Lyra Therapeutics (LYRA) reported on Monday that their phase 3 Enlighten Trial 1, aimed at assessing the efficiency and safety of LYR-210 in treating chronic rhinosinusitis (CRS), did not achieve its principal goal.
CRS is a widespread inflammatory illness, primarily affecting the paranasal sinuses in individuals under the age of 65, resulting in debilitating symptoms and significant health complications.
The company disclosed that the trial, which was controlled and compared to a placebo group, did not display a noticeable improvement in the composite score of the three chief symptoms of CRS over a period of 24 weeks.
The biotechnology firm added that they anticipate the trial's extension data, which spans over 52 weeks, to be released in the fourth quarter of the year. Following this news, Lyra's stock value on the Nasdaq has dropped by 89.91%, lowering the share price to $0.40.