Lyra Therapeutics Reports First Quarter 2025 Financial Results and Provides Corporate Update

Core Viewpoint - Lyra Therapeutics, Inc. is focused on developing long-acting, anti-inflammatory sinonasal implants for chronic rhinosinusitis (CRS) and has reported its financial results for Q1 2025 while anticipating key clinical data from its ongoing trials [1][2]. Financial Performance - As of March 31, 2025, the company had cash and cash equivalents of $31.7 million, down from$40.6 million at the end of 2024, indicating a decrease in liquidity [5]. - Research and development expenses for Q1 2025 were $4.9 million, significantly lower than$18.2 million in Q1 2024, primarily due to reduced clinical costs and a workforce reduction [6]. - General and administrative expenses also decreased to $3.3 million from$5.8 million in the same period last year, driven by lower professional fees and employee-related costs [7]. - The net loss for Q1 2025 was $8.5 million, a reduction from$22.5 million in Q1 2024, reflecting improved financial management [8]. Clinical Development - The ENLIGHTEN program includes two pivotal Phase 3 trials, ENLIGHTEN 1 and ENLIGHTEN 2, with approximately 180 CRS patients enrolled in each trial to evaluate the efficacy and safety of LYR-210 [3]. - Topline results from the ENLIGHTEN 2 trial are expected in Q2 2025, with an additional ~30 polyp patients anticipated to be included in the trial [10]. - LYR-210 is designed to provide six months of continuous anti-inflammatory therapy and is being evaluated for patients with and without nasal polyps [14][15]. Corporate Actions - The company plans to implement a reverse stock split to comply with Nasdaq's minimum bid price requirement of $1.00, pending approval from the board and stockholders [4].