Lyra Therapeutics, Inc.
LYRA Healthcare Biotechnology
Lyra Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $398,000.00, down 74.1% from fiscal 2024. In the quarter to December 2025, revenue fell 96.7%, EPS grew 53.0% and free cash flow grew 45.4%, each against the same quarter a year earlier.
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Lyra Therapeutics, Inc. (LYRA) Altman Z-score
Lyra Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is −19.35, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −19.35 | (6.74) |
| FY2024 | −12.61 | (11.68) |
| FY2023 | −0.94 | 1.01 |
| FY2022 | −1.95 | 3.30 |
| FY2021 | −5.25 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.19 | — | 0.22 | |
| Retained earnings / total assets | (12.01) | — | −16.82 | |
| EBIT / total assets | (0.86) | — | −2.84 | |
| Market value of equity / total liabilities | 0.10 | — | 0.06 | |
| Sales / total assets | 0.01 | — | 0.01 | |
| Altman Z-score | Distress zone | −19.35 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −43.94 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BPTH Bio-Path Holdings, Inc. compare | 6.9× |
| LYRA Lyra Therapeutics, Inc. | −19.4× |
| ATXI Avenue Therapeutics, Inc. compare | −51.5× |
| CRIS Curis, Inc. compare | −87.8× |
| SEELQ Seelos Therapeutics, Inc. compare | −96.9× |
| BBLG Bone Biologics Corp. compare | — |
| ZVSA ZyVersa Therapeutics, Inc. compare | — |
| MNTRQ 9 Meters Biopharma, Inc. compare | — |
| BTTX Better Therapeutics, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets