NASDAQ$LYRA
Lyra Therapeutics Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Lyra Therapeutics reported financial results for the second quarter ended June 30, 2024 and provided a corporate update.
Lyra Therapeutics reported its Q2 2024 financial results, highlighting ongoing Phase 3 trials for LYR-210 and cost-cutting measures, including a workforce reduction. Further analysis of the ENLIGHTEN 1 data revealed that LYR-210 demonstrated improvement over control in symptomatic endpoints in the CRS patient cohort with nasal polyps.
- Lyra is focusing on the ENLIGHTEN 1 Phase 3 extension study with results expected in Q4 2024 and the ENLIGHTEN 2 pivotal Phase 3 trial in CRS patients with results expected in 1H 2025.
- Further analysis of the ENLIGHTEN 1 data has revealed that LYR-210 demonstrated improvement over control in symptomatic endpoints in the CRS patient cohort with nasal polyps.
- Cost-cutting measures were implemented to preserve capital, including a reduction in force of approximately 75% of its workforce and pausing development efforts for LYR-220.
- Cash, cash equivalents and short-term investments as of June 30, 2024 were $67.5 million, which is expected to fund operations into the first quarter of 2026.
Headline financials
Revenue & EPS history
Lyra · Revenue · Quarterly
$598K
Revenue by segment
Lyra · $410K total across 1 segment · Q1 2023
- Collaboration revenue$410K—100.0%
Forward guidance
Lyra Therapeutics is primarily focused on the ongoing ENLIGHTEN Phase 3 trials and expects results from the ENLIGHTEN 1 extension study in Q4 2024 and ENLIGHTEN 2 pivotal trial in 1H 2025. The company anticipates its cash, cash equivalents and short-term investment balance is sufficient to fund operating expenses and capital expenditures into the first quarter of 2026.
Tailwinds
- Results from the ENLIGHTEN 1 52-week extension study are expected in Q4 2024.
- Topline results from ENLIGHTEN 2 are expected in the first half of 2025.
- Enrollment in ENLIGHTEN 2, the second pivotal Phase 3 trial of LYR-210 in CRS, is ongoing; enrollment completion is expected in the second half of 2024.
- Further analysis of the ENLIGHTEN 1 data shows that LYR-210 demonstrated a positive effect compared to sham control in 3CS and nasal congestion scores at 24 weeks in the CRS patient subgroup with nasal polyps.
- 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.
Headwinds
- The ENLIGHTEN 1 Phase 3 trial did not meet its primary endpoint of statistically significant improvement compared to sham control in the composite score of the three cardinal symptoms (3CS) of CRS at 24 weeks.
- Lyra announced cost-cutting measures to preserve capital, including a reduction in force of approximately 75% of its workforce.
- Lyra stopped manufacturing and commercialization efforts and is seeking to sublease its three leaseholds to significantly reduce the Company’s operating costs.
- Lyra paused development efforts for LYR‑220 in an effort to focus on the ongoing ENLIGHTEN Phase 3 program evaluating LYR-210.
- Net loss for the second quarter 2024 was $48.1 million compared to $15.6 million for the same period in 2023.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
-1.6%
Avg return
Earnings day
-3.1%
Avg return
5 days after
-1.7%
Avg return
30 days after
29%
7 / 24 earnings
Positive
+11.0%
Q1 2024
Best reaction
-25.4%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +0.0% | +0.1% | +52.2% | |
| Q3 2025 | -1.0% | -5.9% | -6.3% | |
| Q2 2025 | +9.5% | +8.3% | -6.8% | |
| Q1 2025 | -6.3% | -17.3% | +102.9% | |
| Q4 2024 | -4.1% | -14.8% | -39.2% | |
| Q3 2024 | -25.4% | -35.8% | -23.8% | |
| Q2 2024 | -3.3% | +4.0% | -6.6% | |
| Q1 2024 | +11.0% | -14.8% | -93.0% | |
| Q4 2023 | +2.8% | +1.0% | -14.5% | |
| Q3 2023 | +0.0% | +2.4% | +33.4% | |
| Q2 2023 | +5.4% | +13.8% | +20.8% | |
| Q1 2023 | -6.8% | -2.1% | +3.6% | |
| Q4 2022 | +6.1% | +13.8% | +22.4% | |
| Q3 2022 | -17.9% | -20.3% | -35.8% | |
| Q2 2022 | -1.7% | +0.6% | -5.2% | |
| Q1 2022 | +7.1% | +7.7% | +18.1% | |
| Q4 2021 | -4.0% | -5.8% | +22.8% | |
| Q3 2021 | -1.0% | -0.4% | -32.9% | |
| Q2 2021 | -3.9% | -0.4% | +17.6% | |
| Q1 2021 | -1.0% | -5.6% | +11.9% | |
| Q4 2020 | -4.8% | -2.2% | -20.9% | |
| Q3 2020 | +1.0% | -1.8% | -13.3% | |
| Q2 2020 | -0.9% | +0.9% | -17.8% | |
| Q1 2020 | -0.5% | +0.1% | -31.6% | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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