Lyra Therapeutics, Inc. announced that it has entered into a securities purchase agreement for private placement for gross proceeds of $50 million on May 26, 2023. The company will issue an aggregate of 17,700,000 common shares at a price of $2.4925 per share for proceeds of $44,117,250 and pre-funded warrants to purchase an aggregate of 2,400,000 common shares at an exercise price of $0.001 per share, at a purchase price of $2.4925 per share. The pre-funded warrants are exercisable immediately and will expire on May 31, 2028.

The transaction is subject to certain conditions and is expected to close on or about May 31, 2023. The company will issue securities pursuant to exemption provided under Regulation D.