Lyra Therapeutics, Inc. 8-K

What Happened

• Lyra Therapeutics, Inc. filed an 8-K (Feb 27, 2026) reporting that on February 23, 2026 it received a notice of default from RVAC Medicines (US), Inc. under a sublease dated December 21, 2023 for office space at 880 Winter Street, Suite 1002, Waltham, MA.
• Boston Properties (the master landlord) issued two invoices dated February 1, 2026 and March 1, 2026 for $242,215.96 each, for a total unpaid rent of $484,431.92 as of the notice.
• The company noted it announced cessation of operations on January 12, 2026 and is preparing a wind-down; Lyra had proposed a sublease termination (including a premises surrender date of January 31, 2026) but did not reach agreement before rent payments stopped.

Key Details

• Filing: Form 8-K filed February 27, 2026 (Item 2.04: Triggering Events).
• Unpaid rent: $484,431.92 total (two invoices of $242,215.96 each dated Feb 1 and Mar 1, 2026).
• Lease/sublessor: Sublease with RVAC Medicines (US), Inc.; master landlord Boston Properties Limited Partnership.
• Status: Lyra is evaluating options to resolve the Sublease and other obligations as part of its wind-down and warned it may not be able to resolve them outside of a bankruptcy process.

Why It Matters

• This default notice represents a specific, quantified liability tied to Lyra’s wind-down and could increase costs or legal exposure if not resolved.
• Because Lyra has ceased operations and is pursuing a wind-down, unresolved lease obligations — and the possibility that resolution may require bankruptcy — are material to creditors and remaining investors assessing recoveries and the company’s final asset/liability position.