Lyra Therapeutics suspends lead drug development, cuts workforce

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Go back to Lyra Therapeutics suspends lead drug development, cuts workforce

Lyra Therapeutics Provides Corporate Update

January 12, 2026 7:01 AM EST

WATERTOWN, Mass., Jan. 12, 2026 (GLOBE NEWSWIRE) -- Lyra Therapeutics, Inc. (Nasdaq: LYRA) (Lyra or the Company) today announced that its Board of Directors has decided to suspend further development of LYR-210, the Companys lead product candidate for the treatment of chronic rhinosinusitis (CRS). The Company also announced a workforce reduction impacting its remaining 28 employees and other cost-saving actions to preserve capital. Maria Palasis, Ph.D., Chief Executive Officer, President and Chair of the Board, and Mr. Jason Cavalier, Chief Financial Officer and Treasurer, are each being retained as consultants to support the Companys pursuit of strategic... More