$LYRA
Lyra Therapeutics, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023010632 Filed on March 29, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $410.0K $11.00K $1.363M
YoY Change -92.36% -95.94% 378.25%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.127M $4.399M $17.56M
YoY Change 31.87% 23.32% 23.58%
% of Gross Profit
Research & Development $12.60M $9.451M $38.80M
YoY Change 48.1% -8.62% 30.66%
% of Gross Profit
Depreciation & Amortization $284.0K $222.0K $1.100M
YoY Change -5.33% -20.14% 10.0%
% of Gross Profit
Operating Expenses $17.72M $13.85M $57.67M
YoY Change 108.38% -0.42% 31.36%
Operating Profit -$17.31M -$56.31M
YoY Change 146.41% 29.1%
Interest Expense $1.072M $933.0K $1.041M
YoY Change 7557.14% 4342.86% 920.59%
% of Operating Profit
Other Income/Expense, Net $1.072M $1.041M
YoY Change 7557.14% 920.59%
Pretax Income -$16.24M -$14.22M -$55.27M
YoY Change 131.62% 4.44% 27.01%
Income Tax $14.00K $13.00K $13.00K
% Of Pretax Income
Net Earnings -$16.26M -$14.24M -$55.30M
YoY Change 131.82% 4.54% 27.13%
Net Earnings / Revenue -3964.63% -129409.09% -4057.23%
Basic Earnings Per Share -$0.44 -$1.83
Diluted Earnings Per Share -$0.44 -$0.39 -$1.83
COMMON SHARES
Basic Shares Outstanding 31.83M 31.83M 30.24M
Diluted Shares Outstanding 36.83M 30.24M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.71M $97.89M $97.89M
YoY Change 145.02% 113.99% 113.99%
Cash & Equivalents $22.02M $32.55M $32.55M
Short-Term Investments $60.69M $65.34M $65.34M
Other Short-Term Assets $2.092M $2.935M $2.935M
YoY Change 16.22% 35.19% 35.19%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $84.80M $100.8M $100.8M
YoY Change 109.1% 110.42% 110.42%
LONG-TERM ASSETS
Property, Plant & Equipment $2.004M $2.243M $4.466M
YoY Change -53.12% -50.19% -23.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.848M $3.281M $4.673M
YoY Change 173.68% 330.58% 328.32%
Total Long-Term Assets $9.069M $9.139M $9.139M
YoY Change 33.56% 31.52% 31.52%
TOTAL ASSETS
Total Short-Term Assets $84.80M $100.8M $100.8M
Total Long-Term Assets $9.069M $9.139M $9.139M
Total Assets $93.87M $110.0M $110.0M
YoY Change 98.26% 100.43% 100.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.951M $2.616M $2.616M
YoY Change 64.08% -16.29% -16.29%
Accrued Expenses $8.693M $10.58M $10.58M
YoY Change 62.97% 98.41% 98.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.15M $14.47M $14.47M
YoY Change -20.49% -20.69% -20.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.62M $14.74M $14.74M
YoY Change 882.19% 539.65% 539.65%
Total Long-Term Liabilities $13.62M $14.74M $14.74M
YoY Change 882.19% 539.65% 539.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.15M $14.47M $14.47M
Total Long-Term Liabilities $13.62M $14.74M $14.74M
Total Liabilities $27.78M $29.21M $29.21M
YoY Change 44.75% 42.15% 42.15%
SHAREHOLDERS EQUITY
Retained Earnings -$264.9M -$248.7M
YoY Change 32.19% 28.6%
Common Stock $331.0M $329.4M
YoY Change 44.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.09M $80.75M $80.75M
YoY Change
Total Liabilities & Shareholders Equity $93.87M $110.0M $110.0M
YoY Change 98.26% 100.43% 100.43%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$16.26M -$14.24M -$55.30M
YoY Change 131.82% 4.54% 27.13%
Depreciation, Depletion And Amortization $284.0K $222.0K $1.100M
YoY Change -5.33% -20.14% 10.0%
Cash From Operating Activities -$15.85M -$12.16M -$43.39M
YoY Change 33.14% 7.67% 68.03%
INVESTING ACTIVITIES
Capital Expenditures $45.00K $28.00K $164.0K
YoY Change -51.61% -102.59% -95.16%
Acquisitions
YoY Change
Other Investing Activities $5.360M -$64.84M -$64.84M
YoY Change
Cash From Investing Activities $5.315M -$64.87M -$65.01M
YoY Change -5815.05% 5889.84% 1820.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.000K 0.000 96.26M
YoY Change -33.33% -100.0% 26712.53%
NET CHANGE
Cash From Operating Activities -15.85M -12.16M -43.39M
Cash From Investing Activities 5.315M -64.87M -65.01M
Cash From Financing Activities 4.000K 0.000 96.26M
Net Change In Cash -10.53M -77.03M -12.13M
YoY Change -12.18% 522.04% -57.94%
FREE CASH FLOW
Cash From Operating Activities -$15.85M -$12.16M -$43.39M
Capital Expenditures $45.00K $28.00K $164.0K
Free Cash Flow -$15.90M -$12.19M -$43.55M
YoY Change 32.48% 19.37% 49.11%

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CY2021 lyra Other Assets Included In Accounts Payable And Accrued Expenses
OtherAssetsIncludedInAccountsPayableAndAccruedExpenses
15000
CY2022 lyra Modification Of Lease Agreement
ModificationOfLeaseAgreement
1928000
CY2021 lyra Deferred Offering Costs Incurred But Not Yet Paid
DeferredOfferingCostsIncurredButNotYetPaid
2000
CY2022 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2005-11-21
CY2022 lyra Cash Provided By Financing Activities
CashProvidedByFinancingActivities
350400000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-55300000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-43500000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-248700000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
32600000
CY2022Q4 us-gaap Short Term Investments
ShortTermInvestments
65300000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:9.067%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, which include but are not limited to management’s judgments of revenue recognition, operating lease right-of-use assets, operating lease liabilities, accrued expenses, valuation of share-based awards and realization of its deferred tax assets. Due to the uncertainty inherent in such estimates, actual results may differ from these estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.35
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
1400000
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
300000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
32550000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
45747000
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
1392000
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
329000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33942000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46076000
CY2022Q4 us-gaap Other Assets
OtherAssets
3300000
CY2021Q4 us-gaap Other Assets
OtherAssets
700000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30235689
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30235689
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12986101
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12986101
CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
1300000
CY2021 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.83
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.83
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-55278000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-43513000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-55278000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-43513000
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.35
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4339545
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1662861
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2022Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2021Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
65334000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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14000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
65344000
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
4
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
3900000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2021Q4 us-gaap Short Term Investments
ShortTermInvestments
0
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6417000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8382000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4174000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3879000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2243000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4503000
CY2022 us-gaap Depreciation
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1100000
CY2021 us-gaap Depreciation
Depreciation
1000000.0
CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
1300000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2975000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2429000
CY2022Q4 lyra Third Party Research And Development Expenses Current
ThirdPartyResearchAndDevelopmentExpensesCurrent
3435000
CY2021Q4 lyra Third Party Research And Development Expenses Current
ThirdPartyResearchAndDevelopmentExpensesCurrent
1196000
CY2022Q4 lyra Lease Related Costs Current
LeaseRelatedCostsCurrent
1961000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
659000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
633000
CY2022Q4 lyra Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
9030000
CY2021Q4 lyra Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
4258000
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021 us-gaap Common Stock Voting Rights
CommonStockVotingRights
The holders of common stock are entitled to one vote for each share held.
CY2021 lyra Common Stock Voting Rights Number Of Votes
CommonStockVotingRightsNumberOfVotes
1
CY2021Q2 lyra Stock And Wrrants To Be Issued During Period Value Preferred Stock And Warrants
StockAndWrrantsToBeIssuedDuringPeriodValuePreferredStockAndWarrants
250000000.0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1662861
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.34
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M6D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
918000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2828474
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
11538810
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5447000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2770000
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
9352000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.027
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.007
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.813
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.850
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.19
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2718
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.76
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
177284
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.83
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4311333
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.07
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M12D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
378000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1350357
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.73
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y2M12D
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
328000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4311333
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.07
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y2M12D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
378000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.40
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.89
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000
CY2021Q2 lyra Future Milestone Payments Receivable Upon Achievement Of Specified Development Regulatory And Commercialization
FutureMilestonePaymentsReceivableUponAchievementOfSpecifiedDevelopmentRegulatoryAndCommercialization
135000000.0
CY2022 us-gaap Deferred Revenue Description
DeferredRevenueDescription
Under the LianBio License Agreement, in order to evaluate the transaction price for purposes of ASC 606, the Company determined that the upfront payment of $12.0 million and the reimbursable cost of the clinical supply of LYR-210 constitute the entirety of the consideration to be included in the transaction price as of the outset of the arrangement, which was allocated to the two performance obligations as follows: $8.4 million to the Combined Performance Obligation and $3.6 million to the Development Activities Performance Obligation. In February 2022, the Company received $5.0 million upon achievement of the first of the development milestones related to dosing its first patient and the transaction price was adjusted by $5.0 million which was allocated to the two performance obligations as follows: $3.5 million to the Combined Performance Obligation and $1.5 million to the Development Activities Performance Obligation. The remaining potential milestone payments that the Company is eligible to receive were excluded from the transaction price as of December 31, 2022, as all milestone amounts were fully constrained based on the probability of achievement.
CY2022Q4 lyra Combined Performance Obligation
CombinedPerformanceObligation
8400000
CY2022Q4 lyra Development Activities Performance Obligation
DevelopmentActivitiesPerformanceObligation
3600000
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
11715000
CY2022 lyra Development Milestone Achieved
DevelopmentMilestoneAchieved
5000000
CY2022 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1363000
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
15352000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-55300000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-43500000
CY2021 lyra Deferred Tax Assets Valuation Allowance Income Tax Expense Benefit
DeferredTaxAssetsValuationAllowanceIncomeTaxExpenseBenefit
0
CY2022 lyra Deferred Tax Assets Valuation Allowance Income Tax Expense Benefit
DeferredTaxAssetsValuationAllowanceIncomeTaxExpenseBenefit
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.014
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.003
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.049
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.049
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.044
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.047
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.258
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.304
CY2022 lyra Effective Income Tax Rate Reconciliation Ownership Change
EffectiveIncomeTaxRateReconciliationOwnershipChange
-0.547
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.001
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
25154000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
46462000
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1751000
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
7288000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1295000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
848000
CY2022Q4 lyra Deferred Tax Assets Operating Lease Liabilities
DeferredTaxAssetsOperatingLeaseLiabilities
583000
CY2021Q4 lyra Deferred Tax Assets Operating Lease Liabilities
DeferredTaxAssetsOperatingLeaseLiabilities
382000
CY2022Q4 lyra Deferred Tax Assets Capitalized Research And Experimental Expenditures
DeferredTaxAssetsCapitalizedResearchAndExperimentalExpenditures
9076000
CY2022Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
2763000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
474000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
73000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
41096000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
55053000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
40512000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
54697000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
584000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
356000
CY2022Q4 lyra Deferred Tax Liabilities Operating Lease Right Of Use Assets
DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets
584000
CY2021Q4 lyra Deferred Tax Liabilities Operating Lease Right Of Use Assets
DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets
356000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
584000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
356000
CY2022Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
40500000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
54700000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
14200000
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
13200000
CY2022Q2 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
one additional 5-year term
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
1115000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
1056000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
3931000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
4542000
CY2022 us-gaap Lease Cost
LeaseCost
5046000
CY2021 us-gaap Lease Cost
LeaseCost
5598000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.082
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1673000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
694000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2367000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
151000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2216000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1549000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
667000
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
1100000
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
1100000
CY2022 lyra Defined Contribution Plan Maximum Contribution Employee Percentage
DefinedContributionPlanMaximumContributionEmployeePercentage
0.06
CY2021 lyra Defined Contribution Plan Maximum Contribution Employee Percentage
DefinedContributionPlanMaximumContributionEmployeePercentage
0.06
CY2022 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.03
CY2021 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.03
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000

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0000950170-23-010632.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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lyra-20221231_cal.xml Edgar Link unprocessable
lyra-20221231_def.xml Edgar Link unprocessable
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lyra-20221231_htm.xml Edgar Link completed
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