Spyre Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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Consolidated Statements of Operations
(In thousands, except share and per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue: | |||
| Development fee and royalty | — | — | 886 |
| Total revenue | — | — | 886 |
| Operating expenses: | |||
| Research and development (1) | 171,653 | 162,790 | 89,504 |
| General and administrative (2) | 47,909 | 45,776 | 39,946 |
| Acquired in-process research and development | — | — | 130,188 |
| Gain on sale of in-process research and development asset | (10,000) | — | (16,449) |
| Total operating expenses | 209,562 | 208,566 | 243,189 |
| Loss from operations | (209,562) | (208,566) | (242,303) |
| Other income (expense): | |||
| Interest income | 24,885 | 21,312 | 6,147 |
| Change in fair value of forward contract liability | — | — | (83,530) |
| Other income (expense), net | 29,459 | (20,713) | (19,130) |
| Total other income (expense) | 54,344 | 599 | (96,513) |
| Loss before income tax expense | (155,218) | (207,967) | (338,816) |
| Income tax benefit (expense) | 15 | (51) | 26 |
| Net loss | $(155,203) | $(208,018) | $(338,790) |
| Net loss per share, basic and diluted, Series A Preferred Stock | $(79.02) | $(127.21) | $(550.28) |
| Weighted-average Series A non-voting convertible preferred stock outstanding, basic and diluted | 346,045 | 374,387 | 434,612 |
| Net loss per share, basic and diluted, Series B Preferred Stock | $(79.02) | $(127.21) | $(550.29) |
| Weighted-average Series B non-voting convertible preferred stock outstanding, basic and diluted | 16,667 | 85,208 | 8,630 |
| Net loss per share, basic and diluted, common | $(1.98) | $(3.18) | $(13.76) |
| Weighted-average common shares outstanding, basic and diluted | 64,056,442 | 47,027,638 | 6,897,065 |
(1)Includes $10.5 million, $40.1 million and $48.5 million in related party expenses for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)Includes $1.0 million, $1.1 million and $0.1 million in related party expenses for the years ended December 31, 2025, 2024 and 2023, respectively.
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