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Spyre Therapeutics raises $463.5M stock offering

Spyre Therapeutics, Inc. entered an underwriting agreement for a public offering of 6,500,000 shares of common stock at $62.00 per share, plus a 30‑day option for 975,000 additional shares that the underwriters fully exercised.

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Spyre Therapeutics, Inc. entered an underwriting agreement for a public offering of 6,500,000 shares of common stock at $62.00 per share, plus a 30‑day option for 975,000 additional shares that the underwriters fully exercised. The offering, made off an effective Form S-3 shelf, closed with gross proceeds of about $463.5 million before fees and expenses. Spyre plans to use the net proceeds to advance its inflammatory bowel disease and rheumatic disease programs, including preclinical work, clinical trials, manufacturing and Phase 3 readiness for its antibody programs, and for working capital and general corporate purposes.

Positive

  • Raised approximately $463.5 million in gross proceeds through a fully subscribed underwritten equity offering, significantly strengthening Spyre Therapeutics’ cash resources for pipeline development.
  • Clear allocation of proceeds to key autoimmune programs, including preclinical studies, clinical trials, manufacturing and Phase 3 readiness for antibody therapies in inflammatory bowel and rheumatic diseases.

Negative

  • None.

Insights

Spyre raises $463.5M to fund late-stage autoimmune programs.

Spyre Therapeutics completed a marketed equity offering of 6.5M shares at $62.00 each, with underwriters fully exercising a 975k-share option. This generated gross proceeds of about $463.5 million, a substantial capital infusion for a clinical-stage biotech.

The company plans to direct the funds toward inflammatory bowel disease and rheumatic disease programs, covering preclinical studies, clinical trials, manufacturing, and Phase 3 readiness for antibody candidates. Allocating a portion to working capital and general corporate purposes provides additional balance-sheet flexibility.

Because the deal used an effective Form S-3 shelf and involved major underwriters, it reflects access to institutional capital. The actual long-term impact will depend on how efficiently Spyre converts this funding into successful late-stage trials and potential approvals in its targeted indications.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Primary shares offered 6,500,000 shares Common stock in underwritten public offering
Underwriters’ option shares 975,000 shares 30-day option, exercised in full
Public offering price $62.00 per share Common stock sold to public
Gross proceeds $463.5 million Before underwriting discounts and expenses
Shelf registration effective date February 27, 2026 Form S-3, File No. 333-293600
Underwriting agreement date April 14, 2026 Agreement between Spyre and underwriters
underwriting agreement financial
"entered into an underwriting agreement (the “Underwriting Agreement”) with Jefferies LLC"
An underwriting agreement is a contract where a company selling new stocks or bonds hires financial firms to buy those securities and resell them to investors. It matters because the agreement sets the offering price, number of securities, fees and which party bears the risk if sales fall short—think of it as a promise that the sale will happen and a roadmap investors can use to understand how the new securities reach the market.
shelf registration statement regulatory
"pursuant to the Company’s shelf registration statement on Form S-3"
A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.
prospectus supplement regulatory
"A final prospectus supplement dated April 14, 2026, relating to and describing the terms"
A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.
gross proceeds financial
"The gross proceeds to the Company from the Offering were approximately $463.5 million"
The total amount of cash a company receives from a financing event or sale before any fees, expenses, taxes or deductions are taken out. Investors watch gross proceeds because it shows the raw scale of new capital being raised—think of it as the paycheck amount before withholdings—which helps assess how much funding is available for operations, growth, debt payoff or how much shareholder dilution might occur once costs are removed.
Phase 3 readiness activities financial
"manufacturing, and Phase 3 readiness activities in support of its antibody programs"

FAQ

What equity offering did Spyre Therapeutics (SYRE) complete?
Spyre Therapeutics completed an underwritten public offering of 6,500,000 shares of common stock at $62.00 per share. Underwriters also exercised a 975,000-share option in full, expanding the total shares sold under the deal.

How much capital did Spyre Therapeutics (SYRE) raise in this offering?
The offering generated approximately $463.5 million in gross proceeds for Spyre Therapeutics. This amount is before deducting underwriting discounts, commissions, and estimated offering expenses associated with the transaction.

How will Spyre Therapeutics (SYRE) use the offering proceeds?
Spyre intends to use net proceeds to advance programs in inflammatory bowel disease and rheumatic diseases. Funds will support preclinical studies, clinical trials, manufacturing, Phase 3 readiness for antibody programs, plus working capital and general corporate purposes.

Which banks underwrote Spyre Therapeutics (SYRE)’s stock offering?
Jefferies LLC, Goldman Sachs & Co. LLC, Evercore Group L.L.C., and Guggenheim Securities, LLC acted as representatives of the underwriters. They entered an underwriting agreement with Spyre governing the terms of the stock offering.

Was Spyre Therapeutics (SYRE)’s stock sale made under a shelf registration?
Yes. The offering was conducted under Spyre’s shelf registration statement on Form S-3, File No. 333-293600. That registration was filed with the SEC on February 19, 2026 and became effective on February 27, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000163628200016362822026-04-142026-04-14

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________________
FORM 8-K
_______________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 14, 2026
_______________________________________________________
SPYRE THERAPEUTICS, INC.
(Exact name of Registrant as Specified in Its Charter)
_______________________________________________________
Delaware001-3772246-4312787
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(IRS Employer
Identification No.)
221 Crescent Street
Building 23
Suite 105
 
Waltham, MA
 
02453
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: 617 651-5940
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
_______________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 Par Value Per Share
SYRE
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 1.01 Entry into a Material Definitive Agreement
On April 14, 2026, Spyre Therapeutics, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Jefferies LLC, Goldman Sachs & Co. LLC, Evercore Group L.L.C. and Guggenheim Securities, LLC, as the representatives of the underwriters named therein (the “Underwriters”), relating to the offer and sale (the “Offering”) of 6,500,000 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a public offering price of $62.00 per share. In addition, the Company granted the Underwriters a 30-day option (the “Option”) to purchase up to an additional 975,000 shares of Common Stock on the same terms and conditions as the Common Stock sold in the Offering, which the Underwriters exercised in full on April 15, 2026. The Offering closed on April 16, 2026.
The gross proceeds to the Company from the Offering were approximately $463.5 million, before deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds of the offering to continue to advance its programs in inflammatory bowel disease and rheumatic diseases, including to fund preclinical studies, clinical trials, manufacturing, and Phase 3 readiness activities in support of its antibody programs, as well as for working capital and general corporate purposes.
The Offering was made pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-293600), which was previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 19, 2026, and became effective on February 27, 2026. A final prospectus supplement dated April 14, 2026, relating to and describing the terms of the Offering was filed with the SEC on April 16, 2026.
The Underwriting Agreement contains customary representations and warranties, agreements and obligations, conditions to closing and termination provisions. In the Underwriting Agreement, the Company agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended, or to contribute payments that the Underwriters may be required to make because of such liabilities.
A copy of the Underwriting Agreement is filed as Exhibit 1.1 and is incorporated herein by reference. The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.
An opinion dated April 16, 2026 relating to the legality of the issuance and sale of the Common Stock in the Offering is filed herewith as Exhibit 5.1.
This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor shall there be any sale of such 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.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number		Description
1.1
Underwriting Agreement, by and among the Company and Jefferies LLC, Goldman Sachs & Co. LLC, Evercore Group L.L.C. and Guggenheim Securities, LLC, dated as of April 14, 2026
5.1
Opinion of Ropes & Gray LLP
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SPYRE THERAPEUTICS, INC.
Date: April 16, 2026By:/s/ Cameron Turtle
Cameron Turtle
Chief Executive Officer

Source: View Original Filing on SEC EDGAR

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