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

Rhea-AI Filing Summary

Lyra Therapeutics (LYRA): Director-affiliated entities reported sales of common stock. A Form 4 shows multiple sales on 11/06/2025, 11/07/2025, and 11/10/2025 at weighted average prices of $5.1799, $4.7467, and $4.5398, respectively. The transactions were reported as indirect holdings tied to Perceptive Life Sciences Master Fund, Ltd. and Perceptive LS (A), LLC.

Following these transactions, beneficially owned shares reported were 166,101 for the Master Fund and 18,659 for Perceptive LS. Footnotes note prices are weighted averages with individual trade prices available upon request. Reporting persons include Perceptive Advisors, LLC, Perceptive LS GP, LLC, and Joseph Edelman, who is listed as a director and reports indirect ownership as described.

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

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

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^*

PERCEPTIVE ADVISORS LLC

(Last) (First) (Middle)

51 ASTOR PLACE, 10TH FLOOR

(Street)

NEW YORK NY 10003

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

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2025

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

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

	Form filed by One Reporting Person
X	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	11/06/2025		S		28,902	D	$5.1799(1)	200,480	I	See Footnotes(2)(3)
Common Stock	11/06/2025		S		3,247	D	$5.1799(1)	22,521	I	See Footnotes(2)(4)
Common Stock	11/07/2025		S		17,746	D	$4.7467(5)	182,734	I	See Footnotes(2)(3)
Common Stock	11/07/2025		S		1,993	D	$4.7467(5)	20,528	I	See Footnotes(2)(4)
Common Stock	11/10/2025		S		16,633	D	$4.5398(6)	166,101	I	See Footnotes(2)(3)
Common Stock	11/10/2025		S		1,869	D	$4.5398(6)	18,659	I	See Footnotes(2)(4)

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

1. Name and Address of Reporting Person^*

PERCEPTIVE ADVISORS LLC

(Last) (First) (Middle)

51 ASTOR PLACE, 10TH FLOOR

(Street)

NEW YORK NY 10003

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

PERCEPTIVE LIFE SCIENCES MASTER FUND LTD

(Last) (First) (Middle)

51 ASTOR PLACE, 10TH FLOOR

(Street)

NEW YORK NY 10003

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Perceptive LS (A), LLC

(Last) (First) (Middle)

51 ASTOR PLACE, 10TH FLOOR

(Street)

NEW YORK NY 10003

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

EDELMAN JOSEPH

(Last) (First) (Middle)

51 ASTOR PLACE, 10TH FLOOR

(Street)

NEW YORK NY 10003

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.85 to $5.65 inclusive. The reporting persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within such range.

2. Perceptive Advisors, LLC (the "Advisor") serves as the investment advisor to Perceptive Life Sciences Master Fund, Ltd. (the "Master Fund"). Perceptive LS GP, LLC ("GP") is the manager of Perceptive LS (A), LLC ("Perceptive LS"). Joseph Edelman is the managing member of the Advisor and the sole member of GP. Each of Mr. Edelman, GP and the Advisor disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of his/its indirect pecuniary interest therein, and this report shall not be deemed an admission that Mr. Edelman, GP or the Advisor is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

3. The securities reported in this row are held by the Master Fund.

4. The securities reported in this row are held by Perceptive LS.

5. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.61 to $4.9 inclusive. The reporting persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within such range.

6. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.5 to $4.675 inclusive. The reporting persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within such range.

	/s/ Joseph Edelman - for Perceptive Life Sciences Master Fund Ltd., By: Perceptive Advisors LLC, its investment manager, By: Joseph Edelman, its managing member	11/10/2025
	/s/ Joseph Edelman - for Perceptive LS (A), LLC, By: Perceptive LS GP, LLC, its General Partner, By: Joseph Edelman, its sole member	11/10/2025
	/s/ Joseph Edelman - for Perceptive Advisors LLC, By: Joseph Edelman, its managing member	11/10/2025
	/s/ Joseph Edelman	11/10/2025
	** 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

What did LYRA disclose in this Form 4?

The filing reports multiple sales of Lyra Therapeutics common stock by entities affiliated with director Joseph Edelman on 11/06/2025, 11/07/2025, and 11/10/2025.

What were the reported weighted average prices for the LYRA stock sales?

Weighted average prices were $5.1799 on 11/06/2025, $4.7467 on 11/07/2025, and $4.5398 on 11/10/2025.

How many LYRA shares were beneficially owned after the transactions?

Post-transaction beneficial ownership reported was 166,101 shares for the Master Fund and 18,659 shares for Perceptive LS.

Who are the reporting persons in the LYRA Form 4?

Perceptive Advisors, LLC; Perceptive Life Sciences Master Fund, Ltd.; Perceptive LS (A), LLC; Perceptive LS GP, LLC; and Joseph Edelman (director).

How is ownership characterized in the filing?

The positions are reported as indirect holdings, with footnotes describing advisory/manager roles and disclaimers of beneficial ownership except for indirect pecuniary interest.

Are detailed trade prices available beyond the weighted averages?

Yes. Footnotes state individual trade prices within each range are available upon request to the issuer, security holders, or SEC staff.