SYRE
Spyre Therapeutics, Inc.Spyre Therapeutics, Inc., a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4Ã7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease). The company is also developing SPY002, a human monoclonal antibody (mAb)candidates designed to bind to tumor necrosis factor-like ligand
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 1.5 | -112.5 | -- | -109.5 | -- | -105.0 | -0.0 | 80.5 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 1.5 | -105.0 | -- | -102.0 | -- | -97.5 | -0.0 | 185.5 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 1.5 | -97.5 | -- | -94.5 | -- | -90.0 | -0.0 | 283.0 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 1.5 | -90.0 | -- | -87.0 | -- | -82.5 | -0.0 | 373.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 2.0 | -85.0 | -- | -83.0 | -- | -78.0 | -0.0 | 455.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 2.0 | -80.0 | -- | -78.0 | -- | -74.0 | -0.0 | 533.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 5.0 | -75.0 | -- | -72.5 | -- | -70.0 | -0.1 | 607.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 2.0 | -70.0 | -- | -68.0 | -- | -64.0 | -0.0 | 677.5 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -75.6 | -75.6 | -69.0 | -57.5 | -57.5 | -0.0 | 741.5 | 0.0 | 346.1 | -36.4% | -- | -- |
| Act | 2025-Q4 | 90.5 | -62.5 | -57.2 | -62.5 | -44.6 | -44.6 | -0.0 | 756.5 | 0.0 | 346.1 | -25.7% | -- | -- |
| Act | 2025-Q3 | 0.0 | -11.2 | -56.9 | -11.2 | -37.1 | -37.1 | -0.0 | 486.2 | 0.0 | 60.4 | -35.6% | -- | -- |
| Act | 2025-Q2 | 0.0 | -51.9 | -41.9 | -36.7 | -46.6 | -46.6 | -0.0 | 526.6 | 0.0 | 60.7 | -25.9% | -- | -- |
| Act | 2025-Q1 | 0.0 | -53.6 | -53.6 | -44.8 | -41.0 | -41.0 | -0.0 | 564.8 | 0.0 | 60.3 | -31.2% | -- | -- |
| Act | 2024-Q4 | 0.0 | -61.3 | -61.3 | -56.3 | -37.2 | -37.2 | -0.0 | 603.1 | 0.0 | 47.0 | -33.4% | -- | -- |
| Act | 2024-Q3 | 0.0 | -55.4 | -55.4 | -69.0 | -29.4 | -29.4 | -0.0 | 414.2 | 0.0 | 50.9 | -40.2% | -- | -- |
| Act | 2024-Q2 | 0.0 | -44.2 | -44.2 | -38.8 | -62.3 | -62.3 | -0.0 | 426.0 | 0.0 | 45.3 | -29.1% | -- | -- |
| Act | 2024-Q1 | 0.0 | -47.8 | -47.8 | -43.9 | -28.5 | -28.5 | -0.0 | 484.6 | 0.0 | 36.5 | -48.9% | -- | -- |
| Act | 2023-Q4 | 0.0 | -47.8 | -45.9 | -63.2 | -31.0 | -31.0 | -0.0 | 339.3 | 0.0 | 21.7 | -42.8% | -- | -- |
| Act | 2023-Q3 | 0.0 | -33.2 | -18.3 | -40.1 | -34.6 | -34.6 | -0.0 | 203.6 | 0.0 | 4.3 | -- | -- | -- |
| Act | 2023-Q2 | 0.7 | -28.3 | -159.3 | -217.1 | -16.6 | -16.6 | -0.0 | 235.4 | 4.3 | 3.8 | <-999% | -- | -- |
| Act | 2023-Q1 | 0.2 | -17.9 | -18.8 | -18.4 | -17.6 | -17.6 | -0.0 | 38.5 | 4.4 | 3.8 | <-999% | -- | -- |
| Act | 2022-Q4 | 0.2 | -18.3 | -19.2 | -18.8 | -18.1 | -18.1 | -0.0 | 55.7 | 4.6 | 2.6 | -640.2% | -- | -- |
| Act | 2022-Q3 | 0.2 | -17.9 | -18.8 | -18.2 | -15.1 | -15.1 | -0.0 | 73.7 | 4.8 | 3.8 | -249.6% | -- | -- |
| Act | 2022-Q2 | 0.6 | -21.8 | -22.4 | -22.3 | -20.7 | -20.7 | -0.0 | 88.6 | 4.8 | 3.3 | -190.8% | -- | -- |
| Act | 2022-Q1 | 1.4 | -23.9 | -24.4 | -24.4 | -26.3 | -26.3 | -0.0 | 66.7 | 4.9 | 2.6 | -391.7% | -- | -- |
AI Analysis
LLM Evaluations
Spyre Therapeutics is a high-risk, binary-outcome biotech trading at ~$2.5B market cap with no recurring revenue and a Phase 2 readout catalyst in Q2 2026. The extended half-life antibody platform for IBD is scientifically interesting (85-90 day half-lives enabling quarterly/biannual dosing), but the stock already prices in significant clinical success. The governance structure is problematic: 6%+ annual structural dilution through evergreen provisions and related-party warrant grants, cost-plus billing to insider-controlled entities, and aggressive insider selling create a persistent per-share value destruction that erodes returns even in a clinical success scenario. With $757M cash and ~$65M/quarter burn, the runway extends to H2 2028, but additional dilutive raises are inevitable. The 19% short interest and crowded IBD competitive landscape (Takeda's Entyvio, Merck's TL1A program, J&J) suggest the market is deeply divided. At current valuation, you need to believe SYRE will generate blockbuster-level revenues AND that the dilution machine won't consume shareholder value - a tall order for a company years from commercialization.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $55.00 | $18.00/$22.80 | 0 | --/$4.90 | 0 |
| $60.00 | $14.00/$18.80 | 0 | --/$4.90 | 10 |
| $65.00 | $11.00/$15.40 | 1 | $1.55/$6.40 | 0 |
| $70.00 | $8.10/$12.90 | 0 | $3.50/$8.30 | 0 |
| $75.00 | $6.00/$10.80 | 0 | $6.50/$10.80 | 0 |
| $80.00 | $4.00/$8.50 | 0 | $9.50/$14.20 | 0 |
| $85.00 | $2.65/$7.50 | 0 | $13.00/$17.80 | 0 |
| $90.00 | $1.65/$6.40 | 0 | $17.00/$21.30 | 0 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 16.0% of float, sold 9.3%. 6 filers moved >1% of shares (4 buying, 2 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| FMR LLC | $594M | $28.52 | +$7.2M | +$138M | +0.3% | $1.89T |
| BlackRock, Inc.Passive | $278M | $27.98 | −$44K | +$98.3M | -0.2% | $5.69T |
| RTW INVESTMENTS, LP | $210M | $23.64 | +$0 | +$27.7M | -2.3% | $9.26B |
| Fairmount Funds Management LLC | $203M | $22.45 | +$0 | +$0 | +4.4% | $1.38B |
| PERCEPTIVE ADVISORS LLC | $191M | $28.89 | +$36.0M | +$74.1M | -1.5% | $5.04B |
| VR Adviser, LLC | $186M | $24.68 | +$0 | +$50.4M | -2.6% | $2.68B |
| DRIEHAUS CAPITAL MANAGEMENT LLC | $141M | $23.00 | −$4.6M | +$3.7M | +0.3% | $13.60B |
| STATE STREET CORPPassive | $131M | $29.04 | +$17.4M | +$45.9M | -0.2% | $2.89T |
| Paradigm Biocapital Advisors LP | $98.7M | $29.70 | +$24.7M | −$8.6M | +2.0% | $4.69B |
| Commodore Capital LP | $96.5M | $23.04 | −$24.0M | −$3.8M | -0.2% | $1.73B |
| TCG Crossover Management, LLC | $95.9M | $23.49 | +$0 | +$95.9M | +4.5% | $3.50B |
| TANG CAPITAL MANAGEMENT LLC | $95.4M | $15.72 | +$0 | −$8.0M | -5.3% | $1.93B |
| WELLINGTON MANAGEMENT GROUP LLP | $92.0M | $30.54 | +$13.9M | +$11.7M | +0.1% | $533.98B |
| Capital International Investors | $88.1M | $21.37 | −$88.1M | −$32.6M | +0.4% | $424.78B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $86.8M | $28.32 | +$3.1M | +$33.4M | +2.3% | $1.61T |
| JANUS HENDERSON GROUP PLC | $83.6M | $29.49 | −$8.7M | +$31.0M | +1.5% | $209.29B |
| RA CAPITAL MANAGEMENT, L.P. | $81.8M | $32.76 | +$0 | +$81.8M | -4.0% | $9.44B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $80.6M | $25.85 | −$159K | +$68.1M | -0.2% | $864.93B |
| Remedium Capital Partners, LLC | $73.5M | $32.76 | +$0 | +$73.5M | +44.0% | $281M |
| Affinity Asset Advisors, LLC | $64.5M | $18.36 | −$7.7M | +$40.2M | +1.1% | $1.60B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
Top-5 holders · 37.4%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
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Analyst Coverage
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-08 | SELL | HENDERSON MICHAEL THOMAS | director | 80,000 | $74.40 | $5.95M | $6.59M |
| 2026-05-01 | SELL | Burrows Scott L | officer: Chief Financial Officer | 12,500 | $71.37 | $892K | $6.99M |
| 2026-05-01 | SELL | Sloan Sheldon | officer: Chief Medical Officer | 78,333 | $71.50 | $5.60M | $0 |
| 2026-05-01 | SELL | Turtle Cameron | director, officer: Chief Executive Officer | 15,000 | $71.37 | $1.07M | $43.72M |
| 2026-04-01 | SELL | Burrows Scott L | officer: Chief Financial Officer | 7,500 | $49.34 | $370K | $4.84M |
| 2026-04-01 | SELL | Sloan Sheldon | officer: Chief Medical Officer | 7,958 | $50.00 | $398K | $0 |
| 2026-04-01 | SELL | Turtle Cameron | director, officer: Chief Executive Officer | 15,000 | $49.33 | $740K | $30.95M |
| 2026-03-03 | SELL | Burrows Scott L | officer: Chief Financial Officer | 2,500 | $40.65 | $102K | $3.98M |
| 2026-03-02 | SELL | Turtle Cameron | director, officer: Chief Executive Officer | 15,000 | $42.19 | $633K | $27.11M |
| 2026-02-02 | SELL | Turtle Cameron | director, officer: Chief Executive Officer | 15,000 | $32.80 | $492K | $21.57M |
| 2026-01-02 | SELL | Turtle Cameron | director, officer: Chief Executive Officer | 15,000 | $30.68 | $460K | $20.61M |
| 2025-12-01 | SELL | Turtle Cameron | director, officer: Chief Executive Officer | 15,000 | $29.02 | $435K | $19.94M |
| 2025-11-03 | SELL | Turtle Cameron | director, officer: Chief Executive Officer | 45,000 | $23.33 | $1.05M | $16.37M |
| 2025-09-02 | SELL | Burrows Scott L | officer: Chief Financial Officer | 18,428 | $16.26 | $300K | $1.59M |
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
Spyre Therapeutics: A Related-Party ATM Machine with Volatile Contingent Liabilities
Counter-Thesis
Counter-Thesis & Recent News
Spyre recently reported a strong finish to 2025, ending the year with $756.5 million in cash and marketable securities, extending its runway into H2 2028. A key positive catalyst was the early completion of enrollment for SPY001 in the Phase 2 SKYLINE-UC trial, with initial readouts now expected in Q2 2026. Additionally, positive Phase 1 PK data for SPY001 and SPY003 showed half-lives exceeding 85–90 days, supporting potentially best-in-class quarterly or biannual maintenance dosing (Sources: GlobeNewswire, Feb 2026; BioSpace, Jan 2025).
The bear thesis focuses on the company's high valuation (~$3.4B market cap) relative to its early clinical stage and the fact that it is currently pre-revenue with a high burn rate ($62.5M net loss in Q4 2025). Skeptics point to historical immunogenicity risks with next-gen antibodies and the challenge of competing in a crowded IBD market dominated by giants like Merck and Takeda (Sources: Public.com; StockTitan, Feb 2026).
Notable red flags include consistent insider selling, with the CEO and CFO selling shares under 10b5-1 plans in early 2026. The stock also trades at a high price-to-book ratio (5.8x) compared to the biotech sector average (2.6x), making it vulnerable to any clinical data setbacks in the upcoming 2026 readouts (Sources: Perplexity/Insider Tracking, March 2026; InvestingPro).
SYRE faces intense competition in the IBD and rheumatic disease markets from established players like Takeda (Entyvio), Merck (following its Prometheus acquisition for TL1A), and J&J. The primary threat is whether competitors can achieve similar dosing convenience or if SYRE's 'rational combination' therapy fails to show superior efficacy over existing monotherapies (Sources: Seeking Alpha, Sept 2025; PR Newswire, June 2025).
Investor and analyst sentiment remains overwhelmingly bullish, potentially squeezing shorts. There is a unanimous 'Buy' or 'Strong Buy' consensus among 16 major analysts, with price targets ranging from $58 to $73. Institutional ownership is high at approximately 80.4%, signaling strong conviction from 'smart money' that the company's extended half-life antibodies will redefine the standard of care (Sources: MarketBeat, Feb 2026; Directorstalk, Feb 2026).