Lyra Therapeutics Q2 net loss $48.1M; workforce cut 75%; ENLIGHTEN 1 subgroup positive

Lyra Therapeutics, Inc.

2024-Q2 EPS reported -$1.09 revenue$1,130,000

Q2 net loss $48.1M vs $15.6M YoY, including $22.8M right-of-use asset impairment and $6.5M restructuring charge.
Cash $67.5M at June 30; expects runway into Q1 2026.
Further analysis of ENLIGHTEN 1 shows LYR-210 improved 3CS score by 2.25 points (p=0.0058) vs sham in CRS with nasal polyps.
Reduced workforce by ~75% (87 employees), halted manufacturing, paused LYR-220, and seeking subleases.
ENLIGHTEN 1 extension results expected Q4 2024; ENLIGHTEN 2 topline results expected 1H 2025.

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