Lyra Therapeutics, Inc., a clinical-stage biotechnology company focused on chronic rhinosinusitis (CRS) treatments, reported a net loss of $93.4 million for the year ended December 31, 2024, compared to a net loss of $62.7 million in 2023. The increase in net loss is primarily attributable to a $29.2 million increase in total operating expenses, driven by $22.8 million in impairment of right-of-use assets, $10.9 million in restructuring and other related charges, and a $1.9 million impairment of property and equipment. Collaboration revenue decreased slightly to $1.5 million in 2024 from $1.6 million in 2023.
Significant changes occurred in 2024 following the announcement in May 2024 that the Phase 3 ENLIGHTEN 1 trial for LYR-210, its lead product candidate, did not meet its primary endpoint. This led to a 75% reduction in workforce, impacting 87 employees, and the suspension of manufacturing and commercialization efforts for LYR-210, as well as pausing development of LYR-220. The company incurred charges of approximately $10.9 million related to this restructuring. The ENLIGHTEN 2 trial for LYR-210 is ongoing, with topline results expected in the second quarter of 2025.
The company's cash and cash equivalents totaled $40.6 million as of December 31, 2024, down from $102.8 million at the end of 2023. This decrease reflects net cash used in operating activities of $70.0 million in 2024, compared to $63.3 million in 2023. The company raised a total of $424.8 million in funding since inception through December 31, 2024, from various sources including equity offerings, government contracts, and a license agreement with LianBio. The company's collaboration revenue for 2024 was $1.5 million, down from $1.6 million in 2023.
Lyra Therapeutics currently has 30 full-time employees and nine consultants. The company's common stock trades on the Nasdaq Capital Market under the symbol "LYRA." In July 2024, the company received a notification from Nasdaq regarding its stock price falling below the minimum bid price requirement. The company subsequently applied for and received a transfer to the Nasdaq Capital Market and a second 180-day compliance period to regain compliance with the minimum bid price requirement. The company is evaluating strategic options to maximize shareholder value, including additional clinical trials, asset sales, or a strategic business combination. The company does not anticipate paying cash dividends in the foreseeable future.
The company's outlook is uncertain, contingent upon the results of the ENLIGHTEN 2 trial and its ability to secure additional funding. The company acknowledges substantial doubt regarding its ability to continue as a going concern for the next year, based on its current operating plan and cash resources. The company's future plans include evaluating strategic options and seeking additional funding through equity offerings, debt financings, collaborations, strategic alliances, and licensing arrangements.
About Lyra Therapeutics, Inc.
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