Lyra Therapeutics, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated collaboration revenue of $183,000 for the three months ended June 30, 2025, a decrease of 69% from $598,000 in the same period last year. For the six months ending June 30, 2025, total collaboration revenue was $366,000, down from $1.13 million in the prior year. The company’s net loss for the second quarter was $7.44 million, a substantial improvement compared to a net loss of $48.13 million in the same quarter of 2024. For the first half of 2025, the net loss was $15.98 million, compared to $70.58 million in the first half of 2024.
The financial performance reflects a significant reduction in operating expenses, which totaled $9.01 million for the second quarter of 2025, down from $49.57 million in the same quarter of 2024. This decrease was primarily due to reduced research and development costs, which fell from $13.26 million to $5.11 million, and general and administrative expenses, which decreased from $5.14 million to $3.50 million. The company also recorded no impairment charges in the latest quarter, contrasting sharply with the previous year when it incurred $22.84 million in impairment of right-of-use assets.
Strategically, Lyra Therapeutics has undergone significant organizational changes, including a workforce reduction of approximately 75% in May 2024, impacting 87 employees. This restructuring was a response to the failure of the Phase 3 ENLIGHTEN 1 trial for its primary product candidate, LYR-210, which did not meet its primary endpoint. Following this, the company paused commercialization efforts for LYR-210 and development for its second product candidate, LYR-220. However, the company reported positive results from the Phase 3 ENLIGHTEN 2 trial for LYR-210 in June 2025, which met its primary endpoint, potentially paving the way for future commercialization.
As of June 30, 2025, Lyra Therapeutics had cash and cash equivalents of $29.78 million, a decrease from $40.58 million at the end of 2024. The company has raised a total of $429.8 million since its inception, primarily through equity financing. The recent June 2025 financing raised $5 million in gross proceeds. Despite the cash reserves, the company has expressed substantial doubt about its ability to continue as a going concern, citing ongoing operating losses and the need for additional funding to support its operations and product development.
Looking ahead, Lyra Therapeutics plans to seek feedback from the FDA regarding the total dataset from the ENLIGHTEN trials to determine the regulatory path for LYR-210. The company is also focused on preserving cash and is in the process of marketing its leased properties for sub-leasing arrangements. The future of its collaboration with LianBio remains uncertain due to LianBio's ongoing wind-down activities, which could impact Lyra's revenue potential from this partnership.
About Lyra Therapeutics, Inc.
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