Lyra Therapeutics to raise up to $15M via registered direct offering and concurrent private placement, stock falls 22%

Lyra Therapeutics (NASDAQ:LYRA [https://seekingalpha.com/symbol/LYRA]) announced that it will raise capital [https://seekingalpha.com/pr/20150434-lyra-therapeutics-announces-up-to-approximately-15-million-registered-direct-offering-and] through a registered direct offering and a concurrent private placement, which involves selling 423,372 common shares (or pre-funded warrants) and warrants to purchase up to 846,744 common shares, both priced at-the-market under Nasdaq rules, for an expected GROSS PROCEEDS TO BE APPROXIMATELY $5.0 MILLION.

The combined cost for each share (or pre-funded warrant) and its associated private placement warrant is $11.81. The private placement warrants are immediately exercisable at $11.56 per share and will expire 24 months from the effective date of their resale registration statement.

In addition, if the holders of the private placement warrants exercise such warrants in full in cash, the company would receive ADDITIONAL GROSS PROCEEDS OF APPROXIMATELY $9.8 MILLION.

The company intends to use the net proceeds from the offering for working capital and other general corporate purposes, including potential clinical development, manufacturing and other pre-commercialization expenses for LYR-210.

The offering is expected to close on or about June 27, 2025.

LYRA stock price were down 21.5% premarket on Friday.

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