SYRE Stock — Spyre Therapeutics Inc.: Cash, EV, Pipeline

What they do

Company Overview Spyre Therapeutics, Inc. (NASDAQ: SYRE) is a clinical-stage biotechnology company pioneering long-acting antibodies and antibody combinations to redefine the standard of care for inflammatory bowel disease (“IBD”) and rheumatic diseases. Spyre’s pipeline includes extended half-life antibodies targeting α4β7, TL1A, and IL-23 in development as monotherapies and pair-wise combinations.

Source: 10-K FY2025 via SEC EDGAR

Share price

$103.86

Market cap

$9,863.5M

Cash

$1,071.9M

Enterprise value

$8,791.6M

Balance sheet

Cash	$1,071.9M
Debt	$0.0M
Net cash	$1,071.9M
Enterprise value	$8,791.6M
Basic shares	95.0M shares
Fully diluted shares	101.2M shares
Fully diluted market cap	$10,505.8M
Cash per share	$11.29
Quarterly burn	$69.9M
Cash runway	16.4 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

88.2M

Pre-funded warrants

0.0M

Options

11.4M

RSUs

—

Warrants

1.5M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

101.2M

Cap table as of 2026-07-28.

Price history

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Next catalyst

SPY072 (PsA) · Est. Dec 12, 2026 · PCD + 6 wks · guided in 21d

Recently reported

SPY072 Phase 2 Negative · 2026-11-03

SKYWAY (PsA and axSpA sub-studies) · psoriatic arthritis / axial spondyloarthritis

Primary: ACR20 response in the PsA sub-study; change from baseline in ASDAS in the axSpA sub-study (single dose level, Week 16) — neither sub-study met its primary endpoint

· SPY072 was well tolerated in both sub-studies

· Spyre does not plan to advance SPY072 in rheumatic diseases

· No numeric efficacy results for the PsA or axSpA sub-studies were disclosed in the release

· SPY072 development continues in hidradenitis suppurativa (SKYLIGHT Phase 2, with bimekizumab)

Safety: SPY072 was well tolerated (no further safety detail disclosed for these sub-studies)

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Dec 12, 2026 in 21d PCD + 6 wks · Nov 28–Dec 26	SPY072 (PsA) SKYWAY Phase 2 in psoriatic arthritis · NCT07148414	Phase 2	psoriatic arthritis	Q4 2026
GUIDEDEst. Dec 12, 2026 in 21d PCD + 6 wks · Nov 28–Dec 26	SPY072 (axSpA) SKYWAY Phase 2 in axial spondyloarthritis · NCT07148414	Phase 2	axial spondyloarthritis	Q4 2026
Dec 30, 2026 - Feb 10, 2027 in 8 wks	SPY003-207	Phase 1	Healthy	—
Jul 13 - Aug 24 in 8 mo	SPY001	Phase 2	Ulcerative Colitis; Inflammatory Bowel Diseases; Colitis	—
Nov 12 - Dec 24 in 12 mo	SPY072	Phase 2	Hidradenitis Suppurativa (HS)	—
Apr 13 - May 25 in 30 mo	SPY001	Phase 2	Ulcerative Colitis; Inflammatory Bowel Diseases; Colitis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

SPY001

Phase 1 · Active Modality: monoclonal antibody (extended half-life)

Target α4β7 integrin

Partnerships Worldwide exclusive royalty-bearing license from Paragon Therapeutics (May 2024; α4β7 integrin antibodies). Milestone payments to Paragon up to $22M per first product per agreement ($5M on first Phase 3 dosing).

Indications

Inflammatory bowel disease (ulcerative colitis, Crohn's disease) (Phase 1)

Catalysts

— 2026-2027

Status note Anti-α4β7 integrin antibody for IBD being developed in the ongoing SKYWAY Phase 2 basket trial and SKYLINE Phase 2 platform trial (with rational combinations). Planned Q3M-Q6M dosing profile.

SPY002

Phase 1 · Active Modality: monoclonal antibody (extended half-life)

Target TL1A

Partnerships Worldwide exclusive royalty-bearing license from Paragon Therapeutics (May 2024; TL1A antibodies; sublicensing fees up to ~$20M on mostly commercial milestones).

Indications

Inflammatory bowel disease (ulcerative colitis, Crohn's disease) (Phase 1)

Catalysts

— 2026-2027

Status note Anti-TL1A antibody for IBD; plans to expand development to indications beyond IBD and RD. SKYWAY/SKYLINE Phase 2 trials ongoing. Planned Q3M-Q6M dosing profile.

SPY072

Phase 1 · Active Modality: monoclonal antibody (extended half-life)

Target TL1A

Partnerships Worldwide exclusive royalty-bearing license from Paragon Therapeutics (May 2024; TL1A antibodies).

Indications

Rheumatic diseases (RA, PsA, axSpA) (Phase 1)

Catalysts

— 2026-2027

Status note Anti-TL1A antibody for rheumatic diseases. SKYWAY/SKYLINE Phase 2 trials ongoing. Planned Q3M-Q6M dosing profile.

SPY003

Phase 1 · Active Modality: monoclonal antibody (extended half-life)

Target IL-23

Partnerships Worldwide exclusive royalty-bearing license from Paragon Therapeutics (Oct 2024, amended May 2026; IL-23 antibodies; field expanded to all therapeutic/prophylactic/palliative/diagnostic uses; restrictions on dosing outside IBD until Jun 2028/2030).

Indications

Inflammatory bowel disease (Phase 1)

Catalysts

— 2026-2027

Status note Anti-IL-23 antibody for IBD; field expanded May 2026 to all uses (with restrictions on non-IBD clinical dosing until Jun 2028 for combinations / Jun 2030 for monotherapy). SKYWAY/SKYLINE Phase 2 trials ongoing. Planned Q3M-Q6M dosing profile.

Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	SPY002-072
Lead indication	Rheumatoid Arthritis
Lead phase	Phase 2
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07148414	Phase 2	Active, not recruiting	Sponsor	SYRE	—	Rheumatoid Arthritis; Psoriatic Arthritis; Axial Spondyloarthritis	Q4 2026 Est. Dec 12, 2026 · PCD + 6 wks (Nov 28-Dec 26) Q4 2026 Est. Dec 12, 2026 · PCD + 6 wks (Nov 28-Dec 26)
NCT07012395	Phase 2	Recruiting	Sponsor	SYRE	—	Ulcerative Colitis; Inflammatory Bowel Diseases; Colitis	—
NCT07766005	Phase 2	Not yet recruiting	Sponsor	SYRE	—	Hidradenitis Suppurativa (HS)	—
NCT07652294	Phase 2	Enrolling by invitation	Sponsor	SYRE	—	Ulcerative Colitis; Inflammatory Bowel Diseases; Colitis	—
NCT06873724	Phase 1	Active, not recruiting	Sponsor	SYRE	—	Healthy	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Spyre Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Perceptive Advisors	4,319,496	+536,271	5.95%	2026-08-14
RTW Investments	4,251,996	+80,000	3.22%	2026-08-14
Tang Capital Partners	1,892,200	no change	7.63%	2026-08-14
Braidwell LP	879,467	-53,356	2.89%	2026-08-14
ADAR1 Capital Management	283,982	-54,341	1.19%	2026-08-14
Cormorant Asset Management	225,000	+225,000	1.02%	2026-08-14
OrbiMed Advisors	186,145	+186,145	0.31%	2026-08-14
Boxer Capital	100,000	+100,000	0.67%	2026-08-14
Baker Bros. Advisors	0	-1,000,000	0.00%	2026-08-14
RA Capital Management	0	-1,621,620	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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SYRE — Spyre Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

SYRE — Spyre Therapeutics Inc.