Spyre Therapeutics, Inc.SYRE

Spyre Therapeutics, Inc. Earnings Per Share Disclosure

10-KFiled Feb 19, 20263 min read
Net Loss Per Share
The Company computes net loss per share of common stock, Series A Preferred Stock, and Series B Preferred Stock using the two-class method required for multiple classes of common stock and other participating securities.
The two-class method is an earnings (loss) allocation method under which earnings (loss) per share is calculated for each class of common stock. The Company has determined that the Series A Preferred Stock and Series B Preferred Stock do not have preferential rights when compared to the Company's common stock and therefore it must allocate losses to these other classes of common stock, as illustrated in the table below.
Basic and diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares and pre-funded warrants outstanding during the period, without consideration of potential dilutive securities. The pre-funded warrants are included in the computation of basic net loss per share as the exercise price is negligible and they are fully vested and exercisable. For periods in which the Company generated a net loss, the Company does not include potential shares of common stock in diluted net loss per share when the impact of these items is anti-dilutive. The Company has generated a net loss for all periods presented, therefore diluted net loss per share is the same as basic net loss per share since the inclusion of potential shares of common stock would be anti-dilutive.
The following table sets forth the computation of basic and diluted net loss per share of common stock, Series A Preferred Stock, and Series B Preferred Stock (in thousands, except share and per share amounts):
Year Ended December 31, 2025
Series A Preferred StockSeries B
Preferred Stock		Common
Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses$(27,344)$(1,317)$(126,541)
Denominator
Weighted-average shares outstanding346,045 16,667 64,056,442 
Net loss per share, basic and diluted$(79.02)$(79.02)$(1.98)
Year Ended December 31, 2024
Series A Preferred StockSeries B
Preferred Stock		Common
Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses$(47,624)$(10,839)$(149,555)
Denominator
Weighted-average shares outstanding374,387 85,208 46,940,206
Weighted-average pre-funded warrants outstanding— — 87,432
Number of shares used in per share computation374,387 85,208 47,027,638
Net loss per share, basic and diluted$(127.21)$(127.21)$(3.18)
Year Ended December 31, 2023
Series A Preferred StockSeries B
Preferred Stock		Common
Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses$(239,158)$(4,749)$(94,883)
Denominator
Weighted-average shares outstanding434,612 8,630 6,201,954
Weighted-average pre-funded warrants outstanding— — 695,111
Number of shares used in per share computation434,612 8,630 6,897,065
Net loss per share, basic and diluted$(550.28)$(550.29)$(13.76)
The following weighted-average equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:
Year Ended December 31,
202520242023
Options to purchase common stock1,785,5683,212,7342,583,226
Unvested restricted stock units27,80668,0274,240
Outstanding Parapyre Warrants1,532,591686,724 5,625.00 
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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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