Pipeline and Strategy - Spyre Therapeutics is developing next-generation monotherapies and paradigm-changing combinations for IBD and beyond, with potential subcutaneous Q3M-Q6M dosing [6] - The company's portfolio aims for superior efficacy and convenience compared to existing IBD biologics, potentially breaking the efficacy ceiling with combinations [7, 8] - Spyre's MOAs were rationally chosen based on attractive risk-benefit profiles, targeting an ~$8B 2030 IBD sales market for α4β7 and a ~$7B market for TL1A [11] SPY Programs and Clinical Development - SPY001 has a half-life of >90 days, exceeding expectations, and showed target engagement in Phase 1, with potential for twice-yearly maintenance dosing [18, 25] - SPY002 has a half-life of ~24 days in NHP PK studies, while Tulisokibart has a half-life of ~12 days [18] - SPY003 has a half-life of ~30 days in NHP PK studies, while Risankizumab has a half-life of ~9 days [18] - A Phase 2 platform trial is planned to enable multiple placebo-controlled readouts of monotherapies and combinations in ulcerative colitis, with ~600 patients [33, 34] TL1A and Rheumatoid Arthritis - TL1A is implicated in a wide range of human diseases, including Rheumatoid Arthritis (RA), where it is elevated in patients and exacerbates arthritis in murine models [41, 44, 46] - Spyre's anti-TL1A antibody (SPY002) meets or exceeds the efficacy of etanercept (anti-TNF) in rat models of RA [49]
Spyre Therapeutics (SYRE) FY Earnings Call Presentation