SCHEDULE: Perceptive Advisors Exits Lyra Therapeutics Stake

Perceptive Advisors and its affiliates have fully divested their beneficial ownership in Lyra Therapeutics, Inc., ceasing to be a 5% shareholder.

Summary

• Perceptive Advisors LLC, Joseph Edelman, Perceptive Life Sciences Master Fund, Ltd., and Perceptive LS (A), LLC (collectively, the "Reporting Persons") have ceased to be beneficial owners of 5% or more of Lyra Therapeutics, Inc.'s Common Stock.
• The Reporting Persons' aggregate beneficial ownership of Lyra Therapeutics Common Stock is now 0%, with 0% of the class represented.
• Transactions involved multiple sales of Common Stock between November 19, 2025, and November 25, 2025.
• A total of 98,301 shares were sold across these dates by Perceptive Life Sciences Master Fund, Ltd. and Perceptive LS (A), LLC.
• The sales occurred at weighted average prices ranging from $3.6116 to $3.0014 per share.

Sentiment

Score: 3

Explanation: The complete divestment by a major institutional investor is a negative signal, indicating a lack of conviction or a strategic exit, which can negatively impact market sentiment and share price.

Negatives

• A significant institutional investor, Perceptive Advisors, has fully divested its stake in Lyra Therapeutics, indicating a potential loss of confidence or a strategic exit.
• The divestment could exert downward pressure on the company's stock price due to the sale of a substantial number of shares and the negative signal to the market.

Risks

• The market may react negatively to the news of a major institutional investor completely divesting its position, potentially leading to a decrease in share price.
• Reduced institutional ownership could impact the company's liquidity and investor sentiment.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance from Lyra Therapeutics. The reporting persons' future outlook is that they no longer hold a significant stake in the company.

Industry Context

This divestment by a prominent life sciences investor like Perceptive Advisors could be interpreted by the market as a re-evaluation of Lyra Therapeutics' prospects within the biotechnology and pharmaceutical industry, potentially influencing other institutional investors' positions.

Stakeholder Impact

• Shareholders may experience negative sentiment and potential downward pressure on the stock price due to the divestment by a significant institutional investor.

Key Dates

Recommendation

The complete divestment by a major institutional investor like Perceptive Advisors removes a significant holder and can signal a lack of confidence, potentially leading to downward pressure on the stock. While not necessarily a fundamental change in the company's operations, this event warrants a 'hold' recommendation to observe market reaction and any further developments, as the immediate impact is likely negative.

Keywords

Lyra Therapeutics, Perceptive Advisors, Schedule 13D, Beneficial Ownership, Divestment, Common Stock, Institutional Investor, Share Sale