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LYRA

Lyra Therapeutics, Inc.

LYRA

Lyra Therapeutics, Inc. • NASDAQ
$3.69 ▲ 5.43% (+0.19)
Market Cap $6.55 M
52w High $37.50
52w Low $2.84
Dividend Yield 0%
P/E -0.16
Volume 36.30K
Outstanding Shares 1.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $25K ▼ $6.183M ▼ $-5.984M ▲ -23.936K% ▼ $-3.38 ▲ $-5.881M ▲
Q2-2025 $183K $8.411M ▼ $-7.437M ▲ -4.064K% ▲ $-5.51 ▼ $-7.235M ▲
Q1-2025 $183K ▼ $9.024M ▼ $-8.547M ▲ -4.67K% ▲ $-0.13 ▲ $-7.828M ▲
Q4-2024 $209K ▲ $11.617M ▼ $-10.979M ▲ -5.253K% ▲ $-0.17 ▲ $-9.615M ▼
Q3-2024 $195K $12.637M $-11.873M -6.089K% $-0.18 $-9.599M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $22.055M ▼ $43.709M ▼ $48.037M ▼ $-4.328M ▼
Q2-2025 $29.784M ▼ $52.573M ▼ $50.951M ▼ $1.622M ▼
Q1-2025 $31.735M ▼ $56.316M ▼ $52.444M ▼ $3.872M ▼
Q4-2024 $40.577M ▼ $66.346M ▼ $54.752M ▼ $11.594M ▼
Q3-2024 $51.626M $78.756M $58.137M $20.619M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.984M ▲ $-7.361M ▼ $0 ▲ $-368K ▼ $-7.729M ▼ $-7.361M ▼
Q2-2025 $-7.437M ▲ $-6.59M ▲ $-2K ▼ $4.641M ▲ $-1.951M ▲ $-6.61M ▲
Q1-2025 $-8.547M ▲ $-8.842M ▲ $0 ▼ $0 ▲ $-8.842M ▼ $-8.842M ▲
Q4-2024 $-10.979M ▲ $-11.352M ▲ $28.131M ▲ $-1K ▲ $16.778M ▲ $-11.294M ▲
Q3-2024 $-11.873M $-16.223M $8.141M $-23K $-8.105M $-16.274M

Five-Year Company Overview

Income Statement

Income Statement Lyra is still a pure research-stage company, so it has no product revenue yet. The income statement is driven almost entirely by R&D and operating expenses. Losses have been steady over the years, reflecting ongoing clinical development rather than commercial activity. Per‑share losses have bounced around but remain clearly negative, which is normal for a small biotech at this stage. In short, the business is still in the investment phase: spending on trials and development today in hopes of future revenue, with profitability not visible yet and highly dependent on regulatory and commercial success down the road.

Balance Sheet

Balance Sheet The balance sheet is small and lean, consistent with an early-stage biotech. Total assets and cash are modest, with cash making up the bulk of assets. Equity has been shrinking over time as cumulative losses pile up, while a layer of debt has appeared in recent years, adding financial obligations that were not there at the IPO. This mix points to a company that relies on external funding and has limited cushion if timelines slip. The recent financing that extends the cash runway into early 2026 is important, but beyond that, additional capital or partnerships are likely to be needed to support late-stage trials and any future launch.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, reflecting spending on clinical trials, personnel, and overhead without any offsetting product sales. Free cash flow is essentially the same as operating cash flow because capital spending on equipment and facilities is minimal, which highlights an “asset-light” model focused on intellectual property and outsourced work rather than heavy infrastructure. The burn rate appears relatively stable, but even a steady burn depletes a small cash base over time. This means the company’s ability to keep funding its programs is tightly tied to its success in raising capital or securing partners.

Competitive Edge

Competitive Edge Lyra occupies a narrow but potentially valuable niche in chronic rhinosinusitis, aiming to sit between daily medical therapy and invasive surgery. Its XTreo implant platform offers long-acting, locally delivered treatment in a doctor’s office, which is meaningfully different from today’s standard nasal sprays or systemic drugs. Strong patent coverage and first-mover status in this specific implantable approach create barriers for copycats. However, the company is still clinical-stage, so its competitive position is more “potential” than proven: it must still convince regulators, doctors, and payers that outcomes justify use versus existing drugs, surgery, and any future competing technologies. Clinical and regulatory outcomes will largely determine whether the theoretical moat turns into real market power.

Innovation and R&D

Innovation and R&D Innovation is clearly Lyra’s core strength. The XTreo platform is designed to deliver a steady dose of medication directly to diseased tissue for months at a time using a bioabsorbable implant. That design could improve adherence and reduce systemic side effects compared with traditional therapies. The lead program, LYR‑210, has mixed but encouraging late-stage data: one pivotal trial missed its main goal, but another showed meaningful symptom improvement in a key patient group. A third pivotal trial is being planned to clarify the picture and support a potential approval filing. LYR‑220 extends the same idea to patients who have already had sinus surgery, widening the potential patient base. Beyond CRS, Lyra is exploring other uses for the platform, suggesting a long pipeline if the core technology is validated. All of this comes with typical biotech uncertainties: trial risk, regulatory risk, and timing risk.

Summary

Lyra Therapeutics is an early-stage biotech, financially driven by R&D spend and entirely dependent on future clinical and regulatory success. The company has no revenue, ongoing losses, and a modest cash position, with a runway that currently appears to reach into early 2026 but will almost certainly require future funding. A recent reverse stock split underscores its small scale and the need to maintain exchange listing standards. On the positive side, Lyra has a clearly defined focus on chronic rhinosinusitis, a differentiated implant-based technology, and strong patent protection, all aimed at an area where many patients remain poorly served by existing treatments. The business story is therefore high-risk and high-uncertainty but also high‑potential: if the upcoming pivotal trial and regulatory interactions are favorable, Lyra could transition from a pure R&D story toward a commercial one; if not, it may need to rethink its strategy or platform applications. As with most small biotechs, the investment case hinges much more on scientific and regulatory milestones than on traditional financial metrics at this stage.

NEWS

November 12, 2025 · 4:01 PM UTC

Lyra Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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October 6, 2025 · 7:00 AM UTC

Lyra Therapeutics Announces Clinical Plan for LYR-210 and Late-Breaking Oral Presentation of Phase 3 ENLIGHTEN 2 Study

Read more