SCHEDULE: Perceptive Advisors Reduces Lyra Therapeutics Stake

Sentiment:

Beneficial Ownership Amendment 10 November 2025 5:07 PM

Perceptive Advisors and its affiliates have significantly reduced their beneficial ownership in Lyra Therapeutics, Inc. to 11.2% through recent share sales.

Worse than expectedPerceptive Advisors and its affiliates sold a total of 70,390 shares of Lyra Therapeutics common stock between November 6 and November 10, 2025, reducing their aggregate beneficial ownership from approximately 15.52% to 11.2%.The selling prices also showed a declining trend over these dates, from a weighted average of $5.1799 to $4.5398, indicating a negative price action during the disposition period.

Summary

Perceptive Advisors LLC, Joseph Edelman, Perceptive Life Sciences Master Fund, Ltd., and Perceptive LS (A), LLC collectively reported beneficial ownership of 184,760 shares of Lyra Therapeutics, Inc. common stock, representing 11.2% of the class.
This percentage is based on 1,644,454 outstanding shares as of August 8, 2025, as reported by Lyra Therapeutics in its Form 10-Q.
The reporting persons engaged in multiple sale transactions between November 6, 2025, and November 10, 2025.
On November 6, 2025, Perceptive Life Sciences Master Fund, Ltd. sold 28,902 shares and Perceptive LS (A), LLC sold 3,247 shares, both at a weighted average price of $5.1799 per share.
On November 7, 2025, Perceptive Life Sciences Master Fund, Ltd. sold 17,746 shares and Perceptive LS (A), LLC sold 1,993 shares, both at a weighted average price of $4.7467 per share.
On November 10, 2025, Perceptive Life Sciences Master Fund, Ltd. sold 16,633 shares and Perceptive LS (A), LLC sold 1,869 shares, both at a weighted average price of $4.5398 per share.
The total number of shares sold across these transactions is 70,390, indicating a significant reduction from their previous aggregate beneficial ownership of approximately 255,150 shares (15.52%).

Sentiment

Score: 3

Explanation: The filing indicates a substantial reduction in beneficial ownership by a major institutional investor, Perceptive Advisors, through multiple sales transactions at declining prices. This suggests a potentially negative outlook from a significant shareholder, which is generally a bearish signal for the stock.

Negatives

A significant reduction in beneficial ownership by a major institutional investor like Perceptive Advisors could signal a loss of confidence or a strategic shift.
The average selling prices for the shares declined over the three reported transaction dates, from $5.1799 on November 6 to $4.5398 on November 10, suggesting downward price pressure during the selling period.

Risks

The reduction in institutional ownership may lead to increased selling pressure on Lyra Therapeutics' stock.
A prominent investor's reduced stake could negatively influence market sentiment and investor perception of the company's future prospects.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Lyra Therapeutics or the reporting persons regarding the company's future performance.

Industry Context

Perceptive Advisors is a well-known investment firm specializing in the life sciences sector. A significant reduction in their stake in a biotechnology company like Lyra Therapeutics could be interpreted by the market as a re-evaluation of the company's potential or a broader shift in investment strategy within the biotech industry, potentially affecting investor confidence in Lyra and its peers.

Stakeholder Impact

Shareholders: The significant institutional selling could lead to increased selling pressure and a potential decline in share price, impacting shareholder value.
Company Management: May face scrutiny or questions from the market regarding the reasons for a major investor's reduced stake, potentially affecting investor relations.

Next Steps

The reporting persons undertake to provide the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the reported ranges for the sales transactions.

Key Dates

Date	Description
08/08/2025	Date as of which 1,644,454 outstanding shares of Common Stock were reported by the Issuer in its Quarterly Report on Form 10-Q.
08/12/2025	Date Lyra Therapeutics, Inc. filed its Quarterly Report on Form 10-Q with the SEC.
11/06/2025	Date of event requiring the filing of this statement; first day of reported share sales by Perceptive entities.
11/07/2025	Date of additional share sales by Perceptive entities.
11/10/2025	Date of additional share sales by Perceptive entities and the filing date of this Schedule 13D amendment.

Recommendation

sell

The substantial reduction in stake by a sophisticated institutional investor like Perceptive Advisors, coupled with the declining average sale prices, signals a potential lack of confidence or a strategic exit. This could exert downward pressure on the stock and suggests a 'sell' recommendation for investors, especially given the absence of any positive offsetting news in this filing.

Keywords

Lyra Therapeutics, Perceptive Advisors, Joseph Edelman, Schedule 13D, Beneficial Ownership, Share Sales, Institutional Investor, Biotechnology, Healthcare, SEC Filing

Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.