Spyre Therapeutics, Inc.
SYRE · Pharmaceutical Preparations · 86.8M shares · -95%/yr ↓ buyback · EDGAR filings ↗
Reference price $87.12 · est. market cap ~$7.6B — last insider sale, 2026-06-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — IBD clinical, very well-funded.
Strengths
- Liquidity — current ratio 13.3 (87th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- RestatementThe WuXi Biologics MSA was subsequently amended and restated in October 2024 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Buying back stockNet buyback — share count -95%/yr over 1y
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Strong balance sheetStrong balance sheet — $756M cash & investments
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 43 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$422M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-06 — PHASE2 · Ulcerative Colitis
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-21.7%
Return on assets
-20.0%
Current ratio
13.3×
EBITDA
-$210M
Tangible book value
$715M
Cash & investments
$756M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-25 | Burrows Scott L | Sell | 10K | $87.14 |
| 2026-06-25 | Burrows Scott L | Option exercise | 15K | $14.50 |
| 2026-06-25 | Burrows Scott L | Sell | 5.0K | $87.12 |
| 2026-06-23 | Fairmount Funds Management LLC | Sell | 4.7M | $85.31 |
| 2026-06-23 | Fairmount Funds Management LLC | Conversion | 667K | — |
| 2026-06-22 | HENDERSON MICHAEL THOMAS | Sell | 20K | $100.00 |
| 2026-06-03 | Sloan Sheldon | Sell | 8.3K | $75.00 |
| 2026-06-03 | Sloan Sheldon | Option exercise | 8.3K | $27.46 |
| 2026-06-01 | Burrows Scott L | Sell | 2.6K | $70.77 |
| 2026-06-01 | Turtle Cameron | Sell | 3.3K | $71.38 |
| 2026-06-01 | Turtle Cameron | Sell | 8.1K | $70.50 |
| 2026-06-01 | Turtle Cameron | Sell | 3.6K | $69.40 |
| 2026-06-01 | Burrows Scott L | Sell | 3.1K | $72.06 |
| 2026-06-01 | Burrows Scott L | Sell | 1.8K | $69.75 |
| 2026-06-01 | Burrows Scott L | Option exercise | 7.5K | $14.50 |
| 2026-05-08 | HENDERSON MICHAEL THOMAS | Sell | 2.4K | $72.57 |
| 2026-05-08 | HENDERSON MICHAEL THOMAS | Sell | 34K | $73.72 |
| 2026-05-08 | HENDERSON MICHAEL THOMAS | Sell | 25K | $74.76 |
| 2026-05-08 | HENDERSON MICHAEL THOMAS | Sell | 19K | $75.35 |
| 2026-05-01 | Sloan Sheldon | Sell | 5.1K | $74.60 |
| 2026-05-01 | Sloan Sheldon | Option exercise | 78K | $27.46 |
| 2026-05-01 | Sloan Sheldon | Sell | 21K | $69.53 |
| 2026-05-01 | Sloan Sheldon | Sell | 20K | $70.61 |
| 2026-05-01 | Sloan Sheldon | Sell | 8.8K | $71.56 |
| 2026-05-01 | Sloan Sheldon | Sell | 13K | $72.94 |
| 2026-05-01 | Sloan Sheldon | Sell | 10K | $73.74 |
| 2026-05-01 | Sloan Sheldon | Sell | 400 | $75.37 |
| 2026-05-01 | Burrows Scott L | Option exercise | 12K | $14.50 |
| 2026-05-01 | Burrows Scott L | Sell | 12K | $71.37 |
| 2026-05-01 | Turtle Cameron | Sell | 5.3K | $69.54 |
| 2026-05-01 | Turtle Cameron | Sell | 3.6K | $70.77 |
| 2026-05-01 | Turtle Cameron | Sell | 1.0K | $71.76 |
| 2026-05-01 | Turtle Cameron | Sell | 3.1K | $73.14 |
| 2026-05-01 | Turtle Cameron | Sell | 1.7K | $74.23 |
| 2026-05-01 | Turtle Cameron | Sell | 300 | $74.96 |
| 2026-04-01 | Turtle Cameron | Sell | 12K | $49.20 |
| 2026-04-01 | Turtle Cameron | Sell | 2.7K | $49.92 |
| 2026-04-01 | Sloan Sheldon | Option exercise | 8.0K | $21.66 |
| 2026-04-01 | Sloan Sheldon | Sell | 8.0K | $50.00 |
| 2026-04-01 | Burrows Scott L | Sell | 1.3K | $49.98 |
| 2026-04-01 | Burrows Scott L | Sell | 6.2K | $49.21 |
| 2026-04-01 | Burrows Scott L | Option exercise | 7.5K | $14.50 |
| 2026-03-03 | Burrows Scott L | Sell | 2.3K | $40.56 |
| 2026-03-03 | Burrows Scott L | Option exercise | 2.5K | $14.50 |
| 2026-03-03 | Burrows Scott L | Sell | 200 | $41.66 |
| 2026-03-02 | Turtle Cameron | Sell | 5.9K | $41.73 |
| 2026-03-02 | Turtle Cameron | Sell | 9.1K | $42.49 |
| 2026-02-02 | Turtle Cameron | Sell | 957 | $31.82 |
| 2026-02-02 | Turtle Cameron | Sell | 14K | $32.87 |
| 2026-01-21 | HENDERSON MICHAEL THOMAS | Other | 63K | — |
| 2026-01-02 | Turtle Cameron | Sell | 13K | $30.47 |
| 2026-01-02 | Turtle Cameron | Sell | 2.2K | $31.79 |
| 2026-01-02 | Turtle Cameron | Sell | 100 | $32.39 |
| 2025-12-01 | Turtle Cameron | Sell | 4.0K | $29.83 |
| 2025-12-01 | Turtle Cameron | Sell | 11K | $28.73 |
| 2025-11-03 | Turtle Cameron | Sell | 17K | $23.66 |
| 2025-11-03 | Turtle Cameron | Sell | 28K | $23.13 |
| 2025-09-02 | Burrows Scott L | Sell | 18K | $16.26 |
| 2025-01-10 | HENDERSON MICHAEL THOMAS | Other | 105K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07652294 ↗ | Long-term Safety and Efficacy of Multiple Long-acting Antibodies Alone and in Combinations for IBD Ulcerative Colitis, Inflammatory Bowel Diseases | PHASE2 | Enrolling By Invitation | 2029-03-02 |
| NCT06873724 ↗ | A Study of SPY003-207 in Healthy Volunteers Healthy | PHASE1 | Active Not Recruiting | 2026-11-18 |
| NCT07148414 ↗ | A Study of SPY072 in Rheumatic Disease Rheumatoid Arthritis, Psoriatic Arthritis | PHASE2 | Active Not Recruiting | 2026-10-31 |
| NCT06672718 ↗ | A Study of SPY002-091 in Healthy Volunteers Healthy | PHASE1 | Active Not Recruiting | 2026-08-19 |
| NCT07012395 ↗ | A Study of Long-acting Antibodies Alone and in Combinations for Moderate to Severe Ulcerative Colitis Ulcerative Colitis, Inflammatory Bowel Diseases | PHASE2 | Recruiting | 2026-06-01 |
| NCT06622070 ↗ | A Study of SPY002-072 in Healthy Volunteers Healthy | PHASE1 | Recruiting | 2026-04-03 |
| NCT06448247 ↗ | A Study of SPY001-001 in Healthy Volunteers Healthy | PHASE1 | Completed | 2026-03-10 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-15 | Reg FDOtherExhibits | filing ↗ |
| 2026-06-01 | OtherExhibits | filing ↗ |
| 2026-05-29 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-04-16 | Material agreementExhibits | filing ↗ |
| 2026-04-13 | Reg FDOtherExhibits | filing ↗ |
| 2026-04-13 | ResultsOther | filing ↗ |
| 2026-02-19 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-15 | 0001636282-26-000083 ↗ |
| 8-K | 2026-06-01 | 2026-05-29 | 0001636282-26-000075 ↗ |
| 8-K | 2026-05-29 | 2026-05-27 | 0001636282-26-000056 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001636282-26-000051 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001636282-26-000050 ↗ |
| 8-K | 2026-04-16 | 2026-04-14 | 0001628280-26-025508 ↗ |
| 8-K | 2026-04-13 | 2026-04-13 | 0001628280-26-024906 ↗ |
| 8-K | 2026-04-13 | 2026-04-13 | 0001628280-26-024831 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0001636282-26-000020 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001636282-26-000022 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009894 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001636282-25-000104 ↗ |