Lyra Therapeutics 2025 Q3 Earnings Narrowed Losses by 49.6%

Lyra Therapeutics (LYRA) reported fiscal 2025 Q3 earnings on Nov 13, 2025. The company beat expectations by narrowing its net loss by 49.6% year-over-year to $5.98 million, while revenue declined sharply. Guidance aligned with cash runway projections through Q3 2026, but no explicit revenue targets were provided.

Revenue

Lyra Therapeutics’ total revenue fell 87.2% to $25,000 in Q3 2025, compared to $195,000 in the prior year. Collaboration revenue accounted for the entirety of the $25,000 total, a stark 87.2% decline from $195,000 in 2024 Q3. The absence of other revenue streams underscores the company’s reliance on partnerships during this period.

Earnings/Net Income

The company narrowed its net loss to $5.98 million in Q3 2025, a 49.6% reduction from $11.87 million in 2024 Q3. Earnings per share improved by 62.7%, with a loss of $3.38 per share in Q3 2025 versus $9.07 in the prior year. The 62.7% improvement in EPS highlights progress, though sustained losses remain a concern.

Post-Earnings Price Action Review

Following the earnings release, Lyra Therapeutics’ stock price declined across multiple timeframes. Shares edged down 1.55% during the latest trading day, plummeted 22.04% over the prior full week, and fell 48.17% month-to-date as of Nov 13, 2025. The significant monthly decline reflects investor skepticism despite the narrower losses and positive clinical developments.

CEO Commentary

Maria Palasis, Ph.D., emphasized Lyra’s focus on initiating a new Phase 3 trial for LYR-210 to support an NDA for chronic rhinosinusitis (CRS) without nasal polyps. The CEO cited positive ENLIGHTEN 2 Phase 3 results presented at AAO-HNS in October 2025 and operational efficiency gains, including reduced R&D and G&A expenses, as key enablers for the extended cash runway into Q3 2026.

Guidance

Lyra Therapeutics expects its $22.1 million cash balance as of September 30, 2025, to fund operations through Q3 2026. The company plans a confirmatory Phase 3 trial for LYR-210 targeting NDA submission for CRS without nasal polyps, aligning with FDA discussions. Risks such as clinical trial uncertainties and potential funding needs were acknowledged, though cost management remains a strategic priority.

Additional News

Lyra Therapeutics announced a new Phase 3 trial for LYR-210 in October 2025, following positive ENLIGHTEN 2 results presented at AAO-HNS. The trial aims to support an NDA submission for CRS without nasal polyps. Additionally, the company raised $5.0 million via a registered direct offering in June 2025, extending its cash runway. In August 2025, Lyra announced a 1-for-50 reverse stock split to regain Nasdaq compliance. These developments reflect strategic efforts to advance LYR-210 while addressing financial sustainability.