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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.
Spyre
Spyre
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.
- Volatile market conditions, financial institution instability.
- Geopolitical instability, including the ongoing military conflict in Ukraine, conflict in Israel and surrounding areas, and geopolitical tensions in China