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Jun 30, 2023
Lyra Q2 2023 Earnings Report
Lyra Therapeutics reported financial results for the second quarter ended June 30, 2023 and provided a corporate update.
Key Takeaways
Lyra Therapeutics reported a net loss of $15.6 million for the second quarter of 2023. The company's cash, cash equivalents, and short-term investments totaled $116.2 million as of June 30, 2023, which is expected to fund operations into the first quarter of 2025. The company is advancing its clinical programs for LYR-210 and LYR-220.
Enrollment in the ENLIGHTEN I pivotal trial of LYR-210 is expected to complete in the coming weeks, with data expected in the first half of 2024.
Initial topline results from the BEACON Phase 2 trial of LYR-220 are anticipated in September 2023.
A private placement in May 2023 resulted in net proceeds of $46.7 million.
Cash, cash equivalents and short-term investments as of June 30, 2023 were $116.2 million.
Lyra
Lyra
Forward Guidance
Lyra Therapeutics anticipates completing enrollment in the ENLIGHTEN I pivotal trial and reporting initial topline results from the BEACON Phase 2 trial. The company expects its cash balance to fund operations into the first quarter of 2025.
Positive Outlook
- Completion of enrollment in ENLIGHTEN I trial expected soon.
- Initial topline results from BEACON Phase 2 trial expected in September 2023.
- Cash balance sufficient to fund operations into Q1 2025.
- Advancing in-house manufacturing capabilities.
- LYR-210 data expected in the first half of 2024.
Challenges Ahead
- Incurred significant losses since inception and expects to incur additional losses for the foreseeable future.
- Need for additional funding, which may not be available.
- Limited operating history and no approved products.
- Product candidates are in various stages of development.
- Never scaled up an in-house manufacturing facility for clinical or commercial use.