Spyre Therapeutics Financials

SYRE

FY2025 annual

Revenue $0 YoY not available

Net Income -$155.2M +25.4% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Spyre Therapeutics (SYRE) reported $0 in revenue for fiscal year 2025. This page shows its 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 2026-08-26

Spyre’s development-stage model absorbs cash through research spending while external financing supplies balance-sheet capacity.

Net loss narrowed from -$208.0M in FY2024 to -$155.2M in FY2025, but that accounting improvement did not translate into better cash conversion. Operating cash flow moved from -$157.4M to -$169.3M, indicating that ongoing operating investment still consumed more cash despite the smaller reported loss.

Research and development rose from $162.8M in FY2024 to $171.7M in FY2025, showing that the company’s central operating commitment continued expanding. In FY2025, R&D materially outweighed SG&A, so the cost structure is concentrated in development rather than commercial overhead.

Leverage declined as debt-to-equity fell from 0.2x in FY2024 to 0.1x in FY2025, making equity the dominant apparent funding source. A 13.3x current ratio coexisted with $309.0M of financing cash flow in FY2025, consistent with near-term balance-sheet capacity being supplied through financing rather than internally generated cash.

Financial Health Signals

Financial health score not available

Spyre Therapeutics does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Safe

77.37

Spyre Therapeutics scores 77.37, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($8.3B) relative to total liabilities ($62.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/7

Spyre Therapeutics passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

Spyre Therapeutics reported a net loss of $155.2M while operations used $169.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

Export CSV

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)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$85.7M

YoY-4.1%

5Y CAGR-1.0%

10Y CAGR+11.3%

Spyre Therapeutics held $85.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.

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.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

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

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

SYRE Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SYRE quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Revenue	N/A	$0	$0-100.0%	$886K-62.0%	$2.3M-87.6%	$18.7M	$0	$0-100.0%	$3.9M-25.3%	$5.2M+12.5%	$4.6M	N/A	N/A
R&D Expenses	N/A	$171.7M+5.4%	$162.8M+81.9%	$89.5M+52.8%	$58.6M+2.6%	$57.1M-4.3%	$59.6M-7.7%	$64.6M+75.9%	$36.7M+60.9%	$22.8M+25.8%	$18.1M+58.4%	$11.5M+67.7%	$6.8M
SG&A Expenses	N/A	$47.9M+4.7%	$45.8M+14.6%	$39.9M+40.0%	$28.5M+4.4%	$27.3M+25.1%	$21.8M+38.8%	$15.7M+24.6%	$12.6M+25.5%	$10.1M+20.0%	$8.4M+41.1%	$5.9M+186.7%	$2.1M
Operating Income	N/A	-$209.6M-0.5%	-$208.6M+13.9%	-$242.3M-185.8%	-$84.8M-29.1%	-$65.6M+19.4%	-$81.5M-1.4%	-$80.3M-76.7%	-$45.5M-64.3%	-$27.7M-26.3%	-$21.9M-93.6%	-$11.3M-27.1%	-$8.9M
Income Tax	N/A	-$15K-129.4%	$51K+296.2%	-$26K+80.9%	-$136K-196.5%	$141K	$0	$0	$0	$0	$0	$0	$0
Net Income	N/A	-$155.2M+25.4%	-$208.0M+38.6%	-$338.8M-304.2%	-$83.8M-27.4%	-$65.8M+18.7%	-$80.9M-3.4%	-$78.3M-76.5%	-$44.3M-62.8%	-$27.2M-25.5%	-$21.7M-92.1%	-$11.3M-9.2%	-$10.3M
EPS (Diluted)	—	N/A	N/A	$13.76	-$24.86+0.6%	-$25.02	-$1.52	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
R&D Expenses	$65.5M+8.4%	$60.4M	N/A	$45.2M+12.7%	$40.1M-3.6%	$41.6M	N/A	$44.7M
SG&A Expenses	$16.1M+5.9%	$15.2M	N/A	$11.6M-1.3%	$11.8M-1.3%	$11.9M	N/A	$10.6M
Operating Income	-$41.6M+8.8%	-$45.6M	N/A	-$56.9M-35.7%	-$41.9M+21.7%	-$53.6M	N/A	-$55.4M
Income Tax	$0	$0	N/A	$0	$0+100.0%	-$15K	N/A	$18K
Net Income	-$36.2M+47.5%	-$69.0M	N/A	-$11.2M+69.5%	-$36.7M+18.0%	-$44.8M	N/A	-$69.0M
EPS (Diluted)	N/A	-$0.74	N/A	N/A	N/A	N/A	N/A	$1.06

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.

SYRE Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SYRE quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Total Assets	$777.8M+27.8%	$608.5M+78.0%	$341.9M+380.5%	$71.1M-35.3%	$109.9M-32.0%	$161.6M+94.3%	$83.2M+7.0%	$77.7M+38.6%	$56.1M-16.4%	$67.1M+73.5%	$38.7M	N/A
Current Assets	$777.8M+27.8%	$608.5M+78.2%	$341.5M+448.6%	$62.3M-37.0%	$98.9M-34.0%	$149.8M+101.0%	$74.5M-2.8%	$76.7M+39.4%	$55.0M-17.2%	$66.4M+73.5%	$38.3M	N/A
Cash & Equivalents	$85.7M-4.1%	$89.4M-52.7%	$188.9M+441.8%	$34.9M+130.2%	$15.1M-83.2%	$90.1M+368.0%	$19.3M-14.3%	$22.5M+75.2%	$12.8M-73.2%	$47.7M+63.0%	$29.3M+1019.8%	$2.6M
Total Liabilities	$62.5M-31.0%	$90.7M-42.6%	$157.8M+657.4%	$20.8M-19.8%	$26.0M+19.3%	$21.8M-5.7%	$23.1M+124.1%	$10.3M+79.6%	$5.7M+40.1%	$4.1M-93.3%	$60.9M	N/A
Current Liabilities	$58.7M+8.6%	$54.1M+69.1%	$32.0M+118.2%	$14.7M-27.2%	$20.1M+22.5%	$16.4M-10.4%	$18.4M+79.3%	$10.2M+81.9%	$5.6M+42.0%	$4.0M+57.2%	$2.5M	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+132.7%	$60.1M-10.9%	$67.4M+34.0%	$50.3M-20.1%	$63.0M+383.5%	-$22.2M-93.6%	-$11.5M
Retained Earnings	-$1.1B-16.0%	-$972.4M-27.2%	-$764.4M-79.6%	-$425.6M-24.5%	-$341.8M-23.8%	-$276.0M-41.5%	-$195.1M-67.0%	-$116.9M-61.2%	-$72.5M-60.2%	-$45.3M-92.0%	-$23.6M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$1.2B+53.5%	$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
Current Assets	$1.2B+53.5%	$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
Cash & Equivalents	$162.0M+66.7%	$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
Total Liabilities	$71.9M-22.8%	$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
Current Liabilities	$63.3M-25.7%	$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
Total Equity	$1.1B+64.2%	$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
Retained Earnings	-$1.2B-3.0%	-$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

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

SYRE Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SYRE quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Operating Cash Flow	-$208.9M	-$169.3M-7.5%	-$157.4M-57.6%	-$99.9M-24.7%	-$80.1M-49.2%	-$53.7M+29.1%	-$75.8M-15.3%	-$65.7M-104.1%	-$32.2M-30.8%	-$24.6M-30.7%	-$18.8M-71.6%	-$11.0M-49.7%	-$7.3M
Capital Expenditures	N/A	N/A	$0	$0-100.0%	$38K-93.4%	$573K-86.6%	$4.3M+186.9%	$1.5M+253.6%	$422K-31.8%	$619K+192.0%	$212K+1.9%	$208K+14.9%	$181K
Free Cash Flow	N/A	N/A	-$157.4M-57.6%	-$99.9M-24.6%	-$80.2M-47.7%	-$54.3M+32.2%	-$80.1M-19.2%	-$67.2M-106.0%	-$32.6M-29.3%	-$25.2M-32.4%	-$19.1M-70.3%	-$11.2M-48.9%	-$7.5M
Investing Cash Flow	-$463.7M	-$143.5M+59.4%	-$353.3M-225.9%	-$108.4M-290.1%	$57.0M+352.0%	-$22.6M-197.5%	-$7.6M-337.3%	-$1.7M+88.6%	-$15.2M+32.4%	-$22.5M-86.6%	-$12.1M	N/A	N/A
Financing Cash Flow	$753.0M	$309.0M-24.8%	$410.9M+13.8%	$361.1M+746.0%	$42.7M+2963.7%	$1.4M-99.1%	$154.5M+135.1%	$65.7M+15.2%	$57.1M+367.3%	$12.2M-75.3%	$49.4M	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$69.9M-21.8%	-$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
Investing Cash Flow	-$297.9M-626.5%	$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
Financing Cash Flow	$432.6M+3430.0%	$12.3M-96.1%	$312.8M+6837.3%	-$4.6M-735.2%	$731K+484.8%	$125K-99.9%	$225.6M+1665.3%	$12.8M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

SYRE Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

SYRE quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Operating Margin	N/A	N/A	-27348.0%	-3640.2%	-350.3%	N/A	N/A	-1169.3%	-531.7%	-473.3%	N/A	N/A
Net Margin	N/A	N/A	-38238.2%	-3598.7%	-351.1%	N/A	N/A	-1140.6%	-523.3%	-468.8%	N/A	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%+72.4pp	-130.3%-64.5pp	-65.8%-11.7pp	-54.1%-19.7pp	-34.5%	N/A	N/A
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%+44.0pp	-94.1%-37.0pp	-57.0%-8.5pp	-48.6%-16.2pp	-32.4%-3.1pp	-29.2%	N/A
Current Ratio	13.25+2.0x	11.26+0.6x	10.68+6.4x	4.25-0.7x	4.91-4.2x	9.11+5.1x	4.06-3.4x	7.49-2.3x	9.77-7.0x	16.75+1.6x	15.17	N/A
Debt-to-Equity	0.09-0.1x	0.18-0.7x	0.86+0.4x	0.41+0.1x	0.31+0.2x	0.16-0.2x	0.38+0.2x	0.150.0x	0.110.0x	0.07	N/A	N/A
FCF Margin	N/A	N/A	-11276.5%	-3442.8%	-289.7%	N/A	N/A	-838.9%	-484.8%	-411.7%	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-3.3%+7.0pp	-10.3%	N/A	-2.5%+5.6pp	-8.1%+1.2pp	-9.3%	N/A	-21.1%
Return on Assets	-3.1%+5.9pp	-9.0%	N/A	-2.2%+4.6pp	-6.8%+1.1pp	-7.9%	N/A	-16.4%
Current Ratio	18.53+9.6x	8.97-4.3x	13.25+2.3x	10.90+4.4x	6.49-1.6x	8.06-3.2x	11.26+3.9x	7.32
Debt-to-Equity	0.07-0.1x	0.14+0.1x	0.090.0x	0.11-0.1x	0.180.0x	0.180.0x	0.18-0.1x	0.29

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.

Similar Companies

UpStream Bio Inc. UPB

$390.5M

Verve Therapeutics, Inc. VERV

$994.0M

Arbutus Biopharm ABUS

$1.0B

Urogen Pharma URGN

$2.2B

Rapport Therapeutics Inc RAPP

$2.5B

Where Spyre Therapeutics Ranks

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) recorded an outflow of $169.3M in operating cash flow during fiscal year 2025, representing cash used by 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.

How does Spyre Therapeutics's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Spyre Therapeutics (SYRE) held $756.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $169.3M over that year. Dividing the one by the other, the reported balance equals about 54 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Spyre Therapeutics's Altman Z-Score?

Spyre Therapeutics (SYRE) has an Altman Z-Score of 77.37, 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 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $155.2M while operations used $169.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.