Lyra Therapeutics (NASDAQ: LYRA) stock plunged about 10% in early trading on Tuesday after the ENLIGHTEN 1 trial missed its primary endpoint.
Lyra Therapeutics (LYRA) has encountered a setback with its Phase 3 ENLIGHTEN 1 trial evaluating LYR-210 for chronic rhinosinusitis (CRS), as the experimental treatment failed to meet the primary endpoint of significantly improving CRS symptoms compared to the sham control at 24 weeks.
While some secondary measures like the Sino-Nasal Outcome Test (SNOT-22) showed improvement, the trial didn’t significantly improve ethmoid sinus opacification. The trial, involving 190 patients, is ongoing, with data from the 52-week extension phase anticipated later this year.
Meanwhile, the company plans to implement operational changes and reduce its workforce to conserve cash.
LYR-210, a bioabsorbable implant, is designed to deliver anti-inflammatory medication for up to six months. It targets a significant population of CRS patients who fail standard therapies.
Last month, Lyra Therapeutics reported its first-quarter results for 2024. The company reported earnings per share of -35 cents, falling below the analyst estimate of -26 cents. However, it reported revenue of $532,000, beating analyst estimates by 26.67%.
Lyra Therapeutics (NASDAQ: LYRA) Stock Price Action
As of 10:14 a.m. (Eastern Time) Tuesday, LYRA stock traded at $0.4726, marking a 9.37% decrease compared to the previous trading session.
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