10:31 AM EDT, 05/21/2024 (MT Newswires) -- Lyra Therapeutics ( LYRA ) said Tuesday it is cutting 87 jobs, or about 75% of its workforce, along with other measures to extend its cash runway into 2026.

Lyra said it has stopped manufacturing and commercialization efforts and seeks to sublease its facilities to reduce costs.

The company said it will focus on two ongoing Enlighten phase three studies evaluating LYR-210 for the treatment of chronic rhinosinusitis while pausing efforts for LYR-220.

Lyra also said it plans to evaluate potential strategic options to boost shareholder value, adding that there can be no assurance that the evaluation will result in any transaction.