Lyra Therapeutics Announces Cost-Cutting Measures to Preserve Capital
Lyra Therapeutics, Inc. (LYRA)
Company Research
Source: GlobeNewswire
WATERTOWN, Mass., May 21, 2024 (GLOBE NEWSWIRE) -- Lyra Therapeutics, Inc. (Nasdaq: LYRA) (“Lyra” or the “Company”), today announced that it is advancing its goal to preserve capital by implementing a layoff of approximately 75% of its workforce, in addition to other cost-cutting measures. In the near term, Lyra Therapeutics will focus on the two ongoing ENLIGHTEN Phase 3 trials evaluating LYR-210, a bioabsorbable sinonasal implant for the treatment of chronic rhinosinusitis (CRS). Lyra continues to analyze the data from the ENLIGHTEN 1 trial, which did not meet its 24-week primary endpoint. The Company intends to use this analysis to inform its approach on the completion of the 52-week extension phase of the ENLIGHTEN 1 trial with data expected in Q4 2024 and its approach to the ongoing ENLIGHTEN 2 trial. In connection with the reduction in force, which impacts 87 employees, Lyra Therapeutics has stopped manufacturing and commercialization efforts and seeks to sublease its facili
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LYRA
News
- Lyra Therapeutics to Present Study Results for LYR-210 and LYR-220 in Two Presentations at the ARS and AAO-HNS Annual MeetingsGlobeNewswire
- Lyra Therapeutics, Inc. (NASDAQ: LYRA) was upgraded by analysts at William Blair to a "hold" rating.MarketBeat
- Lyra Therapeutics Insiders Still US$66k Away From Original Investment Value [Yahoo! Finance]Yahoo! Finance
- Lyra Therapeutics, Inc. (NASDAQ: LYRA) had its "neutral" rating re-affirmed by analysts at HC Wainwright. They now have a $2.00 price target on the stock.MarketBeat
- Lyra Therapeutics, Inc. (NASDAQ: LYRA) had its "overweight" rating re-affirmed by analysts at Cantor Fitzgerald.MarketBeat
LYRA
Sec Filings
- 8/15/24 - Form SC
- 8/14/24 - Form 10-Q
- 8/14/24 - Form 8-K
- LYRA's page on the SEC website