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Jun 30, 2022
Lyra Q2 2022 Earnings Report
Lyra Therapeutics reported financial results for the second quarter ended June 30, 2022, and highlighted recent accomplishments.
Key Takeaways
Lyra Therapeutics reported a net loss of $14.5 million for the quarter ended June 30, 2022. The company's cash and cash equivalents as of June 30, 2022 were $120.7 million, which is expected to fund planned operations through mid-2024. Enrollment is ongoing for the ENLIGHTEN I Phase 3 trial, and the first patient was treated in Australia in the Part 1/non-randomized portion of the BEACON Phase 2 trial.
Reported continued progress for ongoing clinical programs designed to address the full spectrum of CRS patients.
Pivotal ENLIGHTEN Phase 3 program for LYR-210 is actively enrolling patients with chronic rhinosinusitis and surgically naïve anatomy
BEACON Phase 2 trial for LYR-220 is continuing enrollment of CRS patients with recurrent CRS despite surgical intervention.
In April 2022, secured $96.3 million in net proceeds in an at-the-market, private placement of common stock that is expected to support two pivotal data readouts; cash runway extended until mid-2024
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CapyFin.com Forward Guidance
The company expects its cash and cash equivalents balance to be sufficient to fund its planned operations through mid-2024. Enrollment in the pivotal ENLIGHTEN I Phase 3 trial is ongoing, while the ENLIGHTEN II Phase 3 trial is actively screening patients and we expect to enroll the first patient in the third quarter. Part 2/randomized portion of the BEACON Phase 2 trial is anticipated to commence in the U.S. in the third quarter.
Positive Outlook
- Cash and cash equivalents expected to fund operations through mid-2024
- Enrollment in ENLIGHTEN I Phase 3 trial is ongoing
- ENLIGHTEN II Phase 3 trial is actively screening patients
- First patient expected to enroll in ENLIGHTEN II in Q3
- Part 2 of BEACON Phase 2 trial anticipated to commence in the U.S. in Q3
Challenges Ahead
- Incurred significant losses since inception
- Expects to incur additional losses for the foreseeable future
- Needs additional funding, which may not be available
- Limited operating history
- Has no approved products