Lyra Therapeutics, Inc. 8-K

What Happened
Lyra Therapeutics (LYRA) announced that on February 2, 2026 it received a Nasdaq Staff Determination Letter notifying the company that Nasdaq has determined to delist LYRA’s common stock. Nasdaq said Lyra appears to be a “public shell” under Listing Rule 5101 and cited the company’s January 12, 2026 8-K disclosing suspension of development of its lead product candidate LYR‑210 and a reduction in force that terminated nearly all employees (including converting the CEO and CFO to consultants). Nasdaq also cited Lyra’s failure to meet the minimum $2,500,000 stockholders’ equity requirement under Listing Rule 5550(b). Lyra has requested a hearing before a Nasdaq Hearings Panel to appeal the delisting decision; the hearing request stays the suspension and any Form 25‑NSE filing pending the panel’s decision.

Key Details

• Nasdaq delisting notice dated February 2, 2026; company filed the related Form 8‑K.
• Nasdaq cited (1) apparent status as a “public shell” tied to the Jan 12, 2026 suspension of LYR‑210 and mass layoffs, and (2) noncompliance with the $2,500,000 stockholders’ equity minimum.
• Nasdaq had earlier notified Lyra on August 20, 2025 of the equity deficiency and granted an extension to December 31, 2025; Lyra requested additional time to January 30, 2026 but did not meet the extension’s terms.
• Lyra requested a Nasdaq Hearings Panel review; there is no assurance the panel will allow continued listing.

Why It Matters
A Nasdaq delisting would remove Lyra’s shares from the Nasdaq Capital Market, likely reducing liquidity and making trading and access to institutional investors more difficult. The delisting determination was triggered by the company suspending its lead program (LYR‑210) and effectively ending operations as described in its Jan 12, 2026 filing, plus failing to meet minimum equity requirements—facts that materially affect the company’s viability and investor considerations. The requested hearing temporarily delays suspension, but investors should recognize the outcome is uncertain and that continued listing is not guaranteed.