Spyre Therapeutics(SYRE) - 2025 Q3 - Quarterly Results

Clinical Development - Reported positive interim Phase 1 results for SPY003, demonstrating an ~85-day half-life supporting quarterly or twice annual maintenance dosing[1] - Initiated Phase 2 SKYWAY basket study of SPY072 for rheumatoid arthritis, psoriatic arthritis, and axial spondyloarthritis[1] - On track for 6 proof-of-concept readouts in 2026 across the SKYLINE and SKYWAY Phase 2 trials[2] - The company anticipates 2026 will be transformational with six Phase 2 proof-of-concept readouts expected[2] Financial Performance - Net loss for Q3 2025 was $11.2 million, significantly improved from a net loss of $69.0 million in Q3 2024[14] - Cash used in operating activities was $37.1 million for Q3 2025[12] - Total operating expenses for the three months ended September 30, 2025, were $56.888 million, compared to $55.392 million in the same period of 2024, an increase of 2.7%[27] - Other income (expense), net for the three months ended September 30, 2025, was $40.326 million, a significant improvement compared to an expense of $18.802 million in the same period of 2024[27] Balance Sheet and Cash Position - Strengthened balance sheet with $316 million gross proceeds from a public offering, resulting in $783 million of pro forma cash as of September 30, 2025[1][12] - The company expects its cash runway to extend into the second half of 2028[19] - Total current assets decreased from $608.474 million as of December 31, 2024, to $504.604 million as of September 30, 2025, representing a decline of approximately 17.1%[25] - Total liabilities decreased from $90.680 million as of December 31, 2024, to $49.504 million as of September 30, 2025, a reduction of about 45.5%[25] Research and Development Expenses - R&D expenses totaled $45.2 million for Q3 2025, compared to $44.7 million for Q3 2024, reflecting higher clinical trial expenses[13] - Research and development expenses for the three months ended September 30, 2025, were $45.247 million, slightly increasing from $44.744 million in the same period of 2024, a rise of 1.1%[27] Stockholder Equity and Shares - The weighted-average common stock outstanding for the three months ended September 30, 2025, was 60,414,223 shares, up from 50,889,443 shares in the same period of 2024, an increase of about 18.5%[27] - The total stockholders' equity decreased from $517.804 million as of December 31, 2024, to $455.100 million as of September 30, 2025, a decline of approximately 12.0%[25] Accumulated Deficit and Interest Income - The accumulated deficit increased from $972.432 million as of December 31, 2024, to $1.065.105 million as of September 30, 2025, representing a rise of approximately 9.6%[25] - Interest income for the nine months ended September 30, 2025, increased to $17.746 million from $15.536 million in the same period of 2024, reflecting a growth of 14.2%[27]