Lyra Therapeutics, Inc. announced that On May 17, 2024, John E. Bishop, Ph.D., Chief Technology Officer was informed that his position was being eliminated in connection with the reduction in force, effective on or about June 20, 2024. In connection with his termination, the Company expects to enter into a separation agreement with Dr. Bishop pursuant to which Dr. Bishop will be eligible to receive the severance payments and benefits under his employment agreement with the Company in exchange for executing a general release of claims in favor of the Company.