Lyra Therapeutics Inc. announced that its Board of Directors has decided to suspend further development of LYR-210, the company's lead product candidate for the treatment of chronic rhinosinusitis $(CRS)$. The company also disclosed a workforce reduction impacting its remaining 28 employees and other cost-saving actions aimed at preserving capital. Maria Palasis, Ph.D., Chief Executive Officer, President and Chair of the Board, and Jason Cavalier, Chief Financial Officer and Treasurer, will be retained as consultants to support the company's ongoing evaluation of strategic alternatives. Lyra has engaged SSG Capital Advisors, LLC to assist with this process. Previously, in June 2025, Lyra reported positive data from the ENLIGHTEN 2 Phase 3 trial of LYR-210, achieving statistically significant results for primary and key secondary endpoints in the treatment of CRS without nasal polyps. The company estimated nearly three million non-polyp CRS patients in the U.S. could be eligible for LYR-210. As of September 30, 2025, Lyra reported approximately $22.1 million in cash, cash equivalents, and short-term investments, with a cash runway expected to last into the third quarter of 2026. The company stated that there is no assurance that the evaluation of strategic alternatives will result in any transaction.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Lyra Therapeutics Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: GNW9622929-en) on January 12, 2026, and is solely responsible for the information contained therein.