Lyra Therapeutics restates Q1/Q2 2022 financials due to $5M milestone error

Lyra Therapeutics, Inc.

Audit Committee concludes Q1 and Q2 2022 financials no longer reliable due to $5.0M milestone revenue recognition error from LianBio agreement.
Restatement will correct the treatment of variable consideration; cash position unchanged.
Material weakness identified in internal controls over accounting for complex, nonrecurring transactions.
Company expects to file restated financials as soon as practicable.

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