Spyre Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 19, 2026
SYRE$104.48-4.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net loss | $(155,203) | $(208,018) | $(338,790) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | — | — | 744 |
| Stock-based compensation | 37,614 | 44,833 | 25,675 |
| Acquired in-process research and development | — | — | 130,188 |
| Change in fair value of CVR liability | (29,769) | 20,430 | 18,986 |
| Change in fair value of forward contract liability | — | — | 83,530 |
| Gain on sale of in-process research and development asset | (10,000) | — | (16,449) |
| Lease ROU asset and leasehold improvement impairment loss | — | — | 2,580 |
| Loss on disposal of long-lived assets | — | — | 915 |
| Net (accretion of discount) amortization of premium on marketable securities | (8,090) | (11,404) | (2,318) |
| Interest proceeds from maturities of zero coupon debt securities | 2,130 | 1,283 | — |
| Amortization of operating lease assets | — | — | 220 |
| Other | — | — | 15 |
| Changes in operating assets and liabilities: | |||
| Prepaid expenses and other assets | (12,819) | (2,932) | 3,245 |
| Accounts payable | 8,238 | (230) | 218 |
| Deferred revenue | — | — | 575 |
| Development receivables | — | — | 375 |
| Operating lease liabilities | — | — | (2,326) |
| Accrued and other liabilities | (764) | 14,609 | (4,891) |
| Related party accounts payable | (589) | (15,981) | (2,402) |
| Net cash used in operating activities | (169,252) | (157,410) | (99,910) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Cash assumed from asset acquisition of Spyre | — | — | 3,035 |
| Proceeds from sale of in-process research & development asset | 7,000 | — | 15,000 |
| Proceeds from the sale of property plant and equipment | — | — | 475 |
| Purchases of marketable securities | (522,214) | (599,252) | (166,803) |
| Proceeds from maturities and sales of marketable securities | 371,739 | 245,967 | 39,900 |
| Net cash (used in) provided by investing activities | (143,475) | (353,285) | (108,393) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from issuance of Series B non-voting convertible preferred stock in connection with private placement, net of placement and other offering costs | — | 168,850 | 84,555 |
| Proceeds from issuance of common stock in connection with at-the-market offering program, net of issuance costs | 14,750 | 20,521 | — |
| Proceeds from issuance of common stock in connection with follow-on offering, net of issuance costs | 296,382 | 215,860 | — |
| Payment of deferred offering costs in connection with shelf registration | (162) | (407) | — |
| Proceeds from issuance of Series A non-voting convertible preferred stock in connection with private placement, net of placement and other offering costs | — | — | 197,364 |
| Proceeds from issuance of common stock in connection with private placement, net of placement and other offering costs | — | — | 84,555 |
| Payment of contingent value rights liability | (5,251) | (1,430) | (5,786) |
| Proceeds from employee stock option exercises and employee stock plan purchases | 3,306 | 7,511 | 405 |
| Other financing cash flows | — | 1 | (16) |
| Net cash provided by financing activities | 309,025 | 410,906 | 361,077 |
| Effect of exchange rate on cash, cash equivalents, and restricted cash | — | (3) | 25 |
| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (3,702) | (99,792) | 152,799 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | |||
| Beginning of period | 89,423 | 189,215 | 36,416 |
| End of period | $85,721 | $89,423 | $189,215 |
| Supplemental Disclosure of Non-Cash Investing and Financing Information: | |||
|---|---|---|---|
| Allocation of deferred offering costs against proceeds of issuance of common stock | $107 | $204 | $— |
| Exchange of Series A non-voting convertible preferred stock for common stock | $— | $38,502 | $— |
| Conversion of Series B non-voting convertible preferred stock into common stock | $— | $244,010 | $— |
| Settlement of forward contract liability and issuance of Series A non-voting convertible preferred stock in connection with the asset acquisition of Spyre | $— | $— | $189,741 |
| Conversion of Series A non-voting convertible preferred stock into common stock | $— | $— | $202,178 |
| Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Statement of Financial Position | |||
| Cash and cash equivalents | 85,721 | 89,423 | $188,893 |
| Restricted cash | $— | $— | $322 |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $85,721 | $89,423 | $189,215 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.