Lyra Therapeutics Inc ( LYRA ) shares are trading lower by 93% to $0.30 during Monday’s session after the company announced the ENLIGHTEN 1 trial did not meet its primary endpoint.

What Happened?

Lyra Therapeutics ( LYRA ) released disappointing results from its Phase 3 ENLIGHTEN 1 trial, evaluating LYR-210 for chronic rhinosinusitis (CRS). LYR-210 did not meet the primary endpoint of significantly improving CRS symptoms compared to the sham control at 24 weeks.

Despite improvements in some secondary measures, such as the Sino-Nasal Outcome Test (SNOT-22) score, ethmoid sinus opacification did not significantly improve. The trial, which enrolled 190 patients, is ongoing, with data from the 52-week extension phase expected later in the year.

The company meanwhile plans to make operational changes and reduce its workforce to conserve cash. LYR-210 is a bioabsorbable implant designed to deliver anti-inflammatory medication for up to six months, targeting a significant population of CRS patients who fail standard therapies.

See Also: Red Sea Disruptions To Cut Shipping Capacity By 15-20% In Q2, Says Maersk

Should I Sell My LYRA Stock?

When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.

Shares of Lyra Therapeutics ( LYRA ) have decreased by 88.24% in the past year. An investor who bought shares of Lyra Therapeutics ( LYRA ) at the beginning of the year would take a loss of $4.89 per share if they sold it today. The stock has fallen 93.98% over the past month, meaning an investor who bought shares on Apr. 1 would see a capital loss of $5.3.

Lyra Therapeutics ( LYRA ) shares have an all-time high of $9.43, representing 2972.66% upside from current levels.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Lyra Therapeutics ( LYRA ) stock currently has an RSI of 20.68, indicating oversold conditions.

For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.