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SYRE

Spyre Therapeutics, Inc.

SYRE

Spyre Therapeutics, Inc. • NASDAQ
$30.00 ▲ 0.84% (+0.25)
Market Cap $1.81 B
52w High $30.21
52w Low $10.91
Dividend Yield 0%
P/E -22.73
Volume 562.69K
Outstanding Shares 60.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $11.641M ▼ $-11.183M ▲ 0% $-0.15 ▲ $-11.183M ▲
Q2-2025 $0 $41.935M ▼ $-36.717M ▲ 0% $-0.6 ▼ $-51.935M ▲
Q1-2025 $0 $53.567M ▼ $-44.773M ▲ 0% $-0.13 ▲ $-53.567M ▲
Q4-2024 $0 $61.253M ▲ $-56.296M ▲ 0% $-0.15 ▲ $-61.253M ▼
Q3-2024 $0 $55.392M $-69.028M 0% $-1.36 $-55.392M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $486.198M ▼ $504.604M ▼ $49.504M ▼ $455.1M ▼
Q2-2025 $526.58M ▼ $538.832M ▼ $83.059M ▼ $455.773M ▼
Q1-2025 $564.82M ▼ $569.778M ▼ $87.168M ▼ $482.61M ▼
Q4-2024 $603.088M ▲ $608.484M ▲ $90.68M ▼ $517.804M ▲
Q3-2024 $414.227M $421.089M $93.699M $327.39M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.183M ▲ $-37.117M ▲ $24.998M ▼ $-4.643M ▼ $-16.762M ▼ $-37.117M ▲
Q2-2025 $-36.717M ▲ $-46.563M ▼ $78.998M ▲ $731K ▲ $33.166M ▲ $-46.563M ▼
Q1-2025 $-44.773M ▲ $-40.994M ▼ $-61K ▲ $125K ▼ $-40.93M ▼ $-40.994M ▼
Q4-2024 $-56.296M ▲ $-37.199M ▼ $-170.544M ▼ $225.601M ▲ $17.843M ▼ $-37.199M ▼
Q3-2024 $-69.028M $-29.421M $42.74M $12.78M $26.115M $-29.421M

Five-Year Company Overview

Income Statement

Income Statement Spyre is still a classic early‑stage biotech story: it has essentially no product revenue yet and runs steady operating and net losses as it funds R&D and corporate build‑out. Losses have widened over time as the company has scaled its pipeline and organization, which is normal for a clinical‑stage company but means the business is currently entirely dependent on external capital rather than self‑funding from sales. Per‑share loss figures also look extreme partly because of the reverse stock split, which mechanically inflates past per‑share numbers and can make the historical trend look worse than the underlying business reality.

Balance Sheet

Balance Sheet The balance sheet shows a small but improving asset base with cash as the key component and very limited use of debt. Equity is positive and has grown, suggesting the company has been financed mainly through issuing shares rather than borrowing. This keeps financial leverage low, which reduces balance‑sheet risk but also implies ongoing dilution for shareholders as long as the company remains pre‑revenue. Overall, the balance sheet looks typical for a young biotech: lean, equity‑funded, and focused on holding enough cash to support upcoming trials.

Cash Flow

Cash Flow Cash flows are consistently negative from operations, reflecting spending on research, clinical development, and overhead without offsetting revenue. Free cash flow matches operating cash flow because there is virtually no capital spending on physical assets, which is common in an asset‑light biotech model. The business therefore relies on periodic capital raises to replenish cash. The separate commentary that the company is funded into the latter half of 2026 is important: it suggests a defined but finite runway during which Spyre must hit key clinical milestones or line up additional funding.

Competitive Edge

Competitive Edge Spyre is operating in one of the most competitive areas in biotech: treatments for inflammatory bowel disease, where large pharmaceutical companies already market established therapies. Its competitive angle is a mix of longer‑acting antibodies, convenient dosing (potentially quarterly or less), and a strategy of combining multiple well‑known targets to push efficacy beyond current standards. Focusing on validated biological pathways reduces scientific risk compared with completely novel targets, but it also means Spyre must clearly outperform entrenched drugs on convenience, depth of response, or both. The company’s leadership experience and focused IBD strategy are strengths, yet it still faces intense competition from much larger players with deep budgets and commercial infrastructures.

Innovation and R&D

Innovation and R&D Innovation is the core of Spyre’s story. The company is engineering antibodies with unusually long half‑lives, aiming to turn frequent injections into far less frequent doses while maintaining or improving disease control. Its pipeline covers several key IBD pathways individually and in combinations, with early clinical data supporting the long‑acting concept. This combination‑therapy platform, if successful, could allow Spyre to tailor regimens and potentially deliver deeper, more durable remissions. However, most programs are still in early or mid‑stage development, so clinical, regulatory, and execution risks remain high, and future data readouts will be decisive in validating the R&D strategy.

Summary

Spyre Therapeutics is a pre‑revenue, clinical‑stage biotech with a focused bet on transforming IBD treatment through long‑acting antibodies and rational combination therapies. Financially, it runs predictable losses, has a light and equity‑funded balance sheet, and depends on its current cash runway and future capital raises to advance its pipeline. Strategically, it targets large, well‑validated markets where differentiation must come from better efficacy, durability, and convenience rather than novel biology alone. The upside case rests on positive trial data, successful progression into mid‑ and late‑stage studies, and clear clinical advantages over existing options; the key risks center on clinical uncertainty, funding needs over time, and strong incumbent competition. This is a high‑risk, high‑uncertainty profile typical of early biotech, with outcomes heavily driven by future trial results and financing conditions.

NEWS

November 7, 2025 · 4:05 PM UTC

Spyre Therapeutics Announces Grants of Inducement Awards

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November 4, 2025 · 4:05 PM UTC

Spyre Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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November 4, 2025 · 4:01 PM UTC

Spyre Therapeutics Announces Positive Interim Phase 1 Results for SPY003, Its Novel, Half-Life Extended anti-IL-23 Antibody

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October 24, 2025 · 8:00 AM UTC

Spyre Therapeutics Announces Poster Presentations at American College of Rheumatology (ACR) Convergence 2025

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October 15, 2025 · 4:15 PM UTC

Spyre Therapeutics, Inc. Announces Closing of Public Offering and Full Exercise of the Underwriters' Option to Purchase Additional Shares for Gross Proceeds of $316.2 Million

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