Lyra Therapeutics, Inc. Stock Price, News & Analysis

Lyra Therapeutics (Nasdaq: LYRA) has appointed John Bishop, Ph.D., as the new Chief Technology Officer, effective February 27, 2023. Dr. Bishop will spearhead the scaling-up of manufacturing operations for the company's late-stage product candidates, LYR-210 and LYR-220, designed for chronic rhinosinusitis (CRS). His extensive background in chemistry, manufacturing, and controls in biopharmaceuticals positions him to enhance Lyra's in-house systems. The company has approved an equity grant of 220,000 stock options to Dr. Bishop as part of his employment compensation.

Lyra Therapeutics, Inc. (Nasdaq: LYRA) has completed enrollment in the Phase 2 BEACON trial for LYR-220, targeting chronic rhinosinusitis (CRS) patients post-surgery. This investigational product aims to deliver six months of anti-inflammatory medication through a bioresorbable matrix. Initial results from Part 1 showed a significant 37% improvement in SNOT-22 scores, with no serious adverse events recorded. Topline results from Part 2 are expected in Q4 2023, building on the ongoing development of Lyra's previous candidate, LYR-210, for surgically-naïve CRS patients. These advancements position Lyra favorably in the CRS treatment landscape.

Lyra Therapeutics (NASDAQ: LYRA), a clinical-stage biotechnology company, has announced the issuance of an equity-based award to Gloria Cosgrove, its new Senior Vice President of Quality. This inducement grant includes a non-qualified stock option for 100,000 shares, approved by independent directors, as part of her employment compensation. Lyra is focused on developing therapies for chronic rhinosinusitis (CRS), with two investigational product candidates, LYR-210 and LYR-220, in advanced stages of development. These therapies aim to provide non-surgical treatment options for CRS patients, addressing a significant market need in the U.S.

Lyra Therapeutics (Nasdaq: LYRA) announced that CEO Maria Palasis, Ph.D., will speak at two investor conferences in November 2022. The first event is the Stifel 2022 Healthcare Conference, scheduled for November 15 at 4:10 p.m. ET. The second is the Jefferies London Healthcare Conference, set for November 17 at 4:25 p.m. GMT (11:25 a.m. ET). Webcasts of both presentations will be available on the company's Investor Relations section for 90 days.

Lyra Therapeutics (NASDAQ: LYRA) reported third-quarter 2022 financial results, showing a net loss of $14.8 million, up from $11.1 million a year prior. Cash reserves stand at $109.6 million, projected to fund operations through mid-2024. The company prioritizes the ENLIGHTEN I Phase 3 trial for LYR-210 in chronic rhinosinusitis, with enrollment expected to complete by mid-2023. Enrollment in the ENLIGHTEN II trial will temporarily pause to align with in-house manufacturing timelines, expected to resume in Q3 2023. Positive initial data from the BEACON Phase 2 trial of LYR-220 were also highlighted.

Lyra Therapeutics, Inc. (Nasdaq: LYRA) has announced an equity-based award for its new Senior Vice President of Investor Relations and Communications, Ellen Cavaleri, in accordance with Nasdaq Listing Rule 5635(c)(4). This inducement grant includes a non-qualified stock option to purchase 110,000 shares of the Company's common stock, approved by its independent directors. The company aims to leverage its XTreo™ platform for precise delivery of medications targeting ear, nose, and throat conditions, with ongoing product candidates like LYR-210 and LYR-220.

Lyra Therapeutics announced significant progress in its Phase 2 BEACON clinical trial for LYR-220, targeting chronic rhinosinusitis (CRS) patients who've undergone previous surgeries. The trial's Part 1 showed a 37% mean improvement in SNOT-22 scores among six patients over six weeks. With the first patient now dosed in the randomized Part 2 stage, the trial aims to evaluate safety and efficacy against a control group. Lyra is positioning LYR-220 as a non-invasive treatment alternative for the estimated 4 million CRS patients needing continuous therapy.

Lyra Therapeutics (LYRA) presented promising data from its Phase 2 LANTERN study at the American Rhinologic Society meeting, indicating that LYR-210 significantly reduced symptoms of chronic rhinosinusitis (CRS) in patients treated with 7500μg dosage. Improved outcomes were noted in key symptom areas: nasal blockage, discharge, and facial pressure. The study showed a strong correlation between 3 cardinal symptoms and SNOT-22 scores, emphasizing LYR-210's potential to enhance quality of life. The company continues to advance LYR-210 in the Phase 3 ENLIGHTEN program, aiming to provide a non-invasive treatment option for CRS.

Lyra Therapeutics (NASDAQ: LYRA) has announced the enrollment of the first patient in the Phase 3 ENLIGHTEN II clinical trial for LYR-210, targeting chronic rhinosinusitis (CRS) patients. This study aims to assess the efficacy and safety of LYR-210 as a non-invasive alternative to sinus surgery. The trial will involve 180 participants, comparing LYR-210 against a control, with the primary endpoint being symptom improvement over 24 weeks. With 14 million CRS patients in the U.S., LYR-210 seeks to address the significant unmet need among those not responding to current treatments.