SYRE · Spyre Therapeutics, Inc.

Spyre Therapeutics reported its first quarter 2026 financial results, highlighting a net loss of $69.0 million compared to $44.8 million in the same period last year. The increased loss was primarily driven by a $18.8 million rise in R&D expenses to $60.4 million, reflecting higher manufacturing and clinical trial costs, as well as increased headcount. G&A expenses also rose to $15.2 million from $11.9 million due to higher headcount. The company recognized a $30.0 million gain from milestones related to the sale of pegzilarginase, partially offset by a $23.4 million other expense from changes in the fair value of the CVR liability. Operationally, Spyre announced positive topline induction data from Part A of the Phase 2 SKYLINE trial for SPY001, demonstrating a statistically significant reduction in the Robart's Histopathology Index (RHI) of 9.2 points (p<0.0001) and clinically meaningful rates of clinical remission (40%) and endoscopic improvement (51%). The company also reported over-enrollment and acceleration of the RA sub-study topline readout to Q3 2026. As of March 31, 2026, Spyre held $741.5 million in cash, cash equivalents, and marketable securities, with pro forma cash of $1.2 billion after the April 2026 public offering, providing runway into the second half of 2029. Management expressed confidence in the pipeline, with six proof-of-concept readouts expected in 2026 across the SKYLINE and SKYWAY trials.