Spyre Therapeutics, Inc. Announces Closing of Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares for Gross Proceeds of $316.2 Million

Rhea-AI Summary

Spyre Therapeutics (Nasdaq: SYRE) announced the closing of an underwritten public offering on Oct 15, 2025 of 17,094,594 shares of common stock, including the full exercise of a 2,229,729‑share underwriter option, at $18.50 per share. The offering generated approximately $316.2 million in gross proceeds before underwriting discounts, commissions and offering expenses. A Form S‑3 registration (File No. 333‑285341) became effective on Mar 7, 2025. Joint book‑running managers included Jefferies, TD Securities, Leerink Partners and Stifel; Wedbush acted as lead manager.

Positive

• Gross proceeds of approximately $316.2 million
• Offering size of 17,094,594 shares issued
• Underwriters’ option fully exercised for 2,229,729 shares
• Fixed public price of $18.50 per share

Negative

• Share issuance of 17,094,594 may dilute existing shareholders
• Proceeds reported before underwriting discounts, commissions, and expenses

Insights

Equity Capital Markets Strategist

Spyre completed a $316.2M follow-on offering, providing material cash inflow and expanding the public float.

Spyre Therapeutics, Inc. closed an underwritten public offering of $316.2 million gross proceeds on October 15, 2025, selling 17,094,594 shares at $18.50 per share, including the full exercise of the underwriters’ option for 2,229,729 additional shares. The company used a previously effective Form S-3 registration statement (effective March 7, 2025) and worked with multiple joint book-runners to execute the deal, which increases available capital and the number of shares outstanding.

The primary dependencies and risks are explicit in the filing mechanics: the net proceeds will be reduced by underwriting discounts, commissions and offering expenses, and the transaction dilutes existing holders because it increases the public float. Monitor the company’s subsequent SEC filings and the prospectus supplement for an explicit statement of how the proceeds will be allocated; that disclosure will determine near-term strategic impact and cash runway. Key near-term items to watch are any 8-K or S-3 prospectus filings detailing use of proceeds, changes to authorized shares, and quarterly filings that show updated cash and share-counts, particularly within the next reporting cycle (Q4 2025 timeframe).

WALTHAM, Mass., Oct. 15, 2025 (GLOBE NEWSWIRE) -- Spyre Therapeutics, Inc. (“Spyre” or the “Company”) (Nasdaq: SYRE), a clinical-stage biotechnology company advancing best-in-class antibody engineering, dose optimization, and rational therapeutic combinations for the treatment of Inflammatory Bowel Disease (“IBD”) and other immune-mediated diseases, today announced the closing of its previously announced underwritten public offering of 17,094,594 shares of its common stock, including the full exercise of the underwriters’ option to purchase up to 2,229,729 additional shares, at a public offering price per share of $18.50. The gross proceeds to Spyre from the offering were approximately $316.2 million before deducting underwriting discounts and commissions and other offering expenses payable by Spyre.

Jefferies LLC, TD Securities (USA) LLC, Leerink Partners LLC and Stifel, Nicolaus & Company, Incorporated acted as the joint book-running managers for the offering. Wedbush Securities Inc. acted as lead manager for the offering.

A registration statement on Form S-3 (File No. 333-285341) relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”) and became effective on March 7, 2025. This offering was solely by means of a prospectus supplement and accompanying prospectus. A final prospectus supplement and accompanying base prospectus relating to and describing the terms of the offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at TDManualrequest@broadridge.com; Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at syndicate@leerink.com or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, telephone: (415) 364‐2720 or by emailing syndprospectus@stifel.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Spyre Therapeutics

Spyre Therapeutics is a clinical-stage biotechnology company that aims to create the next-generation of inflammatory bowel disease (IBD) and other immune-mediated disease products by combining best-in-class antibody engineering, dose optimization, and rational therapeutic combinations. Spyre’s pipeline includes investigational extended half-life antibodies targeting α4β7, TL1A, and IL-23.

For Investors:
Eric McIntyre
VP of Finance and Investor Relations
Spyre Therapeutics
Eric.mcintyre@spyre.com

For Media:
Josie Butler, 1AB
josie@1abmedia.com

FAQ

How many shares did Spyre Therapeutics (SYRE) sell in the Oct 15, 2025 offering?

Spyre sold 17,094,594 shares, including a full exercise of a 2,229,729‑share underwriter option.

What was the public offering price for SYRE shares closed on Oct 15, 2025?

The public offering price was $18.50 per share.

How much gross capital did Spyre (SYRE) raise in the Oct 15, 2025 offering?

The offering generated approximately $316.2 million in gross proceeds before fees and expenses.

Were underwriting options exercised in Spyre’s Oct 15, 2025 deal (SYRE)?

Yes. The underwriters’ option to purchase 2,229,729 additional shares was fully exercised.

Where can investors find the Spyre (SYRE) prospectus for the Oct 15, 2025 offering?

The final prospectus supplement and base prospectus were filed with the SEC and are available on www.sec.gov.