Lyra Therapeutics, Inc. (LYRA) stock plummeted 6.23% in the current-market trading session at the price of $5.57 after providing updates on its BEACON clinical trial.
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LYRA is a clinical-stage therapeutics firm that leverages its XTreo technology to facilitate accurate and sustained delivery of drugs to dead tissues not obtainable with traditional therapeutic techniques. The company has two development-stage product candidates for CRS; LYR-210 is currently being evaluated in the ENLIGHTEN Phase-III trial, and LYR-220 is in the BEACON Phase-II clinical study.
BEACON Phase-II Trial Updates
On 25th April 2022, LYRA reported treating the first patient in the BEACON Phase-II clinical trial evaluating LYR-220 in patients with chronic rhinosinusitis. LYR-220 had developed to deliver an anti-inflammatory drug consistently for six months to millions of CRS patients. The FPI in the BEACON Phase-II study has expected by the first half of 2022. The company expects to complete the enrollment in the Phase-II BEACON study by year-end.
LYRA Upcoming Presentations
On 21st April 2022, LYRA has scheduled a forthcoming COSM 2022 Conference held from 27th April to 1st May 2022 in Texas. The management will present data on the LANTERN study evaluating LYR-210 to treat chronic rhinosinusitis.
Additionally, the company will provide an oral presentation centered on the clinical outcomes of LYR-210 on quality of life. The stocks’ presentation on the implantable corticosteroid matrices had selected by the American Rhinologic Society as a leading clinical presentation at the 2022 COSM.
LYRA Market Updates
On 31st December 2021, LYRA stock had cash and cash equivalent of US$45.7M, which has expected to fund its scheduled operations till the fourth quarter of 2022. With a diverse pipeline of products for both post-surgical and surgically-naïve CRS patients, Lyra hopes to supersede the estimated target of US$6B for CRS.
The year 2021 was a very productive period for the stock as it progressed its clinical programs toward the first indication. During the year, the company treated the first patient in the Phase-III ENLIGHTEN clinical program evaluating LYR-210. Additionally, LYRA initiated a BEACON Phase-II study to treat CRS patients having post-surgical anatomy. LYRA anticipates dosing the first patient in its ENLIGHTEN 2 Phase-III clinical study evaluating LYR-210 by the mid of 2022.