Wed, Aug 14, 8:21 PM (153 days ago)
In the second quarter of 2024, Lyra Therapeutics, Inc. reported a significant net loss of $48.1 million, compared to a loss of $15.6 million in the same period in 2023. This increase was driven by rising operating expenses, which soared to $49.6 million, largely due to a $22.8 million impairment of right-of-use assets and a $6.5 million restructuring charge following the failure of the ENLIGHTEN 1 Phase 3 trial for LYR-210. The company recognized $598,000 in collaboration revenue, a slight increase from $458,000 year-over-year. As of June 30, 2024, Lyra had $31.9 million in cash and cash equivalents, down from $22.4 million at the end of 2023, raising substantial doubt about its ability to continue as a going concern. The company's operational uncertainties include the ongoing ENLIGHTEN 2 trial and potential regulatory hurdles. Additionally, a recent notification from Nasdaq regarding stock price compliance adds pressure to their financial stability. Future operations will depend heavily on securing additional funding and successfully navigating clinical trials.