Spyre Q2 net loss $36.7M; cash $526.6M; initiates Phase 2 SKYLINE-UC; TL1A data positive

Spyre Therapeutics, Inc.

2025-Q2 EPS reported -$1.09

Net loss of $36.7M for Q2 2025 ($38.8M in Q2 2024); stock-based compensation $9.4M.
Cash, equivalents, and marketable securities of $526.6M as of June 30, 2025; expected runway into H2 2028.
R&D expense rose to $40.1M from $32.6M YoY on higher clinical trial costs; recognized $10.0M gain on sale of legacy asset pegzilarginase.
Positive interim Phase 1 data for two anti-TL1A antibodies (SPY002/SPY072): well-tolerated, PK supports Q3M/Q6M dosing, full TL1A engagement to 20 weeks.
Initiated Phase 2 SKYLINE-UC platform in May; on track to start Phase 2 SKYWAY-RD basket study in Q3 2025; SPY003 Phase 1 data expected Q4 2025.

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