Key Highlights

  • Research and development expenses rose 97% to USD 89.2 million, and general and administrative expenses rose 42%.
  • The net loss was USD 96.1 million, or USD 0.94 per common share, against USD 11.2 million a year earlier.
  • Cash, cash equivalents and marketable securities were USD 1.1 billion as of September 30, 2026.
  • Interest income was USD 10.6 million, compared with USD 5.4 million in the third quarter of 2025.

Operating Expenses and Net Loss

Spyre Therapeutics, Inc. (NASDAQ:SYRE), a clinical-stage biotechnology company, filed its Quarterly Report for the period ended September 30, 2026. Research and Development expenses increased by USD 43.9 million, or 97%, to USD 89.2 million from USD 45.2 million in the third quarter of 2025. The company attributes the increase primarily to higher research and development headcount. General and administrative expenses increased by USD 4.9 million, or 42%, to USD 16.6 million from USD 11.6 million, which the company attributes to higher headcount and professional services costs.

Total operating expenses were USD 105.7 million, compared with USD 56.9 million, and the loss from operations was USD 105.7 million, compared with USD 56.9 million. Interest income was USD 10.6 million versus USD 5.4 million, which the company attributes to higher Investment balances. Other expense, net was USD 1.0 million, compared with other income, net of USD 40.3 million in the prior-year quarter.

The net loss was USD 96.1 million, compared with USD 11.2 million in the third quarter of 2025. Net loss per share of common stock was USD 0.94, compared with USD 0.15, on weighted-average common shares of 88.4 million versus 60.4 million. The net loss per share of Series A preferred stock was USD 37.60, compared with USD 5.97.

Analyst estimates were EPS of negative USD 0.79 against reported EPS of negative USD 0.94.

Nine-Month Results

For the nine months ended September 30, 2026, the net loss was USD 201.3 million, or USD 2.04 per common share, compared with USD 92.7 million, or USD 1.24 per common share, in the same period of 2025. General and administrative expenses increased by USD 12.5 million, or 35%, to USD 47.9 million. Total operating expenses were USD 193.0 million, compared with USD 152.4 million, after gains on the sale of an in-process research and development asset of USD 70.0 million and USD 10.0 million, respectively.

Those gains relate to milestone payments earned in connection with the 2023 sale of the global rights to the legacy Aeglea Biotherapeutics asset pegzilarginase to Immedica. Interest income for the nine months was USD 27.7 million versus USD 17.7 million, and other expense, net was USD 36.0 million, compared with other income, net of USD 42.0 million.

Liquidity and Programs

As of September 30, 2026, Spyre held USD 1.1 billion of cash, cash equivalents and marketable securities. The company states that it has never generated Revenue from product sales, that it anticipates continuing to incur losses, and that it needs to raise additional Capital to continue funding operations.

The filing describes the company programs SPY001, SPY002, SPY072 and SPY003, including a planned dosing profile of every three to six months and rational combination programs. It also describes the SKYLINE Phase 2 platform trial, which includes Part B for rational combinations, and the SKYLIGHT Phase 2 trial. The company does not report revenue, and the filing contains forward-looking statements covering cohort initiation and data readouts for these trials.

Items to Follow

Items to follow are the cohort initiation and data readouts for SKYLINE and SKYLIGHT, research and development spending and the balance of cash, cash equivalents and marketable securities.