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LYRA THERAPEUTICS Lyra Therapeutics Reports Third Quarter 2021 Financial Results and Provides Corporate Update November 9 , 2021 - LYR - 210 Phase 3 ENLIGHTEN and LYR - 220 Phase 2 BEACON studies on track to initiate around EOY - - New LYR - 210 Phase 2 LANTERN 6 - month follow up data and LYR - 210 PK study presented at ARS Annual Meeting - Jason Cavalier appointed as Chief Financial Officer - WATERTOWN , Mass . , Nov. 9 , 2021 / PRNewswire / -- Lyra Therapeutics , Inc. ( Nasdaq : LYRA ) , a clinical - stage therapeutics company leveraging its proprietary XTreoTM platform to enable precise , sustained , and local delivery of medications to the ear , ose and throat ( ENT ) passages and other diseased tissues , today reported financial results for the quarter ended September 30 , 2021 , and highlighted recent accomplishments . Company Highlights • Lyra expects to initiate the LYR - 220 Phase 2 BEACON study in post - surgical chronic rhinosinusitis ( CRS ) patients this month , and remains on track to initiate the LYR - 210 Phase 3 ENLIGHTEN program in surgically - naïve CRS patients around the end of the year . • At the 67th Annual Meeting of the American Rhinologic Society ( ARS ) , new positive data on LYR - 210 were the subject of two presentations . The Phase 2 LANTERN 6 - month post - treatment evaluation showed continued safety and that approximately half of treated CRS patients experienced a durable response six months post LYR - 210 removal . The recently completed pharmacokinetic ( PK ) study showed that Mometasone Furoate ( MF ) blood levels were constant over the 56 days , providing further evidence that LYR - 210 delivers a steady daily dose of MF with accompanying rapid symptom relief during this time period . The study showed LYR - 210 to be effective in patients with less severe disease , with subjects ' average baseline SNOT - 22 scores of 36 points , compared to 68 points in the LANTERN study . The PK study was selected as a top clinical presentation at the meeting . • In September , the Company appointed Jason Cavalier as Chief Financial Officer . Mr. Cavalier is a highly experienced investment banker with an extensive background in advising companies on financing and strategic alternatives , most recently serving at Cantor Fitzgerald as Managing Director , Head of Life Sciences Mergers & Acquisitions . He succeeds Don Elsey , who retired as the Company's CFO and is currently serving in an advisory role to assist with the transition . • The LYR - 210 Phase 2 LANTERN manuscript was published online in the peer - review journal , International Forum of Allergy & Rhinology , and also won the ARS Annual Meeting 2021 Clinical Science Maurice Cottle Award . • Preclinical data on Lyra's XTreoTM platform were published online in the peer - review journal American Journal of Rhinology & Allergy . The results demonstrate that XTreo TM technology platform provides targeted and sustained dosing of anti - inflammatory medication . • The Company hosted two virtual events , in August and October , featuring key opinion leaders in CRS . " We are incredibly proud of Lyra's recent progress , with a growing body of clinical evidence supporting the potential for LYR - 210 to become the new standard of care for chronic rhinosinusitis , " said Maria Palasis , PhD , President and Chief Executive Officer of Lyra Therapeutics . " Key opinion leaders in CRS are also sharing their enthusiasm for how they believe LYR - 210 will provide a much - needed treatment option for the majority of their CRS patients , who fail medical management today . Looking ahead to the remainder of this year , we are excited to be initiating two later - stage clinical studies , our Phase 3 ENLIGHTEN study for LYR - 210 and our Phase 2 BEACON study for LYR - 220 , in surgically - naïve and post - surgical CRS patients , respectively . Together these two products are designed to address the full range of CRS patients that present to an ENT office . " Third Quarter 2021 Financial Highlights • Cash and cash equivalents as of September 30 , 2021 were $ 58.1 million , compared with $ 69.0 million at June 30 , 2021 . The Company expects its cash balance to be sufficient to fund its planned operations through 2022 . • Research and development expenses for the quarter ended September 30 , 2021 were $ 7.1 million compared to $ 3.7 million for the same period in 2020 , primarily attributable to an increase in product development and manufacturing expenses and an increase in research and development headcount and consulting expenses . • General and administrative expenses for the third quarter 2021 were $ 4.0 million compared to $ 2.7 million for the same period in 2020 , primarily attributable to an increase in professional and consulting expenses , stock - based compensation and general and administrative headcount . • Total operating expenses for the quarter ended September 30 , 2021 were $ 11.1 million compared to $ 6.4 million for the same period in 2020 . • Net loss for the third quarter was $ 11.1 million compared to $ 6.3 million for the same period in 2020 . Conference Call and Webcast Details LYRA will host a conference call and live webcast today at 4:30 p.m. ET . To access the live call by phone , dial ( 833 ) 519-1249 ( domestic ) or ( 914 )