UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 12, 2023 |
Lyra Therapeutics, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware |
001-39273 |
84-1700838 |
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(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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480 Arsenal Way |
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Watertown, Massachusetts |
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02472 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code: 617 393-4600 |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Common Stock, $0.001 par value per share |
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LYRA |
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The Nasdaq Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On July 12, 2023, Lyra Therapeutics, Inc. (the “Company”) entered into the Seventh Amendment to Lease (the “Seventh Amendment”) with ARE-480 Arsenal Street, LLC, a Delaware limited liability company (the “Landlord”), which amends the Lease Agreement, dated August 14, 2007, by and between the Company and the Landlord (as amended, the “Lease”), pursuant to which the Company leases approximately 22,343 rentable square feet of office space located in Suites 200 and 200A of 480 Arsenal Street, Watertown, Massachusetts (the “Premises”).
The Seventh Amendment extends the expiration date of the term of the Lease from April 30, 2024 to April 30, 2027 (the “Seventh Amendment Expiration Date”). Under the Seventh Amendment, the Company is obligated to pay the Landlord a base rent for the Premises equal to $95.67 per rentable square foot of the Premises per year. The Company has agreed to continue to pay its share of operating expenses through the Seventh Amendment Expiration Date. The Seventh Amendment also revokes the Company’s right to terminate the Lease after January 1, 2024.
The foregoing description of the Seventh Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Seventh Amendment, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
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Description |
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10.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Lyra Therapeutics, Inc. |
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Date: |
July 14, 2023 |
By: |
/s/ Jason Cavalier |
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Jason Cavalier |
DocuSign Envelope ID: EB0D6AB9-C161-41D6-8BF2-6B0C1890AE0D
SEVENTH AMENDMENT TO LEASE
This Seventh Amendment to Lease (the “Seventh Amendment”) is made as of July 12, 2023, by and between ARE-480 ARSENAL STREET, LLC, a Delaware limited liability company (“Landlord”), and LYRA THERAPEUTICS, INC., a Delaware corporation (“Tenant”).
RECITALS
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:
Notwithstanding the foregoing, so long as Tenant is not in Default under the Lease, Tenant shall not be required to pay Base Rent for the following periods: (i) May 1, 2024, through May 31, 2024, and (ii) May 1, 2025, through May 31, 2025 (each, an “Abatement Period”). Tenant shall continue, during each Abatement Period, to pay to Landlord Tenant’s Share of Operating Expenses and all other amounts due under the Lease.
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754519382.3
DocuSign Envelope ID: EB0D6AB9-C161-41D6-8BF2-6B0C1890AE0D
For avoidance of doubt, during each Abatement Period, Tenant shall be required to pay as an Operating Expense administration rent each month equal to the amount of the administration rent that Tenant would have been required to pay in the absence of there being an Abatement Period.
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754519382.3
DocuSign Envelope ID: EB0D6AB9-C161-41D6-8BF2-6B0C1890AE0D
Landlord and Tenant each hereby agree to indemnify and hold the other harmless from and against any claims by any Broker, other than Cushman & Wakefield and Jones Lang Lasalle, claiming a commission or other form of compensation by virtue of having dealt with Tenant or Landlord, as applicable, with regard to this Seventh Amendment.
[Signatures are on the next page]
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754519382.3
DocuSign Envelope ID: EB0D6AB9-C161-41D6-8BF2-6B0C1890AE0D
IN WITNESS WHEREOF, the parties hereto have executed this Seventh Amendment as of the day and year first above written.
LANDLORD: ARE-480 ARSENAL STREET, LLC,
a Delaware limited liability company
By: ALEXANDRIA REAL ESTATE EQUITIES, L.P.,
a Delaware limited partnership, managing member
By: ARE-QRS CORP.,
a Maryland Corporation, general partner
By: /s/ Allison Grochola
Its: SVP-Real Estate Legal Affairs
TENANT: LYRA THERAPEUTICS, INC.,
a Delaware corporation
By:/s/ Maria Palasis Name: Maria Palasis
Title: CEO
X□ I hereby certify that the signature, name, and title above are my signature, name and title.
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