Spyre Therapeutics, Inc.SYRE

Spyre Therapeutics, Inc. Segments Disclosure

10-KFiled Feb 19, 20262 min read
Segment Reporting
The Company operates under a single operating and reportable segment, which is the development of biopharmaceutical products for the treatment of patients with IBD and other immune-mediated diseases. The Company's Chief Operating Decision Maker ("CODM") is the Company's Chief Executive Officer. The Company's CODM uses consolidated Net loss as the measure of segment profit or loss and uses consolidated Total Assets as reported on the balance sheet as the measure of segment assets. The Company's CODM compares Net loss against budgeted and/or forecasted amounts to track the Company's financial performance against expectations and to inform, along with development timelines and scientific and commercial considerations, their decisions regarding resource allocations to fund the Company's development of its pipeline.
The following table sets forth the significant expenses provided to the CODM on a regular basis (in thousands):
Year Ended December 31,
202520242023
Revenue$— $— $886 
Less:
Compensation$34,794 $21,780 $22,590 
Stock-based compensation (1)
37,614 44,833 25,675 
Research and development, excluding compensation and stock-based compensation (2) (3)
132,490 127,491 65,282 
Other segment items (4) (5)
(49,695)13,914 226,129 
Segment net loss$155,203 $208,018 $338,790 
Reconciliation of net loss
Adjustments and reconciling items— — — 
Consolidated net loss$155,203 $208,018 $338,790 
(1)Includes $1.0 million, $15.6 million and $11.5 million in related party expenses for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)Includes non-clinical study expenses, clinical trial expenses and manufacturing costs.
(3)Includes $10.5 million, $25.5 million and $37.1 million in related party expenses for the years ended December 31, 2025, 2024 and 2023, respectively.
(4)Includes general and administrative expenses such as audit, legal, and other professional fees, interest income, and Other expense, net. For the year ended December 31, 2025, includes a gain recognized in
connection with the sale of pegzilarginase to Immedica. For the year ended December 31, 2023, includes acquired IPR&D expense related to the Asset Acquisition, a gain on sale related to sale of Pegzilarginase to Immedica, and changes in the forward-contract liability related to the Asset Acquisition.
(5)Includes a $29.8 million decrease, a $20.4 million increase and a $18.9 million increase in fair value of CVR liability for the years ended December 31, 2025, 2024 and 2023, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 27, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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