By Colin Kellaher


Lyra Therapeutics on Monday said a late-stage study of its lead drug candidate missed its main goal in a chronic inflammatory sinus disorder.

Lyra said the Phase 3 study evaluating LYR-210 for the treatment of chronic rhinosinusitis didn't meet its primary endpoint of showing statistically significant improvement compared to sham control in the composite score of the three cardinal symptoms of chronic rhinosinusitis.

The Watertown, Mass., clinical-stage biotechnology company said it is moving as quickly as possible to evaluate the full study dataset to better understand the findings and determine its path forward, adding that it expects to make near-term changes to its business operations, including a reduction its workforce, in an effort to preserve cash.

Trading in shares or Lyra, which closed Friday at $4.03, was halted premarket on Monday.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

05-06-24 0837ET