- Company continues to focus on upcoming results from ENLIGHTEN 2 pivotal Phase 3 trial in CRS patients expected in 2Q 2025
- Company reports topline safety results from ENLIGHTEN 1 Phase 3 extension study indicating no product-related serious adverse events and general consistency with the primary treatment phase
"We look forward to key milestones in the coming months from the two ongoing ENLIGHTEN Phase 3 trials that will provide us with a more complete data set and greater insight into determining a potential pathway to approval for LYR-210 in CRS patients with and without nasal polyps. The topline 52-week safety data from the ENLIGHTEN 1 safety extension study was in-line with the primary treatment phase, with no product-related serious adverse events, including for those patients that received a repeat dose, resulting in a 12-month treatment period. We are anticipating additional data from the ENLIGHTEN 1 safety extension study in the coming months, which will be presented at an upcoming medical conference, as well as topline results from the ENLIGHTEN 2 pivotal trial expected in Q2 2025,” said Maria Palasis, Ph.D., President and CEO of Lyra Therapeutics.
Dr. Palasis continued, "We eagerly await the upcoming data readouts, and they will guide us in making data-driven evaluations as we determine the potential path for LYR-210 to add value for CRS patients, investors and other stakeholders.”
The ENLIGHTEN program consists of two pivotal Phase 3 clinical trials, ENLIGHTEN 1 and ENLIGHTEN 2, to evaluate the efficacy and safety of LYR-210 for the treatment of CRS. Each ENLIGHTEN trial has enrolled approximately 180 CRS patients who have failed medical management and have not had prior ethmoid sinus surgery, randomized 2:1 to either LYR-210 (7500µg mometasone furoate) or sham control for 24 weeks.
Topline Results from the ENLIGHTEN 1 52-week extension study
Today, Lyra reported topline 52-week safety data from the ENLIGHTEN 1 safety extension study:
- Safety data for LYR-210 was generally consistent with the 24-week primary treatment phase, including for those patients that received a repeat dosing, resulting in a 12-month treatment period.
- LYR-210 was generally well tolerated, with no product-related serious adverse events. The most commonly reported adverse events in the study population were chronic sinusitis, nasal odor, epistaxis, sinusitis, and nasopharyngitis.
Enrollment in ENLIGHTEN 2 completed
- In October 2024, Lyra announced that the pivotal Phase 3 ENLIGHTEN 2 clinical trial of LYR-210 in adult patients with CRS who have not had prior ethmoid sinus surgery, was fully enrolled, achieving the expected enrollment timeframe of second half of 2024.
- Topline results from ENLIGHTEN 2 are expected in Q2 2025.
Cash, cash equivalents and short-term investments as of September 30, 2024 were $51.6 million, compared with $67.5 million at June 30, 2024. Based on our current business plan, we anticipate that our cash, cash equivalents and short-term investment balance is sufficient to fund our operating expenses and capital expenditures into the first quarter of 2026.
Research and development expenses for the quarter ended September 30, 2024 were $5.9 million compared to $12.4 million for the same period in 2023, representing a decrease of $6.5 million. The decrease in research and development expenses for the three months ended September 30, 2024 was primarily attributable to a $3.8 million decrease in clinical related costs as we completed both the BEACON trial for LYR-220 and the primary study phase of the ENLIGHTEN 1 trial for LYR-210, a decrease of $2.5 million in employee related costs primarily driven by the reduction in force which occurred in May 2024, a decrease in professional and consulting costs of $0.4 million and a decrease in product development and manufacturing costs of $0.4 million. This decrease in costs was partially offset by an increase in allocated costs and depreciation of $0.6 million.
General and administrative expenses for the quarter ended September 30, 2024 were $3.9 million compared to $5.0 million for the same period in 2023, representing a decrease of $1.1 million. The decrease in general and administrative expenses for the three months ended September 30, 2024 was primarily driven by a decrease in professional and consulting fees of $1.0 million as we scaled back activities subsequent to announcing in May 2024 that the ENLIGHTEN 1 trial did not meet its primary endpoint, in addition to a decrease in employee related costs of $0.5 million primarily due to the reduction in force which occurred in May 2024. These cost decreases were partially offset by an increase in allocation and support costs of $0.4 million primarily due to the increased rent and facilities expenses for the Company's three leased facilities for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
Net loss for the quarter ended September 30, 2024 was $11.9 million compared to $15.7 million for the same period in 2023.
| LYRA THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Collaboration revenue | $ | 195 | $ | 544 | $ | 1,325 | $ | 1,412 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 5,902 | 12,368 | 37,404 | 35,763 | ||||||||||||
| General and administrative | 3,931 | 5,003 | 14,888 | 14,700 | ||||||||||||
| Impairment of property and equipment | - | - | 1,883 | 1,592 | ||||||||||||
| Impairment of right-of-use assets | - | - | 22,836 | - | ||||||||||||
| Restructuring and other related charges | 2,804 | - | 9,254 | - | ||||||||||||
| Total operating expenses | 12,637 | 17,371 | 86,265 | 52,055 | ||||||||||||
| Loss from operations | (12,442 | ) | (16,827 | ) | (84,940 | ) | (50,643 | ) | ||||||||
| Other income: | ||||||||||||||||
| Interest income | 576 | 1,192 | 2,517 | 3,161 | ||||||||||||
| Total other income | 576 | 1,192 | 2,517 | 3,161 | ||||||||||||
| Loss before income tax expense | (11,866 | ) | (15,635 | ) | (82,423 | ) | (47,482 | ) | ||||||||
| Income tax expense | (7 | ) | (16 | ) | (33 | ) | (42 | ) | ||||||||
| Net loss | (11,873 | ) | (15,651 | ) | (82,456 | ) | (47,524 | ) | ||||||||
| Other comprehensive loss: | ||||||||||||||||
| Unrealized holding gain (loss) on short-term investments, net of tax | 24 | 20 | (13 | ) | (17 | ) | ||||||||||
| Comprehensive loss | $ | (11,849 | ) | $ | (15,631 | ) | $ | (82,469 | ) | $ | (47,541 | ) | ||||
| Net loss per share attributable to common stockholders- basic and diluted | $ | (0.18 | ) | $ | (0.27 | ) | $ | (1.27 | ) | $ | (1.04 | ) | ||||
| Weighted-average common shares outstanding- basic and diluted | 65,456,735 | 56,953,685 | 64,981,219 | 45,894,643 | ||||||||||||
| LYRA THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share data) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 23,800 | $ | 22,353 | ||||
| Short-term investments | 27,826 | 80,400 | ||||||
| Prepaid expenses and other current assets | 2,818 | 2,068 | ||||||
| Total current assets | 54,444 | 104,821 | ||||||
| Property and equipment, net | 1,613 | 2,043 | ||||||
| Operating lease right-of-use assets | 20,707 | 33,233 | ||||||
| Restricted cash | 1,992 | 1,392 | ||||||
| Other assets | - | 1,111 | ||||||
| Total assets | $ | 78,756 | $ | 142,600 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,292 | $ | 3,131 | ||||
| Restructuring liability | 4,855 | - | ||||||
| Accrued expenses and other current liabilities | 3,197 | 9,374 | ||||||
| Operating lease liabilities | 4,003 | 5,434 | ||||||
| Deferred revenue | 607 | 1,658 | ||||||
| Total current liabilities
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