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Document And Entity Information - shares
6 Months Ended
Jun. 30, 2022
Aug. 01, 2022
Cover [Abstract]    
Entity Registrant Name Lyra Therapeutics, Inc.  
Document Type 10-Q/A  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   31,826,357
Amendment Flag true  
Amendment Description Lyra Therapeutics, Inc. (the "Company" or "we," "our" or "us") is filing this Amendment No. 1 on Form 10-Q/A ("Form 10-Q/A") to its Quarterly Report on Form 10-Q, originally filed with the U.S. Securities and Exchange Commission ("SEC”) on August 9, 2022 (the "Original Form 10-Q"), to amend and restate our unaudited condensed consolidated interim financial statements as of and for the three and six months ended June 30, 2022 and certain financial information in Management’s Discussion and Analysis of Financial Condition and Results of Operations. We are also providing an update in our disclosures in Part I, Item 4, "Controls and Procedures,” of this Form 10-Q/A regarding a material weakness in internal control over financial reporting.Background and Effect of RestatementOn October 26, 2022, the Company, after discussion with its independent registered public accounting firm and the Audit Committee of the Board of Directors (the “Audit Committee”), concluded that an error was made in the application of revenue recognition for the $5.0 million development milestone achieved in February 2022 under the License and Collaboration Agreement (the “LianBio License Agreement”) with LianBio Inflammatory Limited, which was entered into on May 31, 2021. In connection with the original accounting for the LianBio License Agreement, the Company determined there were two distinct performance obligations: (1) the license to develop and commercialize LYR-210, manufacturing activities related to the clinical supply of LYR-210, and the non-exclusive license to manufacture LYR-210 and obligation to transfer manufacturing technology in the case of a supply failure, and (2) the Company’s performance of the development activities related to the global Phase 3 clinical trial. The correction of this error resulted in a restatement of the Company’s unaudited condensed consolidated interim financial statements and financial data covering the three months ended March 31, 2022 and the three and six months ended June 30, 2022 (the "Restated Periods”).The restatement reflects the correction of the immediate recognition as revenue of the $5.0 million development milestone in the Restated Periods by properly allocating the amount to the two performance obligations and recognizing the allocated amounts in accordance with the revenue recognition model previously developed for each performance obligation. The impact of this misstatement does not impact any other accounts in the Company’s condensed consolidated statement of operations accounts, including its income tax accounts since the Company has not recognized any income tax benefit for its operating losses. The Company has appropriately adjusted certain balance sheet accounts. The correction did not impact the cash position previously disclosed.Certain balances and accounts in this Form 10-Q/A have been corrected to reflect the appropriate revenue recognition for the LianBio License Agreement. See "Restatement and Significant Accounting Policies" in Note 2 to the unaudited condensed consolidated interim financial statements included in Part I, Item 1 of this Form 10-Q/A, for more information regarding the impact of correcting this error on the Company's unaudited condensed interim financial statements.The Audit Committee concluded that the previously issued unaudited condensed consolidated interim financial statements and financial data covering the Restated Periods contained in the Company’s Original Form 10-Q required restatement and should no longer be relied upon. See the Company’s Current Report on Form 8-K filed with the SEC on October 26, 2022 for additional details.Internal Control Over Financial Reporting ConsiderationsIn connection with such restatement, the Company’s management has determined that there were deficiencies in its internal control over financial reporting that constituted a material weakness at June 30, 2022. For a discussion of management’s consideration of its disclosure controls and procedures and the material weakness in its internal control over financial reporting, see Part I, Item 4, "Controls and Procedures,” included in this Form 10-Q/A.Items Amended in this Form 10-Q/AFor the convenience of the reader, this Form 10-Q/A amends and restates the Original Form 10-Q in its entirety, except for Exhibits 4.2 through 10.3, which are incorporated by reference from the Original Form 10-Q. The following items included in the Original Form 10-Q are amended by this Form 10-Q/A:•Part I, Item 1 - Financial Statements•Part I, Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations•Part I, Item 4 - Controls and Procedures•Part II, Item 1A - Risk Factors•Part II, Item 6 - ExhibitsThis report on Form 10-Q/A is presented as of the filing date of the Original Form 10-Q and does not reflect events occurring after that date, nor modifies or updates the information contained therein other than as required to correct the error and record the adjustment described above to correct the allocation of previously identified constrained amounts of the transaction price to the two performance obligations related to the LianBio License Agreement. Accordingly, this Form 10-Q/A should be read in conjunction with the Company’s filings with the SEC subsequent to the filing of the Original Form 10-Q, as well as Exhibits 4.2 through 10.3, which are incorporated by reference from the Original Form 10-Q.As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, currently dated certifications by the Company’s Principal Executive Officer and Principal Financial Officer are included in Part II, Item 6. “Exhibits” and attached as Exhibits 31.1, 31.2, 32.1 and 32.2 to this Form 10-Q/A.  
Entity Central Index Key 0001327273  
Entity Filer Category Non-accelerated Filer  
Document Period End Date Jun. 30, 2022  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity File Number 001-39273  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-1700838  
Entity Address, Address Line One 480 Arsenal Way  
Entity Address, City or Town Watertown  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02472  
City Area Code 617  
Local Phone Number 393-4600  
Document Quarterly Report true  
Document Transition Report false  
Title of 12(b) Security Common Stock, $0.001 par value per share  
Trading Symbol LYRA  
Security Exchange Name NASDAQ