Financial Performance - As of March 31, 2025, Spyre Therapeutics reported cash, cash equivalents, and marketable securities totaling $564.8 million, with a net cash used in operating activities of $41.0 million for Q1 2025[11]. - The net loss for Q1 2025 was $44.8 million, compared to a net loss of $43.9 million in Q1 2024, which included non-cash stock-based compensation expenses of $8.9 million[14]. - Net loss for the three months ended March 31, 2025, was $44.773 million, compared to a net loss of $43.857 million for the same period in 2024, representing an increase in loss of approximately 2.1%[26]. - Net loss per share for common stock improved to $(0.60) for the three months ended March 31, 2025, from $(0.72) in the same period of 2024, indicating a reduction in loss per share of approximately 16.7%[26]. - The accumulated deficit increased from $(972.432) million as of December 31, 2024, to $(1,017.205) million as of March 31, 2025, reflecting a deterioration of approximately 4.6%[24]. - Total stockholders' equity decreased from $517.804 million as of December 31, 2024, to $482.610 million as of March 31, 2025, a decline of about 6.8%[24]. Expenses - Research and Development (R&D) expenses for Q1 2025 were $41.6 million, an increase from $34.9 million in Q1 2024, primarily due to higher clinical and nonclinical development expenses[12]. - General and Administrative (G&A) expenses decreased to $11.9 million in Q1 2025 from $12.8 million in Q1 2024[12]. - Research and development expenses increased to $41.623 million for the three months ended March 31, 2025, up from $34.928 million in the same period of 2024, reflecting a rise of about 19.1%[26]. - Total operating expenses rose to $53.567 million for the three months ended March 31, 2025, compared to $47.774 million in 2024, marking an increase of approximately 12.1%[26]. Assets and Liabilities - Total current assets decreased from $608.474 million as of December 31, 2024, to $569.768 million as of March 31, 2025, a decline of approximately 6.4%[24]. - Total liabilities decreased from $90.680 million as of December 31, 2024, to $87.168 million as of March 31, 2025, a reduction of about 5.5%[24]. Clinical Development - Spyre is on track to initiate two fully funded Phase 2 trials in mid-2025, aiming for 7+ proof-of-concept readouts in markets with annual revenues totaling approximately $50 billion[2]. - Interim Phase 1 data for SPY002 is expected to be shared later in Q2 2025, with the potential to demonstrate a best-in-class profile for the treatment of inflammatory bowel disease (IBD)[2]. - The Company plans to advance SPY001 to a Phase 2 clinical trial in ulcerative colitis (UC) patients in mid-2025 based on favorable Phase 1 data[9]. - SPY003 has initiated its first-in-human trial, with interim pharmacokinetic and safety data expected in the second half of 2025[9]. - The pharmacokinetic half-life of SPY001 is estimated to be more than three times that of vedolizumab, supporting potential Q6M maintenance dosing[9]. - Spyre's pipeline includes investigational extended half-life antibodies targeting α4β7, TL1A, and IL-23, with plans to study anti-TL1A in rheumatoid arthritis (RA) starting mid-2025[15]. Shareholder Information - Weighted-average common stock outstanding increased to 60,265,932 shares for the three months ended March 31, 2025, compared to 36,512,662 shares in the same period of 2024, an increase of approximately 64.9%[26]. - Interest income increased to $6.493 million for the three months ended March 31, 2025, compared to $4.432 million in the same period of 2024, an increase of about 46.4%[26].
Spyre Therapeutics(SYRE) - 2025 Q1 - Quarterly Results