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

LYRA Form 4: Perceptive affiliates report multi-day insider sales

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Lyra Therapeutics (LYRA): insider transactions reported. Perceptive-affiliated entities disclosed multiple open-market sales of common stock on 11/11/2025, 11/12/2025, and 11/13/2025. Reported weighted average prices were $4.3146, $4.0594, and $3.9001, respectively.

Following these transactions, the filing shows Perceptive Life Sciences Master Fund, Ltd. with 124,859 shares and Perceptive LS (A), LLC with 14,026 shares, each held indirectly. The filing notes that prices reflect weighted averages over multiple trades and that the reporting persons disclaim beneficial ownership beyond their indirect pecuniary interests.

Positive

  • None.

Negative

  • None.
Insider PERCEPTIVE ADVISORS LLC, PERCEPTIVE LIFE SCIENCES MASTER FUND LTD, Perceptive LS (A), LLC, EDELMAN JOSEPH
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner
Sold 45,875 shs ($183K)
Type Security Shares Price Value
Sale Common Stock 28,597 $3.9001 $112K
Sale Common Stock 3,213 $3.9001 $13K
Sale Common Stock 7,862 $4.0594 $32K
Sale Common Stock 883 $4.0594 $4K
Sale Common Stock 4,783 $4.3146 $21K
Sale Common Stock 537 $4.3146 $2K
Holdings After Transaction: Common Stock — 124,859 shares (Indirect, See Footnotes)
Footnotes (1)
  1. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.25 to $4.61 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. 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. The securities reported in this row are held by the Master Fund. The securities reported in this row are held by Perceptive LS. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.90 to $4.27 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. The reported price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.90 to $3.91 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.
Form 4 Insider Transactions: What Each Field Means →
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
X
 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)
11/11/2025
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 11/11/2025 S 4,783 D $4.3146(1) 161,318 I See Footnotes(2)(3)
Common Stock 11/11/2025 S 537 D $4.3146(1) 18,122 I See Footnotes(2)(4)
Common Stock 11/12/2025 S 7,862 D $4.0594(5) 153,456 I See Footnotes(2)(3)
Common Stock 11/12/2025 S 883 D $4.0594(5) 17,239 I See Footnotes(2)(4)
Common Stock 11/13/2025 S 28,597 D $3.9001(6) 124,859 I See Footnotes(2)(3)
Common Stock 11/13/2025 S 3,213 D $3.9001(6) 14,026 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 $4.25 to $4.61 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 $3.90 to $4.27 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 $3.90 to $3.91 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 11/13/2025
/s/ Joseph Edelman - for Perceptive LS (A), LLC, By: Perceptive LS GP, LLC, its General Partner, By: Joseph Edelman, its sole member 11/13/2025
/s/ Joseph Edelman - for Perceptive Advisors LLC, By: Joseph Edelman, its managing member 11/13/2025
/s/ Joseph Edelman 11/13/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did LYRA report on Form 4?

Affiliated Perceptive entities reported multiple open‑market sales of LYRA common stock on 11/11/2025, 11/12/2025, and 11/13/2025 at weighted average prices.

What prices were reported for the LYRA insider sales?

Weighted average prices were $4.3146 (11/11/2025), $4.0594 (11/12/2025), and $3.9001 (11/13/2025), each reflecting multiple transactions within disclosed ranges.

How many LYRA shares did the reporting holders show after the trades?

The filing shows 124,859 shares for Perceptive Life Sciences Master Fund, Ltd. and 14,026 shares for Perceptive LS (A), LLC, each held indirectly.

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.

Were these LYRA trades made under a Rule 10b5‑1 plan?

The form includes the standard 10b5‑1 checkbox text, but the excerpt does not indicate that the box was checked.

Did the filing report any derivative securities for LYRA?

No derivative securities were listed in Table II of the excerpt.

What ownership capacity was indicated for these LYRA holdings?

Holdings were reported as indirect, with disclaimers limiting beneficial ownership to indirect pecuniary interests.