Lyra Therapeutics (NASDAQ: LYRA) shares experienced a dramatic surge of over 443%, reaching $26.81 in premarket trading following the announcement of successful results from its Phase 3 trial for LYR-210, a treatment for chronic rhinosinusitis. The ENLIGHTEN 2 trial met its primary endpoint, demonstrating statistically significant improvement in chronic rhinosinusitis symptoms and offering a promising breakthrough for the struggling biotech company. This impressive gain comes after Lyra Therapeutics faced significant stock decline over the past year and a challenging market performance. While the company’s market capitalization remains modest at $6.534 million reflecting its micro-cap status, it has managed to secure a substantial cash reserve of $31.73 million, offering some financial stability for continued research and development.