Total assets have plummeted from $142.6 million in 2023Q4 to $36.1 million in 2025Q4, while shareholder equity has shifted into a negative position of -$10.7 million, signaling severe financial distress.
| Total Current Assets | 16.27M | 43.02M | 104.82M | 100.83M | 47.92M | 75.92M | 10.12M | 24.93M |
| Cash & Short-Term Investments | 15.89M | 40.58M | 102.75M | 97.89M | 45.75M | 74.59M | 9.81M | 23.89M |
| Cash Only | 15.89M | 40.58M | 22.35M | 32.55M | 45.75M | 74.59M | 9.81M | 23.89M |
| Short-Term Investments | 0 | 0 | 80.4M | 65.34M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 167K |
| Days Sales Outstanding | - | - | - | - | - | - | - | 49 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 379K | 2.45M | 2.07M | 2.94M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 19.84M | 23.32M | 37.78M | 9.14M | 6.95M | 4.91M | 4.84M | 432K |
| Property, Plant & Equipment | 17.84M | 21.33M | 35.28M | 4.47M | 5.86M | 4.47M | 3.42M | 103K |
| Fixed Asset Turnover | 0.02x | 0.07x | 0.04x | 0.31x | 0.05x | - | - | 12.08x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 1.99M | 1.39M | 0 | 0 | 0 | 329K | 329K |
| Other Non-Current Assets | 1.99M | 0 | 1.11M | 4.67M | 1.09M | 447K | 1.1M | 0 |
| Total Assets | 36.11M | 66.35M | 142.6M | 109.97M | 54.87M | 80.83M | 14.96M | 25.36M |
| Asset Turnover | 0.01x | 0.02x | 0.01x | 0.01x | 0.01x | - | - | 0.05x |
| Asset Growth % | -45.58% | -53.47% | 29.67% | 100.43% | -32.12% | 440.2% | -41% | - |
| Total Current Liabilities | 9.52M | 12.63M | 19.6M | 14.47M | 18.25M | 4.88M | 5.21M | 1.96M |
| Accounts Payable | 663K | 1.18M | 3.13M | 2.62M | 3.13M | 922K | 1.07M | 631K |
| Days Payables Outstanding | - | - | - | - | 38.41 | 26.88 | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 11.86M | 398K | 1.66M | 1.27M | 9.79M | 0 | 3.13M | 0 |
| Other Current Liabilities | -7.82M | 6.93M | 1.23M | 659K | 633K | 149K | -3.02M | 845K |
| Current Ratio | 1.71x | 3.41x | 5.35x | 6.97x | 2.63x | 15.54x | 1.94x | 12.72x |
| Quick Ratio | 1.71x | 3.41x | 5.35x | 6.97x | 2.63x | 15.54x | 1.94x | 12.72x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 37.3M | 42.12M | 33.58M | 14.74M | 2.31M | 1.45M | 2.43M | 130.47M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 25.44M | 30.26M | 21.45M | 667K | 379K | 1.45M | 2.43M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 11.86M | 0 | 0 | 0 | 0 | 0 | 0 | 130.47M |
| Total Liabilities | 46.83M | 54.75M | 53.18M | 29.21M | 20.55M | 6.34M | 7.63M | 132.43M |
| Total Debt | 30.26M | 34.38M | 26.88M | 4.18M | 1.45M | 2.44M | 3.33M | 0 |
| Net Debt | 14.37M | -6.2M | 4.53M | -28.37M | -44.29M | -72.15M | -6.48M | -23.89M |
| Debt / Equity | - | 2.97x | 0.30x | 0.05x | 0.04x | 0.03x | 0.45x | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | -10.72M | 11.59M | 89.42M | 80.75M | 34.32M | 74.49M | 7.33M | -107.07M |
| Equity Growth % | -192.44% | -87.03% | 10.73% | 135.32% | -53.93% | 916.54% | 106.84% | - |
| Book Value per Share | -0.69 | 0.18 | 1.80 | 2.67 | 2.64 | 8.67 | 0.90 | -17.09 |
| Total Shareholders' Equity | -10.72M | 11.59M | 89.42M | 80.75M | 34.32M | 74.49M | 7.33M | -107.07M |
| Common Stock | 2K | 65K | 57K | 32K | 13K | 13K | 6K | 6K |
| Retained Earnings | -433.71M | -404.79M | -311.36M | -248.68M | -193.4M | -149.88M | -127.76M | -111.45M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.37M |
| Accumulated OCI | 0 | 0 | 33K | 10K | 0 | 0 | 0 | -2.8M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent insolvency and dilution
According to recent SEC filings, Lyra's total assets have declined from $142.6 million in 2023Q4 to $36.1 million in 2025Q4, reflecting a consistent and aggressive depletion of the company's resource base as it attempts to fund late-stage clinical development without a sustainable commercial revenue stream.
The consistent contraction in total assets suggests that the company is consuming its primary liquidity to offset persistent operating losses. This downward trajectory indicates that the business model is currently unsustainable without external capital injections, which may become increasingly difficult to secure following recent clinical setbacks.
As reported in financial statements, Lyra's total debt has climbed to $30.3 million by 2025Q4, creating a precarious situation where debt now represents the vast majority of the company's total liabilities while shareholder equity has turned negative, signaling a severe deterioration in the firm's solvency profile.
The shift toward a negative equity position suggests that the company has exhausted its retained earnings, leaving creditors with limited protection in the event of a liquidation. Investors should monitor the maturity profile of this debt, as the lack of operational cash flow makes refinancing or repayment highly dependent on dilutive equity raises.
Based on Lyra's reported figures, the cash balance has dwindled to $15.9 million as of 2025Q4, a significant reduction from the $40.6 million held just four quarters prior, which severely limits the company's ability to sustain its current research and development burn rate.
While the current ratio of 1.71 may appear superficially adequate, it masks the reality that the company lacks the recurring revenue necessary to replenish these reserves. This liquidity profile suggests that the company is approaching a critical inflection point where it must either secure non-dilutive funding or face potential operational suspension.
As indicated by the most recent quarterly data, Lyra's equity has fallen into negative territory at -$10.7 million, a stark reversal from the $89.4 million reported in 2023Q4, primarily driven by the accumulation of massive retained losses that have effectively wiped out the company's book value.
The transition to negative equity is a clear indicator of the financial strain caused by prolonged clinical development cycles without commercial success. This development warrants further investigation into the company's ability to maintain listing requirements and its attractiveness to potential strategic partners or acquirers.
Quick answers to the most common questions about buying LYRA stock.
As of 2025, Lyra Therapeutics, Inc. (LYRA) had total assets of $36.1M including $16.3M in current assets.
Lyra Therapeutics, Inc. (LYRA) carries total debt of $30.3M, offset by $15.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lyra Therapeutics, Inc. (LYRA) has total shareholders' equity (book value) of $-10.7M ($-0.69 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lyra Therapeutics, Inc. (LYRA) reported a current ratio of 1.71x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.