Lyra Therapeutics soars after nasal drug meets trial goals in late-stage study

Lyra Therapeutics

02/06/2025 15:02

Updates

** Shares of drug developer Lyra Therapeutics LYRA.O soar 648.5% to a more than year high of $36.90

** Stock set for its best day on record, if gains hold

** As of last close, co had market cap of $6.53 mln, on track to add about $42.4 mln to market cap, if gains hold

        ** Lyra's experimental drug LYR-210 met the main and secondary goals of a late-stage trial; reduced symptoms of Chronic Rhinosinusitis (CRS), including nasal congestion, discharge, and facial pain, in patients without nasal growths (polyps)

** Chronic rhinosinusitis is a chronic inflammation of the nasal passages and sinuses

** LYR-210 is a bioabsorbable nasal implant that delivers six months of continuous dosage for patients with the condition

** Co plans to pursue FDA approval of the drug for patients without nasal polyps and continue developing the drug for people with nasal polyps

** The company had $31.7 million in cash and cash equivalents as of March 31

** As of last close, LYRA stock down 52.2% YTD

 (Reporting by Padmanabhan Ananthan and Kamal Choudhury)

 ((Padmanabhan.Ananthan@thomsonreuters.com))