Lyra Therapeutics was a clinical-stage biotech developing LYR-210, a bioabsorbable nasal implant designed to treat chronic rhinosinusitis (CRS), a chronic inflammatory sinus disease affecting an estimated 14 million Americans. LYR-210 was placed in-office by an ENT physician and delivered six months of continuous anti-inflammatory therapy directly to the sinonasal passages, targeting CRS patients who had already failed standard medical management but had not yet undergone surgery. Lyra never generated product revenue and funded operations entirely through equity raises. The company's two Phase 3 trials produced mixed results: ENLIGHTEN 1 failed its primary endpoint in May 2024, and ENLIGHTEN 2 met its primary endpoint in June 2025. Despite the positive result from ENLIGHTEN 2, the FDA indicated a third Phase 3 trial would be required before an NDA submission. Lyra concluded it lacked the capital to fund this additional trial and suspended all development in January 2026. The company has since conducted a near-total workforce reduction, is pursuing strategic alternatives with a skeleton team, and was delisted from Nasdaq in March 2026. There is no assurance any transaction will be completed.