Sabby group reports 9.87% Lyra Therapeutics (LYRA) ownership stake

Rhea-AI Filing Summary

Lyra Therapeutics, Inc. received a Schedule 13G filing showing that Sabby Volatility Warrant Master Fund, Ltd., Sabby Management, LLC, and Hal Mintz together report beneficial ownership of 175,158 shares of Lyra common stock. This position represents 9.87% of the outstanding common shares as of the event date. The filing states that all three reporting persons share both voting and dispositive power over these shares and have no sole voting or dispositive authority.

The filers certify that the securities were not acquired and are not held for the purpose of changing or influencing control of Lyra Therapeutics, describing the position as a passive investment under Schedule 13G.

Insights

Equity ownership and disclosure analyst

A Sabby-affiliated group reports a passive 9.87% stake in Lyra.

The filing shows that Sabby Volatility Warrant Master Fund, Ltd., Sabby Management, LLC, and Hal Mintz collectively report beneficial ownership of 175,158 Lyra Therapeutics common shares, equal to 9.87% of the class. Voting and dispositive power over these shares is shared among the reporting persons, with no sole authority reported.

The use of a Schedule 13G and the certification language indicate the position is being reported as a passive investment rather than an attempt to influence control. Future ownership updates, if any, would typically appear in subsequent beneficial ownership filings when thresholds or positions change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Lyra Therapeutics, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

55234L204

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 55234L204

1

Names of Reporting Persons

SABBY MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 175,158.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 175,158.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

175,158.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 55234L204

1

Names of Reporting Persons

Hal Mintz

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

FLORIDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 175,158.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 175,158.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

175,158.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 55234L204

1

Names of Reporting Persons

Sabby Volatility Warrant Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 175,158.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 175,158.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

175,158.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Lyra Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 480 ARSENAL WAY, WATERTOWN, MASSACHUSETTS, 02472
Item 2.
(a)	Name of person filing: Sabby Volatility Warrant Master Fund, Ltd. Sabby Management, LLC Hal Mintz
(b)	Address or principal business office or, if none, residence: Sabby Volatility Warrant Master Fund, Ltd. c/o Captiva (Cayman) Ltd Governors Square, Bldg 4, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 32315 Grand Cayman KY1-1209 Cayman Islands Sabby Management, LLC 1011 Links Dr. Miami Beach, FL 33109 Hal Mintz c/o Sabby Management, LLC 1011 LInks Dr. Miami Beach, FL 33109
(c)	Citizenship: Sabby Volatility Warrant Master Fund, Ltd. - Cayman Islands Sabby Management, LLC - Delaware, USA Hal Mintz - USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 55234L204
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Sabby Volatility Warrant Master Fund, Ltd. - 175,158 Sabby Management, LLC - 175,158 Hal Mintz - 175,158
(b)	Percent of class: Sabby Volatility Warrant Master Fund, Ltd. - 9.87% Sabby Management, LLC - 9.87% Hal Mintz - 9.87%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 175,158
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 175,158
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

SABBY MANAGEMENT, LLC

Signature:	/s/ Robert Grundstein
Name/Title:	COO
Date:	01/20/2026

Hal Mintz

Signature:	/S/ HAL MINTZ
Name/Title:	HAL MINTZ
Date:	01/20/2026

Sabby Volatility Warrant Master Fund, Ltd.

Signature:	/s/ Harry Thompson
Name/Title:	Harry Thompson
Date:	01/20/2026

FAQ

Who filed the Schedule 13G for Lyra Therapeutics (LYRA)?

The Schedule 13G for Lyra Therapeutics, Inc. was filed by Sabby Volatility Warrant Master Fund, Ltd., Sabby Management, LLC, and Hal Mintz as the reporting persons.

How many Lyra Therapeutics shares are beneficially owned by the Sabby group?

The reporting persons disclose beneficial ownership of 175,158 shares of Lyra Therapeutics common stock, with shared voting and shared dispositive power over all of these shares.

What percentage of Lyra Therapeutics common stock does the Sabby group own?

The Schedule 13G states that Sabby Volatility Warrant Master Fund, Sabby Management, and Hal Mintz each report 9.87% beneficial ownership of Lyra Therapeutics outstanding common stock.

Is the Sabby position in Lyra Therapeutics reported as passive or active?

The filers certify that the securities were not acquired and are not held for the purpose of changing or influencing control of Lyra Therapeutics, indicating a passive investment under Schedule 13G.

Who has voting and dispositive power over the reported Lyra Therapeutics shares?

The filing shows no sole voting or dispositive power for any reporting person and shared voting and shared dispositive power over all 175,158 shares for each of Sabby Volatility Warrant Master Fund, Sabby Management, and Hal Mintz.

What is the event date for the Lyra Therapeutics Schedule 13G holding?

The date of the event that triggered this Schedule 13G filing is December 31, 2025, as listed in the document.