**Spyre Therapeutics, Inc. Reports Financial Results and Operational Progress in Annual Filing**
Spyre Therapeutics, Inc. (NASDAQ: SYRE), a biotechnology company focused on developing novel treatments for inflammatory bowel disease (IBD) and rheumatic diseases, released its financial results and provided an update on its operational activities in its recent 10-K filing. The company, which changed its name from Aeglea BioTherapeutics, Inc. in November 2023, reported a net loss of $155.2 million for the year ended December 31, 2025, compared to a net loss of $208.0 million for the previous year. This decrease in net loss was primarily attributed to changes in the fair value of the contingent value right (CVR) liability and increased interest income, partially offset by higher research and development expenses.
The company's research and development expenses increased to $171.7 million in 2025 from $162.8 million in 2024, driven by increased clinical development activities and higher headcount, partially offset by lower early-stage research and development. General and administrative expenses also saw a slight increase, rising to $47.9 million from $45.8 million, mainly due to higher compensation costs associated with increased headcount. Spyre Therapeutics reported no revenue from product sales, as its product candidates are still in the clinical development phase. However, the company recognized a $10.0 million gain on the sale of in-process research and development assets, related to an achieved milestone from the 2023 sale of pegzilarginase to Immedica.
Operationally, Spyre Therapeutics highlighted the initiation of its SKYLINE Phase 2 platform trial in UC and the SKYWAY Phase 2 basket trial in rheumatic diseases. The SKYLINE trial is evaluating SPY001, SPY002, and SPY003, both as monotherapies and in pairwise combinations, while the SKYWAY trial is assessing SPY072 in rheumatoid arthritis, psoriatic arthritis, and axial spondyloarthritis. The company also completed Phase 1 trials for SPY001, SPY002, and SPY003, reporting favorable safety profiles and pharmacokinetic data supporting potential quarterly or twice-annual maintenance dosing. As of December 31, 2025, Spyre Therapeutics had 102 full-time employees, reflecting its continued investment in its workforce to support its clinical development programs.
Looking ahead, Spyre Therapeutics aims to advance its pipeline of monoclonal antibodies for IBD and other immune-mediated diseases. The company anticipates delivering induction data from Part A of the SKYLINE Phase 2 platform trial in Q2 2026 and topline proof-of-concept data from the SKYWAY Phase 2 basket trial in Q4 2026. Spyre Therapeutics also intends to expand the development of its anti-TL1A program, SPY072, into additional indications beyond IBD, including rheumatoid arthritis, psoriatic arthritis, and axial spondyloarthritis. The company's future success depends on its ability to obtain regulatory approvals for its product candidates and successfully commercialize them, either alone or with strategic collaborators.
About Spyre Therapeutics, Inc.
Spyre Therapeutics, Inc. is a clinical-stage biotech focused on developing next-generation antibody therapies for inflammatory bowel disease (IBD) and immune-mediated diseases. Its pipeline includes engineered monoclonal antibodies targeting α4β7, TL1A, and IL-23, designed for improved efficacy, safety, and dosing convenience. The company emphasizes combination therapies and expansion into indications like rheumatoid arthritis, leveraging innovative antibody engineering and strategic partnerships.
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