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. In the quarter to June 2026, EPS grew 26.5% and free cash flow fell 50.1%, each against the same quarter a year earlier.
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Spyre Therapeutics, Inc. (SYRE) Altman Z-score
Spyre Therapeutics, Inc.'s Altman Z-score for fiscal 2023 is −3.82, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −3.82 | 6.56 |
| FY2022 | −10.38 | (12.30) |
| FY2021 | 1.92 | (4.20) |
| FY2018 | 6.12 | (0.15) |
| FY2017 | 6.26 | 0.86 |
| FY2016 | 5.40 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.91 | — | 1.09 | |
| Retained earnings / total assets | (2.24) | — | −3.13 | |
| EBIT / total assets | (0.71) | — | −2.34 | |
| Market value of equity / total liabilities | 0.94 | — | 0.56 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Distress zone | −3.82 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.89 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PTGX Protagonist Therapeutics, Inc. compare | 61.6× |
| PRAX Praxis Precision Medicines, Inc. compare | 19.1× |
| AXSM Axsome Therapeutics, Inc. compare | 6.9× |
| TGTX TG Therapeutics, Inc. compare | 6.3× |
| ARWR Arrowhead Pharmaceuticals, Inc. compare | 3.0× |
| IONS Ionis Pharmaceuticals, Inc. compare | 2.1× |
| IOVA Iovance Biotherapeutics, Inc. compare | −2.3× |
| SYRE Spyre Therapeutics, Inc. | −3.8× |
| ABVX Abivax SA Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets