Spyre Therapeutics files preliminary prospectus for common stock offering

Spyre Therapeutics filed a preliminary prospectus supplement, dated October 5, 2026, for an offering of common stock, with final pricing details left blank in the filing. The company's common stock trades on the Nasdaq Global Select Market under the symbol "SYRE," and on October 2, 2026, the last reported sale price per share was $93.19.¹ Spyre has granted the underwriters an option to purchase additional shares at the public offering price, less underwriting discounts and commissions, within 30 days of the prospectus supplement date.¹

The joint book-running managers are Jefferies, TD Cowen, Leerink Partners, and Stifel, with LifeSci Capital serving as passive bookrunner, according to the filing.

Spyre described itself as a clinical stage biotechnology company committed to developing next-generation therapies that elevate the standard in immunology by delivering more complete disease control, greater durability, and a simpler treatment experience for patients.¹ Its pipeline includes extended half-life antibodies targeting α4β7, TL1A, IL-23, and IL-17A/F, along with rational combination programs.¹

As of June 30, 2026, the company reported a cash position described in the filing, and a cash balance of approximately $1.1 billion that it anticipates will fund operations into the second half of 2029.¹

On proceeds, Spyre said it would direct offering funds toward continued work across gastroenterology, rheumatology and dermatology programs, including funding preclinical studies, clinical trials, manufacturing, and readiness for Phase 3 trials, along with a new effort to move SPY072 into later-stage development for hidradenitis suppurativa (HS).¹

On net tangible book value, the filing stated that as of June 30, 2026, the company's net tangible book value stood at roughly $1.1 billion, equal to $12.50 per share.¹ After accounting for conversion of outstanding preferred shares, the pro forma figure was $10.81 per share as of the same date.¹