What is Lyra Therapeutics, Inc.'s earnings per share (EPS)?

Lyra Therapeutics, Inc. (LYRA) reported diluted earnings per share of $-18.62 for fiscal year 2025. This represents a 74.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Lyra Therapeutics, Inc. Financials

LYRA

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Lyra Therapeutics, Inc. (LYRA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LYRA FY2025 2026-04-22

Lyra’s numbers show a development-stage biotech shrinking cash burn through cost cuts far faster than revenue is emerging.

In FY2025, net loss of $28.9M and operating cash outflow of $28.9M were nearly identical, with free cash flow close behind. Compared with FY2024’s much deeper deficit, that pattern says the narrower loss came from a real reduction in the spending base rather than accrual noise, and the business still turns reported losses into cash burn almost one-for-one.

Revenue was only $398K while R&D spending remained $18.4M, so the company still behaves financially like a funded research program, not a self-supporting seller. The operating reset in FY2025 came from lower research and overhead commitments, which is very different from a model where rising sales absorb fixed costs.

Cash of $15.9M covered only about 0.5x FY2025 free cash outflow of $29.0M, which helps explain why external financing still matters to the operating model. A 1.7x current ratio supports near-term bills, but negative equity means liabilities now exceed assets, so liquidity and solvency are telling different stories.

Financial Health Signals

Financial health score pending refresh

We are recalculating Lyra Therapeutics, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-19.39

Lyra Therapeutics, Inc. scores -19.39, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.3M) relative to total liabilities ($46.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/7

Lyra Therapeutics, Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

1.00x

For every $1 of reported earnings, Lyra Therapeutics, Inc. generates $1.00 in operating cash flow (-$28.9M OCF vs -$28.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$398K

YoY-74.1%

Lyra Therapeutics, Inc. generated $398K in revenue in fiscal year 2025. This represents a decrease of 74.1% from the prior year.

EBITDA

-$30.6M

YoY+68.1%

Lyra Therapeutics, Inc.'s EBITDA was -$30.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 68.1% from the prior year.

Net Income

-$28.9M

YoY+69.0%

Lyra Therapeutics, Inc. reported -$28.9M in net income in fiscal year 2025. This represents an increase of 69.0% from the prior year.

EPS (Diluted)

$-18.62

YoY+74.0%

Lyra Therapeutics, Inc. earned $-18.62 per diluted share (EPS) in fiscal year 2025. This represents an increase of 74.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$29.0M

YoY+60.0%

Lyra Therapeutics, Inc. generated -$29.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 60.0% from the prior year.

Cash & Debt

$15.9M

YoY-60.8%

5Y CAGR-26.6%

Lyra Therapeutics, Inc. held $15.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+35.5%

Lyra Therapeutics, Inc. had 2M shares outstanding in fiscal year 2025. This represents an increase of 35.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-7794.5%

YoY-1513.6pp

Lyra Therapeutics, Inc.'s operating margin was -7794.5% in fiscal year 2025, reflecting core business profitability. This is down 1513.6 percentage points from the prior year.

Net Margin

-7266.1%

YoY-1175.1pp

Lyra Therapeutics, Inc.'s net profit margin was -7266.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1175.1 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$18.4M

YoY-57.9%

5Y CAGR+8.0%

Lyra Therapeutics, Inc. invested $18.4M in research and development in fiscal year 2025. This represents a decrease of 57.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$116K

YoY-95.0%

5Y CAGR-42.1%

Lyra Therapeutics, Inc. invested $116K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 95.0% from the prior year.

LYRA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$398K-74.1%	$1.5M-1.5%	$1.6M+14.3%	$1.4M+378.2%	$285K	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$18.4M-57.9%	$43.8M-8.9%	$48.0M+23.8%	$38.8M+30.7%	$29.7M+137.1%	$12.5M
SG&A Expenses	$11.5M-37.6%	$18.5M-2.9%	$19.1M+8.5%	$17.6M+23.6%	$14.2M+46.7%	$9.7M
Operating Income	-$31.0M+67.8%	-$96.3M-43.5%	-$67.1M-19.2%	-$56.3M-29.1%	-$43.6M-96.4%	-$22.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$11K-71.8%	$39K-33.9%	$59K+353.8%	$13K	$0	$0
Net Income	-$28.9M+69.0%	-$93.4M-49.1%	-$62.7M-13.4%	-$55.3M-27.0%	-$43.5M-96.7%	-$22.1M
EPS (Diluted)	$-18.62+74.0%	$-71.75	$-1.26+31.1%	$-1.83+45.4%	$-3.35	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$7K-72.0%	$25K-86.3%	$183K0.0%	$183K-12.4%	$209K+7.2%	$195K-67.4%	$598K+12.4%	$532K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$4.4M+8.2%	$4.0M-20.8%	$5.1M+4.8%	$4.9M-23.4%	$6.4M+7.8%	$5.9M-55.5%	$13.3M-27.3%	$18.2M
SG&A Expenses	$2.5M+13.6%	$2.2M-36.1%	$3.5M+7.3%	$3.3M-9.7%	$3.6M-8.1%	$3.9M-23.5%	$5.1M-11.7%	$5.8M
Operating Income	-$7.1M-14.1%	-$6.2M+29.3%	-$8.8M+0.2%	-$8.8M+22.5%	-$11.4M+8.3%	-$12.4M+74.6%	-$49.0M-108.2%	-$23.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$2K-33.3%	$3K+50.0%	$2K-50.0%	$4K-33.3%	$6K-14.3%	$7K-41.7%	$12K-14.3%	$14K
Net Income	-$7.0M-16.2%	-$6.0M+19.5%	-$7.4M+13.0%	-$8.5M+22.2%	-$11.0M+7.5%	-$11.9M+75.3%	-$48.1M-114.4%	-$22.5M
EPS (Diluted)	N/A	$-3.38+38.7%	$-5.51	$-0.13	N/A	$-9.07+75.3%	$-36.76-10402.9%	$-0.35

LYRA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$36.1M-45.6%	$66.3M-53.5%	$142.6M+29.7%	$110.0M+100.4%	$54.9M-32.1%	$80.8M
Current Assets	$16.3M-62.2%	$43.0M-59.0%	$104.8M+4.0%	$100.8M+110.4%	$47.9M-36.9%	$75.9M
Cash & Equivalents	$15.9M-60.8%	$40.6M+81.5%	$22.4M-31.3%	$32.5M-28.8%	$45.7M-38.7%	$74.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$46.8M-14.5%	$54.8M+3.0%	$53.2M+82.0%	$29.2M+42.2%	$20.6M+224.3%	$6.3M
Current Liabilities	$9.5M-24.6%	$12.6M-35.5%	$19.6M+35.4%	$14.5M-20.7%	$18.2M+273.6%	$4.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$10.7M-192.4%	$11.6M-87.0%	$89.4M+10.7%	$80.8M+135.3%	$34.3M-53.9%	$74.5M
Retained Earnings	-$433.7M-7.1%	-$404.8M-30.0%	-$311.4M-25.2%	-$248.7M-28.6%	-$193.4M-29.0%	-$149.9M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$36.1M-17.4%	$43.7M-16.9%	$52.6M-6.6%	$56.3M-15.1%	$66.3M-15.8%	$78.8M-16.7%	$94.6M-33.2%	$141.5M
Current Assets	$16.3M-29.3%	$23.0M-25.9%	$31.1M-8.4%	$33.9M-21.2%	$43.0M-21.0%	$54.4M-21.6%	$69.4M-22.4%	$89.4M
Cash & Equivalents	$15.9M-27.9%	$22.1M-26.0%	$29.8M-6.1%	$31.7M-21.8%	$40.6M+70.5%	$23.8M-25.4%	$31.9M+101.9%	$15.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$46.8M-2.5%	$48.0M-5.7%	$51.0M-2.8%	$52.4M-4.2%	$54.8M-5.8%	$58.1M-8.6%	$63.6M-0.7%	$64.0M
Current Liabilities	$9.5M+0.4%	$9.5M-15.1%	$11.2M-2.7%	$11.5M-9.2%	$12.6M-15.5%	$15.0M-22.4%	$19.3M+2.9%	$18.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$10.7M-147.6%	-$4.3M-366.8%	$1.6M-58.1%	$3.9M-66.6%	$11.6M-43.8%	$20.6M-33.4%	$31.0M-60.0%	$77.5M
Retained Earnings	-$433.7M-1.6%	-$426.8M-1.4%	-$420.8M-1.8%	-$413.3M-2.1%	-$404.8M-2.8%	-$393.8M-3.1%	-$381.9M-14.4%	-$333.8M

LYRA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$28.9M+58.8%	-$70.0M-10.6%	-$63.3M-45.9%	-$43.4M-68.0%	-$25.8M-22.1%	-$21.1M
Capital Expenditures	$116K-95.0%	$2.3M+123.3%	$1.0M+538.4%	$164K-95.2%	$3.4M+90.7%	$1.8M
Free Cash Flow	-$29.0M+60.0%	-$72.3M-12.4%	-$64.4M-47.8%	-$43.5M-49.1%	-$29.2M-27.4%	-$22.9M
Investing Cash Flow	-$98K-100.1%	$80.3M+738.2%	-$12.6M+80.6%	-$65.0M-1820.4%	-$3.4M-90.7%	-$1.8M
Financing Cash Flow	$4.3M-49.9%	$8.5M-87.0%	$65.7M-31.8%	$96.3M+26712.5%	$359K-99.6%	$87.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$6.1M+17.6%	-$7.4M-11.7%	-$6.6M+25.5%	-$8.8M+22.1%	-$11.4M+30.0%	-$16.2M+18.8%	-$20.0M+11.0%	-$22.5M
Capital Expenditures	$96K	$0	N/A	N/A	-$58K-213.7%	$51K-74.0%	$196K-90.9%	$2.1M
Free Cash Flow	-$6.2M+16.3%	-$7.4M	N/A	N/A	-$11.4M+29.9%	-$16.3M+19.3%	-$20.2M+18.0%	-$24.6M
Investing Cash Flow	-$96K	$0	N/A	N/A	$28.1M+245.5%	$8.1M-77.5%	$36.2M+360.4%	$7.9M
Financing Cash Flow	$0+100.0%	-$368K	N/A	N/A	-$1K+95.7%	-$23K+74.2%	-$89K-101.0%	$8.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LYRA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-7794.5%-1513.6pp	-6280.8%-1972.7pp	-4308.1%-177.1pp	-4131.0%+11172.5pp	-15303.5%	N/A
Net Margin	-7266.1%-1175.1pp	-6090.9%-2067.8pp	-4023.1%+32.5pp	-4055.6%+11212.1pp	-15267.7%	N/A
Return on Equity	N/A	-805.9%-735.8pp	-70.1%-1.6pp	-68.5%+58.4pp	-126.8%-97.1pp	-29.7%
Return on Assets	-80.1%+60.7pp	-140.8%-96.9pp	-44.0%+6.3pp	-50.3%+29.0pp	-79.3%-51.9pp	-27.4%
Current Ratio	1.71-1.7	3.41-1.9	5.35-1.6	6.97+4.3	2.63-12.9	15.54
Debt-to-Equity	-4.37-9.1	4.72+4.1	0.59+0.2	0.36-0.2	0.60+0.5	0.09
FCF Margin	-7280.2%-2563.8pp	-4716.4%-586.0pp	-4130.4%-935.3pp	-3195.1%+7052.3pp	-10247.4%	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-101685.7%-76737.7pp	-24948.0%-20125.0pp	-4822.9%+8.2pp	-4831.2%+627.2pp	-5458.4%+922.1pp	-6380.5%+1809.1pp	-8189.6%-3767.8pp	-4421.8%
Net Margin	-99300.0%-75364.0pp	-23936.0%-19872.1pp	-4063.9%+606.6pp	-4670.5%+582.6pp	-5253.1%+835.6pp	-6088.7%+1959.9pp	-8048.7%-3828.4pp	-4220.3%
Return on Equity	N/A	N/A	-458.5%-237.8pp	-220.7%-126.0pp	-94.7%-37.1pp	-57.6%+97.8pp	-155.4%-126.4pp	-29.0%
Return on Assets	-19.3%-5.6pp	-13.7%+0.5pp	-14.1%+1.0pp	-15.2%+1.4pp	-16.6%-1.5pp	-15.1%+35.8pp	-50.9%-35.0pp	-15.9%
Current Ratio	1.71-0.7	2.43-0.4	2.78-0.2	2.96-0.5	3.41-0.2	3.64+0.0	3.60-1.2	4.78
Debt-to-Equity	-4.37+6.7	-11.10-42.5	31.41+17.9	13.54+8.8	4.72+1.9	2.82+0.8	2.05+1.2	0.83
FCF Margin	-88028.6%-58584.6pp	-29444.0%	N/A	N/A	-5459.3%+2886.3pp	-8345.6%-4971.6pp	-3374.1%+1250.7pp	-4624.8%

Note: Shareholder equity is negative (-$10.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Lyra Therapeutics, Inc.'s annual revenue?

Lyra Therapeutics, Inc. (LYRA) reported $398K in total revenue for fiscal year 2025. This represents a -74.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Lyra Therapeutics, Inc.'s revenue growing?

Lyra Therapeutics, Inc. (LYRA) revenue declined by 74.1% year-over-year, from $1.5M to $398K in fiscal year 2025.

Is Lyra Therapeutics, Inc. profitable?

No, Lyra Therapeutics, Inc. (LYRA) reported a net income of -$28.9M in fiscal year 2025, with a net profit margin of -7266.1%.

What is Lyra Therapeutics, Inc.'s EBITDA?

Lyra Therapeutics, Inc. (LYRA) had EBITDA of -$30.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Lyra Therapeutics, Inc.'s operating margin?

Lyra Therapeutics, Inc. (LYRA) had an operating margin of -7794.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Lyra Therapeutics, Inc.'s net profit margin?

Lyra Therapeutics, Inc. (LYRA) had a net profit margin of -7266.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Lyra Therapeutics, Inc.'s free cash flow?

Lyra Therapeutics, Inc. (LYRA) generated -$29.0M in free cash flow during fiscal year 2025. This represents a 60.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Lyra Therapeutics, Inc.'s operating cash flow?

Lyra Therapeutics, Inc. (LYRA) generated -$28.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Lyra Therapeutics, Inc.'s total assets?

Lyra Therapeutics, Inc. (LYRA) had $36.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Lyra Therapeutics, Inc.'s capital expenditures?

Lyra Therapeutics, Inc. (LYRA) invested $116K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Lyra Therapeutics, Inc. spend on research and development?

Lyra Therapeutics, Inc. (LYRA) invested $18.4M in research and development during fiscal year 2025.

How many shares does Lyra Therapeutics, Inc. have outstanding?

Lyra Therapeutics, Inc. (LYRA) had 2M shares outstanding as of fiscal year 2025.

What is Lyra Therapeutics, Inc.'s current ratio?

Lyra Therapeutics, Inc. (LYRA) had a current ratio of 1.71 as of fiscal year 2025, which is generally considered healthy.

What is Lyra Therapeutics, Inc.'s debt-to-equity ratio?

Lyra Therapeutics, Inc. (LYRA) had a debt-to-equity ratio of -4.37 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Lyra Therapeutics, Inc.'s return on assets (ROA)?

Lyra Therapeutics, Inc. (LYRA) had a return on assets of -80.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Lyra Therapeutics, Inc.'s cash runway?

Based on fiscal year 2025 data, Lyra Therapeutics, Inc. (LYRA) had $15.9M in cash against an annual operating cash burn of $28.9M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Lyra Therapeutics, Inc.'s debt-to-equity ratio negative or unusual?

Lyra Therapeutics, Inc. (LYRA) has negative shareholder equity of -$10.7M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Lyra Therapeutics, Inc.'s Altman Z-Score?

Lyra Therapeutics, Inc. (LYRA) has an Altman Z-Score of -19.39, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Lyra Therapeutics, Inc.'s Piotroski F-Score?

Lyra Therapeutics, Inc. (LYRA) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Lyra Therapeutics, Inc.'s earnings high quality?

Lyra Therapeutics, Inc. (LYRA) has an earnings quality ratio of 1.00x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.