Spyre Therapeutics, Inc.

Spyre Therapeutics is a U.S.-based clinical-stage biotechnology company focused on developing long-acting antibody therapies for inflammatory bowel disease and rheumatic diseases. Its pipeline centers on engineered antibodies and antibody combinations targeting α4β7, TL1A, and IL-23, with development activities organized through licensed programs and clinical trials.

13.25

13.25

— Spyre Therapeutics, Inc.
%
IBD monotherapy antibodies45% Single-agent antibody programs for inflammatory bowel disease, including SPY001, SPY002 and SPY003.
IBD combination therapies20% Fixed-dose or paired antibody combinations designed to improve efficacy, safety and convenience in IBD.
Rheumatic disease programs20% Antibody development for rheumatoid arthritis, psoriatic arthritis and axial spondyloarthritis.
Licensing and development rights15% Exclusive worldwide rights to develop, manufacture and commercialize selected antibody programs.

Spyre does not sell commercial products today; its direct counterparties are licensors, research partners, clinical...

  • Licensing counterpartiesprimary

    Paragon and other IP holders that grant Spyre rights to antibody programs and related know-how.

  • Clinical trial participantsprimary

    Healthy volunteers and patients enrolled to generate safety, PK, ADA and efficacy data.

  • IBD specialistsprimary

    Gastroenterologists and IBD centers that would prescribe approved therapies for ulcerative colitis and Crohn's disease.

  • Rheumatology specialistssecondary

    Rheumatologists treating RA, PsA and axSpA if the SPY072 program advances successfully.

  • Payers and health systemssecondary

    Commercial and government payers that would determine access and reimbursement for biologic therapies.

Spyre is headquartered in Waltham, Massachusetts and operates as a U.S.-based development company...

  • •Headquartered in Waltham, Massachusetts, United States
  • •Clinical development centered in the United States
  • •Phase 2 IBD studies include the U.S. and certain other countries
  • •SPY072 basket trial initiated in the U.S. and Europe
  • •Chinese ethnobridging cohort used for SPY003 PK comparison

Spyre's strategy is to build a portfolio of long-acting antibodies with differentiated pharmacokinetics and to test...

01
Advance SPY001, SPY002 and SPY003 through clinical proof-of-conceptshort-term

These are the core assets that could validate the company's IBD platform and future commercial value.

02
Build combination regimens for IBDmedium-term

Combining complementary mechanisms may improve efficacy and convenience versus single antibodies.

03
Expand SPY072 beyond IBD into rheumatic diseasemedium-term

A broader indication set can increase the addressable market for the anti-TL1A program.

Spyre is exposed to the binary risks of clinical-stage drug development, including trial failure, regulatory...

critical

Clinical development failure

The pipeline is still in Phase 1 and Phase 2, so efficacy and safety remain unproven.

Scope
SPY001, SPY002, SPY072, SPY003
Materiality
high
high

Regulatory and trial-design risk

FDA or foreign regulators may disagree with platform-trial or basket-trial designs.

Scope
SKYLINE and SKYWAY trials
Materiality
high
high

Capital requirements and dilution

The company funds R&D with external capital and has no commercial revenue base.

Scope
Equity financings and ATM issuance
Materiality
high
high

Third-party reliance

Licensors, CROs and manufacturers control key inputs to development and supply.

Scope
Paragon licenses, clinical vendors, contract manufacturers
Materiality
medium
medium

Intellectual property disputes

Engineered antibody programs operate in a crowded and litigious patent landscape.

Scope
Global antibody IP rights
Materiality
medium
Accrued research and development costs
Can shift quarterly operating loss and liabilities
Contingent value right liability
Fair-value remeasurement can create non-cash volatility
Stock-based compensation
Affects operating expense and dilution analysis
License and development revenue
Revenue timing may be uneven and contract-specific

GYRE THERAPEUTICS, INC.

GYRE · Pharmaceutical Preparations

Skye Bioscience, Inc.

SKYE · Pharmaceutical Preparations

Syra Health Corp

SYRA · Services-Employment Agencies

Spero Therapeutics, Inc.

SPRO · Pharmaceutical Preparations

Lyra Therapeutics, Inc.

LYRA · Surgical & Medical Instruments & Apparatus

SYNLOGIC, INC.

SYBX · Pharmaceutical Preparations

: 29.4.2026