Spyre Therapeutics posts wider-than-expected Q1 net loss

Spyre Therapeutics

05/05/2026 13:09

Corrects Q1 Basic EPS figure to -$0.74 from -$29.66 in Key Details table

Overview

US biotech firm reported wider than expected pretax and net loss for Q1

Loss from operations was lower than analyst estimates

Company raised $463 mln in stock offering, with pro forma cash at $1.2 bln

Outlook

Company expects 6 proof-of-concept readouts in 2026 across SKYLINE and SKYWAY Phase 2 trials

Topline data for SKYWAY RA sub-study expected in Q3 2026, PsA and axSpA in Q4 2026

Company expects cash runway into the second half of 2029

Result Drivers

R&D SPENDING - Higher research and development expenses driven by increased manufacturing and clinical trial costs, as well as higher headcount, partially offset by lower early-stage R&D activities

G&A EXPENSES - General and administrative expenses rose due to higher headcount

ASSET SALE GAIN - Recognized $30 mln gain from milestones related to the 2023 sale of pegzilarginase rights to Immedica

OTHER EXPENSES - Increase in other expenses mainly due to changes in the fair value of the contingent value right (CVR) liability

Company press release: ID:nGNX34B36s

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
Miss
-$69.005 mln
-$54.37 mln (13 Analysts)
Q1 Income From Operations
Beat
-$45.64 mln
-$60.28 mln (15 Analysts)
Q1 Pretax Profit
Miss
-$69.005 mln
-$55.05 mln (13 Analysts)
Q1 Basic EPS
-$0.74
Q1 Operating Expenses
$45.64 mln


Analyst Coverage

The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 17 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the biotechnology & medical research peer group is "buy."

Wall Street's median 12-month price target for Spyre Therapeutics Inc is $90.00, about 30.2% above its May 4 closing price of $69.13

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

 (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)