Lyra Therapeutics soars after nasal drug meets trial goals in late-stage study

Shares of drug developer Lyra Therapeutics LYRA.O soar 648.5% to a more than year high of $36.90

*Stock set for its best day on record, if gains hold

As of last close, co had market cap of $6.53 mln, on track to add about $42.4 mln to market cap, if gains hold

Lyra's experimental drug LYR-210 met the main and secondary goals of a late-stage trial; reduced symptoms of Chronic Rhinosinusitis (CRS), including nasal congestion, discharge, and facial pain, in patients without nasal growths (polyps)

Chronic rhinosinusitis is a chronic inflammation of the nasal passages and sinuses

LYR-210 is a bioabsorbable nasal implant that delivers six months of continuous dosage for patients with the condition

Co plans to pursue FDA approval of the drug for patients without nasal polyps and continue developing the drug for people with nasal polyps

The company had $31.7 million in cash and cash equivalents as of March 31

As of last close, LYRA stock down 52.2% YTD