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Spyre Therapeutics

SYRE Rare disease Lead: Phase 2 16 Biotech Distilled articles ↓ 38 filings & releases ↓ Cash $82.7M (Sep 30, 2026) ↓ 16 verdicts ↓ 3 timing quotes ↓
DermatologyImmunology Protein

Market cap $9.86B 95.0M shares (10-Q, Oct 27, 2026) × $103.86 close Nov 6, 2026

Most recent annual filing: 2026-04-15

Catalyst timeline

3 trackedQuarter catalyst calendar →
  1. SKYLINE Part B topline3Q 2027SKYLINE Part B topline, 3Q 2027, material
  2. SPY120/SPY130/SPY230 combinations + all monotherapies3Q 2027SPY120/SPY130/SPY230 combinations + all monotherapies, 3Q 2027, notable
  3. SKYLINE Part B induction corporate3Q 2027SKYLINE Part B induction corporate, 3Q 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (10 active programs)

Discontinued (3)

Capital (as filed)

Cash
$82.7M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$989M Sep 30, 2026
Operating cash flow
−$77.5M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$1.07B cash, runway 2H 2029 per the update of Nov 3, 2026 — the company's own words as read there, not the filed figure

Offering documents (2)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (16)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (16 calls)

Every verdict Biotech Distilled has published on Spyre Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2025-12-18 Buy core Spyre Therapeutics (SYRE): Scientific Due Diligence for Pipeline Products Spyre's validated targets, YTE half-life engineering, fortress balance sheet (~$783M pro forma), and M&A appeal make it a high-conviction fast-follower play ahead of six 2026 POC readouts.
  2. 2026-01-13 Buy core UPDATE: Spyre Therapeutics (SYRE) – Q1 2026 Status Check Enrollment acceleration pulls the first binary de-risking event (SPY001 Part A) into Q2 2026, reinforcing the execution thesis and warranting accumulation.
  3. 2026-02-21 Buy core UPDATE: Spyre Therapeutics (SYRE) - Q4 Earnings, ECCO Data, & The $500M Shelf ECCO Congress combination data reinforces the thesis; the new $500M shelf and $154M ATM secure runway through the 2026 catalyst calendar.
  4. 2026-04-10 Hold UPDATE: Spyre Therapeutics (SYRE) - The Binary Event is Here – April 13 SPY001 Part A readout on April 13 is the first real test of the YTE platform in patients; management is executing flawlessly on the '6 in '26' timeline.
  5. 2026-04-27 Buy core UPDATE: Spyre Therapeutics (SYRE) - The Canary Sang SPY001 hit its primary endpoint (RHI -9.2, p<0.0001) with clean safety, retiring the lead platform risk; the $463.5M raise pushes pro forma cash to ~$1.15B and removes financing risk through all planned catalysts.
  6. 2026-06-02 Buy core UPDATE: Spyre Therapeutics (SYRE) – Paragon Quietly Built an M&A Trapdoor for SPY003 The SPY003 license amendment expands the field to all therapeutic areas and adds a Change-of-Control accelerator, materially raising the M&A ceiling on the asset.
  7. 2026-06-15 Buy core UPDATE: Spyre Therapeutics (SYRE) - The Second Canary Sang SPY002 hit its primary (RHI -10.7, p<0.0001) in a 35% advanced-therapy-exposed cohort, making the YTE platform two-for-two across distinct target biologies and raising the prior probability for SPY003.
  8. 2026-06-24 Buy core UPDATE: Spyre Therapeutics (SYRE) - Fairmount Sold the Top Fairmount's $400M block sale and board resignation are profit-taking at the top of a clean run rather than a thesis-breaking signal; the clinical and M&A thesis remains intact ahead of SPY003 in Q3.
  9. 2026-06-26 Buy core UPDATE: Spyre Therapeutics (SYRE) - The ATM Reloads at $88.67 The new $500M ATM at $88.67 adds supply-side ceiling references but does not change the clinical thesis; SPY003 in Q3 remains the next binary event.
  10. 2026-08-05 Buy core UPDATE: Spyre Therapeutics (SYRE) - September Is the Whole Ballgame SPY003 Part A and SKYWAY-RA both guided to September 2026; runway extended to 2H 2029 on $1.145B cash; first explicit Phase 3 language for SPY072 adds M&A credibility.
  11. 2026-08-11 Buy core UPDATE: Spyre Therapeutics (SYRE) - A Fourth Target Appears SPY772 (TL1A + IL-17A/F coformulation) and the SKYLIGHT HS trial add a fourth validated mechanism and a dermatology indication, widening the M&A 'portfolio in a box' without changing the September binary events.
  12. 2026-08-25 Buy core UPDATE: Spyre Therapeutics (SYRE) - The Third Bird Sang Off-Key SKYWAY-RA hit its primary but the ~0.6-point drug-attributable delta and absent dose-response led management to deprioritize RA monotherapy; the IBD platform is unaffected and SPY003 in September remains the key print.
  13. 2026-09-09 Hold UPDATE: Spyre Therapeutics (SYRE) - The Third Canary Sang Flat SPY003 hit its histology primary (RHI -10.0, p<0.0001) but posted only 20% clinical remission versus 40% for SPY001, landing in-class rather than best-in-class; the platform premium is trimmed and the thesis now depends on 2027 Part B combination data.
  14. 2026-10-06 Hold UPDATE: Spyre Therapeutics (SYRE) - Raising Without a Catalyst Spyre raised $350M with no new data and no added runway, redirecting SPY072 into a late-stage HS program before any HS proof-of-concept; dilution without a catalyst warrants continued hold.
  15. 2026-10-07 Hold UPDATE: Spyre Therapeutics (SYRE) - The Deal Broke on Day One The $350M offering priced at $85 and the stock closed at $80.11 on day one; ~$375M of new capital bought no additional runway, and no catalyst exists until Q4 rheumatology readouts.
  16. 2026-11-04 Hold UPDATE: Spyre Therapeutics (SYRE) - Rheumatology Closes, the Parachutes Widen SKYWAY ends 0-for-3 on advanceable indications; SKYLINE Part B is pinned to Q3 2027; richer change-of-control severance and the Paragon accelerator signal sale readiness, but no major catalyst until 2027.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (3 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (38)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 5, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

7 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)