Lyra Therapeutics Halt Lead Program and Begins Strategic Review, Shares Down 55%.

Lyra Therapeutics has halted development of its lead product LYR-210 and begun a strategic review, resulting in a 55% share price drop. The company has suspended further development of LYR-210, its Phase 3-stage therapy for chronic rhinosinusitis, and will implement a workforce reduction of 28 employees. Lyra has engaged SSG Capital Advisors to evaluate potential transactions, including partnerships or asset sales. The company expects its cash runway to extend into Q3 2026.