Lyra Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update

Core Insights - Lyra Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing long-acting, anti-inflammatory sinonasal implants for chronic rhinosinusitis (CRS) treatment [19] - The company reported its financial results for Q4 and full year 2024, highlighting a net loss of $93.4 million for the year, compared to a loss of$62.7 million in 2023 [12][16] Financial Highlights - Cash and cash equivalents as of December 31, 2024, were $40.6 million, down from$51.6 million at September 30, 2024 [9] - Research and development expenses for Q4 2024 were $6.4 million, and for the full year, they totaled$43.8 million, a decrease from $48.0 million in 2023 [10] - General and administrative expenses for Q4 2024 were$3.6 million, compared to $4.4 million in Q4 2023, with full-year expenses at$18.5 million, down from $19.1 million [11] Clinical Development - The company is awaiting results from the ENLIGHTEN 2 Phase 3 study, expected in Q2 2025, which will provide insights into the efficacy of LYR-210 for CRS patients [2][14] - The ENLIGHTEN program includes two pivotal Phase 3 trials, ENLIGHTEN 1 and ENLIGHTEN 2, with approximately 180 CRS patients enrolled in each trial [3] - Positive post-hoc data analyses from the ENLIGHTEN 1 Extension Study indicate LYR-210's potential in treating CRS patients with nasal polyps [3][4] Regulatory Engagement - Lyra has engaged with the FDA regarding the registration path for LYR-210 in CRS patients with nasal polyps, receiving clarifications that the safety dataset from ongoing studies may be sufficient for a pivotal study [7] Corporate Actions - The company plans to implement a reverse stock split to comply with Nasdaq's minimum bid price requirement, pending approval from the board and stockholders [8]