Liquidity is under pressure as free cash flow remains deeply negative, with quarterly outflows reaching $57.5M in 2026Q1, further exacerbated by consistent stock-based compensation expenses averaging roughly $10M per quarter.
| Cash from Operations | -185.8M | -169.25M | -157.41M | -99.91M | -80.14M | -53.72M | -75.78M | -65.69M | -32.19M | -24.61M | -18.84M | -10.98M | -7.33M |
| Operating CF Margin % | - | - | - | -11276.52% | -3441.13% | -286.65% | - | - | -828.01% | -472.91% | -407.09% | -180.48% | - |
| Operating CF Growth % | -61.17% | -7.52% | -57.55% | -24.66% | -49.2% | 29.11% | -15.35% | -104.06% | -30.79% | -30.65% | -71.55% | -49.72% | - |
| Net Income | -179.44M | -155.2M | -208.02M | -338.79M | -83.81M | -65.8M | -80.89M | -78.25M | -44.35M | -27.24M | -21.7M | -11.29M | -10.35M |
| Depreciation & Amortization | -8.09M | -8.09M | 0 | 744K | 1.57M | 1.58M | 996K | 901K | 293K | 249K | 132K | 89K | 19K |
| Stock-Based Compensation | 28.75M | 37.61M | 44.83M | 25.68M | 7.11M | 8.04M | 6.26M | 0 | 0 | 0 | 0 | 767K | 147K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -327K | 0 | -213K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -32.61M | -37.64M | 10.31M | 217.67M | 823K | 638K | 619K | 3.78M | 1.93M | 4.77M | 1.07M | 790K | 2.82M |
| Working Capital Changes | -5.12M | -5.93M | -4.53M | -5.21M | -5.5M | 1.83M | -2.54M | 7.1M | 7.2M | -198K | 1.45M | -1.33M | 26K |
| Change in Receivables | 0 | 0 | 0 | 375K | 440K | -815K | 0 | 0 | 3.08M | -1.86M | 482K | -1.7M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -440K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2M | 8.24M | -230K | 218K | -2.64M | 1.06M | -544K | 2.58M | 239K | 164K | -8K | -169K | -165K |
| Cash from Investing | -86.83M | -143.47M | -353.29M | -108.39M | 57.01M | -22.62M | -7.6M | -1.74M | -15.23M | -22.53M | -12.16M | -4.01M | -221K |
| Capital Expenditures | 0 | 0 | 0 | 0 | -38K | -573K | -4.28M | -1.49M | -422K | -619K | -212K | -208K | -181K |
| CapEx % of Revenue | 0% | - | - | - | 1.63% | 3.06% | - | - | 10.85% | 11.89% | 4.58% | 3.42% | - |
| Acquisitions | 0 | 0 | 0 | 3.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 37M | 7M | 0 | 15.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40K | -40K |
| Cash from Financing | 321.33M | 309.02M | 410.91M | 361.08M | 42.68M | 1.39M | 154.51M | 65.72M | 57.07M | 12.21M | 49.37M | 41.67M | 5.58M |
| Debt Issued (Net) | 0 | 0 | 0 | -16K | -418K | -510K | -20K | -25K | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 326.53M | 314.44M | 405.23M | 366.47M | 42.87M | 0 | 153.72M | 64.3M | 54.05M | 11.38M | 49.29M | 41.65M | 5.58M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.03M | 0 |
| Other Financing | -5.2M | -5.41M | 5.67M | -5.38M | 222K | 1.9M | 816K | 1.45M | 3.02M | 833K | 76K | 23K | 0 |
| Net Change in Cash | 48.69M | -3.7M | -99.79M | 152.8M | 19.44M | -74.96M | 71.18M | -3.21M | 9.64M | -34.93M | 18.37M | 26.68M | -1.98M |
| Free Cash Flow | -185.8M | -169.25M | -157.41M | -99.91M | -80.18M | -54.29M | -80.06M | -67.18M | -32.62M | -25.23M | -19.05M | -11.19M | -7.52M |
| FCF Margin % | -205.32% | - | - | -11276.52% | -3442.77% | -289.71% | - | - | -838.86% | -484.8% | -411.67% | -183.89% | - |
| FCF Growth % | -9.38% | -7.52% | -57.55% | -24.6% | -47.69% | 32.19% | -19.16% | -105.99% | -29.25% | -32.45% | -70.26% | -48.88% | - |
| FCF per Share | -0.54 | -0.49 | -3.35 | -14.49 | -23.78 | -20.64 | -37.50 | -52.57 | -39.16 | -41.70 | -48.64 | -24.48 | -13.74 |
| FCF Conversion (FCF/Net Income) | 1.04x | 1.09x | 0.76x | 0.29x | 0.96x | 0.82x | 0.94x | 0.84x | 0.73x | 0.90x | 0.87x | 0.97x | 0.71x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in financial statements, Spyre Therapeutics consistently exhibits a significant gap between net income and operating cash flow, with OCF/NI ratios fluctuating wildly, such as the 3.32x observed in 2025Q3, which highlights the heavy reliance on non-cash adjustments and working capital volatility during this pre-revenue phase.
The erratic OCF/NI ratio suggests that net income is a poor proxy for the company's actual cash consumption, as the latter is heavily influenced by the timing of R&D-related accruals. Investors should monitor whether these fluctuations represent genuine operational efficiency or merely the accounting noise inherent in managing complex, multi-asset clinical development programs.
Based on the provided cash flow data, the company's free cash flow trajectory remains deeply negative, with quarterly outflows reaching $57.5M in 2026Q1, confirming that the firm is currently in a high-intensity capital consumption phase with no offsetting revenue to mitigate the ongoing operational burn.
The absence of positive free cash flow is expected for a clinical-stage biotech, yet the trend of increasing quarterly outflows warrants caution regarding the company's runway. This trajectory implies that the firm must either secure non-dilutive funding or achieve rapid clinical milestones to justify the current level of capital expenditure.
According to recent SEC filings, working capital changes have been highly inconsistent, ranging from a $244K inflow in 2026Q1 to a $29.2M outflow in 2024Q2, which suggests that the timing of clinical trial payments and vendor settlements creates significant, unpredictable swings in the company's quarterly liquidity position.
These swings indicate that the company's cash position is sensitive to the operational cadence of its clinical research organizations and manufacturing partners. Analysts should interpret these shifts as a reflection of project-based payment cycles rather than underlying changes in the firm's fundamental cost structure.
As evidenced by the cash flow statements, stock-based compensation remains a persistent non-cash expense, averaging roughly $10M per quarter, which effectively masks the true economic cost of talent acquisition and retention while simultaneously diluting the equity base of existing shareholders in the absence of revenue.
While SBC is a standard tool for biotech compensation, the magnitude relative to the total cash burn suggests that the company is relying heavily on equity-linked incentives to preserve cash. This practice warrants further investigation into the long-term impact on share count and the potential for future earnings per share dilution once the company reaches commercialization.
Quick answers to the most common questions about buying SYRE stock.
Spyre Therapeutics, Inc. (SYRE) generated $-169.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Spyre Therapeutics, Inc. (SYRE) reported negative free cash flow of $169.3M in 2025, indicating capital requirements exceeded cash from operations.
Spyre Therapeutics, Inc. (SYRE) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.