# Spyre Therapeutics, Inc. (SYRE)

> Source: Nexqual · https://nexqual.com/SYRE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Spyre Therapeutics, Inc. (SYRE), nexqual.com/SYRE" · informational, not investment advice.

**Price:** USD 92.33 (-0.67% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 92.95 · day 91.27–94.57 · 52w 21.15–110.18 · market cap $8.63B · NMS

## Key facts
- Insider open-market sales, last ~7 months: 22 Form 4 filings, $438M; 2 not under a Rule 10b5-1 plan ($401M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (18 analysts), mean target USD 122.33 (range 110–130).
- Total return with dividends: 1Y +312.7% vs S&P 500 +14.9%; 5Y -49.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD -0.84, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $18.7M | $2.3M | $886K | $0K | $0K | — |
| Operating income | -$65.6M | -$84.8M | -$242M | -$209M | -$210M | -$201M |
| Net income | -$65.8M | -$83.8M | -$339M | -$208M | -$155M | -$179M |
| EPS (diluted) | -$25.02 | -$24.86 | $13.76 | — | — | — |
| Free cash flow | -$54.3M | -$80.2M | -$99.9M | -$157M | — | — |
| Operating margin | -350.3% | -3640.2% | -27348.0% | — | — | — |
| Net margin | -351.1% | -3598.8% | -38238.1% | — | — | — |
| Revenue growth | — | -87.6% | -62.0% | -100.0% | — | — |
| Cash + short-term investments | $93.1M | $55.7M | $339M | $603M | $757M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 7.8x · Earnings yield -2.07%

## Insider sales (SEC Form 4, open-market, last ~7 months)
20 of 22 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | King-Jones Heidy | See Remarks | 28,933 | $2.6M | 91% | Yes (adopted April 16, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-01 | Turtle Cameron | Chief Executive Officer | 15,000 | $1.4M | 2.7% | Yes (adopted June 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-30…2026-10-01 | Burrows Scott L | Chief Financial Officer | 25,000 | $2.3M | 23.9% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-01…2026-09-02 | King-Jones Heidy | See Remarks | 28,399 | $2.5M | 90.9% | Yes (adopted April 16, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01…2026-09-02 | Burrows Scott L | Chief Financial Officer | 25,732 | $2.3M | 24.4% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-01 | Turtle Cameron | Chief Executive Officer | 15,000 | $1.3M | 2.6% | Yes (adopted June 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-07 | Albers Jeffrey W. | Director | 23,000 | $2.4M | 71.1% | Yes (adopted April 16, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-03 | Burrows Scott L | Chief Financial Officer | 7,500 | $717K | 7.1% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Turtle Cameron | Chief Executive Officer | 15,000 | $1.4M | 2.6% | Yes (adopted June 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Burrows Scott L | Chief Financial Officer | 7,500 | $658K | 7.1% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Sloan Sheldon | Chief Medical Officer | 8,334 | $731K | 100% | Yes (adopted June 20, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Turtle Cameron | Chief Executive Officer | 15,000 | $1.3M | 2.5% | Yes (adopted June 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-25 | Burrows Scott L | Chief Financial Officer | 15,000 | $1.3M | 13.3% | No | Too little history (no open-market trades in 2023) |
| 2026-06-23 | Fairmount Funds Management Llc | Director | 4,684,781 | $400M | 85.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-22 | Henderson Michael Thomas | Director | 20,000 | $2.0M | 22.6% | Yes (adopted February 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-03 | Sloan Sheldon | Chief Medical Officer | 8,333 | $625K | 100% | Yes (adopted June 20, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Turtle Cameron | Chief Executive Officer | 15,000 | $1.1M | 2.4% | Yes (adopted June 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-01 | Burrows Scott L | Chief Financial Officer | 7,500 | $533K | 7.1% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-08 | Henderson Michael Thomas | Director | 80,000 | $6.0M | 47.4% | Yes (adopted February 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Burrows Scott L | Chief Financial Officer | 12,500 | $892K | 11.3% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 18 analysts; mean target USD 122.33 (low 110, high 130).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | BTIG | Reiterated | Buy | $121 |
| 2026-10-12 | UBS | Initiated | Buy | $120 |
| 2026-10-01 | JP Morgan | Initiated | Overweight | $110 |
| 2026-10-01 | BTIG | Reiterated | Buy | $121 |
| 2026-09-09 | Wedbush | Reiterated | Outperform | $123 |
| 2026-09-08 | BTIG | Reiterated | Buy | $121 |
| 2026-08-26 | Deutsche Bank | Target lowered | Buy | $135 → $127 |
| 2026-08-26 | Wedbush | Target lowered | Outperform | $130 → $123 |
| 2026-08-26 | BTIG | Target lowered | Buy | $132 → $121 |
| 2026-08-11 | BTIG | Target raised | Buy | $112 → $132 |
| 2026-08-05 | Wells Fargo | Target raised | Overweight | $90 → $115 |
| 2026-08-05 | Guggenheim | Target raised | Buy | $115 → $130 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +312.7% | -49.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +314.8% | -12.7% |
| Volatility (annualized) | 65.1% | 121.3% |
| Max drawdown | -27.8% (Aug 2026→Oct 2026) | -98.3% (Oct 2021→May 2023) |

## Peers (Biotechnology)
CYTK (Cytokinetics, Incorporated) USD 62.33 -0.84% · IBRX (ImmunityBio, Inc.) USD 8.31 -3.82% · CAI (Caris Life Sciences, Inc.) USD 31.71 -1.98% · TWST (Twist Bioscience Corporation) USD 135.47 -9.16% · PTGX (Protagonist Therapeutics, Inc.) USD 139.53 +1.05% · ARWR (Arrowhead Pharmaceuticals, Inc.) USD 58.36 -0.82%

## More
Full page: https://nexqual.com/SYRE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SYRE's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1636282/000163628226000020/syre-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Paragon Therapeutics | "All references to "our product candidates," "our programs" and "our pipeline" in this Annual Report refer to the research programs with respect to which we have signed a license agreement for, exercised the option to acq…" |
| Partner | WuXi | "Pursuant to a Novation Agreement dated September 19, 2023 (the "Novation Agreement"), by and between us, Paragon and WuXi Biologics (Hong Kong) Limited ("WuXi Biologics"), we novated (i) a Biologics Master Services Agree…" |
| Partner | Parapyre Holding | "All references to "our product candidates," "our programs" and "our pipeline" in this Annual Report refer to the research programs with respect to which we have signed a license agreement for, exercised the option to acq…" |
| Competitor | AbbVie (ABBV) | "If approved for the treatment of patients with moderate-to-severe IBD, our portfolio of products would compete with TNF antibodies including Humira (AbbVie), Remicade (Johnson & Johnson), and Simponi (Johnson & Johnson);" |
| Competitor | Johnson & Johnson (JNJ) | "If approved for the treatment of patients with moderate-to-severe IBD, our portfolio of products would compete with TNF antibodies including Humira (AbbVie), Remicade (Johnson & Johnson), and Simponi (Johnson & Johnson);" |

## Company outlook (8-K filed 2026-08-04)

- "Enrollment for Part A has completed, with SPY001 and SPY002 Part A topline induction data announced in Q2 2026, and topline data expected for SPY003 in September 2026. ◦ Topline induction data from Part A of the SKYLINE trial in UC subjects were presented in April 2026 and June 2026 for SPY001 and SPY002, respectively."
- "Topline proof-of-concept data are expected in September 2026. • PsA sub-study: Double-blind, placebo-controlled safety and efficacy study of a single dose level of SPY072 at Week 16 with open-label follow-up through Week 40."
- "Topline proof-of-concept data are expected in the fourth quarter of 2026. • axSpA sub-study: Double-blind, placebo-controlled safety and efficacy study of a single dose level of SPY072 at Week 16 with open-label follow-up through Week 40."
- "Topline proof-of-concept data are expected in the fourth quarter of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.84 | $-0.73 | +15.1% | $0 | 14 |
| Next quarter (ends 2026-12-31) | $-0.88 | $-0.69 | +26.7% | $0 | 14 |
| Current fiscal year (ends 2026-12-31) | $-2.83 | $-2.95 | -3.9% | $0 | 14 |
| Next fiscal year (ends 2027-12-31) | $-3.51 | $-3.13 | +12.0% | $0 | 14 |