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Lyra Therapeutics announced the topline results from its Phase 3 ENLIGHTEN 1 trial for the treatment of chronic rhinosinusitis (CRS) with LYR-210. Unfortunately, the trial did not meet its primary endpoint, showing no significant improvement compared to the sham control in the composite score of CRS symptoms. The company plans to evaluate the full dataset to determine the next steps.
Lyra Therapeutics, a biotechnology company, reported its financial results for Q1 2024 and provided an update on its clinical-stage product candidates LYR-210 and LYR-220 for treating chronic rhinosinusitis. LYR-210's Phase 3 results are expected in May, aiming to revolutionize CRS treatment. LYR-220's Phase 2 trial data will be presented in May 2024.
Financially, the company's cash balance decreased to $87.1 million. Research and development expenses increased to $18.2 million, while general and administrative expenses rose to $5.8 million. The net loss for Q1 2024 was $22.5 million.
Lyra Therapeutics, a clinical-stage biotech company, has granted non-qualified stock options to new non-executive employees as inducement awards. The options allow the purchase of 78,400 shares of Lyra Therapeutics common stock, with a ten-year term and an exercise price of $4.72 per share. Vests over a four-year period, subject to continued service.
