Mood music downbeat as majority of Lyra staff face redundancy

22 May 2024

Executives at cash-strapped biotech Lyra Therapeutics (Nasdaq: LYRA) are hoping a drastic reduction in headcount will help keep the lights on, alongside other cost-cutting measures.

Meanwhile, a review of “potential strategic options” could lead to a new way forward for the company, if a partnership of some kind can be agreed upon.

The company is hoping to slow its cash burn in order to see through its two ongoing Phase III trials, dubbed ENLIGHTEN, testing LYR-210 in chronic rhinosinusitis.

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