0001636282-26-000020
SEC filingSpyre 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.
Spyre Therapeutics, Inc. reported a net loss of $155.2 million for fiscal year 2025, with no revenue generated during the period. The company incurred total operating expenses of $209.6 million, consisting primarily of research and development expenses of $171.7 million and general and administrative expenses of $47.9 million. These operating losses were partially offset by total other income of $54.3 million, which included interest income of $24.9 million and other income of $29.5 million. The company recorded an income tax expense of $15,000. Basic and diluted net loss per share was $160 based on weighted-average common shares outstanding of 64.4 million. The company remains in a pre-revenue stage with its operations focused on research and development activities.
The company generated no revenue during fiscal year 2025. The financial statements show total revenue of $0, with no product sales, service revenue, development fees, or royalties reported. The company's operations are entirely focused on research and development activities, with no commercial products generating revenue at this time. No segment breakdown or geographic revenue mix is disclosed in the provided data, as the company operates as a single segment entity in the pre-revenue stage of development.
With no revenue generated, gross margin and operating margin calculations are not applicable. The company's cost structure is dominated by research and development expenses, which accounted for 82% of total operating expenses. General and administrative expenses represented the remaining 18% of operating costs. The company recorded a gain on sale of in-process research and development asset of $10.0 million, which reduced the overall operating loss. The net loss margin cannot be calculated due to zero revenue, but the company's substantial operating expenses reflect its investment in research and development activities.
The company used $169.3 million in cash from operating activities during fiscal 2025, primarily due to the net loss of $155.2 million adjusted for non-cash items including stock-based compensation of $37.6 million and changes in fair value of derivative liability of $29.8 million. Investing activities used $143.5 million, mainly for purchases of marketable securities of $522.2 million partially offset by proceeds from maturities and sales of $371.7 million. Financing activities provided $309.0 million, primarily from issuance of common stock through follow-on offerings ($296.4 million) and at-the-market offerings ($14.8 million). The balance sheet shows total assets of $777.8 million, with current assets of $777.8 million including cash and cash equivalents of $85.7 million and marketable securities of $670.8 million. Total liabilities were $62.5 million, resulting in total convertible preferred stock and stockholders' equity of $715.2 million.
The filing does not provide specific management guidance or forward-looking statements in the provided data. The company's strategic priorities appear focused on research and development activities, as evidenced by the $171.7 million investment in R&D during fiscal 2025. The company maintains a strong liquidity position with $777.8 million in current assets, which should support continued research and development efforts. Risk factors typical for pre-revenue biotechnology companies would include clinical trial outcomes, regulatory approvals, and the ability to successfully develop and commercialize products. The company's ability to raise additional capital through equity offerings, as demonstrated by the $309.0 million in financing activities during the year, provides financial flexibility for continued operations.