Lyra Therapeutics (NASDAQ:LYRA) intends to voluntarily file a Form 25 with the SEC on April 20, 2026 to remove its common stock from Nasdaq following a Nasdaq trading suspension on March 17, 2026.
The delisting is expected to become effective 10 days after filing; the company plans to file a Form 15 thereafter to terminate registration under Section 12(g) and suspend reporting under Section 15(d). The common stock is currently quoted on the Pink Limited Market.
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Positive
Form 25 filing scheduled for April 20, 2026
Delisting effective 10 days after Form 25 is filed
Negative
Nasdaq trading suspended March 17, 2026
Removal from Nasdaq listing and consequent lower visibility
SEC registration termination planned via Form 15, suspending reporting obligations
News Market Reaction – LYRA
+21.91%
+21.91%Session close to close
In the Apr 17 session, LYRA gained 21.91%, reflecting a significant positive market reaction.
The stock surged +21.9% in the session following this news. A strong positive reaction aligns with a...
Analysis
The stock surged +21.9% in the session following this news. A strong positive reaction aligns with a very depressed starting point, as LYRA traded near the low end of its 52-week range at $0.66 versus a $37.50 high. Historically, negative corporate developments led to declines, so a sharp rise after this delisting and deregistration plan would have contrasted with past patterns and could have been vulnerable if liquidity constraints or strategic uncertainties persisted.
Key Figures
Form 25 filing date:April 20, 2026Delisting effective window:10 daysCurrent stock price:$0.66+5 more
8 metrics
Form 25 filing dateApril 20, 2026Planned Nasdaq delisting filing with SEC
Delisting effective window10 daysExpected time after Form 25 filing for delisting effectiveness
Current stock price$0.66Pre-news price relative to 52-week range
52-week high$37.50Indicates severe drawdown from prior levels
52-week low$0.31Trading above but near lows before delisting news
Market cap$2,342,844Equity value before voluntary delisting announcement
Today’s volume5,596 sharesAbout 52% of 20-day average volume pre-announcement
20-day avg volume10,692 sharesBenchmark for typical trading activity
Reported Q3 2025 loss and limited cash runway despite positive trial data.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Recent negative corporate updates and strategic retrenchment were followed by negative price reactions, showing alignment between bad news and downside moves.
Recent Company History
Over the past several months, Lyra reported substantial strategic and financial stress. On Nov 12, 2025, it posted Q3 2025 results, highlighting a $22.1M cash balance, a runway into Q3 2026, and a Q3 net loss of $6.0M, with shares down 1.55%. On Jan 12, 2026, Lyra suspended LYR-210 development, ceased product development operations, and cut its remaining 28 employees, triggering a -45.31% reaction. Today’s voluntary Nasdaq delisting and deregistration intentions extend this wind-down trajectory.
Key Terms
form 25, nasdaq, pink limited market, rule 12d2-2(c), +4 more
8 terms
form 25regulatory
"intention to voluntarily file a Form 25 Notification of Delisting with the U.S."
A Form 25 is an official filing with the U.S. Securities and Exchange Commission used to remove a company's stock or other security from a national exchange list. Investors should care because delisting often means less visibility, lower trading volume and wider price swings—similar to a product moving from a major supermarket to a small local market, which can make buying, selling and valuing the security more difficult.
nasdaqfinancial
"remove its common stock from listing and registration on The Nasdaq Stock Market LLC"
The Nasdaq is a stock exchange where many companies' shares are bought and sold, functioning much like a marketplace for investments. It matters to investors because it provides a platform to buy and sell ownership stakes in companies, helping them track the value of those companies and make informed decisions. As one of the largest and most technology-focused markets, it also reflects trends and developments in the business world.
"The Company’s common stock is currently quoted on the Pink Limited Market."
A pink limited market is a segment of the stock market where shares of smaller or newer companies are traded, often with fewer regulations and less oversight than larger markets. It matters to investors because these markets can offer opportunities for growth but also carry higher risks due to less transparency and stability, similar to a marketplace where products are less tested and might be more uncertain.
rule 12d2-2(c)regulatory
"This press release is being issued in compliance with Rule 12d2-2(c) under the"
Rule 12d2-2(c) is an SEC rule under the Investment Company Act that spells out conditions allowing one registered investment company or business development company to acquire securities of another beyond the usual statutory limits when specific safeguards are met. It matters to investors because it governs when fund managers can combine or layer funds, affecting diversification, liquidity and fee structures — like rules that let two businesses merge activities while requiring protections to limit added risk.
exchange actregulatory
"under the Securities Exchange Act of 1934, as amended (the "Exchange Act")."
A federal law that sets rules for trading securities on public exchanges, requiring companies and market participants to register, disclose regular financial information, and follow standards that promote honest, orderly markets. For investors, it matters because it creates transparency and legal protections—like stopping insider trading and ensuring timely company disclosures—so you can evaluate risks and rely on consistent rules much as players rely on a referee to keep a game fair.
form 15regulatory
"the Company intends to file a Form 15 with the SEC to terminate the registration"
A Form 15 is a short filing a public company uses with the U.S. Securities and Exchange Commission to stop or pause its routine public reporting requirements when it meets certain legal thresholds (such as a low number of public shareholders) or other qualifying conditions. Investors should care because filing one typically means less public financial information and lower trading liquidity—similar to a shop taking down its public notice board, making it harder to track performance and buy or sell shares.
section 12(g)regulatory
"terminate the registration of its common stock under Section 12(g) of the Exchange"
Section 12(g) is a rule that requires companies to register with the government and share their financial details when they have a certain number of shareholders or assets. It matters because it makes these companies more transparent, helping investors make informed decisions and keeping the markets fair.
section 15(d)regulatory
"to suspend its reporting obligations under Section 15(d) of the Exchange Act."
Section 15(d) is a U.S. securities law rule that can require a company to keep filing regular public financial reports with regulators after it sells stock in certain offerings, even if it otherwise would stop reporting. Think of it like a store that must continue posting its receipts so buyers can check its health; for investors, it preserves ongoing disclosure and helps them track a company’s finances and risks that might affect the stock.
WATERTOWN, Mass., April 17, 2026 (GLOBE NEWSWIRE) -- Lyra Therapeutics, Inc. (the "Company") today announced its intention to voluntarily file a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (the "SEC") on Monday, April 20, 2026, to remove its common stock from listing and registration on The Nasdaq Stock Market LLC ("Nasdaq"). As previously disclosed, trading in the Company's common stock was suspended by Nasdaq on March 17, 2026. Although Nasdaq has indicated it intends to file its own Form 25 after all internal procedural periods have run, it has not yet done so. The Company is therefore voluntarily filing Form 25 in order to proceed with deregistration. The Company’s common stock is currently quoted on the Pink Limited Market. This press release is being issued in compliance with Rule 12d2-2(c) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
The delisting is expected to become effective 10 days after Form 25 is filed with the SEC. Following the effective date, the Company intends to file a Form 15 with the SEC to terminate the registration of its common stock under Section 12(g) of the Exchange Act and to suspend its reporting obligations under Section 15(d) of the Exchange Act.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, but are not limited to, statements regarding the Company's intention to file Form 25 and the expected timing thereof, the anticipated effectiveness of the delisting, the Company's plans to file a Form 15 to terminate registration and suspend reporting obligations, and the expected suspension and termination of periodic reporting requirements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from those reflected in the Company's forward-looking statements are discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in other filings the Company makes with the SEC from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Contact:
Jason Cavalier
jcavalier@lyratx.com
FAQ
What did Lyra Therapeutics (LYRA) announce on April 17, 2026 about Nasdaq listing?
They announced intention to file Form 25 on April 20, 2026 to remove LYRA from Nasdaq. According to the company, the move follows Nasdaq's suspension of trading on March 17, 2026 and aims to proceed with deregistration.
When will LYRA's delisting from Nasdaq become effective after the Form 25 filing?
The delisting is expected to become effective 10 days after Form 25 is filed. According to the company, this timeline reflects the statutory notice period following the filing with the SEC.
Where will LYRA common stock trade after removal from Nasdaq?
LYRA common stock is currently quoted on the Pink Limited Market and will remain there after delisting. According to the company, the Pink market will provide a quotation post-deregistration.
What will filing a Form 15 mean for LYRA shareholders and reporting?
Filing Form 15 will terminate LYRA's registration under Section 12(g) and suspend reporting under Section 15(d). According to the company, this will end its periodic SEC reporting obligations after the Form 25 effective date.
Why is Lyra voluntarily filing Form 25 instead of waiting for Nasdaq?
The company is voluntarily filing Form 25 because Nasdaq has not yet filed its own Form 25 after internal procedures. According to the company, voluntary filing allows the deregistration process to proceed.
