Lyra Therapeutics (NASDAQ: LYRA) exits two office leases early

Rhea-AI Filing Summary

Lyra Therapeutics is exiting two Massachusetts office leases earlier than planned in exchange for cash payments and forfeited deposits. The company agreed with ARE-480 Arsenal Street, LLC to end its 480 Arsenal Way lease for approximately 22,343 rentable square feet no later than May 31, 2026, instead of April 30, 2027. Lyra will forfeit a $302,514.84 letter of credit security deposit, pay a $1,000,000.00 lease modification amount, and potentially pay up to $1,500,000.00 more if a defined sale transaction closes. Rent obligations for this site ended as of January 31, 2026.

For its 880 Winter Street, Waltham lease covering approximately 28,858 rentable square feet, Lyra entered a termination agreement with BXP Waltham Woods LLC to end the lease on May 31, 2026 instead of June 30, 2033. The company will forfeit a $1,089,389.00 letter of credit security deposit and pay a $1,500,000.00 termination fee as liquidated damages, with rent obligations ending March 31, 2026. The agreement includes mutual releases effective at termination.

Insights

Real estate and restructuring analyst

Lyra Trading long leases for near-term cash costs and flexibility.

Lyra Therapeutics is unwinding two sizable office leases by mid-2026, well ahead of their original end dates in 2027 and 2033. In return, it is committing several million dollars in lease modification payments, termination fees, and forfeited letters of credit.

The 480 Arsenal Way termination requires a forfeited $302,514.84 security deposit, a $1,000,000.00 payment, and up to $1,500,000.00 more if a defined sale transaction occurs. The 880 Winter Street exit involves forfeiting a $1,089,389.00 letter of credit and a $1,500,000.00 termination fee, treated as liquidated damages.

These moves consolidate future lease obligations into defined near-term cash outflows, while rent obligations at both locations have already ceased as of January 31, 2026 and March 31, 2026. The net financial impact versus avoided future rent depends on the original lease economics, which are not detailed here.

8-K Event Classification

Item 1.02 — Termination of a Material Definitive Agreement

1 item

Item 1.02 Termination of a Material Definitive Agreement Business

A significant contract was terminated, which may affect business operations or revenue.

Key Figures

480 Arsenal Way rentable area: 22,343 rentable square feet 880 Winter Street rentable area: 28,858 rentable square feet 480 Arsenal letter of credit: $302,514.84 +5 more

8 metrics

480 Arsenal Way rentable area 22,343 rentable square feet Lease area for Watertown, Massachusetts premises

880 Winter Street rentable area 28,858 rentable square feet Lease area for Waltham, Massachusetts premises

480 Arsenal letter of credit $302,514.84 Security deposit forfeited under termination agreement

480 Arsenal modification payment $1,000,000.00 Lease modification payment agreed by Lyra

Potential additional 480 Arsenal payment up to $1,500,000.00 10% of Net Cash if a defined sale transaction closes

880 Winter letter of credit $1,089,389.00 Security deposit forfeited as part of termination

880 Winter termination fee $1,500,000.00 Liquidated damages payment to landlord

New termination date both leases May 31, 2026 Agreed lease end date for Arsenal Way and Winter Street

Key Terms

letter of credit security deposit, lease modification payment, Sale Transaction, liquidated damages, +1 more

5 terms

letter of credit security deposit financial

"the Company agreed to forfeit its $302,514.84 letter of credit security deposit"

lease modification payment financial

"and pay a lease modification payment of $1,000,000.00"

Sale Transaction financial

"if the Company closes a Sale Transaction (as defined in the termination agreement)"

liquidated damages financial

"which together constitute liquidated damages in lieu of all damages suffered by the landlord"

A pre-agreed sum that one party must pay if it breaks a contract, chosen so both sides avoid arguing over the exact amount of loss later. Think of it like a fixed cancellation fee for a reservation: it makes potential costs predictable. For investors, liquidated damages matter because they create a known financial liability that can affect cash flow, contract risk, balance-sheet exposure and deal valuations.

mutual releases financial

"The termination agreement provides for mutual releases between the parties"

Understanding 8-K Material Events →

NASDAQ false 0001327273 0001327273 2026-03-31 2026-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 31, 2026

Lyra Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware		001-39273		84-1700838
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)
480 Arsenal Way
Watertown, Massachusetts				02472
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 617 393-4600

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		LYRA		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.02 Termination of a Material Definitive Agreement.

Termination of 480 Arsenal Street Lease (Watertown, Massachusetts)

On March 31, 2026, Lyra Therapeutics, Inc. (the “Company”) entered into an Agreement for Termination of Lease and Voluntary Surrender of Premises with ARE-480 Arsenal Street, LLC to terminate the Company’s lease for approximately 22,343 rentable square feet at 480 Arsenal Way, Suites 200 and 200A, Watertown, Massachusetts. The lease, as amended, was originally scheduled to expire on April 30, 2027 and will now terminate no later than May 31, 2026.

As consideration, the Company agreed to forfeit its $302,514.84 letter of credit security deposit and pay a lease modification payment of $1,000,000.00. Additionally, if the Company closes a Sale Transaction (as defined in the termination agreement), the Company shall pay 10% of the Net Cash of such transaction, up to $1,500,000.00. The Company’s rent obligations terminated as of January 31, 2026.

Termination of 880 Winter Street Lease (Waltham, Massachusetts)

On April 7, 2026, the Company entered into a Lease Termination Agreement with BXP Waltham Woods LLC to terminate the Company’s lease for approximately 28,858 rentable square feet at 880 Winter Street, Waltham, Massachusetts. The lease was originally scheduled to expire on June 30, 2033 and will now terminate on May 31, 2026.

As consideration, the Company agreed to forfeit its $1,089,389.00 letter of credit security deposit and pay a termination fee of $1,500,000.00, which together constitute liquidated damages in lieu of all damages suffered by the landlord. The Company’s rent obligations terminated as of March 31, 2026. The termination agreement provides for mutual releases between the parties effective as of the termination date.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						Lyra Therapeutics, Inc.
Date: April 10, 2026				By:		/s/ Jason Cavalier
						Jason Cavalier, Authorized Signatory

FAQ

What lease changes did Lyra Therapeutics (LYRA) disclose in this 8-K?

Lyra Therapeutics disclosed early terminations of its 480 Arsenal Way and 880 Winter Street office leases, both now ending May 31, 2026. The changes replace longer original terms with defined cash payments and forfeited security deposits to the respective landlords.

How much is Lyra Therapeutics paying to terminate the 480 Arsenal Way lease?

For 480 Arsenal Way, Lyra will forfeit a $302,514.84 letter of credit and pay a $1,000,000.00 lease modification amount. It also agreed to pay up to an additional $1,500,000.00, equal to 10% of Net Cash if a defined sale transaction closes.

When do Lyra Therapeutics’ rent obligations end for the terminated leases?

Rent obligations for 480 Arsenal Way ended as of January 31, 2026, while rent for 880 Winter Street ended as of March 31, 2026. Both leases themselves are scheduled to terminate on May 31, 2026 under the respective termination agreements.

What are the key terms of Lyra Therapeutics’ 880 Winter Street lease termination?

For 880 Winter Street, Lyra will end the lease on May 31, 2026 instead of June 30, 2033. It will forfeit a $1,089,389.00 letter of credit and pay a $1,500,000.00 termination fee, classified as liquidated damages, with mutual releases effective at termination.

Does the Lyra Therapeutics 8-K mention any mutual releases with landlords?

Yes, the 880 Winter Street termination agreement with BXP Waltham Woods LLC provides for mutual releases between the parties. These releases become effective as of the May 31, 2026 termination date, resolving claims related to the lease beyond the agreed liquidated damages.

Filing Exhibits & Attachments

3 documents

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB