Company: Lyra Therapeutics
IPO Date: 5/1/20
Exchange: NASDAQ Global
Proposed Symbol: LYRA
Share Price: $14-$16
Offer Amount: $64.4 mm
Shares Offered: $3.5 mm
Shares Outstanding: $12.4 mm
Management Info:
CEO: Maria Palasis
# of Employees: 34 (as of 3/31/20)
State of Inc: DE
Company Overview (from S-1):
“We are a clinical-stage therapeutics company focused on the development and commercialization of novel integrated drug and delivery solutions for the localized treatment of patients with ear, nose and throat, or ENT, diseases. Our proprietary technology platform, XTreo, is designed to precisely and consistently deliver medicines directly to the affected tissue for sustained periods with a single administration. Our initial product candidates, LYR-210 and LYR-220, are bioresorbable polymeric matrices designed to be administered in a brief, non-invasive, in-office procedure and intended to deliver up to six months of continuous drug therapy to the sinonasal passages for the treatment of chronic rhinosinusitis, or CRS. The therapeutic embedded within LYR-210 and LYR-220 is mometasone furoate, or MF, which is the active ingredient in various U.S. Food and Drug Administration, or FDA, approved drugs and has a well-established efficacy and safety profile. CRS is an inflammatory disease of the paranasal sinuses which leads to debilitating symptoms and significant morbidities and affects approximately 14 million people in the United States. We are advancing LYR-210 as a potential preferred alternative to surgery in an ongoing Phase 2 clinical trial, which we refer to as our LANTERN clinical trial, for CRS patients who have failed medical management, and we expect to report topline data in the first quarter of 2021.
Lead Underwriters:
BofA Securities
Jefferies LLC
William Blair & Company, LLC
Notes
- Clinical stage biotech company specializing in the development of medicines to treat ear, nose, and throat diseases
- Plans to target chronic rhinosinusitis (referred to as CRS)
- CRS is commonly described as the “unrecognized epidemic”
- CRS is the fifth most prevalent condition found in people under the age of 65
- approximately 14mm people in the US are diagnosed with CRS every year
- No current FDA approved treatments to target CRS
- Completed phase 1 clinical trials
- Tested LYR-210 and was effective
- Next anticipated milestone is completion of phase 2
- LYR-220 scheduled to be tested by end of 2021
Financial Notes:
- Revenue decreased from $1.2 mm in 2018 to $0 in 2019 (both years ended Dec 31.)
- Research and Development expenses increased by 140% from 5mm in 2018 to 12mm in 2019
Net Revenues:
2018: $1.2 mm
2019: $0
R&D Expenses:
2018: $5 mm
2019: $12 mm
Net Losses:
2018: $6 mm
2019: $16.3 mm
Financial Status (as of 12/31/19)
Cash: $9.8 mm
Working Capital: $4.9mm
Total Assets: $14.9 mm
Total Liabilities: $7.6 mm
Rounds of Funding:
Series C: $30 mm (2019)
Series B: 29.5 mm (2018)