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WATERTOWN, MA – Lyra Therapeutics, Inc. (NASDAQ:LYRA), a medical device company with a market capitalization of approximately $12 million, announced changes to its board of directors in a recent filing with the U.S. Securities and Exchange Commission (SEC).
The company's stock has faced significant headwinds, declining over 96% year-to-date, according to InvestingPro data. On December 12, 2024, board members Michael Altman and Konstantin Poukalov resigned effective immediately for reasons not disclosed in the filing. The following day, the company's board adjusted the class structure of its directors.
In a move to maintain an equal balance among its director classes, the board transitioned Maria Palasis, Ph.D., from Class III to Class I. Her term as a Class I director will now expire at the 2027 Annual Meeting of Stockholders. This reclassification was made to even out the number of directors in each class and is not indicative of a break in her service, which is considered uninterrupted.
The restructuring leaves the board with two directors in each of the three classes, aligning with corporate governance practices. The company has not yet announced any new board appointments or if it intends to fill the vacancies left by Altman and Poukalov. InvestingPro analysis reveals that while Lyra maintains more cash than debt on its balance sheet, the company is quickly burning through its cash reserves. Subscribers can access 8 additional key insights about Lyra's financial health.
Lyra Therapeutics specializes in surgical and medical instruments and apparatus, operating under the industrial classification code 3841. The company, which currently appears undervalued according to InvestingPro's Fair Value analysis, is incorporated in Delaware and headquartered in Watertown, Massachusetts. With a current ratio of 3.64, the company maintains strong liquidity despite challenging market conditions. It was formerly known as 480 Biomedical, Inc., Arsenal Vascular, Inc., and Arsenal Medical (TASE:PMCN), Inc., with name changes occurring in 2012, 2011, and 2009, respectively.
The SEC filing did not provide further details on the reasons behind the resignations or any additional changes to the company's executive team or compensatory arrangements. The information disclosed in this article is based on the most recent 8-K filing by Lyra Therapeutics with the SEC.
In other recent news, Lyra Therapeutics has completed patient enrollment for its Phase 3 ENLIGHTEN 2 clinical trial.
The trial is focused on evaluating LYR-210, a bioresorbable nasal implant for adults with chronic rhinosinusitis (CRS) who have not undergone prior ethmoid sinus surgery. LYR-210 is designed to provide a six-month continuous delivery of the anti-inflammatory medication mometasone furoate directly to the sinonasal passages. The company plans to report topline results from the ENLIGHTEN 2 trial in the second quarter of 2025.
In addition, the Phase 3 ENLIGHTEN-1 trial for LYR-210 did not meet its primary endpoint, failing to reduce the cardinal symptoms as expected. However, key milestones ahead could influence the program's direction, with the 52-week extension results of the ENLIGHTEN-1 trial expected in 2024 and the top-line results from the Phase 3 ENLIGHTEN-2 trial anticipated in 2025. Analyst firm H.C. Wainwright has maintained a 'Neutral' rating on Lyra Therapeutics stock, citing the need to wait for these upcoming trial results.
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