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Sep 30, 2024
Lyra Q3 2024 Earnings Report
Lyra Therapeutics reported its financial results for the third quarter ended September 30, 2024 and provided a corporate update.
Key Takeaways
Lyra Therapeutics reported its Q3 2024 financial results, highlighting the anticipation of key milestones from the ongoing ENLIGHTEN Phase 3 trials and the topline safety data from the ENLIGHTEN 1 safety extension study. The company's cash, cash equivalents, and short-term investments were $51.6 million as of September 30, 2024, expected to fund operations into the first quarter of 2026.
Topline safety results from ENLIGHTEN 1 Phase 3 extension study indicated no product-related serious adverse events.
Enrollment in ENLIGHTEN 2 completed.
Topline results from ENLIGHTEN 2 are expected in Q2 2025.
Cash, cash equivalents and short-term investments as of September 30, 2024 were $51.6 million.
Lyra
Lyra
Forward Guidance
Lyra Therapeutics anticipates key milestones from the two ongoing ENLIGHTEN Phase 3 trials, which will provide a more complete data set and greater insight into determining a potential pathway to approval for LYR-210 in CRS patients. Based on our current business plan, we anticipate that our cash, cash equivalents and short-term investment balance is sufficient to fund our operating expenses and capital expenditures into the first quarter of 2026.
Positive Outlook
- Topline results from ENLIGHTEN 2 are expected in Q2 2025.
- Safety data for LYR-210 was generally consistent with the 24-week primary treatment phase.
- LYR-210 was generally well tolerated, with no product-related serious adverse events.
- Enrollment in ENLIGHTEN 2 completed.
- Cash, cash equivalents and short-term investments as of September 30, 2024 were $51.6 million.
Challenges Ahead
- The ENLIGHTEN 1 trial did not meet its primary endpoint, which led to scaling back activities.
- Decrease in research and development expenses.
- Decrease in general and administrative expenses.
- Net loss for the quarter ended September 30, 2024 was $11.9 million.
- Company is still awaiting data readouts to guide data-driven evaluations as they determine potential path for LYR-210.