Tarathip Kwankeeree Lyra Therapeutics ( NASDAQ: LYRA ) announced on Tuesday that it would reduce 75% of its workforce as part of the cost-cutting measures it has implemented alongside a portfolio optimization drive. Under the program, 87 employees will leave the Watertown, Massachusetts-based pharma as the company ends its manufacturing and commercialization efforts and looks to sublease its facilities. Lyra ( LYRA ) has also paused the development of LYR-220, one of its two late-stage candidates targeted at chronic rhinosinusitis.
Instead, the company will focus on its two ongoing late-stage trials for LYR-210, which, however, did not meet its 24-week primary endpoint in its Phase 3 ENLIGHTEN 1 trial early this month. The company said it is evaluating ENLIGHTEN 1 data as it awaits 52-week data from the study in Q4 2024. Additionally, Lyra ( LYRA ) said it is reviewing potential strategic options to maximize shareholder value.
More on Lyra Therapeutics Jefferies cuts Lyra to hold in wake of failed Phase 3 study Lyra Therapeutics drops 92% as phase 3 rhinosinusitis asset fails Seeking Alpha’s Quant Rating on Lyra Therapeutics Historical earnings data for Lyra Therapeutics Financial information for Lyra Therapeutics.