[Form 4] Lyra Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Lyra Therapeutics (LYRA) – Form 4 filing: Chief Financial Officer Jason Cavalier sold 684 common shares on 07/10/2025 at $8.91 per share. The transaction was an automatic, sell-to-cover maneuver triggered by the vesting of restricted stock units under a pre-established Rule 10b5-1 trading plan. Following the sale, Cavalier still directly owns 519,316 shares, meaning the disposition represented roughly 0.13% of his post-transaction holdings. No derivative securities activity was reported.

The filing signals routine tax-withholding activity rather than an elective reduction in exposure, so it is viewed as neutral from a governance and sentiment perspective.

Positive

• Sale accounts for only about 0.13% of the CFO’s holdings, indicating continued substantial insider ownership and alignment with shareholders

Negative

• Any insider sale, even if routine, can be interpreted as a modest negative signal by sentiment-driven investors

Insights

Securities Analyst

TL;DR: Small, pre-planned insider sale; negligible impact.

The CFO’s 684-share sale (≈0.13% of his stake) was executed under a mandatory Rule 10b5-1 instruction to cover taxes from RSU vesting. Such administrative transactions do not typically reflect the insider’s view on valuation. Post-sale ownership of 519k shares keeps his economic alignment intact. Given the minor size and pre-arranged nature, I classify the market impact as neutral/not impactful.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cavalier Jason

(Last) (First) (Middle)

C/O LYRA THERAPEUTICS, INC.

480 ARSENAL WAY

(Street)

WATERTOWN MA 02472

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Lyra Therapeutics, Inc. [ LYRA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/10/2025		S(1)		684	D	$8.91	519,316	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares were sold to cover taxes upon the vesting of restricted stock units ("RSUs") pursuant to a mandatory Rule 10b5-1 trading instruction in the award agreement adopted by the Reporting Person on January 1, 2025 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

	/s/ Jason Cavalier	07/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many LYRA shares did the CFO sell?

CFO Jason Cavalier sold 684 common shares.

What was the sale price reported in the Form 4?

The shares were sold at $8.91 each.

Why were the shares sold?

They were sold automatically to cover taxes upon RSU vesting under a Rule 10b5-1 plan.

How many LYRA shares does the CFO own after the transaction?

He now directly owns 519,316 shares.

Is this insider sale considered material to investors?

Given the small size and predetermined nature, it is viewed as not materially impactful.