Brief: Lyra Therapeutics Inc - Audit Committee Of Board Of Co Says Prior Q1 And Q2 Financial Statements Should No Longer Be Relied Upon

Lyra Therapeutics

26/10/2022 23:45

Oct 26 (Reuters) - Lyra Therapeutics Inc  LYRA.O :
    * LYRA THERAPEUTICS INC - AUDIT COMMITTEE OF BOARD OF CO
SAYS
PRIOR Q1 AND Q2 FINANCIAL STATEMENTS SHOULD NO LONGER BE RELIED
UPON
    * LYRA THERAPEUTICS INC - INTENDS TO RESTATE PRIOR FINANCIAL
STATEMENTS
    * LYRA - CONCLUDED THERE IS MATERIAL WEAKNESS IN INTERNAL
CONTROL
OVER FINANCIAL REPORTING RELATED TO ACCOUNTING FOR CERTAIN
COMPLEX, NONRECURRING TRANSACTIONS
    * LYRA THERAPEUTICS - ERROR IDENTIFIED IN PRIOR FINANCIAL
STATEMENTS RELATED TO NON-CASH TRANSACTION MADE IN APPLICATION
OF REVENUE RECOGNITION
    * LYRA THERAPEUTICS - CORRECTION WILL NOT IMPACT THE CASH
POSITION
PREVIOUSLY DISCLOSED
    * LYRA-RESTATEMENT ANTICIPATED TO REFLECT CORRECTION OF
IMMEDIATE
RECOGNITION AS REVENUE, OF $5.0 MILLION DEVELOPMENT MILESTONE IN
QUARTER ENDED MARCH 31, 2022

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