Spyre Therapeutics, Inc. (SYRE) Financial Statements & Historical Data

Spyre Therapeutics, Inc. (SYRE) — Price $99.04 (closing price, November 4, 2026) — Healthcare — Biotechnology — NASDAQ

Latest reported results:

Detailed financial statements for Spyre Therapeutics, Inc. (SYRE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.

Spyre Therapeutics, Inc. is a biotechnology firm operating at the preclinical stage, dedicated to creating innovative treatments for individuals afflicted with inflammatory bowel disease (IBD). Among its pipeline candidates is SPY001, a human monoclonal immunoglobulin G1 antibody specifically engineered to target and bind with the a4ß7 integrin. This particular therapy is under development for addressing both ulcerative colitis and Crohn's disease, two forms of IBD.

Analysis Summary

Trailing-twelve-month margins: gross margin 50.0%, operating margin -276.5%, net margin -291.6%.

At $99.04 (closing price, November 4, 2026), SYRE has negative trailing earnings (P/E not meaningful) and an ROE of -29.82%. Market capitalisation stands at $9.1B.

Balance sheet quality for SYRE: debt-to-equity ratio of 0.00, current ratio of 27.40 over the last 12 months. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.

Income Statement (10y)

Year2016201720182019202020212022202320242025
Revenue$4.6M$5.2M$3.9M00$18.7M$2.3M$886,00000
Cost of Revenue000$901,000$1.6M0000$171.7M
Gross Profit000-$901,000-$1.6M$18.7M$2.3M$886,0000-$171.7M
Research & Development$18.1M$22.8M$36.7M$64.6M$59.6M$57.1M$58.6M$89.5M$162.8M$171.7M
Selling, General & Admin$8.4M$10.1M$12.6M$14.8M$20.2M$27.3M$28.5M$39.9M$45.8M$47.9M
Operating Expenses$26.5M$32.9M$49.4M$79.4M$79.9M$84.4M$87.1M$243.2M$208.6M$37.9M
Operating Income-$21.9M-$27.7M-$45.5M-$80.3M-$81.5M-$65.6M-$84.8M-$242.3M-$208.6M-$209.6M
EBITDA-$21.8M-$27.4M-$45.2M-$77.4M-$79.9M-$64.1M-$82.0M-$127.8M-$208.0M-$209.6M
Interest Expense0000000000
Pre-tax Income-$21.7M-$27.2M-$44.3M-$78.3M-$80.9M-$65.7M-$84.0M-$338.8M-$208.0M-$155.2M
Income Tax00000$141,000-$136,000-$26,000$51,000-$15,000
Net Income-$21.7M-$27.2M-$44.3M-$78.3M-$80.9M-$65.8M-$83.8M-$338.8M-$208.0M-$155.2M
EPS-$55.40-$45.01-$53.25-$61.23-$37.89-$25.02-$24.86-$46.15-$3.18-$1.98
EPS (Diluted)-$55.40-$45.01-$53.25-$61.23-$37.89-$25.02-$24.86-$46.15-$3.18-$1.98
Shares Outstanding (Diluted)391,669605,127832,9021.3 M2.1 M2.6 M3.4 M6.9 M47.0 M64.1 M

Income Statement (Quarterly)

Year2025-Q42026-Q12026-Q22026-Q3
Revenue$90.5M000
Gross Profit$45.2M000
Operating Income-$57.2M-$45.6M-$41.6M-$105.7M
EBITDA-$62.5M-$75.6M-$36.2M-$105.7M
Net Income-$62.5M-$69.0M-$36.2M-$96.1M
EPS-$0.70-$0.74-$0.36-$0.94
EPS (Diluted)-$0.70-$0.74-$0.36-$0.94

Balance Sheet (10y)

Year2016201720182019202020212022202320242025
Cash & Equivalents$47.7M$12.8M$22.5M$19.3M$90.1M$15.1M$34.9M$188.9M$89.4M$85.7M
Short-term Investments$15.8M$37.5M$52.1M$52.7M$56.2M$78.0M$20.8M$150.4M$513.7M$670.8M
Receivables$1.2M$3.1M000$815,000$375,000000
Inventory0000000000
Total Current Assets$66.4M$55.0M$76.7M$74.5M$149.8M$98.9M$62.3M$341.5M$608.5M$777.8M
Property, Plant & Equipment$599,000$854,000$1.0M$7.1M$9.9M$8.4M$6.7M000
Goodwill0000000000
Intangible Assets0000000000
Total Assets$67.1M$56.1M$77.7M$83.2M$161.6M$109.9M$71.1M$341.9M$608.5M$777.8M
Accounts Payable$168,000$389,000$663,000$3.2M$2.3M$3.3M$677,000$896,000$666,000$8.9M
Short-term Debt0000000000
Total Current Liabilities$4.0M$5.6M$10.2M$18.4M$16.4M$20.1M$14.7M$32.0M$54.1M$58.7M
Long-term Debt0000000000
Total Liabilities$4.1M$5.7M$10.3M$23.1M$21.8M$26.0M$20.8M$157.8M$90.7M$62.5M
Retained Earnings-$45.3M-$72.5M-$116.9M-$195.1M-$276.0M-$341.8M-$425.6M-$764.4M-$972.4M-$1.13B
Total Equity$63.0M$50.3M$67.4M$60.1M$139.8M$83.9M$50.3M$184.0M$517.8M$715.2M
Total Debt000$5.1M$5.4M$5.1M$4.6M000
Net Debt-$63.5M-$50.3M-$74.5M-$66.9M-$140.8M-$88.1M-$51.1M-$339.3M-$603.1M-$756.5M
Working Capital$62.5M$49.4M$66.4M$56.1M$133.3M$78.7M$47.6M$309.6M$554.4M$719.1M

Balance Sheet (Quarterly)

Year2025-Q32025-Q42026-Q12026-Q2
Cash & Equivalents$64.9M$85.7M$97.2M$162.0M
Total Assets$504.6M$777.8M$764.0M$1.17B
Total Liabilities$49.5M$62.5M$93.1M$71.9M
Total Equity$455.1M$715.2M$670.8M$1.10B
Total Debt0000

Cash Flow (10y)

Year2016201720182019202020212022202320242025
Net Income-$21.7M-$27.2M-$44.3M-$78.3M-$80.9M-$65.8M-$83.8M-$338.8M-$208.0M-$155.2M
Depreciation & Amortization$132,000$249,000$293,000$901,000$996,000$1.6M$2.0M$744,0000$10.0M
Stock-based Compensation0000$6.3M$8.0M$7.1M$25.7M$44.8M$37.6M
Change in Working Capital$1.4M-$198,000$7.2M$7.1M-$2.5M$1.8M-$5.5M-$5.2M-$4.5M-$5.9M
Operating Cash Flow-$18.8M-$24.6M-$32.2M-$65.7M-$75.8M-$53.7M-$80.1M-$99.9M-$157.4M-$169.3M
Capital Expenditure-$212,000-$619,000-$422,000-$1.5M-$4.3M-$573,000-$38,000000
Acquisitions0000000$3.0M00
Stock Repurchased0000000000
Dividends Paid0000000000
Free Cash Flow-$19.1M-$25.2M-$32.6M-$67.2M-$80.1M-$54.3M-$80.2M-$99.9M-$157.4M-$169.3M

Cash Flow (Quarterly)

Year2025-Q32025-Q42026-Q12026-Q2
Operating Cash Flow-$37.1M-$44.6M-$57.4M-$69.9M
Capital Expenditure0000
Free Cash Flow-$37.1M-$44.6M-$57.4M-$69.9M
Dividends Paid0000
Stock-based Compensation$9.6M$9.8M$12.8M$13.5M

Growth & Margins (10y)

Year2016201720182019202020212022202320242025
Revenue Growth (YoY)+12.5%-25.3%-100.0%-87.6%-62.0%-100.0%
Net Income Growth (YoY)-25.5%-62.8%-76.5%-3.4%+18.7%-27.4%-304.2%+38.6%+25.4%
EPS Growth (YoY)+18.8%-18.3%-15.0%+38.1%+34.0%+0.6%-85.6%+93.1%+37.7%
Shares Change (YoY)+54.5%+37.6%+53.4%+67.0%+23.2%+28.2%+104.6%+581.9%+36.2%
FCF Growth (YoY)-32.4%-29.3%-106.0%-19.2%+32.2%-47.7%-24.6%-57.6%-7.5%
Gross Margin0.0%0.0%0.0%100.0%100.0%100.0%
Operating Margin-473.3%-531.7%-1,169.3%-350.3%-3,640.2%-27,348.0%
EBITDA Margin-470.5%-526.9%-1,161.8%-342.0%-3,520.3%-14,426.6%
Net Margin-468.8%-523.3%-1,140.6%-351.1%-3,598.8%-38,238.1%
FCF Margin-411.7%-484.8%-838.9%-289.7%-3,442.8%-11,276.5%
Effective Tax Rate-0.0%-0.0%-0.0%-0.0%-0.0%-0.2%0.2%0.0%-0.0%0.0%

Per-Share Data (10y)

Year2016201720182019202020212022202320242025
FCF Per Share-$48.64-$41.70-$39.16-$52.57-$37.50-$20.64-$23.78-$14.49-$3.35-$2.64
Dividends Per Share$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00
Shares Outstanding (Basic)391,669605,127832,9021.3 M2.1 M2.6 M3.4 M6.9 M47.0 M64.1 M

What to look at in Biotech

Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.

Profitability

Return on Equity-29.82%
Return on Invested Capital-23.61%
Return on Assets-23.99%
Gross Margin50.00%
Operating Margin-276.45%
Net Margin-291.57%

Financial Health

Debt / Equity0.00
Current Ratio27.40
Piotroski F-Score2
Altman Z-Score18.32

Key Ratios (10y)

Year2016201720182019202020212022202320242025
P/E-1.96-3.00-3.52-3.12-5.19-4.75-0.45-0.47-7.32-16.55
P/B0.681.632.314.063.003.720.750.812.112.93
P/S9.2015.7240.110.000.0016.6716.28167.520.000.00
Gross Margin0.0%0.0%0.0%0.0%0.0%100.0%100.0%100.0%0.0%0.0%
Operating Margin-473.3%-531.7%-1,169.3%0.0%0.0%-350.3%-3,640.2%-27,348.0%0.0%0.0%
Net Margin-468.8%-523.3%-1,140.6%0.0%0.0%-351.1%-3,598.8%-38,238.1%0.0%0.0%

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Explore sector: Healthcare · Biotechnology

More sections of SYRE: Overview · Valuation · Estimates · Technical · Ownership

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