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Jun 30, 2021
Lyra Q2 2021 Earnings Report
Lyra Therapeutics reported financial results and highlighted recent accomplishments.
Key Takeaways
Lyra Therapeutics reported a net loss of $11.0 million for the second quarter of 2021. The company's cash and cash equivalents were $69.0 million as of June 30, 2021, and they expect it to fund operations into 2023. They also announced a licensing agreement with LianBio for LYR-210 and have a clear path forward to advance LYR-210 into Phase 3 clinical development.
Successful EOP2 FDA meeting for LYR-210 in CRS, with Phase 3 program on track to begin around year-end 2021.
Entered into a licensing agreement with LianBio for LYR-210 in Greater China and other Asian markets.
Reported positive topline results from an LYR-210 PK study, supporting a 505(b)(2) NDA pathway.
Cash and cash equivalents were $69.0 million as of June 30, 2021, expected to fund operations into 2023.
Lyra
Lyra
Forward Guidance
Lyra Therapeutics expects to advance LYR-210 into Phase 3 clinical development for the treatment of Chronic Rhinosinusitis around year-end. LYR-220 for post-surgical CRS patients, is also advancing and remains on track to enter Phase 2 later this year.
Positive Outlook
- Clear path forward to advance LYR-210 into Phase 3 clinical development for the treatment of Chronic Rhinosinusitis.
- LYR-220 for post-surgical CRS patients is advancing and remains on track to enter Phase 2 later this year.
- LYR-210 and LYR-220 will disrupt the current CRS treatment landscape.
- Provide a new pharmacologic solution for the full spectrum of the 4 million U.S. CRS patients who fail medical management each year.
- Cash balance to be sufficient to fund its planned operations into 2023.
Challenges Ahead
- Incurred significant losses since inception and expects to incur losses for the foreseeable future.
- Need for additional funding, which may not be available.
- Limited operating history.
- No approved products.
- Product candidates are in various stages of development.