[SCHEDULE 13D/A] Lyra Therapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Perceptive Advisors and related parties report a 15.55% beneficial stake in Lyra Therapeutics. The Schedule 13D/A discloses ownership of 255,750 shares of Lyra common stock out of 1,644,454 shares outstanding as reported in the filing. Ownership is held collectively by Perceptive Advisors LLC and affiliated entities: Perceptive Life Sciences Master Fund, Ltd. (229,982 shares, 13.99%) and Perceptive LS (A), LLC (25,768 shares, 1.57%). The cover pages show shared voting and dispositive power over the reported shares and identify the source(s) of funds as stated in the filing. The filing provides a clear ownership breakdown and the percentage calculations based on the issuer's reported outstanding shares.

Positive

• Material ownership disclosure: Reporting person and affiliates disclose a combined 15.55% stake (255,750 shares) of Lyra Therapeutics.
• Clear breakdown: Filing itemizes holdings by entity: 229,982 shares (13.99%) and 25,768 shares (1.57%).
• Voting/control clarity: Statement shows shared voting and dispositive power, clarifying governance influence.

Negative

• None.

Insights

Financial Analyst

TL;DR: A material 15.55% stake is disclosed, providing transparency on an institutional holder's position.

The Schedule 13D/A reports that Perceptive Advisors and related entities beneficially own 255,750 shares of Lyra Therapeutics, representing 15.55% of the 1,644,454 shares outstanding cited in the filing. The disclosure includes granular holdings by fund/entity (229,982 and 25,768 shares) and indicates shared voting and dispositive power rather than sole control. This filing supplies the market with definitive ownership figures and the source-of-funds classifications stated on the cover pages, which are useful for assessing concentration of ownership but do not, by themselves, state any planned corporate actions.

Corporate Governance Expert

TL;DR: Reporting clarifies governance influence through shared voting power across affiliated entities.

The Schedule 13D/A clarifies that the reported position is exercised via shared voting and dispositive power, with no sole voting authority claimed. The breakdown between Perceptive Life Sciences Master Fund, Ltd. and Perceptive LS (A), LLC shows how control may be distributed among affiliated vehicles. For governance analysis, the filing is informative about ownership concentration and decision-making structure but does not indicate any proposed changes to board composition or corporate strategy within the document itself.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

Lyra Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

55234L105

(CUSIP Number)

Alexander Rakitin
51 Astor Place, 10th Floor,
New York, NY, 10003
(646) 205-5345

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/12/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 55234L105

1

Name of reporting person

Perceptive Advisors LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 255,750.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 255,750.00

11

Aggregate amount beneficially owned by each reporting person

255,750.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

15.55 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP No. 55234L105

1

Name of reporting person

Joseph Edelman

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 255,750.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 255,750.00

11

Aggregate amount beneficially owned by each reporting person

255,750.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

15.55 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 55234L105

1

Name of reporting person

Perceptive Life Sciences Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 229,982.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 229,982.00

11

Aggregate amount beneficially owned by each reporting person

229,982.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.99 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 55234L105

1

Name of reporting person

Perceptive LS (A), LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 25,768.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 25,768.00

11

Aggregate amount beneficially owned by each reporting person

25,768.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.57 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.001 par value
(b)	Name of Issuer: Lyra Therapeutics, Inc.
(c)	Address of Issuer's Principal Executive Offices: 480 Arsenal Way, Watertown, MASSACHUSETTS , 02472.
Item 5.	Interest in Securities of the Issuer
(a)	The information set forth in rows 11 and 13 of the cover pages to this Schedule 13D is incorporated by reference. The percentage set forth in row 13 is based on 1,644,454 outstanding shares of Common Stock as of August 8, 2025 as reported by the Issuer in its Form 10-Q filed with the Securities and Exchange Commission on August 12, 2025.
(b)	The information set forth in rows 7 through 10 of the cover pages to this Schedule 13D is incorporated by reference.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Perceptive Advisors LLC

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	08/14/2025

Joseph Edelman

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman
Date:	08/14/2025

Perceptive Life Sciences Master Fund, Ltd.

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	08/14/2025

Perceptive LS (A), LLC

Signature:	Perceptive LS GP, LLC
Name/Title:	Joseph Edelman, Member
Date:	08/14/2025

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Member
Date:	08/14/2025

FAQ

How many Lyra Therapeutics (LYRA) shares do Perceptive Advisors and affiliates report owning?

The filing reports a combined beneficial ownership of 255,750 shares of Lyra common stock.

What percentage of LYRA does 255,750 shares represent?

The filing states this represents 15.55% of the outstanding shares, based on 1,644,454 shares reported by the issuer.

Which Perceptive entities hold the reported LYRA shares and how are they divided?

Perceptive Life Sciences Master Fund, Ltd. holds 229,982 shares (13.99%) and Perceptive LS (A), LLC holds 25,768 shares (1.57%).

Do the reporting persons claim sole voting or dispositive power over the LYRA shares?

No. The cover pages show 0 sole voting/dispositive power and report shared voting and dispositive power over the shares.

What source(s) of funds are disclosed for the acquisitions of LYRA shares?

The cover pages list the source of funds using the filing codes shown: AF (for Perceptive Advisors and Joseph Edelman) and WC (for the Cayman entities), as stated on the filing cover pages.