Lyra Therapeutics (LYRA) Receives Nasdaq Equity Deficiency Notice

Lyra Therapeutics reported receipt of a Nasdaq deficiency letter because its stockholders' equity was approximately $1.6 million as of June 30, 2025, below the Nasdaq Capital Market minimum requirement of $2.5 million.

Rhea-AI Filing Summary

Lyra Therapeutics reported receipt of a Nasdaq deficiency letter because its stockholders' equity was approximately $1.6 million as of June 30, 2025, below the Nasdaq Capital Market minimum requirement of $2.5 million. The filing states the deficiency letter has no immediate effect on the listing or trading of the company's common stock, which will continue to trade on Nasdaq under the symbol LYRA. The company points investors to its Annual Report and Quarterly Report for risk disclosures and reiterates standard forward-looking statements caution. The report is dated August 22, 2025, and signed by CFO Jason Cavalier.

Positive

• Trading unchanged: The deficiency letter has no immediate effect on listing or trading, and shares continue to trade under the symbol LYRA.
• Disclosure available: The company has pointed investors to its Annual and Quarterly Reports for full risk and financial details, ensuring public access to supporting documents.

Negative

• Nasdaq deficiency: Stockholders' equity of approximately $1.6 million as of June 30, 2025, is below the Nasdaq Capital Market requirement of $2.5 million.
• Regulatory noncompliance: Receipt of a Nasdaq Deficiency Letter represents a material listing-rule noncompliance that may require remedial action or a submitted plan to regain compliance.

Insights

Corporate Governance Expert

TL;DR: Company failed to meet Nasdaq equity minimum, a governance/compliance concern that requires a plan to regain compliance.

The filing documents a formal Nasdaq deficiency based solely on stockholders' equity falling to about $1.6 million versus the $2.5 million minimum. This is a clear listing-rule noncompliance that typically triggers a prescribed cure period or submission of a plan to regain compliance. Although trading continues, the deficiency increases regulatory and investor scrutiny and may constrain strategic options until resolved.

Securities Analyst / Portfolio Manager

TL;DR: The disclosure is materially negative for equity holders given the capital shortfall, though immediate trading remains unaffected.

The material fact is the magnitude of the shortfall: roughly $0.9 million below Nasdaq's $2.5 million threshold as of the balance date. While the filing does not quantify liquidity, cash, or remediation plans, the equity deficit is a signal investors use to reassess capital adequacy and potential dilution or financing needs. Absent further details, this raises downside risk until remedial steps are disclosed.

8-K Event Classification

Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

1 item

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Securities

The company received a delisting notice, failed to satisfy a continued-listing rule or standard, or transferred its listing.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What triggered the Nasdaq deficiency letter for Lyra Therapeutics (LYRA)?

The company reported that its stockholders' equity was approximately $1.6 million as of June 30, 2025, below the Nasdaq Capital Market minimum requirement of $2.5 million.

Will LYRA shares stop trading after the Nasdaq deficiency letter?

No. The filing states the deficiency letter has no immediate effect on the listing or trading and the common stock will continue to trade on Nasdaq under the symbol LYRA.

Where can investors find more details about LYRA's financials and risks?

The company directs investors to its Annual Report for the year ended December 31, 2024, and its Quarterly Report for the quarter ended June 30, 2025, available at investors.lyratherapeutics.com and the SEC website www.sec.gov.

When was the current report filed and who signed it?

The report is dated August 22, 2025 and is signed by Jason Cavalier, Chief Financial Officer.

Does the filing state a timeline or plan to regain Nasdaq compliance?

The filing does not provide any timeline, remediation plan, or additional details about steps to regain compliance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/22/2025 - 04:15 PM Learn about SEC filing dates

NASDAQ false 0001327273 0001327273 2025-08-20 2025-08-20

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): August 20, 2025

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 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On August 20, 2025, Lyra Therapeutics, Inc. (the “Company”) received a letter (the “Deficiency Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s stockholders’ equity as reported in its Quarterly Report on Form 10-Q for the period ended June 30, 2025 (the “Form 10-Q”), did not satisfy the continued listing requirement under Nasdaq Listing Rule 5550(b)(1) for the Nasdaq Capital Market, which requires that a listed company’s stockholders’ equity be at least $2.5 million. As reported on its Form 10-Q, the Company’s stockholders’ equity as of June 30, 2025 was approximately $1.6 million. The Deficiency Letter has no immediate effect on the listing or trading of the Company’s common stock and the common stock will continue to trade on The Nasdaq Capital Market under the symbol “LYRA.”

In accordance with Nasdaq Listing Rule 5810(c)(2)(C), the Company has been provided an initial period of 45 calendar days, or until October 4, 2025, to submit a plan to regain compliance. Subsequent to the receipt of the Deficiency Letter, and prior to that deadline, the Company will submit a plan to regain compliance with Nasdaq Listing Rule 5550(b)(1) to Nasdaq. If the Company’s plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the Deficiency Letter to evidence compliance.

The Company is currently evaluating various courses of action to regain compliance and plans to timely submit its plan to Nasdaq to regain compliance with Nasdaq Listing Rule 5550(b)(1). There can be no assurance that the Company’s plan will be accepted or that if it is, the Company will be able to regain compliance. If the Company’s plan to regain compliance is not accepted, or if it is and the Company does not regain compliance within 180 days from the date of the Deficiency Letter, or if the Company fails to satisfy another Nasdaq requirement for continued listing, Nasdaq could provide notice that the Company’s common stock will become subject to delisting. In such event, Nasdaq rules would permit the Company to appeal the decision to reject the Company’s proposed compliance plan or any delisting determination to a Nasdaq Hearings Panel. The hearing request would stay any suspension or delisting action pending the conclusion of the hearing process and the expiration of any additional extension period granted by the panel following the hearing.

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the submission of a plan to regain compliance, potential receipt of an extension to regain compliance, ability of the Company to comply with other Nasdaq requirements, potential delisting of the Company’s common stock from the Nasdaq Capital Market, and the ability of the Company to regain compliance with Nasdaq Listing Rule 5550(b)(1). These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “would” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words or expressions. For other important factors that could cause actual results to differ materially from the forward-looking statements in this Current Report on Form 8-K, please see the risks and uncertainties identified under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated by the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, each of which is available on the Company’s Investor Relations website at investors.lyratherapeutics.com and on the SEC website at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. All forward-looking statements reflect the Company’s beliefs and assumptions only as of the date of this Current Report on Form 8-K. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise. Capitalized terms shall have the meanings ascribed to such terms in this Current Report on Form 8-K.

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: August 22, 2025				By:		/s/ Jason Cavalier
						Jason Cavalier, Chief Financial Officer