Lyra Therapeutics falls after direct stock deal, private placement

Lyra Therapeutics

27/06/2025 15:53

** Shares of Lyra Therapeutics LYRA.O fall 30.5% to $9.30 in morning trading

** Stock set for worst day in over one year, if losses hold

** Drug developer enters agreement for sale of 423,372 shares in direct stock offering for net proceeds of $5 million

** Offer price of $11.81 represents 11.7% discount to stock's last close

** Co intends to use net proceeds from offering for working capital and other general corporate purposes, including potential clinical development, manufacturing and other pre-commercialization expenses for lead chronic rhinosinusitis therapy candidate LYR-210

** Concurrently, in private placement, co offers warrants to purchase up to 846,744 shares, with exercise price of $11.56 per share

** If holders of private placement warrants exercise them in full in cash, LYRA would receive additional gross proceeds of about $9.8 million

** H.C. Wainwright & Co. is acting as placement agent for offering

** Including session's move, stock down 11.3% YTD

 (Reporting by Puyaan Singh and Arasu Kannagi Basil)

 ((Puyaan.Singh@thomsonreuters.com;))