Lyra Therapeutics plunges after halting development of lead nasal drug

Lyra Therapeutics

12/01/2026 13:50

** Shares of drug developer Lyra Therapeutics LYRA.O plummet 39% to $2.28 premarket

** LYRA says it will stop developing its lead drug LYR-210 for chronic rhinosinusitis, an inflammation of the nasal passages and sinuses

** Says it will cut most of its workforce; retain CEO and CFO as consultants

** SSG Capital Advisors engaged to explore strategic alternatives - LYRA

** Move comes after co reported positive late-stage trial data for LYR-210 in June that drove shares up over 300%

** LYRA had $22.1 million in cash as of September 30, and expects remaining funds to last into Q3 2026

** Stock fell 71.5% in 2025

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))