Welcome to our dedicated page for Lyra Therapeutics news (Ticker: LYRA), a resource for investors and traders seeking the latest updates and insights on Lyra Therapeutics stock.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) is a clinical-stage therapeutics company focused on advancing and commercializing innovative drug and delivery solutions specifically designed for ear, nose, and throat diseases. Founded in 2005 and headquartered in Watertown, Massachusetts, Lyra Therapeutics leverages its proprietary XTreo™ technology platform to deliver sustained medication directly to the targeted tissue via a single administration.
The company's primary product candidates, LYR-210 and LYR-220, are bioresorbable polymeric matrices targeting the treatment of chronic rhinosinusitis (CRS). These candidates are formulated to provide up to six months of continuous drug therapy through a non-invasive, in-office procedure. LYR-210 is intended for patients who have not undergone sinus surgery, while LYR-220 is designed for those who have had prior ethmoid sinus surgery.
Recent advancements include the BEACON Phase 2 clinical trial of LYR-220, which demonstrated significant improvement in CRS patients post-surgery, and the ongoing ENLIGHTEN Phase 3 clinical trials of LYR-210, targeting patients who have not had surgery. Lyra's financial condition remains robust, with cash and short-term investments totaling $102.6 million as of September 30, 2023, expected to support operations into the first quarter of 2025.
Lyra Therapeutics continues to innovate within the CRS treatment landscape, aiming to address the unmet medical needs of the estimated four million CRS patients in the United States who fail to respond to existing treatments annually. The company remains committed to advancing its product portfolio and achieving regulatory milestones to bring these therapies to market.
Lyra Therapeutics, Inc. (NASDAQ: LYRA) announced an equity-based award to Executive Chairman Harlan W. Waksal, M.D., under its 2022 Inducement Award Plan. The award, approved by a majority of independent directors, includes a non-qualified stock option to purchase 953,002 shares of common stock. This follows Lyra's ongoing development of its XTreo™ platform, targeting chronic rhinosinusitis with candidates LYR-210 and LYR-220 currently in clinical trials. The company aims to address a significant patient population in the U.S. failing medical management for this condition.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) announced presentations by its CEO, Maria Palasis, at key investor conferences. The events include the William Blair 42nd Annual Growth Stock Conference on June 6, 2022, and the Jefferies Healthcare Conference on June 9, 2022. Lyra's proprietary XTreo™ platform facilitates targeted drug delivery for ENT conditions. Their late-stage candidates, LYR-210 and LYR-220, address chronic rhinosinusitis affecting millions in the U.S. Webcasts of the presentations will be accessible on their website.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) secured $100.5 million in gross proceeds from a private placement in April 2022, extending its cash runway until mid-2024. This funding will support pivotal data readouts for its ENLIGHTEN Phase 3 and BEACON Phase 2 clinical trials focused on chronic rhinosinusitis (CRS). As of March 31, 2022, cash and cash equivalents totaled $33.8 million, with operating expenses reaching $12.4 million, up from $7.8 million in Q1 2021. Net loss for Q1 2022 was $7.0 million, a slight improvement from $7.8 million a year prior.
Lyra Therapeutics (Nasdaq: LYRA) announced that Maria Palasis, Ph.D., President and CEO, will present at two upcoming investor conferences. The Bank of America 2022 Healthcare Conference in Las Vegas will feature a fireside chat on May 12, 2022, at 2:20 p.m. ET. The H.C. Wainwright Global Investment Conference in Miami is scheduled for May 25, 2022, at 11:00 a.m. ET. Webcasts of both presentations will be accessible on the company's Investor Relations website.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) announced promising results from the LANTERN Phase 2 study of LYR-210, which showed up to 24 weeks of significant symptom improvement in chronic rhinosinusitis (CRS) patients. The treatment demonstrated notable enhancements across all SNOT-22 symptom subdomains compared to control, indicating its potential to improve the quality of life. This data, presented at COSM 2022, may position LYR-210 as a transformative alternative to sinus surgery for CRS patients.
Lyra Therapeutics, Inc. (NASDAQ: LYRA) announced the treatment of the first patient in the Phase 2 BEACON trial for LYR-220, addressing chronic rhinosinusitis (CRS) in adults with prior sinus surgery. LYR-220 aims to provide continuous anti-inflammatory therapy via a non-invasive procedure, potentially benefiting a significant patient population. Topline results from Part 1 are anticipated by year-end. The trial's design is a controlled parallel study assessing safety, tolerability, and efficacy over 24 weeks, involving around 70 CRS patients. This marks a critical milestone in Lyra's development of solutions for CRS.
Lyra Therapeutics, Inc. (NASDAQ: LYRA) announced that two clinical abstracts related to LYR-210 in chronic rhinosinusitis (CRS) have been selected for podium presentations at the 2022 Combined Otolaryngology Spring Meetings (COSM) in Dallas, Texas. The presentations will focus on the symptomatic improvement and quality of life in CRS patients treated with LYR-210. The company is advancing its XTreo™ platform to deliver medications effectively to the ear, nose, and throat, targeting the estimated four million CRS patients in the U.S.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) has completed a private placement of common stock, raising approximately $100.5 million. The proceeds will support ongoing clinical development of its products LYR-210 and LYR-220, aimed at treating chronic rhinosinusitis. This financing extends Lyra's cash runway into mid-2024, enabling pivotal data readouts. The private placement drew participation from both new and existing healthcare investors. As of the end of 2021, Lyra had $45.7 million in cash, which combined with new funding and expected milestone payments, will sustain operations comfortably.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) announced a private placement to raise approximately $100.5 million, set to close on April 12, 2022. Investors can purchase shares of common stock at $4.22 per share or pre-funded warrants at $4.219 per share. A total of 18,815,159 shares and 5,000,000 pre-funded warrants are being sold. The transaction is exempt from public offering requirements and will not be registered under the Securities Act. This funding aims to bolster the company's financial standing and support ongoing projects.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) reported its financial results for Q4 2021, highlighting significant advancements in its clinical programs for chronic rhinosinusitis (CRS). The pivotal Phase 3 ENLIGHTEN I trial for LYR-210 has commenced with the first patient treated, and the Phase 2 BEACON study for LYR-220 is underway. Financially, cash and equivalents stood at $45.7 million at year-end 2021, down from $58.1 million in Q3 2021. R&D expenses increased to $10.3 million in Q4, reflecting heightened clinical activities. The net loss for Q4 was $13.6 million, compared to $7.0 million in the previous year.
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