UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.02 | Termination of a Material Definitive Agreement. |
Termination of 480 Arsenal Street Lease (Watertown, Massachusetts)
On March 31, 2026, Lyra Therapeutics, Inc. (the “Company”) entered into an Agreement for Termination of Lease and Voluntary Surrender of Premises with ARE-480 Arsenal Street, LLC to terminate the Company’s lease for approximately 22,343 rentable square feet at 480 Arsenal Way, Suites 200 and 200A, Watertown, Massachusetts. The lease, as amended, was originally scheduled to expire on April 30, 2027 and will now terminate no later than May 31, 2026.
As consideration, the Company agreed to forfeit its $302,514.84 letter of credit security deposit and pay a lease modification payment of $1,000,000.00. Additionally, if the Company closes a Sale Transaction (as defined in the termination agreement), the Company shall pay 10% of the Net Cash of such transaction, up to $1,500,000.00. The Company’s rent obligations terminated as of January 31, 2026.
Termination of 880 Winter Street Lease (Waltham, Massachusetts)
On April 7, 2026, the Company entered into a Lease Termination Agreement with BXP Waltham Woods LLC to terminate the Company’s lease for approximately 28,858 rentable square feet at 880 Winter Street, Waltham, Massachusetts. The lease was originally scheduled to expire on June 30, 2033 and will now terminate on May 31, 2026.
As consideration, the Company agreed to forfeit its $1,089,389.00 letter of credit security deposit and pay a termination fee of $1,500,000.00, which together constitute liquidated damages in lieu of all damages suffered by the landlord. The Company’s rent obligations terminated as of March 31, 2026. The termination agreement provides for mutual releases between the parties effective as of the termination date.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Lyra Therapeutics, Inc. | ||||||
| Date: April 10, 2026 | By: | /s/ Jason Cavalier | ||||
| Jason Cavalier, Authorized Signatory | ||||||