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.

item 2.05 item 5.02 item 8.01

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