Lyra Therapeutics Announces Termination of Material Lease Agreements in Watertown and Waltham

On March 31, 2026, and April 7, 2026, Lyra Therapeutics, Inc. entered into agreements to terminate two material office and laboratory leases in Massachusetts. The first termination involves its Watertown headquarters at 480 Arsenal Way, covering approximately 22,343 square feet. This lease, originally set to expire in April 2027, will now terminate by May 31, 2026. Lyra agreed to forfeit a $302,514 security deposit and pay a $1,000,000 modification fee, with potential additional payments up to $1.5 million upon a future sale transaction. The second termination involves a 28,858 square foot facility at 880 Winter Street in Waltham, which was originally scheduled to expire in June 2033. This lease will also terminate on May 31, 2026. In exchange for the early exit, the company will forfeit a $1,089,389 security deposit and pay a $1,500,000 termination fee. These actions represent a significant reduction in the company's long-term lease obligations and physical footprint.