Acceleration/Increase of Financial Obligation, Financial Obligation (Form 8-K)

On February 23, 2026, Lyra Therapeutics, Inc. (the "Company") received a notice of default from RVAC Medicines (US), Inc. ("RVAC") under the sublease agreement dated December 21, 2023 (the "Sublease") between RVAC, as sublessor, and the Company, as sublessee, for office space located at 880 Winter Street, Suite 1002, Waltham, MA 02451 (the "Premises").

Pursuant to the notice of default, RVAC notified the Company that it has failed to pay the monthly rent due under the Sublease. RVAC received two invoices from Boston Properties Limited Partnership ("BXP"), the master landlord, dated February 1, 2026 and March 1, 2026, each in the amount of $242,215.96, indicating rent due for the Premises. The aggregate unpaid rent under the Sublease totals $484,431.92 as of the date of the notice.

As previously disclosed, on January 12, 2026, the Company announced that it is ceasing operations and, in connection with its pursuit of strategic options, has begun preparations for a wind-down of the Company. In connection with the wind-down, the Company has been seeking to resolve its outstanding obligations, including its lease obligations, ideally outside of a bankruptcy process. The Company had previously submitted a proposal to RVAC to terminate the Sublease, which included a premises surrender date of January 31, 2026, among other terms. However, the parties were unable to reach an agreement prior to the Company ceasing rent payments.

The Company is continuing to evaluate its options with respect to the Sublease and its other outstanding obligations as part of its wind-down activities. There can be no assurance that the Company will be able to successfully negotiate a termination of the Sublease or otherwise resolve its obligations thereunder outside of a bankruptcy process.