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(RTTNews) - Lyra Therapeutics (LYRA), Monday announced that the phase 3 enlighten trial 1 to evaluate the efficacy and safety of LYR-210 for the treatment of chronic rhinosinusitis or CRS failed to meet the primary endpoint.

CRS is a highly prevalent inflammatory disease of the paranasal sinuses, casuing debilitating symptoms and significant morbidities in people under age 65.

The company stated that the sham-controlled trial failed to show statistically significant improvement compared to the control group in the composite score of the three cardinal symptoms of CRS at 24 weeks.

The biotechnology company further said that data from the 52-week extension phase of the trial is expected in the fourth quarter. Currently, Lyra's stock is moving down 89.91 percent, to $0.40 on the Nasdaq.

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