Lyra Therapeutics Inc. (LYRA) announced Friday a registered direct offering of 423,372 shares of common stock (or pre-funded warrants) priced at-the-market under Nasdaq rules, along with a concurrent private placement of warrants to purchase up to 846,744 shares.
The combined purchase price for each share and associated warrant is $11.81. The warrants, which have an exercise price of $11.56, are immediately exercisable and will expire 24 months after the effective date of a resale registration statement.
The offering is expected to close on or about June 27, 2025, with gross proceeds of approximately $5 million before fees and expenses.
If fully exercised in cash, the private placement warrants could bring in up to an additional $9.8 million in gross proceeds for the company.
Lyra plans to use the net proceeds for working capital and general corporate purposes, including advancing clinical development, manufacturing, and pre-commercialization activities for its lead program, LYR-210.
Currently, LYRA is trading at $9.35, down by 30.12 percent on the Nasdaq.
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