Spyre Therapeutics (SYRE) AI Stock Analysis

• Market Cap: $3.26B
• Dividend Yield: N/A
• Average Volume (3M): 681.47K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.73
• Revenue Growth: N/A
• EPS Growth: -123.65%
• Country: US
• Employees: 73
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.70
• Shares Outstanding: 78,540,160
• 10 Day Avg. Volume: 707,961
• 30 Day Avg. Volume: 681,468
• PEG Ratio: 1.94
• Price to Book (P/B): 15.85
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -66.98
• Enterprise Value/Market Cap: 0.74
• Enterprise Value/Revenue: 26.80
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -13.53
• 1Y Price Target: $58.71
• Price Target Upside: 41.23% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -2.96
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: $40.00 ▼(-3.78% Downside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is anchored by weak operating fundamentals (minimal revenue, sizable losses, and continued cash burn), partially offset by a strong, debt-free balance sheet and positive corporate developments with funded runway. Technicals add support due to a clear uptrend, while valuation is constrained by negative earnings and no dividend support.

Positive Factors

Debt-free balance sheet and sizable equity base

Zero reported debt and a large increase in shareholders’ equity materially strengthen financial flexibility for a development-stage biotech. This durable capital structure reduces near-term liquidity stress and supports multi-year clinical programs and potential partnering or commercialization investments.

Well-funded runway with multi-trial Phase 2 program

A strong pro forma cash balance paired with a concentrated schedule of six Phase 2 proof-of-concept readouts creates a clear operational plan to de-risk programs. Adequate runway into 2H 2028 gives management time to generate pivotal clinical signals or partner assets without immediate capital stress.

Commercial leadership hire strengthens go-to-market readiness

Hiring an experienced biopharma commercial executive signals deliberate preparation for late-stage development and future product launches. Durable commercial expertise improves planning for market access, pricing strategy and business development should clinical programs advance to registration.

Negative Factors

Minimal-to-zero revenue base

The company remains pre-revenue, reflecting no commercial cash flows to offset R&D and G&A spend. Over a multi-quarter horizon this structural lack of revenue means operations depend entirely on financing or milestone/partner receipts until a product reaches market.

Sustained and rising cash burn

Consistently large negative operating cash flows indicate elevated structural cash burn tied to clinical development. Even with current cash, ongoing negative FCF requires management to preserve runway and increases reliance on future financing, partnerships or milestones to sustain programs.

Ongoing capital-markets raises and potential dilution

Frequent use of equity markets (shelf filing and recent offerings) signals dependence on external capital to fund operations. Over the medium term this creates dilution risk for existing shareholders and ties program continuity to market access and investor appetite.

Spyre Therapeutics Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Spyre Therapeutics generates revenue primarily through the development and commercialization of its proprietary therapeutic products. The company earns money by selling its approved drugs to healthcare providers, hospitals, and directly to patients through pharmacies. Additionally, Spyre may engage in strategic partnerships and collaborations with larger pharmaceutical companies for co-development, licensing, or distribution of its products, which can provide upfront payments, milestone payments, and royalties. The company's revenue model is also supported by research grants and funding for its clinical trials and development programs.

Spyre Therapeutics Financial Statement Overview

Summary

Financials reflect a development-stage biotech: near-zero revenue, large ongoing operating losses, and rising cash burn. The key offset is a strong, debt-free balance sheet with substantially higher equity/assets, providing meaningful funding capacity despite negative returns.

Income Statement

The income statement profile is weak, with minimal to zero revenue in recent years (2024–2025: $0; 2023: ~$0.9M) and persistently large operating losses (2025 EBIT: -$209.6M; 2024 EBIT: -$208.6M). Profitability remains deeply negative, although net losses improved in 2025 versus 2024 (-$155.2M vs. -$208.0M). Overall, the trajectory reflects a development-stage biotech with limited commercial revenue and continued heavy operating spend.

Balance Sheet

The balance sheet is a relative strength. Total debt is $0 in 2023–2025 and leverage is effectively absent (debt-to-equity: 0.0 in 2023–2025). Stockholders’ equity increased substantially (2023: ~$184.0M to 2025: ~$715.2M) alongside higher total assets (2023: ~$341.9M to 2025: ~$777.8M), suggesting significant capital funding and improved balance-sheet capacity. The main weakness is ongoing negative returns on equity due to losses (2025 return on equity: about -21.7%).

Cash Flow

Cash flow quality is pressured by consistently negative operating and free cash flow, with cash burn expanding in recent years (operating cash flow: -$99.9M in 2023 to -$157.4M in 2024 to -$169.3M in 2025). While free cash flow improved in 2025 versus 2024 (less negative) and shows strong reported growth off a negative base, the business still requires external funding to support operations. A positive point is that free cash flow closely tracks net income in each period, indicating limited non-cash distortion, but the absolute cash burn remains the key risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	886.00K	2.33M	18.74M
Gross Profit	-171.65M	0.00	886.00K	2.33M	18.74M
EBITDA	-209.56M	-207.97M	-127.60M	-82.82M	-64.07M
Net Income	-155.20M	-208.02M	-338.79M	-83.81M	-65.80M
Balance Sheet
Total Assets	777.78M	608.48M	341.86M	71.14M	109.93M
Cash, Cash Equivalents and Short-Term Investments	756.53M	603.09M	339.28M	55.71M	93.13M
Total Debt	0.00	0.00	0.00	4.63M	5.06M
Total Liabilities	62.55M	90.68M	157.84M	20.84M	25.98M
Stockholders Equity	715.24M	517.80M	184.02M	50.30M	83.94M
Cash Flow
Free Cash Flow	-169.25M	-157.41M	-99.91M	-80.18M	-54.29M
Operating Cash Flow	-169.25M	-157.41M	-99.91M	-80.14M	-53.72M
Investing Cash Flow	-143.47M	-353.29M	-108.39M	57.01M	-22.62M
Financing Cash Flow	309.02M	410.91M	361.08M	42.68M	1.39M

Spyre Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 41.57
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SYRE, the sentiment is Positive. The current price of 41.57 is above the 20-day moving average (MA) of 39.48, above the 50-day MA of 35.27, and above the 200-day MA of 23.74, indicating a bullish trend. The MACD of 1.91 indicates Positive momentum. The RSI at 59.57 is Neutral, neither overbought nor oversold. The STOCH value of 26.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SYRE.

Spyre Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRAX	67 Neutral	$8.63B	-21.87	-58.74%	―	364.98%	-25.33%
SYRE	59 Neutral	$3.26B	-45.32	-29.44%	―	―	-123.65%
EYPT	54 Neutral	$1.29B	-5.61	-88.31%	―	-7.38%	-49.03%
SPRY	53 Neutral	$879.77M	-6.70	-100.29%	―	5459.66%	-59.70%
OCS	53 Neutral	$1.64B	-8.77	-80.98%	―	―	-25.15%
UPB	52 Neutral	$438.79M	-7.51	-40.80%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Spyre Therapeutics Corporate Events

Spyre Therapeutics Accelerates SKYLINE Trial and Bolsters Leadership

On January 12, 2026, Spyre Therapeutics announced that it expects six proof-of-concept readouts in 2026 from its Phase 2 SKYLINE platform trial in ulcerative colitis and SKYWAY basket trial in rheumatoid arthritis, psoriatic arthritis, and axial spondyloarthritis, with SKYLINE Part A data now accelerated to begin in the second quarter and all SKYWAY indications targeted to read out in the fourth quarter. The company reported that enrollment in SKYLINE Part A has been strong, with the SPY001 arm fully enrolled ahead of schedule, and it highlighted a pro forma cash position of $783 million as of September 30, 2025, which it anticipates will fund operations into the second half of 2028, while also strengthening its commercial capabilities through the appointment of former Amgen executive Kate Tansey Chevlen as Chief Commercial Officer, signaling preparation for potential late-stage development and future commercialization in high-revenue autoimmune markets.

The most recent analyst rating on (SYRE) stock is a Buy with a $64.00 price target. To see the full list of analyst forecasts on Spyre Therapeutics stock, see the SYRE Stock Forecast page.