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Jun 30, 2024
Spyre Q2 2024 Earnings Report
Spyre Therapeutics reported second quarter 2024 financial results and provided a corporate update.
Key Takeaways
Spyre Therapeutics reported a net loss of $38.8 million for the second quarter of 2024. The company's cash and cash equivalents, marketable securities, and restricted cash totaled $426.3 million as of June 30, 2024. Dosing was initiated in the Phase 1 trial of SPY001, with interim proof-of-concept data expected by year-end 2024.
Initiated dosing in Phase 1 trial of SPY001.
SPY002 remains on track to begin first-in-human trials in the second half of 2024.
Nominated a development candidate for SPY003, with expectations to begin a first-in-human trial in the first half of 2025.
$426 million of cash, cash equivalents, marketable securities, and restricted cash as of June 30, 2024, with expected runway well into 2027.
Forward Guidance
Spyre expects to have reported Phase 1 data from their α4β7 and TL1A programs and have an ongoing Phase 1 trial of their IL-23 program reporting data shortly thereafter.
Positive Outlook
- SPY001 interim data from Phase 1 trial expected by the end of 2024.
- SPY002 FIH trials expected to begin in the second half of 2024.
- SPY003 FIH trials expected to initiate in the first half of 2025.
- Company believes each agent has the possibility to become a best-in-class monotherapy for the treatment of IBD.
- Optimized molecules could become ideal building blocks for rational therapeutic combinations.
Challenges Ahead
- Potential impacts of macroeconomic conditions, including inflationary pressures, rising interest rates, general economic slowdown or a recession.
- Changes in monetary policy.
- The prospect of a shutdown of the U.S. federal government.
Historical Earnings Impact
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