Lyra Therapeutics' Phase 3 trial for chronic rhinosinusitis treatment failed, causing a 90% stock drop.

Lyra Therapeutics (LYRA) stock dropped 90% to $0.30 on Monday after the company's Phase 3 ENLIGHTEN 1 trial for chronic rhinosinusitis (CRS) treatment failed to meet its primary endpoint. The trial, evaluating LYR-210, did not show significant improvement in symptoms compared to a sham control at 24 weeks. As a result, the company plans to make operational changes and reduce its workforce to conserve cash.