Spyre Therapeutics, Inc.

Spyre Therapeutics, Inc. reported a net loss of $155.2 million for fiscal year 2025, driven by significant operating expenses of $209.6 million, primarily from research and development ($171.7 million) and general and administrative costs ($47.9 million). The company generated no revenue during the period. The net loss was partially offset by total other income of $54.3 million, including interest income of $24.9 million and other income of $29.5 million. The company's balance sheet shows strong liquidity with total current assets of $777.8 million, including cash and cash equivalents of $85.7 million and marketable securities of $670.8 million, against total liabilities of $62.5 million. Cash flow from operations was negative $169.3 million, while financing activities provided $309.0 million primarily from equity offerings. The company remains in a pre-revenue stage focused on research and development activities.

Key Takeaways