Quarterly ResultMay 5, 2026, 08:08 AM
Spyre Therapeutics Q1 Net Loss $(69.0)M; Cash $741.5M
AI Summary
Spyre Therapeutics reported a net loss of $(69.0) million for Q1 2026, an increase from $(44.8) million in Q1 2025, primarily due to higher research and development expenses. The company's cash, cash equivalents, and marketable securities stood at $741.5 million as of March 31, 2026. Post-quarter, Spyre completed an April 2026 offering, raising approximately $435.3 million in net proceeds, significantly bolstering its financial position. The company also recognized a $30.0 million gain from the sale of an in-process R&D asset.
Key Highlights
- Net loss for Q1 2026 was $(69.0) million, up from $(44.8) million in Q1 2025.
- Research and development expenses increased to $60.4 million in Q1 2026 from $41.6 million.
- Cash, cash equivalents, and marketable securities totaled $741.5 million as of March 31, 2026.
- A $30.0 million gain on sale of an in-process R&D asset was recognized in Q1 2026.
- CVR liability increased by $30.3 million to $56.95 million as of March 31, 2026.
- Net cash used in operating activities was $(57.4) million for Q1 2026.
- Post-quarter, an April 2026 offering raised $435.3 million in net proceeds.
- The company has sufficient resources to fund operations for at least one year.