The firm maintains a debt-free capital structure but faces significant equity erosion, with total equity declining from $715.2M in 2025Q4 to $670.8M in 2026Q1 due to ongoing operational losses.
| Total Current Assets | 763.95M | 777.78M | 608.47M | 341.53M | 62.26M | 98.89M | 149.79M | 74.5M | 76.67M | 54.99M | 66.42M | 38.29M | 2.73M |
| Cash & Short-Term Investments | 741.47M | 756.53M | 603.09M | 339.28M | 55.71M | 93.13M | 146.27M | 71.95M | 74.51M | 50.3M | 63.5M | 33.06M | 2.62M |
| Cash Only | 97.19M | 85.72M | 89.42M | 188.89M | 34.86M | 15.14M | 90.09M | 19.25M | 22.46M | 12.82M | 47.75M | 29.29M | 2.62M |
| Short-Term Investments | 644.28M | 670.81M | 513.66M | 150.38M | 20.85M | 77.99M | 56.18M | 52.7M | 52.05M | 37.48M | 15.75M | 3.77M | 0 |
| Accounts Receivable | 4.6M | 0 | 0 | 0 | 375K | 815K | 0 | 0 | 0 | 3.08M | 1.22M | 1.7M | 0 |
| Days Sales Outstanding | 4.64 | - | - | - | 58.77 | 15.87 | - | - | - | 215.84 | 95.82 | 101.79 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 17.89M | 21.25M | 5.39M | 2.25M | 6.17M | 0 | 0 | 0 | 0 | 0 | 0 | 2.62M | 40K |
| Total Non-Current Assets | 0 | 0 | 10K | 331K | 8.89M | 11.04M | 11.83M | 8.68M | 1.07M | 1.09M | 639K | 368K | 200K |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 6.65M | 8.36M | 9.87M | 7.11M | 1.02M | 854K | 599K | 348K | 162K |
| Fixed Asset Turnover | - | - | - | - | 0.35x | 2.24x | - | - | 3.82x | 6.09x | 7.73x | 17.49x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 10K | 331K | 2.24M | 2.68M | 1.96M | 1.57M | 50K | 232K | 40K | 20K | 38K |
| Total Assets | 763.95M | 777.78M | 608.48M | 341.86M | 71.14M | 109.93M | 161.62M | 83.18M | 77.74M | 56.08M | 67.06M | 38.65M | 2.93M |
| Asset Turnover | 0.14x | - | - | 0.00x | 0.03x | 0.17x | - | - | 0.05x | 0.09x | 0.07x | 0.16x | - |
| Asset Growth % | 105.3% | 27.82% | 77.99% | 380.52% | -35.28% | -31.98% | 94.29% | 7% | 38.63% | -16.38% | 73.5% | 1219.25% | - |
| Total Current Liabilities | 85.16M | 58.69M | 54.06M | 31.98M | 14.66M | 20.14M | 16.44M | 18.36M | 10.24M | 5.63M | 3.96M | 2.52M | 1.06M |
| Accounts Payable | 5.69M | 8.9M | 666K | 896K | 677K | 3.32M | 2.25M | 3.15M | 663K | 389K | 168K | 176K | 345K |
| Days Payables Outstanding | 25.98 | 18.93 | - | - | - | - | 506.59 | 1.28K | - | - | - | - | 6.63K |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 517K | 2.36M | 0 | 0 | 0 | 20K | 71K | 0 | 0 |
| Other Current Liabilities | 74.4M | 49.78M | 52.79M | 5.93M | 4.92M | 4.99M | 4.18M | 3.74M | 2.78M | 3.38M | 1.5M | 621K | 284K |
| Current Ratio | 8.97x | 13.25x | 11.26x | 10.68x | 4.25x | 4.91x | 9.11x | 4.06x | 7.49x | 9.77x | 16.75x | 15.17x | 2.58x |
| Quick Ratio | 8.97x | 13.25x | 11.26x | 10.68x | 4.25x | 4.91x | 9.11x | 4.06x | 7.49x | 9.77x | 16.75x | 15.17x | 2.58x |
| Cash Conversion Cycle | -21.34 | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.98M | 3.86M | 36.62M | 125.86M | 6.18M | 5.84M | 5.34M | 4.74M | 72K | 111K | 132K | 27K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 4M | 4.62M | 5.13M | 4.71M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 7.98M | 3.86M | 36.62M | 125.86M | 0 | 0 | 214K | 31K | 72K | 111K | 132K | 27K | 0 |
| Total Liabilities | 93.14M | 62.55M | 90.68M | 157.84M | 20.84M | 25.98M | 21.79M | 23.1M | 10.31M | 5.74M | 4.1M | 2.55M | 1.06M |
| Total Debt | 0 | 0 | 0 | 0 | 4.63M | 5.06M | 5.45M | 5.06M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -97.19M | -85.72M | -89.42M | -188.89M | -30.23M | -10.08M | -84.65M | -14.19M | -22.46M | -12.82M | -47.75M | -29.29M | -2.62M |
| Debt / Equity | 0.00x | - | - | - | 0.09x | 0.06x | 0.04x | 0.08x | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.48x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 670.81M | 715.24M | 517.8M | 184.02M | 50.3M | 83.94M | 139.83M | 60.08M | 67.43M | 50.34M | 62.97M | 36.1M | 1.87M |
| Equity Growth % | 137.87% | 38.13% | 181.39% | 265.8% | -40.07% | -39.97% | 132.74% | -10.9% | 33.95% | -20.06% | 74.4% | 1828.63% | - |
| Book Value per Share | 1.94 | 2.07 | 11.01 | 26.68 | 14.92 | 31.92 | 65.50 | 47.01 | 80.96 | 83.18 | 160.76 | 78.97 | 3.42 |
| Total Shareholders' Equity | 670.81M | 715.24M | 517.8M | 184.02M | 50.3M | 83.94M | 139.83M | 60.08M | 67.43M | 50.34M | 62.97M | 36.1M | 1.87M |
| Common Stock | 15K | 15K | 13K | 10K | 6K | 5K | 5K | 3K | 2K | 2K | 1K | 0 | 811K |
| Retained Earnings | -1.2B | -1.13B | -972.43M | -764.41M | -425.62M | -341.81M | -276.01M | -195.12M | -116.86M | -72.51M | -45.28M | -23.58M | -12.28M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -767K | 869K | 180K | 302K | -48K | -20K | 11K | 51K | -27K | -102K | -4K | -1K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in financial statements, Spyre Therapeutics' equity base has experienced significant volatility, declining from a peak of $715.2M in 2025Q4 to $670.8M in 2026Q1, reflecting the ongoing consumption of capital to fund the company's aggressive preclinical and early-stage clinical development pipeline.
The trajectory of the balance sheet appears increasingly strained as the company burns through cash to support its IBD-focused research initiatives. Investors should monitor the persistent decline in retained earnings, which suggests that the firm is effectively trading its equity base for the potential future value of its monoclonal antibody assets.
Based on the most recent quarterly data, the company's cash position has fluctuated significantly, dropping to $97.2M in 2026Q1 from a high of $227.6M in 2024Q1, which indicates a tightening liquidity buffer as the firm advances its complex combination therapy programs through clinical trials.
While the current ratio remains elevated at 8.97, this metric is somewhat misleading for a pre-revenue biotech firm that lacks operational cash flow. The rapid depletion of cash reserves suggests that the company may face a critical funding decision in the near term to sustain its current R&D velocity.
According to recent SEC filings, the company's accumulated deficit has deepened to $1.2B as of 2026Q1, a trend that highlights the substantial non-cash expenses and operational losses inherent in the firm's transition from its legacy Aeglea BioTherapeutics business model to its current IBD-focused strategy.
The persistent growth in the accumulated deficit underscores the high cost of the company's strategic pivot and the ongoing reliance on equity-based financing. Shareholders should remain cautious regarding the potential for further dilution, as the company lacks internal revenue generation to offset its substantial R&D-driven losses.
As evidenced by the balance sheet, the company reports zero net PPE and zero goodwill, which suggests that the firm's value is entirely tied to intangible intellectual property that remains unproven in human clinical settings, creating a binary risk profile for the entire asset base.
The absence of tangible assets implies that the company's valuation is highly sensitive to clinical trial outcomes rather than underlying operational infrastructure. This lack of physical collateral may limit the firm's ability to secure non-dilutive debt financing, forcing a continued reliance on equity markets for capital.
Quick answers to the most common questions about buying SYRE stock.
As of 2025, Spyre Therapeutics, Inc. (SYRE) had total assets of $777.8M including $777.8M in current assets.
Spyre Therapeutics, Inc. (SYRE) carries total debt of $0.0M, offset by $756.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Spyre Therapeutics, Inc. (SYRE) has total shareholders' equity (book value) of $715.2M ($2.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Spyre Therapeutics, Inc. (SYRE) reported a current ratio of 13.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.