Lyra Therapeutics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Lyra Therapeutics, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and business operations.</b>

AI Summary

Lyra Therapeutics, Inc. (LYRA) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Lyra Therapeutics, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal executive offices are located at 480 Arsenal Way, Watertown, MA 02472. Lyra Therapeutics, Inc. was formerly known as 480 Biomedical, Inc., Arsenal Vascular, Inc., and Arsenal Medical, Inc. The SIC code for the company is 3841 (Surgical & Medical Instruments & Apparatus).

Why It Matters

For investors and stakeholders tracking Lyra Therapeutics, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational updates for Lyra Therapeutics, Inc. during the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities.

Risk Assessment

Risk Level: medium — Lyra Therapeutics, Inc. shows moderate risk based on this filing. The company's financial statements and disclosures in this 10-Q are subject to the inherent uncertainties of a clinical-stage biotechnology company, which often involve significant research and development costs and potential regulatory hurdles.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-Q to understand Lyra Therapeutics' current financial position and operational progress.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q Filing)
• 2024-04-30 — Filing Date (10-Q Filing)
• 001-39273 — SEC File Number (10-Q Filing)
• 3841 — SIC Code (Company Data)

Key Players & Entities

• Lyra Therapeutics, Inc. (company) — Filer name
• 0000950170-24-050535 (other) — Accession Number
• 20240331 (date) — Conformed Period of Report
• 20240430 (date) — Filed as of Date
• 480 Arsenal Way, Watertown, MA 02472 (address) — Business Address
• 3841 (other) — Standard Industrial Classification
• DE (other) — State of Incorporation
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

Lyra Therapeutics, Inc. operates within the Surgical & Medical Instruments & Apparatus industry (SIC 3841). This sector is characterized by innovation in medical technology and devices.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and cash flow.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
3. Identify any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024. Previous filings would include the 10-K for the fiscal year ending December 31, 2023, and prior 10-Q filings.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share LYRA The Nasdaq

Filing Documents

• lyra-20240331.htm (10-Q) — 1869KB
• lyra-ex10_1.htm (EX-10.1) — 52KB
• lyra-ex10_2.htm (EX-10.2) — 51KB
• lyra-ex31_1.htm (EX-31.1) — 15KB
• lyra-ex31_2.htm (EX-31.2) — 15KB
• lyra-ex32_1.htm (EX-32.1) — 9KB
• lyra-ex32_2.htm (EX-32.2) — 9KB
• lyra-ex99_1.htm (EX-99.1) — 39KB
• 0000950170-24-050535.txt (&nbsp;) — 7232KB
• lyra-20240331.xsd (EX-101.SCH) — 1141KB
• lyra-20240331_htm.xml (XML) — 983KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 PART II. OTHER INFORMATION 29 Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 80 Item 3. Defaults Upon Senior Securities 80 Item 4. Mine Safety Disclosures 80 Item 5. Other Information 80 Item 6. Exhibits 81

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. LYRA THERAPEUTICS, INC. Condensed Consolidated B alance Sheets (unaudited) (in thousands, except share data) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 15,799 $ 22,353 Short-term investments 71,319 80,400 Prepaid expenses and other current assets 2,325 2,068 Total current assets 89,443 104,821 Property and equipment, net 3,783 2,043 Operating lease right-of-use assets 45,626 33,233 Restricted cash 1,992 1,392 Other assets 683 1,111 Total assets $ 141,527 $ 142,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,844 $ 3,131 Accrued expenses and other current liabilities 10,057 9,374 Operating lease liabilities 4,504 5,434 Deferred revenue 1,319 1,658 Total current liabilities 18,724 19,597 Operating lease liabilities, net of current portion 33,356 21,447 Deferred revenue, net of current portion 11,943 12,136 Total liabilities 64,023 53,180 Commitments and contingencies (Note 10) Stockholders' equity: Preferred stock, $ 0.001 par value, 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 200,000,000 shares authorized at March 31, 2024 and December 31, 2023; 60,964,775 and 57,214,550 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 61 57 Additional paid-in capital 411,225 400,685 Accumulated other comprehensive income, net of tax 25 33 Accumulated deficit ( 333,807 ) ( 311,355 ) Total stockholders' equity 77,504 89,420 Total liabilities and stockholders' equity $ 141,527 $ 142,600 See accompanying notes to unaudited condensed consolidated financial statements. 2 LYRA THERAPEUTICS, INC. Condensed Consolidated S

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View this 10-Q filing on SEC EDGAR