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Mar 31, 2020
Lyra Q1 2020 Earnings Report
Lyra Therapeutics reported financial results for the first quarter of 2020 and provided a corporate update.
Key Takeaways
Lyra Therapeutics reported a net loss of $4.2 million for the first quarter of 2020. The company's cash and cash equivalents were $35.2 million as of March 31, 2020, which does not include the proceeds from the company's IPO.
Announced closing of initial public offering and exercise in full of underwriters’ option to purchase additional shares.
Completed Series C Financing, raising approximately $30 million in new funds.
Announced FDA clearance of IND for a Phase 2 Clinical Trial of LYR-210 for Chronic Rhinosinusitis.
Discontinued enrollment in the Phase 2 LANTERN clinical trial due to COVID-19 and decided not to open any sites in the U.S.