The wider net loss and cash burn of $57.4M in operating cash flow are offset by the $1.18B pro forma cash position and positive pipeline catalysts. Key catalysts to watch: SPY002 and SPY003 topline data in mid-2026 and Q3 2026, RA sub-study readout in Q3 2026, and combination data in 2027. The $463M offering closed in April 2026 removes near-term dilution risk but the stock may trade on pipeline data rather than financials.
Price Chart
Executive Summary
Spyre Therapeutics reported Q1 2026 financial results with a net loss of $69.0M ($0.74 per share), wider than the $44.8M loss in Q1 2025, driven by higher R&D and G&A expenses and a $30.4M non-cash charge from CVR fair value changes. The company highlighted positive Phase 2 data for SPY001 in ulcerative colitis, over-enrollment of the RA sub-study, and a pro forma cash position of $1.18B following a $463M public offering, providing runway into H2 2029. The wider loss and lack of revenue (pre-revenue biotech) make this a neutral-to-bearish financial report, but the strong pipeline progress and extended cash runway are positive offsets.
Key Financial Metrics
Key Facts
- Net loss of $69.0M in Q1 2026 vs $44.8M in Q1 2025, driven by higher R&D ($60.4M vs $41.6M) and G&A ($15.2M vs $11.9M) expenses
- Pro forma cash of $1.18B as of March 31, 2026, including $435.3M net proceeds from April 2026 public offering, providing runway into H2 2029
- Positive topline Phase 2 data for SPY001 in ulcerative colitis: 40% clinical remission, 51% endoscopic improvement, statistically significant RHI reduction
- RA sub-study of SKYWAY Phase 2 trial over-enrolled, topline readout accelerated to Q3 2026
- Net cash used in operating activities was $57.4M for Q1 2026
- Recognized $30.0M gain on sale of legacy Aeglea asset pegzilarginase upon FDA approval
- CVR liability increased to $56.95M from $26.68M at year-end 2025, driving $30.4M other expense
Financial Impact
Net loss widened by $24.2M YoY to $69.0M; no revenue reported (pre-revenue biotech)
Risk Factors
- Widening net loss and increasing R&D spend ($60.4M in Q1) could pressure cash runway if pipeline milestones are delayed
- CVR liability of $56.95M creates potential future cash outflow of ~$23M in Q2 2026
- Clinical-stage biotech with no approved products or revenue — all value depends on clinical trial outcomes
- Recent $463M offering dilutes existing shareholders; 78.8M shares outstanding vs 60.3M a year ago
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001636282-26-000051 |
| Document: syre-20260505.htm | 0001636282-26-000051 |
| Document: 0001636282-26-000051-index-headers.html | 0001636282-26-000051 |
| Document: 0001636282-26-000051-index.html | 0001636282-26-000051 |
| Document: 0001636282-26-000051.txt | 0001636282-26-000051 |
| 8-K Data (Synthetic) | 0001636282-26-000051 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 28d ago | Insider Cluster | $88.98 $90.80 | ▼ −2.05% | ▼ −3.25% | $93.19 (−4.73%) |
Aug 11, 2026 7w ago | Insider Cluster | $102.74 $107.82 | ▼ −4.94% | ▼ −5.35% | $93.19 (+9.30%) |
Aug 6, 2026 8w ago | Insider Cluster | $103.42 $101.85 | ▲ +1.52% | ▲ +2.73% | $93.19 (+9.89%) |
Jul 3, 2026 13w ago | Insider Cluster | $86.63 $98.75 | ▲ +13.99% | ▲ +13.06% | $93.19 (+7.57%) |
Jun 27, 2026 13w ago | Insider Cluster | $90.16 $88.74 | ▲ +1.57% | ▲ +2.96% | $93.19 (−3.36%) |
Jun 26, 2026 14w ago | S-3ASR | $90.16 $88.74 | ▼ −1.57% | ▼ −2.96% | $93.19 (+3.36%) |
Jun 24, 2026 14w ago | Insider Cluster | $86.24 $88.89 | ▼ −3.07% | ▼ −1.37% | $93.19 (−8.06%) |
Jun 15, 2026 15w ago | 8-K | $83.58 $100.32 | ▲ +20.03% | ▲ +21.41% | $93.19 (+11.50%) |
Jun 12, 2026 16w ago | Institutional Cluster | $80.79 $88.34 | ▲ +9.35% | ▲ +8.67% | $93.19 (+15.35%) |
Jun 11, 2026 16w ago | Institutional Cluster | $80.77 $87.49 | ▲ +8.32% | ▲ +7.89% | $93.19 (+15.38%) |
US Market Status
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