# EDGAR Filing Document

**Accession Number:** 0001327273
**File Stem:** 0000950170-25-107339
**Filing Date:** 2025-8
**Character Count:** 46573
**Document Hash:** 7274f5d5117e00ddd9be79b9c78e6b3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-107339.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0000950170-25-107339

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250812

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lyra Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001327273
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39273
- **FILM NUMBER:** 251206917

**BUSINESS ADDRESS:**
- **STREET 1:** 480 ARSENAL WAY
- **CITY:** WATERTOWN
- **STATE:** MA
- **ZIP:** 02472
- **BUSINESS PHONE:** 617-373-4600

**MAIL ADDRESS:**
- **STREET 1:** 480 ARSENAL WAY
- **CITY:** WATERTOWN
- **STATE:** MA
- **ZIP:** 02472

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 480 Biomedical, Inc.
- **DATE OF NAME CHANGE:** 20120927

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Arsenal Vascular, Inc.
- **DATE OF NAME CHANGE:** 20110826

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Arsenal Medical, Inc.
- **DATE OF NAME CHANGE:** 20090414

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 12, 2025<br>

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Lyra Therapeutics, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-39273 | 84-1700838 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 480 Arsenal Way |  |  |
| Watertown**,** Massachusetts |  | 02472 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 617 393-4600<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.001 par value per share | LYRA | The Nasdaq Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On August 12, 2025, Lyra Therapeutics, Inc. (the "Company") announced its financial results for the quarter ended June 30, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.

**Item 7.01 Regulation FD.**

On August 12, 2025 the Company posted a corporate presentation on its website at <u>www.lyratherapeutics.com</u> that representatives of the Company may use from time to time in presentations or discussions with investors, analysts or other parties. A copy of the presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The Company undertakes no obligation to update, supplement or amend the materials attached hereto as Exhibit 99.2.

The information contained in Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.2 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly provided by specific reference in such a filing.

## **Item 9.01 Financial Statements and Exhibits.** 
(d) Exhibits

The following Exhibits 99.1 and 99.2 shall be deemed to be furnished, and not filed:

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| | |
|:---|:---|
| **Exhibit**<br>**No.** | <br>**Description** |
| 99.1 | [<u>Press Release issued on August 12, 2025</u>](lyra-ex99_1.htm) |
| 99.2 | [<u>Corporate Presentation of Lyra Therapeutics, Inc. dated August 12, 2025</u>](lyra-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Lyra Therapeutics, Inc. |
| Date: | August 12, 2025 | By:  | /s/ Jason Cavalier |
|  |  |  | Jason Cavalier, Chief Financial Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**

**Lyra Therapeutics Reports Second Quarter 2025 Financial Results and Provides Corporate Update**

– *Positive ENLIGHTEN 2 Phase 3 results announced in June 2025 propel business activities in manufacturing, regulatory strategy and ENLIGHTEN clinical dataset analysis to advance path forward for LYR-210 for treatment of chronic rhinosinusitis (CRS)* –

– *Financing announced in June 2025 extends cash runway into 3Q 2026* –

WATERTOWN, Mass., August 12, 2025 (GLOBE NEWSWIRE) -- <u>Lyra Therapeutics, Inc.</u> (Nasdaq: LYRA) ("Lyra" or the "Company"), a clinical-stage biotechnology company developing long-acting, anti-inflammatory sinonasal implants for the treatment of chronic rhinosinusitis (CRS), today reported its financial results for the second quarter ended June 30, 2025 and provided a corporate update.

"The positive results from our ENLIGHTEN 2 trial have enabled us to secure financing and are providing momentum to optimize our regulatory strategy and resume manufacturing activities, as we pursue our path to advance LYR-210 as a six-month treatment option for millions of patients who do not respond to standard CRS medical management," said Maria Palasis, Ph.D., President and CEO, Lyra Therapeutics, Inc. "We continue to review and analyze the totality of the dataset from the ENLIGHTEN 1 and ENLIGHTEN 2 trials as we execute on our business strategy and envision the opportunities ahead for LYR-210 to benefit patients with CRS."

**Recent Business Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On June 27, Lyra announced a registered direct offering of common stock and pre-funded warrants pursuant to an effective shelf registration statement on Form S-3, as well as a concurrent private placement of warrants exempt from registration pursuant to Section 4(a)(2) and/or Rule 506 of the Securities Act of 1933, as amended, with gross proceeds to Lyra of approximately $5.0 million. With this financing, the Company expects its cash runway to extend into the third quarter of 2026. In addition, if the holders of the private placement warrants exercise such warrants in full in cash, the Company would receive additional gross proceeds of approximately $9.8 million, before deducting the placement agent's fees. Lyra intends to use the net proceeds from the offering for working capital and other general corporate purposes, including potential clinical development, manufacturing and other expenses for LYR-210.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Lyra has reengaged with the U.S. Food and Drug Administration (FDA) following the positive results from the ENLIGHTEN 2 Phase 3 study in early June. The Company is preparing for an upcoming Type C meeting with the FDA in the second half of 2025, in order to align on a path forward for an NDA submission for LYR-210 as a treatment for CRS patients without nasal polyps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Lyra has resumed in-house chemistry, manufacturing and controls (CMC) activities to prepare for manufacturing LYR-210 for potential, future clinical trials and for compliance with applicable CMC regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On May 27, Lyra implemented a 1-for-50 reverse stock split of the Company's common stock in order to regain compliance with Nasdaq's $1.00 minimum bid price requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On June 13, Nasdaq notified the Company that it had regained compliance with the $1.00 minimum bid price requirement.

**Highlights from ENLIGHTEN 2 Statistically Significant Phase 3 Results for LYR-210 in CRS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On June 2, Lyra announced topline results from the Phase 3 ENLIGHTEN 2 trial showing that LYR-210 met its primary endpoint. LYR-210 demonstrated statistically significant improvement compared to sham control in a composite of the three cardinal symptoms (3CS) of CRS (nasal obstruction, nasal discharge, facial pain/pressure) at week 24 (-1.13; p=0.0078) in patients without nasal polyps. Consistent with previous studies, LYR-210 was generally well tolerated, with no product-related serious adverse events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The ENLIGHTEN 2 trial also met the key secondary endpoints of 3CS at 24 weeks in the full population (i.e., patients with and without nasal polyps) (-0.90; p=0.0209) and in the clinically-validated SNOT-22 score at 24 weeks (-8.7; p=0.0101), with symptom improvement observed as early as week 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Additionally, in pooled data from ENLIGHTEN 2 and ENLIGHTEN 1 trials in 64 CRS patients with nasal polyps, LYR-210 demonstrated a consistent positive trend over 24 weeks in multiple key efficacy endpoints.

The ENLIGHTEN program consisted 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. While the ENLIGHTEN 2 trial met its primary endpoint and key secondary endpoints, the ENLIGHTEN 1 trial did not meet the primary endpoint or secondary endpoints, as previously reported in May 2024. Each ENLIGHTEN trial enrolled approximately 180 CRS patients who failed medical management and did not have prior ethmoid sinus surgery, randomized 2:1 to either LYR-210 (7500µg mometasone furoate) or sham control for 24 weeks.

**Second Quarter 2025 Financial Highlights**

Cash and cash equivalents as of June 30, 2025 were $29.8 million, compared with cash and cash equivalents of $40.6 million at December 31, 2024. Based on our current business plan, we anticipate that our cash and cash equivalents balance is sufficient to fund our operating expenses and capital expenditures into the third quarter of 2026.

Research and development expenses decreased by $8.2 million from $13.3 million to $5.1 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

The decrease in research and development expenses for the three months ended June 30, 2025 was primarily attributable to a decrease in clinical related costs of $3.7 million as we completed the ENLIGHTEN 1 trial for LYR-210, a decrease of $1.4 million in employee related costs primarily driven by the reduction in force that occurred in May 2024, a decrease in professional and consulting fees of $0.6 million, a decrease in product development and manufacturing costs of $1.3 million and a decrease in allocation, support and depreciation

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costs shared between the general & administrative and research & development functions within the organization driven by headcount allocation of $1.2 million.

General and administrative expenses decreased by $1.6 million from $5.1 million to $3.5 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

The decrease in general and administrative expenses for the three months ended June 30, 2025 was primarily driven by a decrease in professional, consulting and public company fees of $0.7 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 $0.9 million primarily due to the reduction in force that occurred in May 2024.

The Company incurred no impairment costs related to property and equipment for the three months ended June 30, 2025 compared to $1.9 million of impairment costs related to property and equipment for the same period in 2024.

The Company incurred no impairment costs related to our right-of-use assets for the three months ended June 30, 2025 and incurred $22.8 million of impairment costs related to our right-of-use assets for the same period in 2024.

The Company incurred restructuring charges in the amount of $0.4 million primarily related to severance and retention costs for the three months ended June 30, 2025 and restructuring charges of $6.5 million primarily related to severance and retention costs for the same period in 2024.

Net loss for the second quarter 2025 was $7.4 million, compared to $48.1 million for the same period in 2024.

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**LYRA THERAPEUTICS, INC.** 

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS** 

**(in thousands, except share and per share data)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Collaboration revenue | $183 | $598 | $366 | $1130 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Research and development | 5110 | 13264 | 9986 | 31502 |
| &nbsp;&nbsp;General and administrative | 3501 | 5139 | 6764 | 10957 |
| &nbsp;&nbsp;Impairment of property and equipment |  | 1883 |  | 1883 |
| &nbsp;&nbsp;Impairment of right-of-use assets |  | 22836 |  | 22836 |
| &nbsp;&nbsp;Restructuring and other related charges | 398 | 6450 | 1283 | 6450 |
| Total operating expenses | 9009 | 49572 | 18033 | 73628 |
| Loss from operations | (8826) | (48974) | (17667) | (72498) |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;Interest income | 410 | 855 | 708 | 1941 |
| &nbsp;&nbsp;Other income | 981 |  | 981 |  |
| Total other income | 1391 | 855 | 1689 | 1941 |
| Loss before income tax expense | (7435) | (48119) | (15978) | (70557) |
| Income tax expense | (2) | (12) | (6) | (26) |
| Net loss | (7437) | (48131) | (15984) | (70583) |
| Other comprehensive loss: |  |  |  |  |
| &nbsp;&nbsp;Unrealized holding loss on short-term investments, net of tax |  | (29) |  | (37) |
| Comprehensive loss | $(7437) | $(48160) | $(15984) | $(70620) |
| Net loss per share attributable to common<br> stockholders— basic and diluted | $(5.51) | $(36.76) | $(12.00) | $(54.51) |
| Weighted-average common shares outstanding—<br> basic and diluted | 1348630 | 1309193 | 1331985 | 1294790 |

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Share information reflects the effect of a 1-for-50 reverse stock split.

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**LYRA THERAPEUTICS, INC.** 

**CONSOLIDATED BALANCE SHEETS** 

**(in thousands, except share and per share data)** 

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| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $29784 | $40577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1279 | 2448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 31063 | 43025 |
| Property and equipment, net | 1159 | 1404 |
| Operating lease right-of-use assets | 18358 | 19924 |
| Restricted cash | 1993 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $52573 | $66346 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $680 | $1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring liability | 3486 | 4347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 2413 | 2586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 4552 | 4121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 32 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 11163 | 12631 |
| Operating lease liabilities, net of current portion | 27926 | 30259 |
| Deferred revenue, net of current portion | 11862 | 11862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 50951 | 54752 |
| Commitments and contingencies (Note 14) |  |  |
| Stockholders' equity: |  |  |
| Preferred stock, $0.001 par value; 10,000,000 shares authorized at<br>&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 and December 31, 2024; no shares issued and outstanding <br>&nbsp;&nbsp;&nbsp;&nbsp;at June 30, 2025 and December 31, 2024 |  |  |
| Common stock, $0.001 par value; 200,000,000 shares authorized at<br>&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 and December 31, 2024; 1,625,376 and 1,310,308 shares issued<br>&nbsp;&nbsp;&nbsp;&nbsp; and outstanding as of June 30, 2025 and December 31, 2024, respectively | 2 | 1 |
| Additional paid-in capital | 422394 | 416383 |
| Accumulated deficit | (420774) | (404790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1622 | 11594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $52573 | $66346 |

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Share information reflects the effect of a 1-for-50 reverse stock split.

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**About LYR-210** 

LYR-210 is an investigational product candidate for the treatment of chronic rhinosinusitis (CRS) in patients who have failed current therapies and require further intervention. LYR-210 is a bioabsorbable nasal implant designed to be inserted in a simple, in-office procedure. LYR-210 is intended to deliver six months of continuous anti-inflammatory therapy, mometasone furoate, to the sinonasal passages to treat CRS. LYR-210 is being evaluated in the ENLIGHTEN pivotal Phase 3 clinical program.

**About Lyra Therapeutics**

****<br> Lyra Therapeutics, Inc. is a clinical-stage biotechnology company developing long-acting, anti-inflammatory sinonasal implants for the treatment of chronic rhinosinusitis (CRS). Lyra Therapeutics is developing therapies for CRS, a highly prevalent inflammatory disease of the paranasal sinuses which leads to debilitating symptoms and significant morbidities. LYR-210, the company's lead product candidate, is a bioabsorbable nasal implant designed to be administered in a simple, in-office procedure and is intended to deliver six months of continuous anti-inflammatory drug therapy (7500µg mometasone furoate) to the sinonasal passages for the treatment of CRS with a single administration. LYR-210, being evaluated in the ENLIGHTEN Phase 3 clinical program, is intended for patients with and without nasal polyps. The Company's therapies are intended to treat the estimated four million CRS patients in the United States who fail medical management each year. For more information, please visit www.lyratx.com and follow us on LinkedIn.

**Forward-Looking Statements**

*This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "may," "will," "plan", "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the Company's cash runway into the third quarter of 2026, whether LYR-210 could potentially benefit patients with CRS with or without polyps,* t*he safety, efficacy, potential benefits of, and clinical design or progress of any of LYR-210 at any dosage or in any indication; the in-house CMC activities to prepare for manufacturing LYR-210 for potential, future clinical trials and for*

*compliance with applicable CMC regulations; our expectations surrounding potential regulatory submissions, progress, or approvals and timing thereof for any of our product candidates, including the anticipated Type C meeting with the FDA; the Company's business strategy and plans; and the timing of any of the foregoing. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the Company's failure to meet its primary endpoint in its ENLIGHTEN 1 Phase 3 clinical trial; the fact that the Company has incurred significant losses since inception and expects to incur additional losses for the foreseeable future; the Company's need for additional funding, which may not be available; the Company's ability to continue as a going concern; the Company's limited operating history; the fact that the Company has no approved products; the fact that clinical trial data is subject to change until the completion of the applicable clinical study report; the fact that* 

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*clinical trials required for the Company's product candidates are expensive and time-consuming, and their outcome is uncertain; effects of recently enacted and future legislation; the possibility of system failures or security breaches; effects of significant competition; the Company's reliance on third parties to conduct its preclinical studies and clinical trials; failure to obtain and maintain or adequately protect the Company's intellectual property rights; failure to retain key personnel; the fact that the price of the Company's common stock may be volatile and fluctuate substantially; significant costs and required management time as a result of operating as a public company and any securities class action litigation. These and other important factors discussed under the caption "Risk Factors" in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2025 and its other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While the Company may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change.*

**Contact Information:**

Jason Cavalier, Chief Financial Officer

917.584.7668 jcavalier@lyratx.com<br>

**Media Contact:**

Kathryn Morris, The Yates Network LLC

914.204.6412 kathryn@theyatesnetwork.com

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## Exhibit 99.2

![Slide 1](lyra-ex99_2s1.jpg)

Investor Presentation August 2025

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![Slide 2](lyra-ex99_2s2.jpg)

Forward Looking Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the significant market opportunity in both polyp and non-polyp CRS populations, whether the majority of patients with CRS are not served by current treatments, our evaluation and investigation of the ENLIGHTEN 2 results and how they inform our path forward, our planned regulatory interaction and path for LYR-210, our expectations on the need, size and timing for any pivotal trial for LYR-210, our ability to raise money to fund a pivotal trial for LYR-210, our ability to design, implement and complete a new Phase 3 trial, if necessary, our ability to be targeted in our go to market strategy, the expected label for LYR-210, our ability to correctly interpret FDA guidance received in December 2024 including on endpoints, inclusion criteria, patient population, background therapy, and assessments, whether LYR-210, if advanced, would be positioned to align with current ENT practices, and statements regarding the potential market opportunity for LYR-210. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the fact that the Company has incurred significant losses since inception and expects to incur additional losses for the foreseeable future; the Company's need for substantial additional funding, which may not be available, including funding to initiate and complete another Phase 3 trial for LYR-210 in CRSsNP, if necessary; the Company's ability to continue as a going concern; the failure of our ENLIGHTEN 1 Phase 3 trial to meet its primary endpoint has made it more difficult for the Company to raise capital; our loss of personnel from a reduction in force in May 2024 following the failure of our ENLIGHTEN 1 Phase 3 trial to meet its primary endpoint significantly and adversely affects our operations; the Company's limited operating history; the fact that the Company has no approved products; the fact that the Company's product candidates are in various stages of development; the fact that clinical trial data is subject to change until the completion of the applicable clinical study report; the fact that the Company may not be successful in its efforts to identify and successfully commercialize its product candidates; the fact that clinical trials required for the Company's product candidates are expensive and time-consuming, and their outcome is uncertain; the Company's potential inability to obtain required regulatory approvals; effects of recently enacted and future legislation; the possibility of system failures or security breaches; effects of significant competition; the fact that the successful commercialization of the Company's product candidates will depend in part on the extent to which governmental authorities and health insurers establish coverage, adequate reimbursement levels and pricing policies; failure to achieve market acceptance; product liability lawsuits; while we restarted the manufacturing of our product candidates internally, we may face delays and challenges in achieving our desired production level, especially with our limited staff; the fact that the Company must scale our in-house manufacturing capabilities for the manufacture of materials for its clinical trials and commercial supply; the Company's reliance on third parties to conduct its clinical trials; the Company's inability to succeed in establishing and maintaining collaborative relationships; the Company's reliance on certain suppliers critical to its production; failure to obtain and maintain or adequately protect the Company's intellectual property rights; failure to retain key personnel or to recruit qualified personnel; difficulties in managing the Company's growth; effects of natural disasters, terrorism, wars and global pandemics; the fact that the price of the Company's common stock may be volatile and fluctuate substantially; significant costs and required management time as a result of operating as a public company and any securities class action litigation. These and other important factors discussed under the caption "Risk Factors" in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2025 and its other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. Any such forward-looking statements represent management's estimates as of the date of this presentation. While the Company may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change. This presentation also includes statistical and market data that we obtained from industry, publications and research, surveys and studies conducted by third parties or us. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. All of the market data used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we believe these industry publications and third-party research, surveys and studies are reliable, we have not independently verified such data. The industry in which we operate is subject to a high degree of uncertainty, change and risk due to a variety of factors, which could cause results to differ materially from those expressed in the estimates made by the independent partners and by us. Neither Lyra's most advanced product candidate, LYR-210, nor its pipeline product candidate, LYR-220, have been approved by FDA. This presentation does not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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![Slide 3](lyra-ex99_2s3.jpg)

(1) Summary Health Statistics Tables for U.S. Adults: National Health Interview Survey, 2018, Tables A-2b, A-2c; (2) Baguley et al. Int Forum Allergy Rhinol, 2014;4(7):525-3 Company Overview Innovative, proprietary sinonasal drug implant Designed to deliver 6 months of continuous anti-inflammatory therapy (mometasone furoate) with a single administration Robust clinical data and safety package in over 500 CRS patients with and without nasal polyps treated across six clinical trials Multi-billion dollar market opportunity in both non-polyp and polyp patients with high unmet need CRS affects ~12% of the US population(1) with ~50% of patients failing medical therapy(2) CRS without Nasal Polyps (CRSsNP) – complex inflammatory condition that affects ~70% of CRS patients CRS with Nasal Polyps (CRSwNP) – characterized by presence of nasal polyps that affects ~30% of CRS patients Advancing lead program, LYR-210 to approval in both non-polyp and polyp patients ENLIGHTEN 2 Phase 3 trial met primary and key secondary endpoints Align with FDA on approval strategy for CRS without polyps Pooled nasal polyp data in the ENLIGHTEN program showed consistent improvement over sham control in multiple subjective and objective endpoints Broad pipeline expansion opportunities in CRS Robust patent portfolio with multiple lineages including one potentially extending coverage to 2042 Late-stage biotechnology company developing long-acting, bioabsorbable, anti-inflammatory sinonasal drug implants for the treatment of chronic rhinosinusitis (CRS)

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Chronic Rhinosinusitis (CRS): An "Unrecognized Epidemic"(1) CRS Cardinal Symptoms(1) Nasal obstruction and congestion Facial pain and pressure Nasal discharge Reduced sense of smell (1) Tan BK et al. Am J Respir Crit Care Med, 2013;188(11):1275–7; (2) Jang et al. Otolaryngol Head Neck Surg, 2018; (3) Baguley et al. Int Forum Allergy Rhinol, 2014;4(7):525-32; (4) Caulley et al. J Allergy Clin Immunol. 2015;136(6):1517-1522; (5) Biomedical Insights Market Sizing Assessment 2020 CRS in the United States Annually ~8M ~4M ~$60B ~30% ~70% With Nasal Polyps(5) Without Nasal Polyps(5) CRS patients treated(2) CRS patients failing medical management(3) Annual healthcare expenditure(4) Significant market opportunity in both polyp and non-polyp CRS populations

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Note: Clinical development for LYR-220 is currently paused. (1) Biomedical Insights Market Sizing Assessment 2020; (2) Jang et al. Otolaryngol Head Neck Surg, 2018; (3) Baguley et al. Int Forum Allergy Rhinol, 2014;4(7):525-32; (4) OM1 Real World Data Cloud (OM1, Inc, Boston, MA, US), 2015 – 4/2019. Analysis 9/2019 Annual Incidence of CRS in the U.S. Both polyp and non-polyp CRS includes ~4M eligible patients for Lyra products CRS patients treated(2) CRS patients failing medical management(3) ~2.4M ~420K ~1.2M (Eligible Population) CRS patients currently presenting to an ENT(4) CRS with Polyps (~30%)(1) ~5.6M ~2.8M (Eligible Population) ~980K CRS without Polyps (~70%)(1)

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Despite the introduction of biologics for severe polyp patients, the CRS market remains highly underpenetrated with the vast majority of patients not served by current treatments CRS is a Large, Underserved Market (1) Sinuva approved 12/2017. Estimated patients based on Intersect 2022 guidance of <$10M in annual sales, assumes annual price of $2,500/patient; (2) Dupixent, market leader of antibody class, approved 6/2019. Assumes annual net price of $30,000 and 80% of antibody market share; (3) Xhance approved 9/2017. Lyra analysis based on Xhance CRSsNP revenue. Assumes net price per patient of $220/mo x 4 rx/patient/year; (4) 1/3 of 400K annual sinus surgeries are done on patients with polyps (Denneny et al. A Pathway to Value-Based Care of Chronic Rhinosinusitis Using a Claims Database, 2018); (5) Breakdown of Xhance between polyp and non-polyp patients is not available; (6) N. Campion et al. Prevalence and Symptom Burden of Nasal Polyps in a Large Austrian Population, July 12, 2021, Journal of Allergy and Clinical Immunology (AAAAI). ~2.8 Million Failed Non-Polyp Patients Market Size Medical Management ` Surgery ` Biologics for Polyps Only ` ~50% of patients fail topical medical management as a first-line therapy, due to sub-optimal delivery and poor compliance Xhance, a nasal spray, is not shown to have better clinical performance relative to inexpensive, over-the-counter steroid sprays Non-responders referred to sinus surgery, which does not treat the underlying cause and requires ongoing medical management 65% of surgical patients have recurring CRS, with 20% requiring revision surgery Given systemic exposure and high cost, reserved for the most severe cases (Grade 3-4 nasal polyps, which represent only 27.5% of patients(6)) and effective only in patients with Type 2 inflammation Despite this, Dupixent did >$1 billion in sales in CRSwNP in 2024 ~1.2 Million Failed Polyp Patients Non-Polyp Market Size Polyp Market Size 2.5M Other Non-Polyp Patients 270K FESS ?(5) Xhance Current Standard of Care & Key Limitations

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Lyra's Proprietary Drug-Eluting Implant Engineered Elastomeric Matrix Shape memory intended to keep implant in place Polymer-Drug Complex Designed to deliver 6 months of continuous, local drug therapy with a single placement Bioabsorbable Mesh Scaffold Designed to maximize surface area for drug release while maintaining underlying tissue function Larger dimension for patients with enlarged anatomy including those with previous full ethmoid sinus surgery ` ` Designed to be the New Standard of Care for CRS Product Family to Address Full Spectrum of CRS Patients Only product candidate designed to provide 6 months of CRS therapy with a single treatment FDA-approved steroid: Mometasone furoate Designed to provide continuous anti-inflammatory therapy Straightforward, office-based procedure with topical anesthesia Administered nasally via a single-use applicator Potential additional indication as a surgical adjunct to improve outcomes Smaller dimension for surgery naïve patients or those with previous surgery and narrow ethmoid cavity

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ENLIGHTEN Program Design – LYR-210 Phase 3 Program (1) 35 and 29 patients with grade 1 nasal polyps enrolled in ENLIGHTEN 1 and ENLIGHTEN 2, respectively; study population represents 95% of CRS patients; (2) Three Cardinal Symptom Score is as a composite of nasal blockage/obstruction, facial pain/pressure, and nasal discharge; (3) Nasal Congestion Score; (4) NCT05219968; (5) NCT05295459 ENLIGHTEN 2(5) ENLIGHTEN 1(4) Two replicate trials in support of an NDA for the primary indication of CRS without nasal polyps(1) Criteria Two Phase 3 studies of ~180 subjects each, including ~30 polyp patients each(1) Adult CRS patients without nasal polyps or with nasal polyps, who have failed medical management Primary Endpoint Change from baseline in 3CS(2) Score at Week 24 in patients without nasal polyps Key Secondary Efficacy Endpoints in All Participants (Polyp and Non-Polyp) CFBL in 3CS scores at Week 24 CFBL in SNOT-22 score at Week 24 CFBL in the ethmoid sinus percent opacification by CT analysis at Week 20 Rescue treatment use (pooled ENLIGHTEN 1 and ENLIGHTEN 2) Highlights ENLIGHTEN 1: 40 sites in U.S (64% of patients) and Europe (36%) ENLIGHTEN 2: 55 sites in U.S (55% of patients) and Europe (45%) ENLIGHTEN 2 prespecifies a pooled analysis of 64 polyp patients from both ENLIGHTEN 1 and ENLIGHTEN 2 Daily Saline Irrigation Sham Control (n=60) LYR-210 7500 ug (n=120) SCREENING RANDOMIZATION END OF STUDY Screening &Run-in 172 patients enrolled 2:1 Treatment Stage 24 weeks Sham Control Sham Control (n=60) LYR-210 7500 ug (n=120) LYR-210 7500 ug SCREENING RANDOMIZATION Treatment Stage 24 weeks Safety Extension Stage 28 weeks Screening &Run-in 1:1 190 patients randomized 2:1 Daily Saline Irrigation END OF STUDY ENLIGHTEN Program Design

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ENLIGHTEN 2 study met its primary endpoint Statistically significant improvement over sham in 3CS at Week 24 in the primary population of CRS patients without nasal polyps, with improvement observed as early as Week 8 Key secondary endpoints of change in 3CS and SNOT-22 in the full study population were also met Demonstrated statistically significant results in 3CS at Week 24 Improvement in 3CS observed as early as Week 12 and sustained to Week 24 Demonstrated statistically significant results in SNOT-22 at Week 24 Improvement in SNOT-22 observed as early as Week 4 and sustained through Week 24 Clinically meaningful improvement, with almost twice the minimal clinically important difference observed at Week 24 (-22.4 points) Numerical improvement in key secondary endpoint of change in % ethmoid opacification (CT) Well tolerated with no treatment-related serious adverse events reported in the study In the pooled ENLIGHTEN 1 and ENLIGHTEN 2 patients with grade 1 nasal polyps, consistent, positive trend in symptomatic endpoints starting in Week 4 and throughout Week 24 Summary of ENLIGHTEN 2 Results CONFIDENTIAL

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ENLIGHTEN 2: Patient Demographics & Baseline Characteristics CONFIDENTIAL ITT Analysis Set LYR-210 (n=111) Sham (n=61) Age in years (mean, SD) 50 (15.5) 49 (12.99) Sex (n, %) Male Female 65 (58.6) 46 (41.4) 31 (50.8) 30 (49.2) Race (n, %) White Black or African American 94 (84.7) 9 (8.1) 51 (83.6) 5 (8.2) Region (n, %) North America European Union 63 (56.8) 48 (43.2) 31 (50.8) 30 (49.2) Baseline 3CS Score (mean, SD) 6.5 (1.29) 7.2 (1.37) Baseline SNOT-22 Score (mean, SD) 56.2 (17.38) 58.8 (22.21) Baseline % Ethmoid Opacification Volume (CT) (mean, SD) 45.3 (19.28) 45.7 (18.04)

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ENLIGHTEN 2: Most Frequent Adverse Events (≥5% of patients) Safety Analysis Set (Preferred Term) LYR-210 (n=111) n (%) Sham (n=61) n (%) Any treatment-emergent adverse events (TEAEs) 67 (60.4%) 27 (44.3%) Epistaxis 18 (16.2%) 1 (1.6%) Upper respiratory tract infection 10 (9.0%) 5 (8.2%) Chronic sinusitis 8 (7.2%) 6 (9.8%) Acute sinusitis 9 (8.1%) 3 (4.9%) Nasopharyngitis 7 (6.3%) 4 (6.6%) COVID-19 5 (4.5%) 4 (6.6%) Headache 6 (5.4%) 3 (4.9%) Favorable safety profile with no product-related serious adverse events CONFIDENTIAL

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ENLIGHTEN 2: Change from Baseline in 3CS at Week 24 (Primary Endpoint in Patients Without Nasal Polyps) Statistically significant improvement in 3CS at 24 weeks, with consistent improvement over sham control starting as early as Week 8 \* Statistically significant 3CS – Non-Polyp Patients CONFIDENTIAL \* Represents p-value < 0.05.

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ENLIGHTEN 2: Change from Baseline in 3CS at Week 24 for Full Population (1st Key Secondary Endpoint)(1) Statistically significant improvement in 3CS at 24 weeks, with robust improvement over sham control starting at Week 12 (1) Key secondary endpoint population is the intent-to-treat (ITT) analysis set (patients with or without Nasal Polyps). 3CS – All Patients CONFIDENTIAL \* Statistically significant \* Represents p-value < 0.05.

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ENLIGHTEN 2: Change from Baseline in SNOT-22 at Week 24(2nd Key Secondary Endpoint)(1) Statistically significant improvement in clinically-validated SNOT-22 score at 24 weeks, with robust improvement over sham control starting at Week 4 (1) Key secondary endpoint population is the intent-to-treat (ITT) analysis set (patients with or without Nasal Polyps). SNOT-22 – All Patients CONFIDENTIAL \* Statistically significant \* Represents p-value < 0.05.

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-2.15 p=0.1809 ENLIGHTEN 2: Change in % Ethmoid Opacification at Week 20(3rd Key Secondary Endpoint)(1) N=172 Numerical improvement in % ethmoid opacification by CT (1) Key secondary endpoint population is the intent-to-treat (ITT) analysis set (patients with or without Nasal Polyps). % Ethmoid Opacification – All Patients CONFIDENTIAL

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ENLIGHTEN 1 and 2: Rescue Treatment Use (4th Key Secondary Endpoint)(1) Pooled ENLIGHTEN 1 and ENLIGHTEN 2 Full Population LYR-210 n (%) Sham n (%) Systemic Corticosteroid (SCS) for any reason/ ESS, n (%) 24 (10.2%) 14 (11.0%) SCS for any reason, n (%) 22 (9.4%) 12 (9.4%) Endoscopic Sinonasal Surgery (ESS), n (%) 2 (0.9%) 3 (2.4%) No difference in corticosteroid use for any reason; lower endoscopic sinus surgery in the LYR-210 group (1) Key secondary endpoint population is the intent-to-treat (ITT) analysis set (patients with or without Nasal Polyps) for pooled ENLIGHTEN 1 and ENLIGHTEN 2 studies. Rescue treatment included systemic corticosteroid (SCS) use for any reason or endoscopic sinonasal surgery (ESS). CONFIDENTIAL

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We intend to advocate for NDA submission based on totality of ENLIGHTEN data Next Steps Towards NDA Approval in CRS without Nasal Polyps If required, design additional Phase 3 trial Hold FDA meeting to align on strategy Complete CMC package at Waltham manufacturing facility

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Pooled ENLIGHTEN 1 & 2 Data: CFBL in 3CS in European, Non-Polyp Patients with Ethmoid Opacification by CT >25% Demonstrates Robust Improvement (p = 0.0017) -2.48 p=0.0017\* N=38 CONFIDENTIAL Potential "ENLIGHTEN 3" study, if required by FDA, would intend to target similar patient population with 1) >25% opacification by CT and 2) primarily European patients

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Targeted Go-to-Market Strategy Specialist Physicians 1,800 ENTs manage ~80% of CRS volume(6) 1,800 10,000 ENTs Significant market opportunity with targeted focus on ENTs specializing in sinus procedures Highly Accessible Patients 1.4M failed CRS patients actively seek care from ENT annually(5) 4MFailed Patients 1.4M CRS patients treated(2) CRS patients failing medical management(3) CRS patients currently presenting to an ENT(4) ~5.6M ~2.8M (Eligible Population) ~980K CRS without Polyps (~70%)(1) ~2.4M ~420K ~1.2M (Eligible Population) CRS with Polyps (~30%)(1) Targeted Patient and Physician Base ~4M of Eligible Polyp and Non-Polyp Patients Annual Incidence of CRS in the U.S. Note: Clinical development for LYR-220 is currently paused. (1) Biomedical Insights Market Sizing Assessment 2020; (2) Jang et al. Otolaryngol Head Neck Surg, 2018; (3) Baguley et al. Int Forum Allergy Rhinol, 2014;4(7):525-32; (4) OM1 Real World Data Cloud (OM1, Inc, Boston, MA, US), 2015 – 4/2019. Analysis 9/2019; (5) OM1 Real World Data Cloud (OM1, Inc, Boston, MA, US), 2015 – 4/2019. Analysis 9/2019; (6) IQVIA In-Office Medical Claims Data, June 2021.

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Key Milestones May 2024: Data readout from ENLIGHTEN 1 Q4 2024: Extension study data from ENLIGHTEN 1 2H 2024: Complete enrollment in ENLIGHTEN 2 2Q 2025: Data readout from ENLIGHTEN 2 Est. 2H 2025: FDA meeting to align on strategy for CRS without Nasal Polyps

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