Spyre Therapeutics, Inc.

Listed Company

SYRECIK 0001636282NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

Net Income

$-155.20M

Total Assets

$777.78M

Equity

$715.24M

Shares Out

78.54M

Op. Cash Flow

$-169.25M

Business

Spyre Therapeutics, Inc. is a clinical-stage biotechnology company developing next-generation therapeutics for inflammatory bowel disease and other immune-mediated diseases. It focuses on novel monoclonal antibody product candidates engineered for potent, selective epitope binding and extended Fc-domain half-life to enable less frequent subcutaneous maintenance dosing. Spyre conducts discovery, preclinical and clinical development through in-licensed programs (SPY001–SPY004 option) and collaborations with Paragon, CROs and CMOs. The company pursues worldwide development and commercialization through clinical trial networks, manufacturing partners and global licensing arrangements.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	0	0	886,000	2	19
Research and development	172	163	90	59	57
General and administrative	48	46	40	29	27
Acquired in-process research and development	0	0	130	0	0
Gain on sale of in-process research and development asset	−10	0	−16	0	0
Total operating expenses	210	209	243	87	84
Loss from operations	−210	−209	−242	−85	−66
Interest income	25	21	6	837,000	111,000
Other income (expense), net	29	−21	−19	−7,000	−122,000
Total other income (expense)	54	599,000	−97	830,000	−11,000
Loss before income tax expense	−155	−208	−339	−84	−66
Income tax benefit (expense)	15,000	−51,000	26,000	136,000	−141,000
Net loss	−155	−208	−339	−84	−66

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	86	89	189	35	15
Marketable securities	671	514	150	21	78
Prepaid expenses and other current assets	21	5	2	6	5
Total current assets	778	608	342	62	99
Other non-current assets	0	10,000	9,000	683,000	842,000
TOTAL ASSETS	778	608	342	71	110
CVR liability	23	25	1	0	—
Accrued and other current liabilities	27	28	13	13	14
Total current liabilities	59	54	32	15	20
Non-current CVR liability	4	37	41	0	—
TOTAL LIABILITIES	63	91	73	21	26
Commitments and Contingencies (Note 8, Note 9)	—	—	—	—	—
Common stock, $0.0001 par value; 400,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 78,189,811 shares and 60,257,023 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	15,000	13,000	10,000	6,000	5,000
Additional paid-in capital	1,686	1,334	763	476	426
Accumulated other comprehensive income	869,000	180,000	302,000	−48,000	−20,000
Accumulated deficit	−1,100	−972	−764	−426	−342
TOTAL CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY	715	518	184	50	84
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY	778	608	342	71	110

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	0	0	744,000	2	2
Stock-based compensation	38	45	26	7	8
Lease ROU asset and leasehold improvement impairment loss	0	0	3	0	0
Loss on disposal of long-lived assets	0	0	915,000	0	0
Net (accretion of discount) amortization of premium on marketable securities	−8	−11	−2	−327,000	548,000
Interest proceeds from maturities of zero coupon debt securities	2	1	0	0	—
Amortization of operating lease assets	0	0	220,000	397,000	425,000
Other	0	0	15,000	426,000	−335,000
Prepaid expenses and other assets	−13	−3	3	−1	−1
Accounts payable	8	−230,000	218,000	−3	1
Deferred revenue	0	0	575,000	−880,000	4
Development receivables	0	0	375,000	440,000	−815,000
Operating lease liabilities	0	0	−2	−435,000	−404,000
Accrued and other liabilities	−764,000	15	−5	−843,000	−373,000
Related party accounts payable	−589,000	−16	−2	0	0
Net cash used in operating activities	−169	−157	−100	−80	−54
Cash assumed from asset acquisition of Spyre	0	0	3	0	0
Proceeds from sale of in-process research & development asset	7	0	15	0	0
Proceeds from the sale of property plant and equipment	0	0	475,000	0	0
Purchases of marketable securities	−522	−599	−167	−40	−133
Proceeds from maturities and sales of marketable securities	372	246	40	97	111
Net cash (used in) provided by investing activities	−143	−353	−108	57	−23
Proceeds from issuance of common stock in connection with at-the-market offering program, net of issuance costs	15	21	0	0	—
Proceeds from issuance of common stock in connection with follow-on offering, net of issuance costs	296	216	0	0	—
Payment of deferred offering costs in connection with shelf registration	−162,000	−407,000	0	0	—
Payment of contingent value rights liability	−5	−1	−6	—	—
Proceeds from employee stock option exercises and employee stock plan purchases	3	8	405,000	222,000	2
Other financing cash flows	0	1,000	−16,000	—	—
Net cash provided by financing activities	309	411	361	43	1
Effect of exchange rate on cash, cash equivalents, and restricted cash	0	−3,000	25,000	−106,000	−15,000
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	−4	−100	153	19	−75
Allocation of deferred offering costs against proceeds of issuance of common stock	107,000	204,000	0	0	—
Settlement of forward contract liability and issuance of Series A non-voting convertible preferred stock in connection with the asset acquisition of Spyre	0	0	190	0	0

Filings

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