Spyre Therapeutics Financials

SYRE

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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).

Rhea AI SYRE FY2025 2026-05-05

External financing, not sales, is the core engine funding this R&D-heavy balance sheet build.

FY2025 financing inflow of $309M more than covered operating cash burn of -$169M, so the business was still being funded by new capital rather than customer receipts. That capital did more than absorb losses: total assets climbed to $778M while total liabilities fell to $63M, showing a larger and less levered funding base at the same time.

Spending mix is overwhelmingly developmental, with FY2025 R&D expense at $172M versus SG&A of $48M, so the cost base is built to advance programs rather than support a commercial footprint. The same pattern showed up in FY2023, when revenue was only $886K against R&D of $90M; this is still a company whose economics are defined by development spending, not product demand.

Liquidity posture is unusually strong for a cash-burning company: the current ratio reached 13.3x and debt-to-equity fell to 0.1x, which means near-term obligations are not the main constraint. What matters instead is cash-consumption pace: operating cash flow moved from -$157M to -$169M between FY2024 and FY2025, so continued operations still rely on periodic external funding.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Spyre Therapeutics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

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 generates a -21.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -40.2% the prior year.

Piotroski F-Score Weak

2/9

Spyre Therapeutics passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

1.09x

For every $1 of reported earnings, Spyre Therapeutics generates $1.09 in operating cash flow (-$169.3M OCF vs -$155.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

Spyre Therapeutics generated $0 in revenue in fiscal year 2025.

EBITDA

-$209.6M

YoY-0.5%

Spyre Therapeutics's EBITDA was -$209.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.5% from the prior year.

Net Income

-$155.2M

YoY+25.4%

Spyre Therapeutics reported -$155.2M in net income in fiscal year 2025. This represents an increase of 25.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$85.7M

YoY-4.1%

5Y CAGR-1.0%

10Y CAGR+11.3%

Spyre Therapeutics held $85.7M 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.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-21.7%

YoY+18.5pp

5Y CAGR+36.2pp

Spyre Therapeutics's ROE was -21.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 18.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$171.7M

YoY+5.4%

5Y CAGR+23.5%

10Y CAGR+31.1%

Spyre Therapeutics invested $171.7M in research and development in fiscal year 2025. This represents an increase of 5.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

SYRE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$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	$171.7M+5.4%	$162.8M+81.9%	$89.5M+52.8%	$58.6M+2.6%	$57.1M-4.3%	$59.6M
SG&A Expenses	$47.9M+4.7%	$45.8M+14.6%	$39.9M+40.0%	$28.5M+4.4%	$27.3M+25.1%	$21.8M
Operating Income	-$209.6M-0.5%	-$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	-$15K-129.4%	$51K+296.2%	-$26K+80.9%	-$136K-196.5%	$141K	$0
Net Income	-$155.2M+25.4%	-$208.0M+38.6%	-$338.8M-304.2%	-$83.8M-27.4%	-$65.8M+18.7%	-$80.9M
EPS (Diluted)	N/A	N/A	$13.76	$-24.86+0.6%	$-25.02-1546.1%	$-1.52

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
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	$60.4M	N/A	$45.2M+12.7%	$40.1M-3.6%	$41.6M	N/A	$44.7M+37.1%	$32.6M
SG&A Expenses	$15.2M	N/A	$11.6M-1.3%	$11.8M-1.3%	$11.9M	N/A	$10.6M-7.5%	$11.5M
Operating Income	-$45.6M	N/A	-$56.9M-35.7%	-$41.9M+21.7%	-$53.6M	N/A	-$55.4M-25.5%	-$44.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	$0	$0+100.0%	-$15K	N/A	$18K	$0
Net Income	-$69.0M	N/A	-$11.2M+69.5%	-$36.7M+18.0%	-$44.8M	N/A	-$69.0M-77.7%	-$38.8M
EPS (Diluted)	$-0.74	N/A	N/A	N/A	N/A	N/A	$1.06+79.7%	$0.59

SYRE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$777.8M+27.8%	$608.5M+78.0%	$341.9M+380.5%	$71.1M-35.3%	$109.9M-32.0%	$161.6M
Current Assets	$777.8M+27.8%	$608.5M+78.2%	$341.5M+448.6%	$62.3M-37.0%	$98.9M-34.0%	$149.8M
Cash & Equivalents	$85.7M-4.1%	$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	$62.5M-31.0%	$90.7M-42.6%	$157.8M+657.4%	$20.8M-19.8%	$26.0M+19.3%	$21.8M
Current Liabilities	$58.7M+8.6%	$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	$715.2M+38.1%	$517.8M+181.4%	$184.0M+265.8%	$50.3M-40.1%	$83.9M-40.0%	$139.8M
Retained Earnings	-$1.1B-16.0%	-$972.4M-27.2%	-$764.4M-79.6%	-$425.6M-24.5%	-$341.8M-23.8%	-$276.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$764.0M-1.8%	$777.8M+54.1%	$504.6M-6.4%	$538.8M-5.4%	$569.8M-6.4%	$608.5M+44.5%	$421.1M-3.4%	$436.1M
Current Assets	$764.0M-1.8%	$777.8M+54.1%	$504.6M-6.4%	$538.8M-5.4%	$569.8M-6.4%	$608.5M+44.5%	$421.1M-3.4%	$435.7M
Cash & Equivalents	$97.2M+13.4%	$85.7M+32.1%	$64.9M-20.5%	$81.7M+68.4%	$48.5M-45.8%	$89.4M+24.9%	$71.6M+58.6%	$45.1M
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	$93.1M+48.9%	$62.5M+26.3%	$49.5M-40.4%	$83.1M-4.7%	$87.2M-3.9%	$90.7M-3.2%	$93.7M+51.9%	$61.7M
Current Liabilities	$85.2M+45.1%	$58.7M+26.8%	$46.3M-44.3%	$83.1M+17.5%	$70.7M+30.7%	$54.1M-6.0%	$57.5M+160.1%	$22.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$670.8M-6.2%	$715.2M+57.2%	$455.1M-0.1%	$455.8M-5.6%	$482.6M-6.8%	$517.8M+58.2%	$327.4M-12.6%	$374.4M
Retained Earnings	-$1.2B-6.1%	-$1.1B-5.9%	-$1.1B-1.1%	-$1.1B-3.6%	-$1.0B-4.6%	-$972.4M-6.1%	-$916.1M-8.1%	-$847.1M

SYRE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$169.3M-7.5%	-$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	-$143.5M+59.4%	-$353.3M-225.9%	-$108.4M-290.1%	$57.0M+352.0%	-$22.6M-197.5%	-$7.6M
Financing Cash Flow	$309.0M-24.8%	$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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$57.4M-28.7%	-$44.6M-20.1%	-$37.1M+20.3%	-$46.6M-13.6%	-$41.0M-10.2%	-$37.2M-26.4%	-$29.4M+52.7%	-$62.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$56.6M+122.9%	-$247.4M-1089.7%	$25.0M-68.4%	$79.0M+129604.9%	-$61K+100.0%	-$170.5M-499.0%	$42.7M+135.5%	-$120.5M
Financing Cash Flow	$12.3M-96.1%	$312.8M+6837.3%	-$4.6M-735.2%	$731K+484.8%	$125K-99.9%	$225.6M+1665.3%	$12.8M+3450.0%	$360K
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	N/A	N/A	-27348.0%-23707.7pp	-3640.2%-3289.9pp	-350.3%	N/A
Net Margin	N/A	N/A	-38238.2%-34639.4pp	-3598.7%-3247.6pp	-351.1%	N/A
Return on Equity	-21.7%+18.5pp	-40.2%+143.9pp	-184.1%-17.5pp	-166.6%-88.2pp	-78.4%-20.5pp	-57.9%
Return on Assets	-20.0%+14.2pp	-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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-10.3%	N/A	-2.5%+5.6pp	-8.1%+1.2pp	-9.3%	N/A	-21.1%-10.7pp	-10.4%
Return on Assets	-9.0%	N/A	-2.2%+4.6pp	-6.8%+1.1pp	-7.9%	N/A	-16.4%-7.5pp	-8.9%
Current Ratio	8.97-4.3	13.25+2.3	10.90+4.4	6.49-1.6	8.06-3.2	11.26+3.9	7.32-12.4	19.70
Debt-to-Equity	0.14+0.1	0.09-0.0	0.11-0.1	0.180.0	0.180.0	0.18-0.1	0.29+0.1	0.16
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 $0 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?

No, Spyre Therapeutics (SYRE) reported a net income of -$155.2M in fiscal year 2025.

What is Spyre Therapeutics's EBITDA?

Spyre Therapeutics (SYRE) had EBITDA of -$209.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

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 -$169.3M 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 $777.8M 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 $171.7M 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 cash runway?

Based on fiscal year 2025 data, Spyre Therapeutics (SYRE) had $85.7M in cash against an annual operating cash burn of $169.3M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Spyre Therapeutics's Piotroski F-Score?

Spyre Therapeutics (SYRE) has a Piotroski F-Score of 2 out of 9, indicating weak 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 to 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 low quality (accrual-driven). 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 33 out of 100 on our Financial Profile, indicating weak 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.