Spyre Therapeutics, Inc. (SYRE) Cash Flow Statement

Because both net income and operating cash flow are negative, the conversion ratio is not a reliable measure of earnings quality here; the sign-consistent burn is the more meaningful signal. The erratic ratio suggests that non-cash items such as stock-based compensation, which ranged from roughly $8.7M to $14.2M per quarter, and working capital movements are timing the gap between accounting losses and cash outflows. Investors should monitor whether cash burn tracks reported losses over time, as divergence in either direction would warrant further investigation.

The absence of CapEx means free cash flow equals operating cash flow, so the deficit reflects operating spending alone rather than infrastructure build-out. The 2026Q3 burn is more than double the 2024Q3 level, consistent with the expanding R&D cost base noted in prior income statement findings. Free cash flow margin is not meaningful given the absence of recurring revenue, so the trajectory is best read in absolute dollars against the company's liquidity runway.

Capital deployment is effectively absent, meaning every dollar of available capital is being directed toward operating expenses, principally clinical development. This implies the company's survival depends on its existing cash reserves and any future external financing, which the supplied data does not describe. The absence of shareholder returns is expected for a clinical-stage biotechnology company but leaves no internal capital allocation discretion.

The gap between cumulative net loss and cumulative operating cash burn is driven largely by non-cash charges such as stock-based compensation and by working capital movements that partially offset the cash drain. Because the net loss exceeds the cash burn over this window, the accounting picture is somewhat more pessimistic than the cash picture, though both point to sustained consumption. Investors should monitor whether this gap narrows as the company approaches commercial milestones or widens as clinical programs expand.