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Dec 31, 2024
Spyre Q4 2024 Earnings Report
Spyre Therapeutics reported its financial results for the fourth quarter and full year 2024, highlighting positive interim Phase 1 data for SPY001 and a strengthened balance sheet.
Key Takeaways
Spyre Therapeutics reported no revenue for Q4 2024, with a net loss of $56.3 million. The company ended the quarter with $603.1 million in cash, cash equivalents, and marketable securities, extending its cash runway into the second half of 2028. Key developments included positive interim Phase 1 data for SPY001 and expansion of SPY002 into rheumatoid arthritis.
Reported positive interim pharmacokinetic and safety data from the Phase 1 trial of SPY001 in November 2024.
Strengthened the balance sheet with a $230 million public offering, extending cash runway into the second half of 2028.
Announced indication expansion into rheumatoid arthritis with SPY002, with Phase 2 trial initiation expected in mid-2025.
Remained on track for initiation of Phase 2 platform trial in ulcerative colitis in mid-2025 with SPY001, SPY002, and SPY003.
Spyre
Spyre
Forward Guidance
Spyre Therapeutics anticipates continued progress across its pipeline, with multiple clinical trial readouts and initiations planned, aiming to advance its best-in-class antibody therapies for IBD and other immune-mediated diseases.
Positive Outlook
- Interim Phase 1 data readouts for SPY002 and SPY003 are on-track for the second quarter and second half of 2025, respectively.
- Initiation of Phase 2 platform trial in ulcerative colitis with SPY001, SPY002, and SPY003 is on track for mid-2025.
- Initial monotherapy results from Phase 2 trials are expected in 2026.
- Phase 2 trial initiation for SPY002 in rheumatoid arthritis is expected in mid-2025, with top-line results in 2026.
- Three Phase 1 readouts are expected in 2025 and four Phase 2 proof-of-concept readouts are expected in 2026.
Challenges Ahead
- The SPY001 Phase 1 trial final data readouts may not be consistent with or different than the interim Phase 1 results.
- The sufficiency of the Company's funding to support the development of its assets, including expectations of cash runway, may be impacted by unforeseen circumstances.
- The Company operates in a very competitive and rapidly changing environment, which could affect its ability to achieve planned milestones.
- New risks may emerge that are currently unpredictable, potentially impacting actual results.
- The Company cannot guarantee that future results, levels of activity, performance, or events will be achieved as reflected in forward-looking statements.