Spyre Therapeutics, Inc. (SYRE) Stock

Spyre Therapeutics, Inc. (SYRE) is a Healthcare stock trading at $90.58 (as of 2026-09-11), with a market capitalization of $7.87B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Spyre Therapeutics, Inc., a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease). The company is also developing SPY002, a human monoclonal antibody (mAb)candidates designed to bind to tumor necrosis factor-like ligand 1A; and SPY120, a combination of SPY001 (anti-a4ß7) and SPY002 (anti-TL1A) antibodies, which are in preclinical studies. In addition, its other early-stage programs include SPY003, an anti-IL-23 mAb; SPY004, a novel mechanism of action (MOA) mAb; SPY130, a combination of anti-a4ß7 and anti-IL-23 mAbs; and SPY230, a combination of anti-TL1A and anti-IL-23 mAbs. The company was formerly known as Aeglea BioTherapeutics, Inc. and changed its name to Spyre Therapeutics, Inc. in November 2023. Spyre Therapeutics, Inc. was incorporated in 2013 and is based in Waltham, Massachusetts.

Understand Spyre Therapeutics, Inc.: how it makes money

Spyre Therapeutics develops monoclonal antibody therapies for inflammatory bowel disease (ulcerative colitis and Crohn's disease), targeting the a4b7 integrin and TL1A pathways. The company is in early clinical testing with a multi-asset pipeline built around combinations of its own antibodies, with no commercial revenue yet.

Every dollar of enterprise value rests on a single clinical readout: whether SPY001's anti-integrin mechanism converts early Phase 2 efficacy signals into registrational-grade data, with no commercial cash flow to cushion a miss.

Business quality (Unprofitable): Pre-revenue, early clinical biotech; all equity value is optionality on Phase 2/3 efficacy and safety data for SPY001 and SPY120.

Bull case

Phase 2 efficacy signal is encouraging: SPY001 achieved a 40.0% clinical remission rate and a 51.0% endoscopic improvement rate in its early trial, which would place it among the more effective agents in the IBD space if confirmed in a larger registrational study.
Clean safety profile in early doses: Drug-related serious adverse events were 0.0% and drug-related adverse events were only 6.3%, suggesting the anti-a4b7 mechanism does not carry the infection or infusion risks that plague some IBD biologics.
Dual-mechanism combination pipeline: SPY002 (anti-TL1A) showed a 33.0% clinical remission rate and 42.0% endoscopic improvement in its own cohort, supporting the thesis that combining it with SPY001 in SPY120 could capture responders across both IBD subtypes.

Bear case

Pure cash burn with zero revenue: The company generated no revenue and posted an operating margin of -23146%, meaning it is entirely dependent on external financing to fund continued trial execution and operational overhead.
Data from a very small cohort: The 40.0% remission rate is based on only 43 dosed SPY001 patients and 35.0% of participants had prior exposure to advanced therapies, making the effect size uncertain and potentially enriched for patients with less refractory disease.
Meaningful adverse event rate: 41.7% of patients experienced any treatment-emergent adverse event and 4.2% had severe grade 3 or greater events, a signal that could intensify as dose or duration increases in later trials.

Valuation — source: SEC EDGAR (first-party)
Price	$90.58
Market Cap	$7.87B
Price / Book	7.14

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$0.00
Return on Equity	-18.9%
Current Ratio	18.53
Revenue Growth (YoY)	-100.0%
FCF Growth (YoY)	57.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	66.44 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	19.4
Industry P/E (Pharmaceutical Products)	15.1

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	FMR LLC ($1.16B)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Cameron Turtle
Employees	73
Country	US
IPO Date	2016-04-07

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-09-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.