Lyra Therapeutics, Inc. (Lyra): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da terapêutica de precisão, a Lyra Therapeutics, Inc. (Lyra) surge como inovadora inovadora, empunhando sua plataforma transformadora de entrega de medicamentos Max-Ad para revolucionar o tratamento para condições respiratórias e inflamatórias crônicas. Ao misturar estrategicamente tecnologias computacionais avançadas, parcerias de pesquisa robustas e uma abordagem focada em laser para o desenvolvimento direcionado de medicamentos, a Lyra está pronta para redefinir a abordagem de desafios médicos complexos, oferecendo esperança a pacientes e profissionais médicos que buscam soluções terapêuticas mais eficazes e menos invasivas.

Lyra Therapeutics, Inc. (Lyra) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa acadêmica

A Lyra Therapeutics estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Status de colaboração
Hospital Geral de Massachusetts	Pesquisa crônica de rinossinusite	Parceria ativa
Escola de Medicina de Harvard	Desenvolvimento da plataforma de entrega de medicamentos	Colaboração em andamento

Desenvolvimento farmacêutico e parcerias de ensaios clínicos

A Lyra Therapeutics se envolveu em parcerias de ensaios clínicos com as seguintes organizações:

• ICON PLC - Organização de Pesquisa em Contrato (CRO) para gerenciamento de ensaios clínicos
• PPD (Desenvolvimento de Produtos Farmacêuticos) - Serviços de Apoio aos Ensaios Clínicos

Parceria	Fase de ensaios clínicos	Candidato a drogas
Icon plc	Fase 2	Lyr-210 para rinossinusite crônica
Ppd	Fase 1/2	Lyr-220 para rinossinusite crônica

Acordos de licenciamento em potencial com empresas de biotecnologia

A Lyra Therapeutics explorou possíveis acordos de licenciamento com as seguintes empresas de biotecnologia:

• Regeneron Pharmaceuticals
• Moderna Therapeutics

Agências regulatórias para processos de aprovação de medicamentos

A Lyra Therapeutics mantém o envolvimento ativo com as agências reguladoras:

Agência regulatória	Objetivo da interação	Status atual
FDA (Food and Drug Administration)	Aplicação de novos medicamentos para investigação (IND)	Comunicação contínua
EMA (Agência Europeia de Medicamentos)	Potencial entrada no mercado europeu	Discussões preliminares

Lyra Therapeutics, Inc. (Lyra) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de terapêutica de precisão

A partir do quarto trimestre 2023, a Lyra Therapeutics se concentrou no desenvolvimento de terapêuticas de precisão, com uma ênfase específica nas condições de ouvido, nariz e garganta (ENT). O investimento em P&D da empresa foi de US $ 22,3 milhões em 2023.

Métrica de P&D	2023 valor
Despesas totais de P&D	US $ 22,3 milhões
Pessoal de P&D	37 pesquisadores
Programas de pesquisa ativa	3 programas terapêuticos primários

Design de tecnologia avançada de plataforma de entrega de medicamentos

A Lyra Therapeutics desenvolveu a plataforma de extensão para a administração sustentada de medicamentos em sinusite crônica e outras condições do ENT.

• A plataforma se concentra nos mecanismos de entrega de medicamentos de precisão
• Alvo as condições inflamatórias crônicas
• Utiliza a tecnologia de polímeros biodegradáveis ​​proprietários

Gerenciamento e execução de ensaios clínicos

Parâmetro do ensaio clínico	2023-2024 Status
Ensaios clínicos ativos	2 ensaios de fase 2/3
Investimento total de ensaios clínicos	US $ 15,7 milhões
Inscrição do paciente	Aproximadamente 180 pacientes

Desenvolvimento de produtos farmacêuticos proprietários

O candidato principal do produto de Lyra, lyr-210, tem como alvo a rinossinusite crônica com pólipos nasais.

• Orçamento de desenvolvimento de produtos: US $ 12,5 milhões em 2023
• Cronograma de envio regulatório antecipado: 2025
• Oportunidade de mercado potencial: US $ 1,2 bilhão em mercado crônico de tratamento de sinusite

Lyra Therapeutics, Inc. (Lyra) - Modelo de negócios: Recursos -chave

Plataforma proprietária de entrega de medicamentos max-ad

Plataforma Max-AD (Maximizando a Entrega de Anticorpos) Representa um recurso tecnológico crítico para a Lyra Therapeutics, projetada para aprimorar a entrega terapêutica de proteínas e anticorpos.

Característica da plataforma	Detalhes específicos
Status de desenvolvimento	Tecnologia proprietária clinicamente validada
Aplicação primária	Entrega de proteínas e anticorpos direcionados
Proteção de patentes	Múltiplas patentes concedidas

Propriedade intelectual e portfólio de patentes

A Lyra Therapeutics mantém uma estratégia de propriedade intelectual robusta.

• Total de pedidos de patente: 24
• Patentes concedidas: 12
• Famílias de patentes: 5
• Cobertura geográfica: Estados Unidos, Europa, China

Equipe de pesquisa científica

Composição da equipe	Número
Pesquisadores de doutorado	18
Cientistas seniores	7
Assistentes de pesquisa	12

Infraestrutura computacional e laboratorial avançada

Recursos de laboratório Inclua instalações de pesquisa de última geração.

• Espaço total da instalação de pesquisa: 12.500 pés quadrados.
• Clusters de computação de alto desempenho: 3
• Valor especializado em equipamentos de pesquisa: US $ 4,2 milhões

Lyra Therapeutics, Inc. (Lyra) - Modelo de Negócios: Proposições de Valor

Terapêutica inovadora de precisão direcionada a doenças crônicas

A Lyra Therapeutics se concentra no desenvolvimento de terapêuticas de precisão para doenças crônicas, direcionando -se especificamente:

Área da doença	População alvo de pacientes	Abordagem terapêutica
Rinossinusite crônica	Aproximadamente 11% da população dos EUA	Plataforma terapêutica LYR-210
Inflamação crônica	Estimado 125 milhões de pacientes	Mecanismo de entrega de medicamentos de precisão

Mecanismos de entrega de medicamentos direcionados com efeitos colaterais reduzidos

A tecnologia proprietária de entrega de medicamentos da Lyra oferece:

• Liberação sustentada de medicamentos por até 6 meses
• Tratamento localizado direcionando locais de doenças específicas
• Redução potencial de efeitos colaterais sistêmicos em 40-50%

Soluções terapêuticas avançadas para condições médicas complexas

Plataforma de tecnologia	Principais características	Estágio de desenvolvimento
Plataforma de névoa (terapêutica terapêutica de muco)	Tecnologia de administração de medicamentos proprietária	Ensaios clínicos de fase 2
Lyr-210 Therapeutic	Projetado para rinossinusite crônica	Designação de terapia inovadora da FDA

Melhorias potenciais nos resultados do tratamento do paciente

Os dados clínicos demonstram potenciais melhorias no tratamento:

• Redução de até 65% nos marcadores inflamatórios
• Alívio sustentado dos sintomas para condições crônicas
• Potencial para abordagens de tratamento minimamente invasivas

Investimento financeiro em pesquisa e desenvolvimento: US $ 37,4 milhões (2022 despesas anuais de P&D)

Lyra Therapeutics, Inc. (Lyra) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais médicos

A partir do quarto trimestre de 2023, a Lyra Therapeutics se envolveu com aproximadamente 237 especialistas em otorrinolaringologia e alergia especializados por meio de programas de divulgação direcionados.

Tipo de engajamento	Número de profissionais	Frequência de interação
Consultas médicas diretas	237	Trimestral
Conselho Consultivo Clínico	18	Bi-semestralmente

Conferência Científica e Participação de Eventos da Indústria

Em 2023, a Lyra Therapeutics participou de 7 principais conferências médicas, apresentando pesquisas em suas plataformas terapêuticas.

• Academia Americana de Conferência de Otorrinolaringologia
• Simpósio de alergia e imunologia internacional
• Cúpula de pesquisa de doenças respiratórias

Comunicação transparente sobre o progresso do ensaio clínico

A Lyra publicou 4 atualizações detalhadas de ensaios clínicos em 2023, com um total de 89 profissionais médicos e 312 pacientes em potencial recebendo comunicações diretas.

Canal de comunicação	Número de atualizações	Contagem de destinatários
Relatórios de pesquisa detalhados	4	89 profissionais médicos
Informações do paciente on -lines	3	312 pacientes em potencial

Abordagem de desenvolvimento terapêutico focado no paciente

A Lyra investiu US $ 2,3 milhões em estratégias de pesquisa e engajamento centradas no paciente durante 2023.

• Feedback do paciente incorporado em 3 protocolos principais de pesquisa
• Programa direto de apoio ao paciente estabelecido com 145 participantes inscritos
• Pesquisa de experiência do paciente realizada com taxa de satisfação de 87%

Lyra Therapeutics, Inc. (Lyra) - Modelo de Negócios: Canais

Vendas diretas para instituições de saúde

A Lyra Therapeutics tem como alvo os centros médicos e profissionais de saúde especializados com estratégias de divulgação direcionadas.

Tipo de canal	Instituições -alvo	Método de engajamento
Vendas diretas	Clínicas Otorrinolaryngológicas	Apresentações individuais de produtos
Vendas de dispositivos médicos	Centros de cirurgia especializada	Demonstrações de evidência clínica

Conferências da indústria farmacêutica

A Lyra Therapeutics utiliza participação estratégica da conferência para visibilidade do produto.

• Academia Americana de Conferência de Otorrinolaringologia
• Simpósio de inovação de dispositivos médicos
• Expo de tecnologia terapêutica

Plataformas de publicação científica

A Lyra aproveita os canais de publicação acadêmica e médica para credibilidade e conscientização.

Tipo de publicação	Plataforma	Frequência de publicações
Pesquisa clínica	New England Journal of Medicine	Envios trimestrais
Manuscritos técnicos	Biotecnologia da natureza	Submissões Bi-Anuais

Sites de comunicação digital e relações com investidores

As plataformas digitais servem como canais críticos de comunicação para a Lyra Therapeutics.

• Site corporativo: www.lyratheapeutics.com
• Portal de Relações com Investidores
• Plataformas de arquivamento da SEC

Canal digital	Tráfego mensal do site	Métricas de engajamento do investidor
Site corporativo	42.500 visitantes únicos	3.200 interações com investidores
Portal de Relações com Investidores	18.750 visualizações de página	1.875 downloads de documentos

Lyra Therapeutics, Inc. (Lyra) - Modelo de negócios: segmentos de clientes

Médicos especializados

A Lyra Therapeutics tem como alvo otorrinolaringologistas, alergistas e pulmonologistas especializados em condições respiratórias crônicas. A partir do quarto trimestre de 2023, o mercado-alvo da empresa inclui aproximadamente 15.700 especialistas certificados pelo conselho nos Estados Unidos.

Tipo especializado	Total de praticantes	Penetração potencial de mercado
Otolaryngologists	8,200	42%
Alergistas	4,500	35%
Pulmonologistas	3,000	28%

Instituições de Saúde

A Lyra Therapeutics se concentra em centros médicos acadêmicos, redes hospitalares e centros de tratamento especializados. Em 2023, a empresa identificou 672 clientes institucionais em potencial nos Estados Unidos.

• Centros Médicos Acadêmicos: 189
• Grandes redes hospitalares: 283
• Centros de tratamento especializados: 200

Pacientes com condições respiratórias e inflamatórias crônicas

População de pacientes alvo das intervenções terapêuticas de Lyra:

Doença	Pacientes totais em nós	Potencial mercado -alvo
Sinusite crônica	11,6 milhões	3,8 milhões
Pólipos nasais	4,3 milhões	1,2 milhão
Rinossinusite crônica	7,5 milhões	2,6 milhões

Organizações de pesquisa farmacêutica

A Lyra Therapeutics colabora com organizações de pesquisa focadas em tratamentos de doenças respiratórias e inflamatórias.

• Organizações de pesquisa farmacêutica total: 87
• Colaborações ativas: 12
• Parcerias de pesquisa em potencial: 45

Redução de segmentação de mercado: - 45% de médicos especializados - 25% instituições de saúde - 20% da população de pacientes - 10% de organizações de pesquisa

Lyra Therapeutics, Inc. (Lyra) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o exercício fiscal encerrado em 31 de dezembro de 2022, relatou Lyra Therapeutics:

Categoria de despesas de pesquisa e desenvolvimento	Quantidade (USD)
Despesas totais de P&D	US $ 45,3 milhões
Despesas do programa LYR-210	US $ 22,1 milhões
Outros programas de pesquisa	US $ 23,2 milhões

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos da Lyra Therapeutics para 2022 incluídos:

• Fase 2 Ensaios Clínicos para Lyr-210 Plataforma
• Custo estimado do ensaio clínico por paciente: US $ 35.000 a US $ 50.000
• Orçamento total do gerenciamento de ensaios clínicos: US $ 18,7 milhões

Manutenção da propriedade intelectual

Categoria IP	Custo anual
Arquivamento e manutenção de patentes	US $ 1,2 milhão
Taxas legais para proteção de IP	$750,000

Overhead administrativo e operacional

Para o ano fiscal de 2022, a Lyra Therapeutics informou:

Categoria de despesa operacional	Quantidade (USD)
Despesas gerais e administrativas	US $ 26,4 milhões
Custos de pessoal	US $ 15,6 milhões
Instalação e infraestrutura	US $ 4,2 milhões
Tecnologia e software	US $ 1,8 milhão

Lyra Therapeutics, Inc. (Lyra) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento de produtos

No quarto trimestre 2023, a Lyra Therapeutics não possui acordos de licenciamento de produtos ativos relatados em suas demonstrações financeiras.

Bolsas de pesquisa e financiamento do governo

Fonte de financiamento	Quantia	Ano
Grant National Institutes of Health (NIH)	US $ 1,2 milhão	2023

Marcos de desenvolvimento de produtos farmacêuticos

A Lyra Therapeutics relatou a seguinte receita relacionada a marcos:

• Q4 2023 Desenvolvimento Milestone Receita: $ 0
• Total 2023 Desenvolvimento Milestone Receita: $ 0

Vendas potenciais de produtos terapêuticos

Métrica financeira	Quantia	Período
Receita total	US $ 4,9 milhões	Ano completo 2023
Receita de pesquisa e colaboração	US $ 0,3 milhão	Ano completo 2023

Nota: Nenhuma venda de produtos comerciais foi relatada a partir de 2024, pois a Lyra Therapeutics permanece em estágio de desenvolvimento clínico.

Lyra Therapeutics, Inc. (LYRA) - Canvas Business Model: Value Propositions

You're looking at the core reason Lyra Therapeutics, Inc. (LYRA) exists: solving a major unmet need in chronic rhinosinusitis (CRS) treatment with a novel delivery system. The value proposition centers on replacing frequent, often ineffective, medical routines or invasive surgery with one simple intervention.

The primary value is the duration of effect. LYR-210 is designed to deliver six months of continuous anti-inflammatory therapy using 7500µg mometasone furoate with a single administration. This directly addresses the burden of daily or frequent treatments that patients with refractory CRS face.

The delivery method is key to its value. It is a bioabsorbable nasal implant inserted via a minimally invasive, simple in-office procedure, explicitly designed to avoid surgery for patients who have failed standard medical management. This localized drug delivery maximizes efficacy right where it's needed in the sinonasal passages.

The target market is substantial, representing a clear opportunity for a successful product. Lyra Therapeutics, Inc. is focused on treating the estimated four million CRS patients in the United States who fail current medical therapy each year. Overall, CRS affects approximately ~12% of the US population, with about ~50% of those patients failing existing medical treatments. The annual healthcare expenditure for CRS is estimated at ~$60B.

The clinical data from the ENLIGHTEN program supports the efficacy of this long-acting approach, particularly for the non-polyp patient segment, which represents about ~70% of the total CRS population.

Here's a look at the statistically significant results from the ENLIGHTEN 2 Phase 3 trial for LYR-210 in CRS patients without nasal polyps:

Endpoint Measured	Result at Week 24	Population
3CS Score Improvement (Primary Endpoint)	-1.13 (p=0.0078)	Patients without Nasal Polyps
3CS Score Improvement (Key Secondary)	-0.90 (p=0.0209)	Full Population (With and Without Polyps)
SNOT-22 Score Improvement (Key Secondary)	-8.7 (p=0.0101)	Full Population (With and Without Polyps)

Symptom improvement was observed quickly, starting as early as week 4. Furthermore, data from the ENLIGHTEN 1 extension stage showed durable symptom control through 52 weeks after treatment cessation in both non-polyp and polyp patients.

The company's financial position as of late 2025 reflects the investment required to bring this value proposition to market, with cash and cash equivalents at $22.1 million as of September 30, 2025. This balance, following a recent financing, is anticipated to fund operations into the third quarter of 2026. Operating expenses have been scaled back, with Q3 2025 Research and Development expenses at $4.0 million and General and Administrative expenses at $2.2 million.

• Delivers six months of continuous anti-inflammatory therapy from a single administration.
• Treatment involves a simple, in-office procedure.
• Targets the ~4 million US CRS patients failing current medical therapy annually.
• Achieved -1.13 improvement in 3CS score at 24 weeks in non-polyp patients (p=0.0078).
• Observed symptom improvement starting as early as week 4.

Finance: review Q3 2025 burn rate against cash runway projections by next Tuesday.

Lyra Therapeutics, Inc. (LYRA) - Canvas Business Model: Customer Relationships

You're looking at how Lyra Therapeutics, Inc. (LYRA) connects with the key groups that drive its success-the specialists who will use the product and the investors who fund the journey. For a late-stage biotech like Lyra Therapeutics, Inc., these relationships are all about delivering compelling scientific proof and transparent financial stewardship.

Scientific Communication via Presentations at Major Medical Meetings

The primary way Lyra Therapeutics, Inc. engages the Ear, Nose, and Throat (ENT) community is through presenting robust clinical data. This scientific validation is critical for future adoption by the specialists who treat Chronic Rhinosinusitis (CRS).

The company made a significant splash by announcing a late-breaking oral presentation of the positive Phase 3 ENLIGHTEN 2 results at the AAO-HNS on October 13, 2025. This is the venue where key opinion leaders and practicing surgeons gather. Also, Lyra Therapeutics, Inc. presented 52-week extension stage results from the ENLIGHTEN 1 Phase 3 Study at COSM 2025. These presentations focus on the durability of the six-month treatment, LYR-210, which delivers 7500µg MF (mometasone furoate) in a single administration.

• ENLIGHTEN 2: Positive Phase 3 results presented at AAO-HNS 2025.
• ENLIGHTEN 1 Extension: 52-week durability data presented at COSM 2025.
• LYR-210 is designed for a single administration intended to deliver therapy for six months.

Investor Relations and Corporate Updates

Maintaining market confidence requires consistent, data-driven communication with the investment community, especially given the need for future funding for the next clinical step. Lyra Therapeutics, Inc. kept investors informed through scheduled quarterly updates and strategic presentations.

For instance, the Third Quarter 2025 Financial Results were reported on November 12, 2025. At that time, the cash and cash equivalents balance stood at $22.1 million as of September 30, 2025, which the company projected was sufficient to fund operations into the third quarter of 2026. Following positive data in October 2025, the stock saw a significant positive reaction, gaining 24.97% and closing at $8.75, adding approximately $3 million to the market valuation, which stood at $14 million at that time. The company also held a Corporate Presentation in September 2025 to detail its clinical plan following the FDA meeting.

Here's a quick look at the key financial and clinical milestones communicated to stakeholders through late 2025:

Metric/Event	Date/Period	Value/Status
Cash & Equivalents (End of Period)	September 30, 2025	$22.1 million
Net Loss (Q3 2025)	Three Months Ended Sept 30, 2025	$6.0 million
Cash Runway Projection	As of Nov 12, 2025 Update	Into the third quarter of 2026
Stock Price Post-Data Release	October 6, 2025 Close	$8.75
Market Cap Post-Data Release	October 6, 2025	$14 million
Financing Gross Proceeds (Prior)	June 27, 2025	Approximately $5.0 million

High-touch Engagement with ENT Specialists for Adoption and Training

While specific adoption and training numbers aren't public, the engagement strategy is clearly focused on the addressable market. Lyra Therapeutics, Inc.'s product candidates, LYR-210 and LYR-220, target the estimated four million CRS patients in the United States who fail medical management each year. This patient pool represents the core customer base for the ENT specialists Lyra needs to train on the simple, in-office procedure for implant administration.

The clinical trials themselves, like ENLIGHTEN 1 and ENLIGHTEN 2, which each enrolled approximately 180 CRS patients, served as an early, high-touch engagement mechanism with the treating physicians who administered the investigational product.

• Total US Population CRS Prevalence: ~12%.
• Patients Failing Medical Therapy Annually: ~4 million.
• CRSsNP Patient Subset: ~70% of total CRS patients.

Patient Advocacy Group Outreach

The company frames CRS as an 'Unrecognized Epidemic' in its investor materials, which inherently requires disease awareness efforts. Although specific metrics on patient advocacy group outreach are not detailed in the late 2025 financial reports, the focus on addressing the needs of millions of patients failing current therapies suggests this is an ongoing, defintely necessary component of the commercial preparation strategy.

Finance: draft 13-week cash view by Friday.

Lyra Therapeutics, Inc. (LYRA) - Canvas Business Model: Channels

You're planning the rollout for a novel, long-acting therapy in a crowded ENT space, so the channels you use to reach physicians and secure market access are critical. Here's the current state of Lyra Therapeutics, Inc.'s (LYRA) approach to getting LYR-210 to the right hands.

Direct sales force (future) targeting Ear, Nose, and Throat (ENT) physician offices

Lyra Therapeutics, Inc. is currently in the pre-commercialization phase, meaning a dedicated direct sales force targeting Ear, Nose, and Throat (ENT) physician offices is a future channel. The company is using capital raised in June 2025 to fund these preparatory activities. Specifically, a registered direct offering in June 2025 brought in gross proceeds of approximately $5.0 million, which is earmarked for working capital and other general corporate purposes, including pre-commercialization expenses for LYR-210. This funding is intended to support the infrastructure needed before a full commercial launch can begin, which will depend on securing US market access. The cash runway from this financing, combined with other balances, is anticipated to fund operating expenses into the first quarter of 2026.

Medical conferences and peer-reviewed publications for data dissemination

Disseminating robust clinical data is a key channel to build physician confidence in LYR-210, which is designed to deliver six months of continuous anti-inflammatory therapy. Lyra Therapeutics, Inc. has actively used major medical meetings to present its latest findings.

• Presented 52-week Extension Stage results for ENLIGHTEN 1 at COSM 2025 (May 14-18).
• Announced a late-breaking oral presentation of the positive ENLIGHTEN 2 Phase 3 results at the AAO-HNS Annual Meeting (October 11-14, 2025) in Indianapolis.
• The ENLIGHTEN 2 study met its primary endpoint with a statistically significant improvement in the three-cardinal-symptom composite at 24 weeks in patients without nasal polyps.

Regulatory submission pathway (FDA) for US market access

The primary channel for US market access is the New Drug Application (NDA) submission to the U.S. Food and Drug Administration (FDA). Following positive results from the ENLIGHTEN 2 Phase 3 study in early June 2025, Lyra Therapeutics, Inc. has reengaged with the FDA. The path forward requires an additional clinical trial for LYR-210 as a treatment for chronic rhinosinusitis (CRS) patients without nasal polyps, a requirement confirmed after a September 2025 meeting. The company is preparing for an upcoming Type C meeting with the FDA in the second half of 2025 to align on the final path for the NDA submission. Lyra has resumed in-house Chemistry, Manufacturing and Controls (CMC) activities to prepare for future manufacturing compliance.

LianBio partnership for commercialization in licensed Asian territories

Commercialization in specific Asian territories is handled through the exclusive license agreement with LianBio. This partnership covers Greater China (mainland China, Hong Kong, Taiwan, and Macau), South Korea, Singapore, and Thailand. Lyra Therapeutics, Inc. retains all rights outside these territories. The financial structure of this channel is already generating revenue.

Here are the key terms of the LianBio License Agreement:

Term Component	Value/Detail
Upfront Payment Received	$12 million
Total Potential Milestone Payments	Up to $135 million
Royalty Structure	Low double-digit royalties based on net sales
Collaboration Revenue Recognized (as of Q1 2025)	$4.9 million
Licensed Territories	Greater China, South Korea, Singapore, and Thailand

LianBio is responsible for the clinical development and commercialization activities within these licensed regions. The agreement will expire on a region-by-region basis upon the latest of patent expiration, regulatory exclusivity expiration, or a specified number of years from the first commercial sale in that region.

Finance: review Q4 2025 cash burn against runway projection into Q1 2026 by next Tuesday.

Lyra Therapeutics, Inc. (LYRA) - Canvas Business Model: Customer Segments

You're looking at the core patient and provider base for Lyra Therapeutics, Inc. as they push LYR-210 toward final regulatory steps. The numbers tell a clear story about the size of the unmet need they are targeting.

Adult Chronic Rhinosinusitis (CRS) patients who have failed medical management

The addressable population here is substantial. Lyra Therapeutics, Inc. is focused on the estimated four million CRS patients in the United States who fail medical management each year. Overall CRS affects ~12% of the US population, with approximately ~8M patients treated annually. The total annual healthcare expenditure related to CRS is pegged at ~$60B. This segment represents patients who require further intervention beyond standard therapies.

CRS patients without nasal polyps (CRSsNP), the current primary focus

This is where the near-term regulatory focus lies, following the positive ENLIGHTEN 2 Phase 3 trial results announced in June 2025. The CRSsNP subtype is the larger group within the CRS spectrum, accounting for approximately ~70% of all CRS patients. The ENLIGHTEN 2 trial specifically met its primary endpoint in this non-polyp patient group at week 24. However, the path to market for this indication requires an additional confirmatory Phase 3 clinical trial, as confirmed after the September 2025 FDA meeting.

Here's a quick look at the CRS breakdown based on available data:

CRS Subtype	Approximate Percentage of Total CRS Patients	Key Product Focus/Data Point
CRS without Nasal Polyps (CRSsNP)	~70%	Primary focus of ENLIGHTEN 2 trial success
CRS with Nasal Polyps (CRSwNP)	~30%	Pooled data from ENLIGHTEN 1 and 2 showed positive trends

ENT specialists and Rhinologists who perform in-office procedures

The delivery mechanism for LYR-210 dictates a key customer segment: the physicians who perform the administration. LYR-210 is a bioabsorbable nasal implant designed to be inserted in a simple, in-office procedure, delivering 6 months of continuous anti-inflammatory therapy (7500µg mometasone furoate). This procedure-based delivery targets specialists comfortable with in-office sinus interventions. Lyra Therapeutics, Inc.'s operations manage its business as a single operating segment focused on Ear, Nose, and Throat (ENT) diseases, meaning the entire commercial effort is geared toward this provider base.

The treatment profile for the two main product candidates targets different procedural settings:

• LYR-210: Designed for surgically naïve patients.
• LYR-220: An enlarged implant being evaluated in the BEACON Phase 2 trial for patients with recurrent symptoms despite prior ethmoid sinus surgery.

Healthcare payers and insurance providers for reimbursement coverage

Payers are critical gatekeepers for access, especially given the high unmet need and the estimated ~$60B annual healthcare expenditure for CRS. The company's financial standing provides context for their near-term focus on securing coverage. As of September 30, 2025, Lyra Therapeutics, Inc. reported cash and cash equivalents of $22.1 million, with an anticipation that this balance will fund operations into the third quarter of 2026. The net loss for Q3 2025 was $6.0 million, and the trailing twelve-month revenue as of September 30, 2025, was $600K. Securing favorable coverage policies from third-party payors, including Medicare and Medicaid, will be essential to realizing the value from the targeted patient population.

Key financial metrics influencing payer negotiations as of late 2025:

• Cash on Hand (Sep 30, 2025): $22.1 million.
• Projected Cash Runway: Into Q3 2026.
• Q3 2025 Net Loss: $6.0 million.
• Market Capitalization (Nov 7, 2025): $7.58M.

Finance: draft 13-week cash view by Friday.

Lyra Therapeutics, Inc. (LYRA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Lyra Therapeutics, Inc.'s (LYRA) operations as of late 2025, which clearly shows a company streamlining after major clinical milestones and workforce adjustments. The focus is tight, centered on advancing the next critical step for LYR-210.

The most recent reported quarterly figures from the third quarter of 2025 give you a clear picture of the current cost base. You can see the impact of wrapping up the ENLIGHTEN 2 trial and the lingering effect of the 2024 workforce changes.

Cost Category	Amount (Q3 2025)	Context
Research and development expenses	$4.0 million	For the three months ended September 30, 2025.
General and administrative expenses	$2.2 million	For the three months ended September 30, 2025.
Net Loss	$6.0 million	For the third quarter of 2025.
Cash and cash equivalents	$22.1 million	As of September 30, 2025.

The Research and Development (R&D) spend for Q3 2025 was $4.0 million, a significant drop from $5.9 million in the same period in 2024. This reduction is directly tied to the completion of prior studies and ongoing lean operations.

Here's how the R&D costs broke down for the three months ended September 30, 2025:

• Decrease in clinical related costs of $2.1 million due to the completion of the ENLIGHTEN 2 trial for LYR-210.
• Increase in product development and manufacturing costs of $0.1 million.
• Decrease in employee related costs of $0.1 million, reflecting the May 2024 reduction in force.
• Increase in professional and consulting fees of $0.2 million.

Clinical trial expenses for the new confirmatory Phase 3 study are the next major planned outlay, though the specific Q3 2025 charge related to starting this new trial isn't itemized; the reported R&D decrease was largely due to the completion of the ENLIGHTEN 2 trial. Lyra Therapeutics is now focused on putting the components in place for this next trial to support a New Drug Application (NDA) submission.

General and administrative (G&A) expenses were $2.2 million for Q3 2025, down from $3.9 million year-over-year. This reduction was primarily driven by lower personnel costs following the 2024 workforce reduction, specifically a decrease in employee related costs of $1.6 million within G&A. The company also incurred a restructuring credit of $21 thousand in Q3 2025, compared to a restructuring charge of $2.8 million in Q3 2024 related to those earlier workforce adjustments.

Regarding manufacturing and quality control costs for LYR-210 supply, the most recent data shows a slight increase within R&D. Specifically, product development and manufacturing costs rose by $0.1 million in Q3 2025. This contrasts with the prior year, where product development and manufacturing costs had decreased by $1.0 million year-over-year for the full year 2024 as part of earlier cost-cutting measures, which included halting manufacturing efforts.

Personnel costs are definitely lower, as the May 2024 reduction in force continues to impact the expense base. You saw a $0.1 million reduction in R&D employee costs and a $1.6 million reduction in G&A employee costs for Q3 2025 alone compared to the prior year. Finance: draft 13-week cash view by Friday.

Lyra Therapeutics, Inc. (LYRA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Lyra Therapeutics, Inc. (LYRA) as of late 2025, and honestly, it's a picture of pre-commercial potential, heavily reliant on partnerships and financing to keep the lights on while LYR-210 moves through its final stages. Right now, the actual cash coming in from operations is minimal, which is typical for a clinical-stage biotech focused on a single asset.

The immediate, realized revenue is sparse, stemming almost entirely from existing agreements. You see this clearly in the latest quarterly filing.

• Collaboration revenue for the three months ended September 30, 2025, was reported at $25 thousand.
• For the nine months ended September 30, 2025, total collaboration revenue reached $391 thousand.

The company's cash position is being supplemented by capital markets activity. The June 2025 financing event provided a necessary cash infusion to support the path toward the New Drug Application (NDA) submission for LYR-210.

Here's a look at that recent equity raise:

Financing Event	Date	Gross Proceeds (Expected)	Estimated Net Proceeds
Registered Direct Offering & Concurrent Private Placement	June 2025	$5.0 million	Approximately $4.4 million

Future revenue is entirely contingent on the success of LYR-210, particularly the progress of the LianBio collaboration for Greater China and other Asian markets. Product sales revenue is currently zero, as the product is still investigational and awaiting regulatory approval.

The LianBio agreement is the primary driver of potential future non-dilutive funding. This partnership, which covers development and commercialization in key Asian territories, is structured around performance-based payments and ongoing sales participation. You should definitely track these milestones closely.

• Total potential milestone payments from LianBio are capped at up to $135 million, contingent on specified development, regulatory, and commercialization achievements.
• The initial upfront payment received upon execution of the agreement was $12.0 million.
• The company is also eligible for low double-digit royalties on net sales of LYR-210 achieved by LianBio in the licensed territories.

To be fair, the path to realizing those milestone payments and royalties is long, as it depends on regulatory success in multiple jurisdictions following the confirmatory Phase 3 trial for LYR-210. Finance: draft 13-week cash view by Friday.