Lyra Therapeutics cuts workforce by up to 87 employees, CTO departing in restructuring

Lyra Therapeutics, Inc.

Board approved reduction of up to 87 employees, ~80 effective May 21 and ~7 effective June 20, 2024.
John E. Bishop (CTO) position eliminated; separation agreement to provide severance under employment agreement.
Retention payments approved: CEO Maria Palasis receives $375,000 and CFO Jason Cavalier receives $266,666, payable in three installments through May 1, 2025.
Company currently unable to estimate total costs associated with the workforce reduction; will file amendment later.

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