The company's operating margin has deteriorated to -1070.7% in 2025Q4, reflecting a structural inability to align high R&D costs with a near-total absence of commercial revenue.
| Sales/Revenue | 398K | 1.53M | 1.56M | 1.36M | 285K | 0 | 0 | 1.24M |
| Revenue Growth % | -74.05% | -1.54% | 14.31% | 378.25% | - | - | -100% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 29.69M | 12.52M | 0 | 0 |
| COGS % of Revenue | - | - | - | - | 10418.95% | - | - | - |
| Gross Profit | 398K | 1.53M | 1.56M | 1.36M | -29.41M | -12.52M | 0 | 1.24M |
| Gross Margin % | 100% | 100% | 100% | 100% | -10318.95% | - | - | 100% |
| Gross Profit Growth % | -74.05% | -1.54% | 14.31% | 104.63% | -134.86% | - | -100% | - |
| Operating Expenses | 29.95M | 97.88M | 68.68M | 57.67M | 14.21M | 9.69M | 16.52M | 8.5M |
| OpEx % of Revenue | 7525.38% | 6380.83% | 4408.09% | 4231.03% | 4984.56% | - | - | 683.52% |
| Selling, General & Admin | 11.54M | 18.5M | 19.06M | 17.56M | 14.21M | 9.69M | 4.49M | 3.53M |
| SG&A % of Revenue | 2899.5% | 1206.06% | 1223.17% | 1288.04% | 4984.56% | - | - | 283.6% |
| Research & Development | 18.41M | 43.77M | 48.03M | 38.8M | 29.69M | 12.52M | 12.03M | 4.97M |
| R&D % of Revenue | 4625.88% | 2853.06% | 3082.73% | 2846.44% | 10418.95% | - | - | 399.92% |
| Other Operating Expenses | 0 | 35.62M | 1.59M | 1.32M | -29.69M | -12.52M | -1 | 0 |
| Operating Income | -31.02M | -96.35M | -67.12M | -56.31M | -43.62M | -22.21M | -16.52M | -7.26M |
| Operating Margin % | -7794.47% | -6280.83% | -4308.09% | -4131.03% | -15303.51% | - | - | -583.52% |
| Operating Income Growth % | 67.8% | -43.55% | -19.21% | -29.1% | -96.38% | -34.45% | -127.57% | - |
| EBITDA | -30.56M | -95.88M | -66.84M | -55.24M | -42.61M | -22.11M | -16.49M | -7.18M |
| EBITDA Margin % | -7679.15% | -6250.13% | -4290.24% | -4052.75% | -14952.28% | - | - | -576.93% |
| EBITDA Growth % | 68.12% | -43.44% | -21.01% | -29.63% | -92.7% | -34.09% | -129.79% | - |
| D&A (Non-Cash Add-back) | 459K | 471K | 278K | 1.07M | 1M | 95K | 27K | 82K |
| EBIT | -29.55M | -60.73M | -65.53M | -54.99M | -43.62M | -22.21M | -16.52M | -7.26M |
| Net Interest Income | 1.13M | 2.95M | 4.5M | 1.04M | 102K | 82K | 213K | 36K |
| Interest Income | 1.13M | 2.95M | 4.5M | 1.04M | 102K | 82K | 213K | 36K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.11M | 2.95M | 4.5M | 1.04M | 102K | 82K | 213K | 1.23M |
| Pretax Income | -28.91M | -93.4M | -62.62M | -55.27M | -43.51M | -22.13M | -16.31M | -6.03M |
| Pretax Margin % | -7263.32% | -6088.4% | -4019.32% | -4054.66% | -15267.72% | - | - | -484.65% |
| Income Tax | 11K | 39K | 59K | 13K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.04% | -0.04% | -0.09% | -0.02% | 0% | 0% | 0% | 0% |
| Net Income | -28.92M | -93.44M | -62.68M | -55.28M | -43.51M | -22.13M | -16.31M | -6.03M |
| Net Margin % | -7266.08% | -6090.94% | -4023.11% | -4055.61% | -15267.72% | - | - | -484.65% |
| Net Income Growth % | 69.05% | -49.07% | -13.39% | -27.04% | -96.65% | -35.7% | -170.46% | - |
| Net Income (Continuing) | -28.92M | -93.44M | -62.68M | -55.28M | -43.51M | -22.13M | -16.31M | -6.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -18.62 | -1.43 | -1.26 | -1.83 | -3.35 | -2.59 | -62.50 | -0.98 |
| EPS Growth % | -1202.1% | -13.49% | 31.15% | 45.37% | -29.34% | 95.86% | -6277.55% | - |
| EPS (Basic) | -18.62 | -1.43 | -1.26 | -1.83 | -3.35 | -2.59 | -62.50 | -0.98 |
| Diluted Shares Outstanding | 15.53M | 65.11M | 49.8M | 30.24M | 12.99M | 8.59M | 8.18M | 6.27M |
| Basic Shares Outstanding | 15.53M | 65.11M | 49.75M | 30.24M | 12.99M | 8.55M | 8.18M | 6.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical failure and liquidity
As indicated by the most recent quarterly filings, Lyra's revenue has plummeted to a negligible $7.0K, representing a 96.7% year-over-year decline that underscores the company's total reliance on non-recurring, milestone-based licensing inflows rather than any sustainable commercial product demand or recurring patient adoption metrics.
The collapse in top-line figures suggests that the company's previous licensing arrangements have failed to provide a stable foundation for growth. Investors should interpret this trend as a clear signal that the business lacks a commercial engine, leaving it entirely exposed to the volatility of clinical trial outcomes.
Based on reported financial statements, the company continues to sustain high R&D expenditures, with quarterly costs reaching $4.4M in 2025Q4, which significantly dwarfs the minimal revenue generated and highlights a structural inability to align operational spending with the current lack of commercial product viability.
The persistent R&D spend, despite the recent failure of the ENLIGHTEN-1 trial, suggests that management is attempting to preserve the platform's value through continued investment. However, this strategy appears increasingly unsustainable given the lack of revenue to offset these fixed clinical trial and personnel expenses.
According to the income statement data, Lyra's operating margin has deteriorated to -1070.7% in 2025Q4, demonstrating that the company's operating expenses are not scaling with revenue but are instead consuming the remaining capital base at an accelerating rate relative to the company's shrinking top-line.
The extreme negative operating margins indicate that the company is in a pure cash-burn phase with no evidence of operational efficiency. This warrants further investigation into how long the current cost structure can be maintained before the company faces a total depletion of its liquid assets.
As reported in recent regulatory filings, the company's cash balance of $15.9 million against ongoing quarterly operating losses of $7.5 million suggests a precarious liquidity position that may force management into highly dilutive financing or a strategic asset liquidation to avoid a total insolvency event.
Short-sellers would likely focus on the widening gap between the company's cash runway and its R&D requirements. The lack of a commercial product means there is no margin for error, and any further delays in clinical progress could render the equity value effectively zero.
Quick answers to the most common questions about buying LYRA stock.
For fiscal year 2025, Lyra Therapeutics, Inc. (LYRA) reported total revenue of $0.4M. This represents a 68.0% decline compared to $1.2M in 2018.
Lyra Therapeutics, Inc. (LYRA) reported a net loss of $28.9M for the fiscal year ending 2025.
Lyra Therapeutics, Inc. (LYRA) reported an operating income of $-31.0M, resulting in an operating profit margin of -7794.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Lyra Therapeutics, Inc. (LYRA) generated $0.4M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.