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Sep 30, 2024
Spyre Q3 2024 Earnings Report
Spyre Therapeutics reported its financial results for the third quarter of 2024 and provided a corporate update.
Key Takeaways
Spyre Therapeutics reported a net loss of $69.0 million for the third quarter of 2024. The company's cash, cash equivalents, and marketable securities totaled $414.2 million as of September 30, 2024, expected to fund operations well into 2027.
SPY001 is on track for interim Phase 1 data by year-end 2024.
SPY002 is on track for initiation of first-in-human trials in the fourth quarter of 2024.
SPY003 preclinical data demonstrated robust potency and a greater than three-fold increase in non-human primate half-life compared to risankizumab.
First-in-human trial for SPY003 accelerated to the first quarter of 2025.
Forward Guidance
Spyre is on the cusp of a series of value-creating catalysts over the next few quarters, beginning with expected SPY001 healthy volunteer interim data by the end of this year.
Positive Outlook
- SPY001 on-track for interim Phase 1 data by year-end 2024
- SPY002 on-track for initiation of first-in-human trials in the fourth quarter of 2024
- SPY003 preclinical data demonstrated robust potency
- SPY003 preclinical data demonstrated a greater than three-fold increase in non-human primate half-life compared to risankizumab
- First-in-human trial for SPY003 accelerated to the first quarter of 2025
Historical Earnings Impact
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