08:52 AM EDT, 05/06/2024 (MT Newswires) -- Lyra Therapeutics ( LYRA ) said Monday that the phase 3 of its Enlighten 1 trial, evaluating the company's investigational treatment LYR-210 for chronic rhinosinusitis, failed to meet its primary endpoint at 24 weeks.

The drug candidate was generally well tolerated, with no product-related serious adverse events.

Data from an ongoing 52-week extension phase of the trial is expected in Q4, the company said.

Meanwhile, Lyra said it expects to make "near-term changes" to its business operations and reduce its workforce to preserve cash.

Shares of Lyra fell more than 92% in recent premarket activity on Monday.

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