Spyre Therapeutics, Inc. (SYRE): auditor change — Spyre Therapeutics restates net loss per share from 2023-2024; material weakness in controls

Spyre Therapeutics, Inc.

Restating audited and unaudited financials from Dec 31, 2023 to Sep 30, 2024 due to misapplication of GAAP in EPS calculation for preferred stock.
Common stock net loss per share changed for all affected periods; e.g., Q3 2024 revised from ($1.36) to ($1.06).
Series A Preferred stock EPS restated (e.g., Q3 2024: ($42.22) vs. not previously reported).
Material weakness in internal controls over financial reporting identified; remediation plan to be filed.
No impact on cash position or other financial data; amendments to prior filings expected soon.

item 4.02 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Spyre Therapeutics, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

uarterly and year-to-date (as applicable) periods ended March 31, 2024, June 30, 2024 and 2023, and September 30, 2024 and 2023 (collectively, the Affected Financial Statements” and such periods, the “Affected Periods”) should no longer be relied upon as a result of the matter further described below. This matter does not have an impact on the Company’s cash position or other financial data reported outside of net loss per share. Subsequent to the filing of its Form 10-Q for the three and nine months ended September 30, 2024, the Company recently became aware of a misapplication of Generally Accepted Accounting Principles in the United States ("U.S. GAAP") as it relates to the Company's exclusion of its Series A and Series B non-voting convertible preferred stock in the calculation of basic and diluted net loss per share and a finding of material weakness in internal control over financi

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Source: SEC EDGAR

accession 0001636282-24-000105

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