Lyra Therapeutics, Inc. 8-K

What Happened
Lyra Therapeutics, Inc. filed an 8-K reporting it has terminated two material office leases in Massachusetts. On March 31, 2026 the company entered an Agreement for Termination of Lease with ARE-480 Arsenal Street, LLC to end its lease for ~22,343 rentable sq ft at 480 Arsenal Way (originally expiring April 30, 2027) no later than May 31, 2026. On April 7, 2026 the company entered a Lease Termination Agreement with BXP Waltham Woods LLC to end its lease for ~28,858 rentable sq ft at 880 Winter Street (originally expiring June 30, 2033) effective May 31, 2026. The filings state Lyra’s rent obligations for the Arsenal Street space ended Jan 31, 2026 and for the Winter Street space ended Mar 31, 2026.

Key Details

• For the Arsenal Street lease, Lyra will forfeit a $302,514.84 letter of credit and pay a $1,000,000 lease modification payment.
• For the Winter Street lease, Lyra will forfeit a $1,089,389.00 letter of credit and pay a $1,500,000 termination fee; the agreement includes mutual releases.
• Combined immediate impacts: forfeited letters of credit totaling $1,391,903.84 and termination/modify payments totaling $2,500,000.
• Arsenal termination includes a contingent payment: if Lyra closes a defined “Sale Transaction,” it must pay 10% of Net Cash received from that transaction, capped at $1,500,000.

Why It Matters
These actions remove Lyra’s multi-year lease obligations for about 51,200 rentable sq ft and substitute one-time costs and forfeited security for future rent. For investors, that means reduced ongoing lease expense and long-term commitments but an immediate cash and collateral impact (letters of credit forfeited and termination/modification fees). The contingent sale-related payment could add future expense if a covered sale occurs.