Spyre Therapeutics Financials

SYRE

Source SEC Filings (10-K/10-Q) Updated Feb 19, 2026 Currency USD FYE February

This page shows Spyre Therapeutics (SYRE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 97/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Spyre Therapeutics has an operating margin of 23652.6%, meaning the company retains $23653 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power.

Leverage

100

Spyre Therapeutics carries a low D/E ratio of 0.09, meaning only $0.09 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 13.25, Spyre Therapeutics holds $13.25 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Spyre Therapeutics earns a strong 21.7% return on equity (ROE), meaning it generates $22 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 87/100.

Altman Z-Score Safe

27247.19

Spyre Therapeutics scores 27247.19, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.8B) relative to total liabilities ($63K). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

6/9

Spyre Therapeutics passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.09x

For every $1 of reported earnings, Spyre Therapeutics generates $1.09 in operating cash flow ($169K OCF vs $155K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$886

Spyre Therapeutics generated $886 in revenue in fiscal year 2025.

EBITDA

$210K

YoY+100.1%

Spyre Therapeutics's EBITDA was $210K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 100.1% from the prior year.

Free Cash Flow

N/A

Net Income

$155K

YoY+100.1%

Spyre Therapeutics reported $155K in net income in fiscal year 2025. This represents an increase of 100.1% from the prior year.

EPS (Diluted)

$79.02

Spyre Therapeutics earned $79.02 per diluted share (EPS) in fiscal year 2025.

Cash & Debt

$86K

YoY-99.9%

5Y CAGR-75.1%

10Y CAGR-44.2%

Spyre Therapeutics held $86K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

79M

YoY+30.3%

Spyre Therapeutics had 79M shares outstanding in fiscal year 2025. This represents an increase of 30.3% from the prior year.

Gross Margin

N/A

Operating Margin

23652.6%

Spyre Therapeutics's operating margin was 23652.6% in fiscal year 2025, reflecting core business profitability.

Net Margin

17517.3%

Spyre Therapeutics's net profit margin was 17517.3% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

21.7%

Spyre Therapeutics's ROE was 21.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

R&D Spending

$132K

YoY-99.9%

5Y CAGR-70.5%

10Y CAGR-36.0%

Spyre Therapeutics invested $132K in research and development in fiscal year 2025. This represents a decrease of 99.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

SYRE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$886	$0-100.0%	$886K-62.0%	$2.3M-87.6%	$18.7M	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$132K-99.9%	$162.8M+81.9%	$89.5M+52.8%	$58.6M+2.6%	$57.1M-4.3%	$59.6M
SG&A Expenses	$48K-99.9%	$45.8M+14.6%	$39.9M+40.0%	$28.5M+4.4%	$27.3M+25.1%	$21.8M
Operating Income	$210K+100.1%	-$208.6M+13.9%	-$242.3M-185.8%	-$84.8M-29.1%	-$65.6M+19.4%	-$81.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$15-100.0%	$51K+296.2%	-$26K+80.9%	-$136K-196.5%	$141K	$0
Net Income	$155K+100.1%	-$208.0M+38.6%	-$338.8M-304.2%	-$83.8M-27.4%	-$65.8M+18.7%	-$80.9M
EPS (Diluted)	$79.02	N/A	$13.76	$-24.86+0.6%	$-25.02-1546.1%	$-1.52

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	N/A	$0	$0	$0	$0	$0-100.0%	$688K+247.5%	$198K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$45.2M-10.4%	$50.5M+54.7%	$32.6M-6.6%	$34.9M+3.7%	$33.7M+36.6%	$24.7M+41.8%	$17.4M+26.2%	$13.8M
SG&A Expenses	$11.6M+8.1%	$10.8M-6.4%	$11.5M-10.4%	$12.8M-8.7%	$14.1M+63.9%	$8.6M-28.8%	$12.1M+130.7%	$5.2M
Operating Income	-$56.9M+7.1%	-$61.3M-38.7%	-$44.1M+7.6%	-$47.8M-4.1%	-$45.9M-150.4%	-$18.3M+88.5%	-$159.2M-746.8%	-$18.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0-100.0%	$1K	$0-100.0%	$32K	$0-100.0%	$3K-57.1%	$7K+119.4%	-$36K
Net Income	-$11.2M+80.1%	-$56.3M-45.0%	-$38.8M+11.4%	-$43.9M+30.6%	-$63.2M-57.5%	-$40.1M+81.5%	-$217.1M-1078.4%	-$18.4M
EPS (Diluted)	N/A	$1.06+79.7%	$0.59-18.1%	$0.72+103.2%	$-22.35	$0.86	$40.14+920.9%	$-4.89

SYRE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$778K-99.9%	$608.5M+78.0%	$341.9M+380.5%	$71.1M-35.3%	$109.9M-32.0%	$161.6M
Current Assets	$778K-99.9%	$608.5M+78.2%	$341.5M+448.6%	$62.3M-37.0%	$98.9M-34.0%	$149.8M
Cash & Equivalents	$86K-99.9%	$89.4M-52.7%	$188.9M+441.8%	$34.9M+130.2%	$15.1M-83.2%	$90.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$63K-99.9%	$90.7M-42.6%	$157.8M+657.4%	$20.8M-19.8%	$26.0M+19.3%	$21.8M
Current Liabilities	$59K-99.9%	$54.1M+69.1%	$32.0M+118.2%	$14.7M-27.2%	$20.1M+22.5%	$16.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$715K-99.9%	$517.8M+181.4%	$184.0M+265.8%	$50.3M-40.1%	$83.9M-40.0%	$139.8M
Retained Earnings	$1.1M+100.1%	-$972.4M-27.2%	-$764.4M-79.6%	-$425.6M-24.5%	-$341.8M-23.8%	-$276.0M

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Total Assets	$504.6M-17.1%	$608.5M+39.5%	$436.1M-10.6%	$487.6M+42.6%	$341.9M+64.9%	$207.3M-14.9%	$243.5M+364.3%	$52.5M
Current Assets	$504.6M-17.1%	$608.5M+39.6%	$435.7M-10.6%	$487.3M+42.7%	$341.5M+65.8%	$205.9M-14.1%	$239.9M+440.6%	$44.4M
Cash & Equivalents	$64.9M-27.4%	$89.4M+98.1%	$45.1M-80.2%	$227.6M+20.5%	$188.9M+108.5%	$90.6M-61.5%	$235.4M+567.8%	$35.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$49.5M-45.4%	$90.7M+47.0%	$61.7M-81.6%	$335.3M+112.4%	$157.8M-65.1%	$452.7M+0.4%	$450.9M+2298.3%	$18.8M
Current Liabilities	$46.3M-14.4%	$54.1M+144.4%	$22.1M-48.3%	$42.8M+33.9%	$32.0M-28.7%	$44.9M-80.7%	$232.2M+1737.7%	$12.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$455.1M-12.1%	$517.8M+38.3%	$374.4M+145.9%	$152.3M-17.3%	$184.0M+175.0%	-$245.4M-18.3%	-$207.4M-716.2%	$33.7M
Retained Earnings	-$1.1B-9.5%	-$972.4M-14.8%	-$847.1M-4.8%	-$808.3M-5.7%	-$764.4M-9.0%	-$701.2M-6.1%	-$661.1M-48.9%	-$444.0M

SYRE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$169K+100.1%	-$157.4M-57.6%	-$99.9M-24.7%	-$80.1M-49.2%	-$53.7M+29.1%	-$75.8M
Capital Expenditures	N/A	$0	$0-100.0%	$38K-93.4%	$573K-86.6%	$4.3M
Free Cash Flow	N/A	-$157.4M-57.6%	-$99.9M-24.6%	-$80.2M-47.7%	-$54.3M+32.2%	-$80.1M
Investing Cash Flow	$143K+100.0%	-$353.3M-225.9%	-$108.4M-290.1%	$57.0M+352.0%	-$22.6M-197.5%	-$7.6M
Financing Cash Flow	$309K-99.9%	$410.9M+13.8%	$361.1M+746.0%	$42.7M+2963.7%	$1.4M-99.1%	$154.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Operating Cash Flow	-$37.1M+0.2%	-$37.2M+40.2%	-$62.2M-118.1%	-$28.5M+8.0%	-$31.0M+10.3%	-$34.6M-107.9%	-$16.6M+5.6%	-$17.6M
Capital Expenditures	N/A	N/A	N/A	N/A	$0	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	-$31.0M	N/A	N/A	N/A
Investing Cash Flow	$25.0M+114.7%	-$170.5M-41.5%	-$120.5M-14.8%	-$105.0M-197.6%	-$35.3M+63.9%	-$97.6M-1544.2%	$6.8M-61.9%	$17.8M
Financing Cash Flow	-$4.6M-102.1%	$225.6M+62566.9%	$360K-99.8%	$172.2M+5.2%	$163.6M+1405.6%	-$12.5M-106.0%	$210.0M+2099820.0%	$10K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SYRE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	23652.6%	N/A	-27348.0%-23707.7pp	-3640.2%-3289.9pp	-350.3%	N/A
Net Margin	17517.3%	N/A	-38238.2%-34639.4pp	-3598.7%-3247.6pp	-351.1%	N/A
Return on Equity	21.7%	N/A	N/A	N/A	N/A	N/A
Return on Assets	20.0%+54.1pp	-34.2%+64.9pp	-99.1%+18.7pp	-117.8%-57.9pp	-59.9%-9.8pp	-50.0%
Current Ratio	13.25+2.0	11.26+0.6	10.68+6.4	4.25-0.7	4.91-4.2	9.11
Debt-to-Equity	0.09-0.1	0.18-0.7	0.86+0.4	0.41+0.1	0.31+0.2	0.16
FCF Margin	N/A	N/A	-11276.5%-7833.7pp	-3442.8%-3153.1pp	-289.7%	N/A

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	-23146.2%-13648.2pp	-9498.0%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	-31552.5%-22248.4pp	-9304.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.2%+7.0pp	-9.3%-0.3pp	-8.9%+0.1pp	-9.0%+9.5pp	-18.5%+0.9pp	-19.4%+69.8pp	-89.1%-54.0pp	-35.1%
Current Ratio	10.90-0.4	11.26-8.4	19.70+8.3	11.38+0.7	10.68+6.1	4.59+3.6	1.03-2.5	3.51
Debt-to-Equity	0.11-0.1	0.18+0.0	0.16-2.0	2.20+1.3	0.86+2.7	-1.84+0.3	-2.17-2.7	0.56
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Spyre Therapeutics's annual revenue?

Spyre Therapeutics (SYRE) reported $886 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Spyre Therapeutics profitable?

Yes, Spyre Therapeutics (SYRE) reported a net income of $155K in fiscal year 2025, with a net profit margin of 17517.3%.

What is Spyre Therapeutics's earnings per share (EPS)?

Spyre Therapeutics (SYRE) reported diluted earnings per share of $79.02 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Spyre Therapeutics's EBITDA?

Spyre Therapeutics (SYRE) had EBITDA of $210K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Spyre Therapeutics's operating margin?

Spyre Therapeutics (SYRE) had an operating margin of 23652.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Spyre Therapeutics's net profit margin?

Spyre Therapeutics (SYRE) had a net profit margin of 17517.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Spyre Therapeutics's return on equity (ROE)?

Spyre Therapeutics (SYRE) has a return on equity of 21.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Spyre Therapeutics's operating cash flow?

Spyre Therapeutics (SYRE) generated $169K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Spyre Therapeutics's total assets?

Spyre Therapeutics (SYRE) had $778K in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Spyre Therapeutics spend on research and development?

Spyre Therapeutics (SYRE) invested $132K in research and development during fiscal year 2025.

How many shares does Spyre Therapeutics have outstanding?

Spyre Therapeutics (SYRE) had 79M shares outstanding as of fiscal year 2025.

What is Spyre Therapeutics's current ratio?

Spyre Therapeutics (SYRE) had a current ratio of 13.25 as of fiscal year 2025, which is generally considered healthy.

What is Spyre Therapeutics's debt-to-equity ratio?

Spyre Therapeutics (SYRE) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Spyre Therapeutics's return on assets (ROA)?

Spyre Therapeutics (SYRE) had a return on assets of 20.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Spyre Therapeutics's Altman Z-Score?

Spyre Therapeutics (SYRE) has an Altman Z-Score of 27247.19, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Spyre Therapeutics's Piotroski F-Score?

Spyre Therapeutics (SYRE) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Spyre Therapeutics's earnings high quality?

Spyre Therapeutics (SYRE) has an earnings quality ratio of 1.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Spyre Therapeutics?

Spyre Therapeutics (SYRE) scores 97 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.