---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-143419"
form_type: "8-K"
ticker: "LYRA"
cik: "0001327273"
company_name: "Lyra Therapeutics, Inc."
filed_at: "2024-05-21T23:59:59+00:00"
generated_at: "2026-06-01T10:30:51.655406+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-143419
- form_type: 8-K
- ticker: LYRA
- cik: 0001327273
- company_name: Lyra Therapeutics, Inc.
- filed_at: 2024-05-21T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.05, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1327273/000119312524143419/0001193125-24-143419-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1327273/000119312524143419/d612188d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-143419
- JSON: https://secwatch.observer/filing/0001193125-24-143419.json
- Plain text: https://secwatch.observer/filing/0001193125-24-143419.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.