Lyra Therapeutics announced it will suspend development of LYR‑210 for chronic rhinosinusitis and implement a workforce reduction that impacts its remaining employees. The board elected to cease product development operations while exploring strategic alternatives; CEO Maria Palasis and CFO Jason Cavalier will remain as consultants to support a potential transaction. LYR‑210 had a mixed clinical history, including a phase‑3 miss in 2024 and a later subgroup win, but FDA discussions in 2025 indicated another late‑stage trial would be required for approval. Lyra reported limited cash (about $22.1 million at end‑September) and said the cost‑saving move preserves capital while the company seeks partners or other outcomes. Who’s involved: Lyra Therapeutics, CEO Maria Palasis; announced Jan. 12 via company statement and reported by Endpoints. The decision underscores funding and endpoint risk pressures faced by device‑driven drug delivery biotechs.