Lyra Therapeutics Implementing Layoff Of ~75% Of Its Workforce
Portfolio Pulse from Benzinga Newsdesk
Lyra Therapeutics is laying off ~75% of its workforce and pausing manufacturing and commercialization efforts to extend its cash runway into 2026. The company will focus on its ENLIGHTEN Phase 3 trials for LYR-210 and has paused efforts for LYR-220.
May 21, 2024 | 1:16 pm
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Lyra Therapeutics is laying off ~75% of its workforce and pausing manufacturing and commercialization efforts to extend its cash runway into 2026. The company will focus on its ENLIGHTEN Phase 3 trials for LYR-210 and has paused efforts for LYR-220.
The significant workforce reduction and pausing of manufacturing and commercialization efforts indicate financial strain and operational challenges. This is likely to negatively impact investor sentiment and the stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100