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.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.