Termination of Material Agreement (Form 8-K)

Termination of 480 Arsenal Street Lease (Watertown, Massachusetts)

On March 31, 2026, Lyra Therapeutics, Inc. (the "Company") entered into an Agreement for Termination of Lease and Voluntary Surrender of Premises with ARE-480Arsenal Street, LLC to terminate the Company's lease for approximately 22,343 rentable square feet at 480 Arsenal Way, Suites 200 and 200A, Watertown, Massachusetts. The lease, as amended, was originally scheduled to expire on April 30, 2027 and will now terminate no later than May 31, 2026.

As consideration, the Company agreed to forfeit its $302,514.84 letter of credit security deposit and pay a lease modification payment of $1,000,000.00. Additionally, if the Company closes a Sale Transaction (as defined in the termination agreement), the Company shall pay 10% of the Net Cash of such transaction, up to $1,500,000.00. The Company's rent obligations terminated as of January 31, 2026.

Termination of 880 Winter Street Lease (Waltham, Massachusetts)

On April 7, 2026, the Company entered into a Lease Termination Agreement with BXP Waltham Woods LLC to terminate the Company's lease for approximately 28,858 rentable square feet at 880 Winter Street, Waltham, Massachusetts. The lease was originally scheduled to expire on June 30, 2033 and will now terminate on May 31, 2026.

As consideration, the Company agreed to forfeit its $1,089,389.00 letter of credit security deposit and pay a termination fee of $1,500,000.00, which together constitute liquidated damages in lieu of all damages suffered by the landlord. The Company's rent obligations terminated as of March 31, 2026. The termination agreement provides for mutual releases between the parties effective as of the termination date.