85
• Enterprise Value/Ebitda: -0.42
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): -3.63
• Revenue Forecast (FY): $1.35M

• Rating: 40 Underperform
• Price Target: $2.00 ▲(0.50% Upside)

The score is driven primarily by weak financial performance (large losses, heavy cash burn, and negative equity) and bearish technicals (price far below key moving averages with negative MACD). A major negative corporate event—halting the lead program and sweeping cuts—adds significant risk, while valuation provides limited support due to ongoing losses and no dividend.

Positive Factors

XTreo extended local-delivery platform

The XTreo platform’s ability to deliver drugs locally and for extended periods is a structural competitive advantage in ENT. It can lower systemic exposure, support differentiated product profiles across indications, and create a durable barrier to entry if paired with execution or partner commercialization.

Positive Phase 3 ENLIGHTEN 2 data

Robust Phase 3 results provide substantive clinical validation for LYR-210, enhancing the asset’s intrinsic value and attractiveness to partners or acquirers. This clinical proof point is a lasting structural benefit that can support licensing or M&A outcomes even if internal development is paused.

High reported gross margin

A TTM gross margin near 74% indicates potentially favorable unit economics for product sales. If Lyra or a partner commercializes a therapy, such high gross margins could support scalable profitability, making future revenue growth more levered to the bottom line.

Negative Factors

Halted LYR-210 development and major layoffs

Ceasing development of the flagship program and reducing nearly all remaining staff removes the company’s primary commercialization path and institutional capabilities. This structural retreat increases execution risk, complicates any restart, and pushes value realization toward third-party transactions.

Minimal revenue with large, persistent losses

Very low and declining revenue alongside recurring multi‑tens-of-millions operating losses indicates no commercial traction and sustained cash burn. Over the medium term this forces reliance on financings or transactions and limits ability to invest in development or commercialization independently.

Negative equity and meaningful debt burden

Negative shareholders’ equity combined with sizeable debt materially weakens financial flexibility and raises refinancing and going-concern risk. This constrained capital structure will limit strategic choices, likely increase dilution in any financing, and impair long-term independent execution.

Lyra Therapeutics Business Overview & Revenue Model

Company Description

Lyra Therapeutics, Inc., a clinical-stage biotechnology company, focuses on the development and commercialization of anti-inflammatory therapies for the treatment of patients with chronic rhinosinusitis. Its technology is designed to deliver medicines directly to the affected tissue for sustained periods with a single administration. The company's product candidates include LYR-210, an anti-inflammatory implantable drug matrix which is in Phase III clinical trial for the treatment of chronic rhinosinusitis (CRS); and LYR-220 for CRS patients who have failed previous medical management and continue to require treatment to manage CRS symptoms. It has a collaboration agreement with LianBio Inflammatory Limited to develop and commercialize LYR-210 in mainland China, Hong Kong, Taiwan, Macau, South Korea, Singapore, and Thailand. The company was formerly known as 480 Biomedical, Inc. and changed its name to Lyra Therapeutics, Inc. in July 2018. Lyra Therapeutics, Inc. was incorporated in 2005 and is headquartered in Watertown, Massachusetts.

How the Company Makes Money

Lyra Therapeutics generates revenue primarily through partnerships and collaborations with larger pharmaceutical companies, which may involve licensing deals that provide upfront payments, milestone payments based on development progress, and royalties on future product sales. Additionally, the company may seek funding through grants, public offerings, or private placements to support its research and development activities. As the company progresses its clinical trials and approaches potential commercialization of its products, it may also establish collaborations that enhance its revenue potential.

Lyra Therapeutics Financial Statement Overview

Summary

Very weak fundamentals: minimal and declining revenue, large persistent operating and net losses, and heavy ongoing cash burn. Balance-sheet stress is significant with negative equity and meaningful debt, increasing financing/going-concern risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue is very small ($0.6M) and down ~22% versus the prior period, highlighting weak commercial scale. While gross margin is positive in TTM (~74%), the company remains deeply unprofitable with large operating losses (TTM EBIT about -$34.9M) and a sizable net loss (TTM about -$32.9M), indicating a cost base that materially outweighs current revenue. Losses have persisted across the annual periods shown, with no clear path to earnings stabilization yet.

Balance Sheet

The balance sheet weakened materially: TTM stockholders’ equity is negative (about -$4.3M), which reduces financial flexibility and raises refinancing/going-concern risk. Debt is meaningful (~$31.4M TTM), and leverage metrics deteriorate sharply when equity turns negative. Total assets are ~$43.7M TTM, but the combination of negative equity and ongoing losses makes the capital structure the key constraint despite historically stronger equity levels in earlier years.

Cash Flow

Cash burn remains heavy: TTM operating cash flow is about -$34.1M and free cash flow about -$34.1M, and free cash flow declined further (growth ~-20.7%). Cash outflows are broadly in line with reported net losses, showing losses are translating into real cash usage rather than being mostly non-cash. The magnitude and persistence of negative cash flow imply continued reliance on external financing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	600.00K	1.53M	1.56M	1.36M	285.00K	0.00
Gross Profit	300.00K	1.53M	1.56M	1.36M	-29.41M	-12.52M
EBITDA	-30.56M	-60.26M	-65.25M	-53.92M	-42.61M	-22.11M
Net Income	-32.95M	-93.44M	-62.68M	-55.28M	-43.51M	-22.13M
Balance Sheet
Total Assets	43.71M	66.35M	142.60M	109.97M	54.87M	80.83M
Cash, Cash Equivalents and Short-Term Investments	22.05M	40.58M	102.75M	97.89M	45.75M	74.59M
Total Debt	31.38M	34.38M	26.88M	4.18M	1.45M	2.44M
Total Liabilities	48.04M	54.75M	53.18M	29.21M	20.55M	6.34M
Stockholders Equity	-4.33M	11.59M	89.42M	80.75M	34.32M	74.49M
Cash Flow
Free Cash Flow	-34.11M	-72.35M	-64.35M	-43.55M	-29.20M	-22.92M
Operating Cash Flow	-34.15M	-70.01M	-63.30M	-43.38M	-25.82M	-21.14M
Investing Cash Flow	28.13M	80.31M	-12.58M	-65.01M	-3.38M	-1.77M
Financing Cash Flow	4.27M	8.53M	65.69M	96.26M	359.00K	87.70M

Lyra Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.99
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LYRA, the sentiment is Negative. The current price of 1.99 is below the 20-day moving average (MA) of 3.12, below the 50-day MA of 3.60, and below the 200-day MA of 6.63, indicating a bearish trend. The MACD of -0.49 indicates Positive momentum. The RSI at 27.66 is Positive, neither overbought nor oversold. The STOCH value of 13.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LYRA.

Lyra Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BOLT	48 Neutral	$12.21M	-0.29	-81.97%	―	-46.88%	34.83%
RNAZ	44 Neutral	$8.20M	-0.04	-1763.01%	―	―	96.75%
SLXN	44 Neutral	$7.10M	-0.09	-771.23%	―	―	91.47%
MBIO	42 Neutral	$7.66M	-0.83	-418.83%	―	―	98.58%
LYRA	40 Underperform	$3.53M	-0.08	-404.48%	―	-59.21%	68.97%
XTLB	39 Underperform	$9.03M	-8.82	―	―	―	65.45%

Lyra Therapeutics Corporate Events

Lyra Therapeutics Halts LYR-210, Cuts Workforce, Explores Options

On January 9, 2026, Lyra Therapeutics’ board approved a plan to suspend further development of its lead chronic rhinosinusitis candidate LYR-210 and to implement a sweeping cost-reduction program, including a workforce reduction affecting nearly all remaining employees as of January 12, 2026, as part of an effort to preserve capital while exploring strategic alternatives. As part of this plan, the employment of CEO and chair Dr. Maria Palasis and CFO and treasurer Jason Cavalier was terminated on January 9, 2026, after which both entered consulting agreements effective January 12, 2026, under which they will continue serving as the company’s principal executive and financial officers, respectively, and may receive enhanced equity vesting and transaction-based bonuses in the event of a change in control exceeding a defined purchase price threshold. The board’s decision to cease product development operations comes despite positive Phase 3 ENLIGHTEN 2 data for LYR-210 reported in June 2025 and a previously established clinical path toward a potential new drug application, underscoring a strategic pivot toward maximizing remaining value for shareholders; the company reported approximately $22.1 million in cash, cash equivalents and short-term investments as of September 30, 2025, and now expects its cash runway to extend into the third quarter of 2026 while it works with SSG Capital Advisors to evaluate potential transactions.

The most recent analyst rating on (LYRA) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Lyra Therapeutics stock, see the LYRA Stock Forecast page.