Lyra Therapeutics, Inc. (LYRA): restructuring charge — Lyra suspends LYR-210 development, lays off nearly all staff; CEO/CFO become consultants

Lyra Therapeutics, Inc.

Board approved plan to suspend LYR-210 development and reduce workforce affecting substantially all employees, effective Jan 12, 2026.
CEO Dr. Maria Palasis and CFO Jason Cavalier terminated; they signed consulting agreements with monthly fees of $78,125 and $55,555.50, respectively.
Cash and equivalents $22.1M as of Sep 30, 2025; expected runway extended to Q3 2026.
Engaged SSG Capital Advisors to explore strategic alternatives; no assurance of any transaction.
Positive ENLIGHTEN 2 Phase 3 data for LYR-210 (June 2025) but capital constraints force halt.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Lyra Therapeutics, Inc. announced a restructuring affecting LYR-210 product candidate (substantially all of the Company’s remaining employees).

Type: restructuring
Affected area: LYR-210 product candidate
Headcount: substantially all of the Company’s remaining employees

Exact text from the filing

On January 9, 2026, the Board of Directors of Lyra Therapeutics, Inc. (the “Company”) approved a plan to suspend further development of LYR-210, the Company’s lead product candidate for the treatment of chronic rhinosinusitis, and to implement a cost reduction plan that includes a workforce reduction impacting substantially all of the Company’s remaining employees, effective January 12, 2026, and other cost-saving actions to preserve capital (the “Plan”).

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3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Lyra Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-26-009772

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