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Spyre Therapeutics, Inc.

SYRE Healthcare Biotechnology

Spyre Therapeutics, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $886,000.00, down 62.0% from fiscal 2022.

EPS
−624.8%
Free cash flow
−108.8%

Quarter to September 2026, against a year earlier

102.20 5.61 +5.81%
Market cap
$9.2B
P/E
0.0×
Fwd P/E
−4.8×
Dividend yield
—
F-score
3/9
Altman Z
−3.82
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 441.50
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 1 2 3 4 6 3 3 4 2 —
Insider Ownership 6.28%

Capital & Financial Ratios $m

Size
Market Cap 9,170.00
Revenue ttm 1.05
Net income ttm (263.86)
Free cash flow ttm (249.32)
Net debt Q (1,071.91)
Valuation
P/E 0.00
Forward P/E (4.84) (negative: loss-making)
Price / sales 8,159.98 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 9.50 (above 6: high)
Financial health
Current ratio Q 27.40 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (14.66)
Growth
Revenue growth Q −100.00% (below 0%: shrinking)
Operating income growth Q −85.84% (below 0%: shrinking)
EPS, this year −57.93% (below 0%: weak)
EPS, next year A −22.39% (below 0%: weak)
Revenue, next year A +162.08% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A −28.97% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7,143×, against a ten-year median of 19.0×; over the ten years it ranged from −157× in 2023 to 7,143× in 2026.
P/S against its own 10 years 99.10%
10-year low 10-year high
P/B against its own 10 years 96.43%
10-year low 10-year high
EV/Sales against its own 10 years 98.98%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 339 603 757 1,072
Receivables — — — —
Inventory — — — —
Other — — — —
342 608 778 1,100
2023 2024 2025 Q'26
Payables 1 1 9 9
ST’ Debt — — — —
Other 1 25 23 —
32 54 59 40

Compound Annual Growth %

10y 5y 3y
Sales — (28.15%) (38.92%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 34.80% 38.60% 142.26%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.79 Actual −0.94

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.66 −0.70 Miss by 0.04
Q1 FY26 −0.66 −0.74 Miss by 0.08
Q2 FY26 −0.71 −0.36 Beat by 0.35
Q3 FY26 −0.79 −0.94 Miss by 0.15
Q4 FY26 −0.81 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.74) (0.36) (1.09) — —
’25 (0.74) (0.49) (0.15) (0.89) (1.98)
’24 (1.20) (0.86) (1.06) (1.01) (4.42)
’23 (5.00) (56.75) (9.34) (2.35) (13.76)
’22 (9.25) (6.75) (4.75) (4.50) (24.75)
’21 (7.00) (2.50) (7.75) (7.75) (25.00)
’20 (14.25) (10.00) (7.25) (8.50) (38.00)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 — — — — —
’23 0 1 — 0 1
’22 1 1 0 0 2
’21 — 14 1 4 19
’18 2 2 — — 4
’17 1 1 1 1 5
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (57) (70) (77) — —
’25 (41) (47) (37) (45) (169)
’24 (29) (62) (29) (37) (157)
’23 (18) (17) (35) (31) (100)
’22 (26) (21) (15) (18) (80)
’21 (20) 2 (17) (19) (54)
’20 (22) (19) (18) (17) (76)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (57) (70) (77) — —
’25 (41) (47) (37) (45) (169)
’24 (29) (62) (29) (37) (157)
’23 (18) (16) (35) (31) (99)
’22 (26) (21) (15) (18) (80)
’21 (20) 2 (17) (19) (54)
’20 (23) (21) (18) (18) (80)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −7.5% a year for ten years.

Implied
−7.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5 5 4 — — 19 2 1 — — 1 (21.0%) 0 0 — +50.0%
Gross margin, % 100.00 100.00 100.00 0.00 0.00 100.00 100.00 100.00 — — 100.00 0.0 pt
EBT (22) (27) (44) (78) (81) (66) (84) (339) (208) (155) (264) +24.4%
EBT margin, % (468.84) (523.27) (1,140.64) 0.00 0.00 (350.39) (3,604.59) (38,241.08) 0.00 0.00 0.00 +468.8 pt
Net income (22) (27) (44) (78) (81) (66) (84) (339) (208) (155) (264) +24.4%
Per share, $
Per share, $ Revenue 11.82 8.60 4.67 0.00 0.00 7.13 0.69 0.13 0.00 0.00 0.00 n/m
Earnings (55.50) (45.00) (53.25) (61.25) (38.00) (25.00) (24.75) (13.76) (4.42) (1.98) (3.07) (31.0%)
Cash flow (48.10) (40.68) (38.65) (51.40) (35.49) (20.43) (23.77) (14.49) (3.35) (2.64) (2.82) (27.6%)
Capex (0.54) (1.02) (0.51) (1.17) (2.00) (0.22) (0.01) 0.07 0.00 0.00 0.00 n/m
Free cash flow (48.64) (41.70) (39.16) (52.57) (37.50) (20.64) (23.79) (14.42) (3.35) (2.64) (2.82) (27.6%)
Book value 160.75 83.19 80.96 47.01 65.50 31.92 14.92 26.68 11.01 11.17 11.89 (25.6%)
Shares, m 0 1 1 1 2 3 3 7 47 64 79 +76.2%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 — — 0.00 0.00 0.00 — — 0.00 0.0
P/S 9.67 15.64 23.52 — — 14.79 15.26 318.79 — — 8,159.98 66.3
P/B 0.71 1.62 2.31 — — 3.72 0.71 0.00 — — 9.50 1.5
EV/Sales (4.05) 5.97 12.28 — — 10.38 (8.66) (3.10) — — 7,142.99 2.1
EV/FCF 0.98 (1.23) (2.50) — — (4.04) 0.25 0.03 — — (30.25) (1.1)
Cash, $m
Cash, $m Operating cash flow (19) (25) (32) (66) (76) (54) (80) (100) (157) (169) (249) +27.6%
Capex 0 (1) 0 (1) (4) (1) 0 0 — — 0 n/m
Free cash flow (19) (25) (33) (67) (80) (54) (80) (99) (157) (169) (249) +27.5%
Balance, $m
Balance, $m Working capital 62 49 66 56 133 79 48 310 554 719 1,060 +31.2%
Net debt (64) (50) (75) (72) (146) (93) (56) (339) (603) (757) (1,072) +31.7%
Shareholders’ equity 63 50 67 60 140 84 50 184 518 715 1,052 +31.0%
Returns, %
Returns, % ROA (41.05) (44.24) (66.28) (97.26) (66.09) (48.46) (92.58) (45.95) (43.78) (18.26) (30.89) +22.8 pt
ROIC 0.00 (45,519.74) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE (106.47) (48.08) (75.32) (122.74) (80.93) (58.81) (124.87) (384.19) (115.22) (27.47) (41.15) +79.0 pt
People
People Employees 30 43 61 76 90 101 69 30 65 102 — +14.6%
Revenue/emp, $m 0.15 0.12 0.06 0.00 0.00 0.19 0.03 0.03 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2023 · latest quarter Dec 2023 · fundamentals updated 5 Nov 2026

Business profile

Updated

Spyre Therapeutics is a clinical-stage biotechnology company developing antibody medicines for inflammatory bowel disease (IBD) and rheumatic diseases. Founded on 2013-01-01, it is headquartered in Austin. It has not generated revenue from commercial product sales.

IBD includes ulcerative colitis and Crohn’s disease, conditions in which inflammation affects the digestive tract. Spyre is developing SPY001, SPY002 and SPY003 for IBD. Each is designed to act on a different target involved in inflammation: α4β7, TL1A or IL-23. The company is studying the antibodies individually and in pairs.

Spyre Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MDGL Madrigal Pharmaceuticals, Inc. $9.3B — (loss-making) — (loss-making) +50.13% (above 0%: growing) n/m +53.47% (above 0%: growing) 91.23% 12.98% Compare
SYRE Spyre Therapeutics, Inc. $9.2B — (loss-making) — (loss-making) −100.00% (below 0%: shrinking) n/m −108.79% (below 0%: shrinking) 0.00% 0.00%
KRYS Krystal Biotech, Inc. $8.9B 39.2× 45.7× +30.21% (above 0%: growing) −22.26% (below 0%: shrinking) +137.79% (above 0%: growing) 94.07% 55.87% Compare
TGTX TG Therapeutics, Inc. $8.9B 19.1× 62.4× +70.27% (above 0%: growing) −73.68% (below 0%: shrinking) +427.05% (above 0%: growing) 82.86% 9.02% Compare
PTGX Protagonist Therapeutics, Inc. $8.8B 111× 31.2× +3,749.17% (above 0%: growing) n/m +839.65% (above 0%: growing) 100.00% 74.37% Compare
IBRX ImmunityBio, Inc. $8.5B — (loss-making) — (loss-making) +93.91% (above 0%: growing) n/m +13.38% (above 0%: growing) 99.42% (120.41%) Compare
TWST Twist Bioscience Corporation $7.9B — (loss-making) — (loss-making) +23.24% (above 0%: growing) n/m −7.23% (below 0%: shrinking) 52.76% (30.65%) Compare
CYTK Cytokinetics, Incorporated $7.7B — (loss-making) — (loss-making) +2,356.46% (above 0%: growing) n/m −6.73% (below 0%: shrinking) 0.00% (351.34%) Compare
CAI Caris Life Sciences,�Inc. $7.4B 77.7× 254× +26.99% (above 0%: growing) −40.33% (below 0%: shrinking) −140.21% (below 0%: shrinking) 0.00% 7.01% Compare
Median of peers $8.6B 58.5× 54.1× +60.20% −40.33% +33.43% 87.05% 8.02%

All 621 Biotechnology stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 108.76%
Held by the ten largest 57.51%
Holder Shares Stake Change
Fidelity (FMR) 13.03m 14.79% +1.25m
BlackRock 6.51m 7.39% +985.38k
Vanguard 6.42m 7.29% +2.23m
PERCEPTIVE ADVISORS LLC 4.32m 4.90% +536.27k
RTW INVESTMENTS, LP 4.25m 4.83% +80.00k
Paradigm Biocapital Advisors LP 3.84m 4.36% +1.88m
Capital Group 3.27m 3.71% +858.06k
State Street 3.06m 3.47% +450.39k
Venrock Adviser, LLC 2.99m 3.39% −700.00k
T. Rowe Price 2.96m 3.36% +1.36m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 April 2026

Ownership

Directors and executive officers, together 15.69%
Peter Harwin 10.60%
Tomas Kiselak 10.60%
Fairmount Healthcare Fund II L.P. 9.99%
FMR LLC 9.71%
BlackRock, Inc. 5.05%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Spyre Therapeutics, Inc. (SYRE) Latest News

3 Nov

Impact 3 · · GlobeNewswire

23 Oct

Impact 4 · · Simply Wall St.

20 Oct

Impact 4 · · MT Newswires

18 Oct

Impact 4 · · GlobeNewswire

8 Oct

Impact 4 · · Simply Wall St.

6 Oct

Impact 3 · · TIKR

5 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Investing.com
Impact 4 · · GlobeNewswire

1 Oct

Impact 3 · · The Fly

22 Sep

Impact 4 · · Simply Wall St.

17 Sep

Impact 4 ·

10 Sep

Impact 3 ·

9 Sep

Impact 4 ·

8 Sep

Impact 4 ·

31 Aug

Impact 4 ·

26 Aug

Impact 4 ·
Impact 4 · · biopharmadive.com

25 Aug

Impact 4 ·

24 Aug

Impact 4 ·
Impact 3 ·
Impact 3 ·

19 Aug

Impact 4 · · Barchart

9 Aug

Impact 4 ·

5 Aug

Impact 3 ·

4 Aug

Impact 3 ·

29 Jun

Impact 3 ·

18 Jun

Impact 4 · · biopharmadive.com

15 Jun

Impact 4 ·

4 Jun

Impact 3 · · Zacks

SYRE metrics, ten years each

stockrow.com/SYRE · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com