Spyre Therapeutics (SYRE) Registration Filing summary

Company overview and business model

• Clinical-stage biotechnology company developing long-acting antibodies and antibody combinations for inflammatory bowel disease and rheumatic diseases, with a pipeline targeting α4β7, TL1A, and IL-23 as monotherapies and combinations.

• Corporate history includes a 2023 acquisition and rebranding, with principal offices in Waltham, MA.

Financial performance and metrics

• As of December 31, 2025, net tangible book value was approximately $715.2 million, or $9.15 per share; pro forma as-adjusted net tangible book value after the offering would be $864.4 million, or $8.92 per share.

• Immediate dilution to new investors is estimated at $27.68 per share, based on an assumed offering price of $36.60 per share.

Use of proceeds and capital allocation

• Proceeds will fund advancement of programs in IBD and rheumatic diseases, including preclinical studies, clinical trials, manufacturing, and Phase 3 readiness.

• Additional uses include infrastructure development, potential in-licensing or acquisition of businesses, technologies, or assets, and general corporate purposes.

• Pending use, proceeds may be invested in interest-bearing, investment-grade securities or similar instruments.