Spyre Therapeutics Reports Financial Results for Q3 2024, Net Loss of $69M

Spyre Therapeutics, Inc. (formerly Aeglea BioTherapeutics, Inc.) reported its financial results for the quarter ending September 30, 2024, revealing significant changes in its financial position compared to the previous fiscal period. The company had total assets of $421.1 million, up from $341.9 million at the end of 2023, while total current assets also increased to $421.1 million from $341.5 million. However, cash and cash equivalents saw a notable decline, decreasing to $71.6 million from $188.9 million.

The company reported no revenue for the three months ended September 30, 2024, consistent with the same period in 2023. Operating expenses surged to $55.4 million, a substantial increase from $18.3 million year-over-year. This rise was primarily driven by research and development expenses, which escalated to $44.7 million from $24.7 million, reflecting increased costs associated with the company's inflammatory bowel disease (IBD) pipeline candidates. General and administrative expenses also rose to $10.6 million from $8.6 million.

Spyre's net loss for the quarter was $69.0 million, compared to a loss of $40.1 million in the same quarter of the previous year. For the nine months ended September 30, 2024, the net loss was $151.7 million, a significant improvement from a loss of $275.6 million for the same period in 2023. This reduction in loss was attributed to lower total operating expenses, which decreased to $147.3 million from $197.3 million.

Strategically, Spyre has undergone significant restructuring, including an 83% reduction in headcount initiated in April 2023. The company completed an acquisition of Pre-Merger Spyre in June 2023, which involved a stock-for-stock transaction and the issuance of shares. Additionally, Spyre has engaged in multiple private placements, raising approximately $210 million in June 2023 and $180 million in December 2023, among other financing activities.

As of September 30, 2024, Spyre had an accumulated deficit of $916.1 million and reported cash, cash equivalents, and marketable securities totaling $414.2 million. The company anticipates needing additional financing to support ongoing research and development efforts, as it has not yet generated revenue from product sales. Future revenue generation will depend on the successful completion of clinical trials and obtaining regulatory approvals for its product candidates, including SPY001, SPY002, and SPY003, which are currently in various stages of development.