Lyra Therapeutics plunges after halting development of lead nasal drug
ReutersJan 12, 2026 1:50 PM
Shares of drug developer Lyra Therapeutics LYRA.O plummet 39% to $2.28 premarket
LYRA says it will stop developing its lead drug LYR-210 for chronic rhinosinusitis, an inflammation of the nasal passages and sinuses
Says it will cut most of its workforce; retain CEO and CFO as consultants
SSG Capital Advisors engaged to explore strategic alternatives - LYRA
Move comes after co reported positive late-stage trial data for LYR-210 in June that drove shares up over 300%
LYRA had $22.1 million in cash as of September 30, and expects remaining funds to last into Q3 2026
Stock fell 71.5% in 2025
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