Spyre Therapeutics Q2 loss narrower than expected; sees trial readouts in 2026

Spyre Therapeutics

04/08/2026 21:14

Overview
US biotech firm's Q2 net loss and pretax loss were lower than analyst expectations
Q2 results included a $40 mln gain from a milestone on a prior asset sale
R&D and G&A expenses rose due to higher clinical trial and headcount costs

Outlook
Spyre expects proof-of-concept data for SPY072 in rheumatoid arthritis in September 2026
Company anticipates proof-of-concept data for psoriatic arthritis and axial spondyloarthritis in Q4 2026
Spyre expects cash runway to extend into the second half of 2029

Result Drivers
ASSET SALE GAIN - $40 mln gain from milestone on prior asset sale contributed to lower net and pretax losses
HIGHER R&D COSTS - R&D expenses rose due to increased manufacturing, clinical trial, and headcount costs
HIGHER G&A COSTS - G&A expenses increased, mainly due to higher headcount costs

Company press release: ID:nGNX1bYH2j

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Net Loss
Beat
$36.20 mln
$68.97 mln (13 Analysts)
Q2 Income From Operations
Beat
-$41.64 mln
-$74.37 mln (15 Analysts)
Q2 Pretax Loss
Beat
$36.20 mln
$70.19 mln (13 Analysts)
Q2 Operating Expenses
 
$41.64 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 1 "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 $105.00, about 10.6% above its August 3 closing price of $94.93

Reuters Recommended Reads
Aug 3 - Design Therapeutics Q2 net loss narrower than expected
Aug 4 - Rhythm Pharmaceuticals Q2 net loss narrows on US launch demand
Aug 4 - Palvella Therapeutics Q2 net loss widens on higher expenses

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(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.)