Spyre Therapeutics (SYRE) Q4 2025 earnings summary

Executive summary

• Six proof-of-concept readouts expected in 2026 from SKYLINE and SKYWAY Phase 2 trials, with initial data from SKYLINE in ulcerative colitis anticipated in Q2 2026 and enrollment ahead of schedule.

• SKYWAY Phase 2 basket trial in RA, PsA, and axSpA is enrolling on track, with Q4 2026 readouts expected for each sub-study.

• Strengthened leadership with the appointment of a new Chief Commercial Officer and bolstered balance sheet via a $316.2 million public offering in October 2025.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $756.5 million as of December 31, 2025, providing expected runway into the second half of 2028.

• Net loss was $62.5 million for Q4 2025, compared to $56.3 million in Q4 2024.

• R&D expenses were $44.6 million for Q4 2025, down from $50.5 million in Q4 2024, due to lower early-stage R&D, partially offset by higher clinical trial costs.

• G&A expenses increased to $12.5 million in Q4 2025 from $10.8 million in Q4 2024, mainly due to higher headcount.

• Other expense was $5.4 million in Q4 2025, primarily from changes in the fair value of the CVR liability.

Outlook and guidance

• Cash runway is expected to last into the second half of 2028.

• Six proof-of-concept data readouts are planned for 2026, with additional readouts in 2027.

• SKYLINE Part A data in UC expected in Q2 2026; SKYWAY sub-study data in RA, PsA, and axSpA expected in Q4 2026.