The company remains in a pre-commercial phase with no recurring revenue, as evidenced by the absence of sales in nine of the last ten quarters and a net loss of $69.0M in 2026Q1.
| Sales/Revenue | 90.49M | 0 | 0 | 886K | 2.33M | 18.74M | 0 | 0 | 3.89M | 5.21M | 4.63M | 6.08M | 0 |
| Revenue Growth % | - | - | -100% | -61.96% | -87.57% | - | - | -100% | -25.3% | 12.47% | -23.94% | - | - |
| Cost of Goods Sold | 90.49M | 171.65M | 0 | 0 | 0 | 0 | 1.62M | 901K | 0 | 0 | 0 | 0 | 19K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | -171.65M | 0 | 886K | 2.33M | 18.74M | -1.62M | -901K | 0 | 0 | 0 | 0 | -19K |
| Gross Margin % | 0% | - | - | 100% | 100% | 100% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | -100% | -61.96% | -87.57% | 1253.88% | -80.24% | - | - | - | - | 100% | - |
| Operating Expenses | 231.64M | 37.91M | 208.57M | 243.19M | 87.11M | 84.39M | 79.86M | 79.43M | 49.35M | 32.88M | 26.53M | 17.4M | 8.88M |
| OpEx % of Revenue | - | - | - | 27447.97% | 3740.23% | 450.33% | - | - | 1269.32% | 631.72% | 573.34% | 285.95% | - |
| Selling, General & Admin | 51.2M | 47.91M | 45.78M | 39.95M | 28.53M | 27.32M | 20.22M | 14.83M | 12.63M | 10.07M | 8.39M | 5.95M | 2.06M |
| SG&A % of Revenue | - | - | - | 4508.58% | 1225.03% | 145.79% | - | - | 324.9% | 193.39% | 181.31% | 97.73% | - |
| Research & Development | 190.44M | 171.65M | 162.79M | 89.5M | 58.58M | 57.07M | 59.64M | 64.6M | 36.72M | 22.82M | 18.14M | 11.45M | 6.83M |
| R&D % of Revenue | - | - | - | 10102.03% | 2515.2% | 304.55% | - | - | 944.42% | 438.33% | 392.03% | 188.22% | - |
| Other Operating Expenses | -1000K | -181.65M | 0 | 113.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -231.64M | -209.56M | -208.57M | -242.3M | -84.78M | -65.65M | -81.48M | -80.33M | -45.46M | -27.68M | -21.91M | -11.31M | -8.9M |
| Operating Margin % | -255.97% | - | - | -27347.97% | -3640.23% | -350.33% | - | - | -1169.32% | -531.72% | -473.34% | -185.95% | - |
| Operating Income Growth % | - | -0.48% | 13.92% | -185.8% | -29.14% | 19.43% | -1.43% | -76.7% | -64.27% | -26.34% | -93.6% | -27.08% | - |
| EBITDA | -201.29M | -199.56M | -207.97M | -241.34M | -82.82M | -64.07M | -79.86M | -79.43M | -45.17M | -27.43M | -21.77M | -11.23M | -8.88M |
| EBITDA Margin % | -222.43% | - | - | -27239.16% | -3555.9% | -341.92% | - | - | -1161.78% | -526.94% | -470.48% | -184.49% | - |
| EBITDA Growth % | 6.1% | 4.04% | 13.83% | -191.41% | -29.25% | 19.77% | -0.53% | -75.85% | -64.69% | -25.96% | -93.96% | -26.35% | - |
| D&A (Non-Cash Add-back) | 0 | 10M | 0 | 964K | 1.96M | 1.58M | 1.62M | 901K | 293K | 249K | 132K | 89K | 19K |
| EBIT | -201.29M | -219.56M | -207.97M | -128.56M | -84.78M | -65.65M | -80.89M | -78.25M | -45.46M | -27.68M | -21.91M | -11.31M | -10.35M |
| Net Interest Income | 25.39M | 24.89M | 21.31M | 6.15M | 837K | 111K | 593K | 2.14M | 1.17M | 482K | 244K | 22K | 1K |
| Interest Income | 25.39M | 24.89M | 21.31M | 6.15M | 837K | 111K | 593K | 2.14M | 1.17M | 482K | 244K | 22K | 1K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 52.2M | 54.34M | 599K | -96.51M | 830K | -11K | 588K | 2.08M | 1.11M | 440K | 208K | 20K | -1.44M |
| Pretax Income | -179.44M | -155.22M | -207.97M | -338.82M | -83.95M | -65.66M | -80.89M | -78.25M | -44.35M | -27.24M | -21.7M | -11.29M | -10.35M |
| Pretax Margin % | -198.28% | - | - | -38241.08% | -3604.59% | -350.39% | - | - | -1140.64% | -523.27% | -468.84% | -185.62% | - |
| Income Tax | 0 | -15K | 51K | -26K | -136K | 141K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0.01% | -0.02% | 0.01% | 0.16% | -0.21% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 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 |
| Net Margin % | -198.28% | - | - | -38238.15% | -3598.75% | -351.14% | - | - | -1140.64% | -523.27% | -468.84% | -185.62% | - |
| Net Income Growth % | 14.12% | 25.39% | 38.6% | -304.21% | -27.38% | 18.66% | -3.37% | -76.45% | -62.83% | -25.52% | -92.1% | -9.16% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.52 | -1.98 | -3.18 | -46.15 | -24.86 | -25.02 | -37.89 | -61.23 | -53.25 | -45.01 | -55.40 | -24.71 | -18.91 |
| EPS Growth % | 12.4% | 37.74% | 93.11% | -85.64% | 0.64% | 33.97% | 38.12% | -14.99% | -18.31% | 18.75% | -124.2% | -30.67% | - |
| EPS (Basic) | - | -1.98 | -3.18 | -46.15 | -24.86 | -25.02 | -37.89 | -61.23 | -53.25 | -45.01 | -55.40 | -24.71 | -18.91 |
| Diluted Shares Outstanding | 346.05M | 346.05M | 47.03M | 6.9M | 3.37M | 2.63M | 2.13M | 1.28M | 832.9K | 605.13K | 391.67K | 457.19K | 547.19K |
| Basic Shares Outstanding | 346.05M | 346.05M | 47.03M | 6.9M | 3.37M | 2.63M | 2.13M | 1.28M | 832.9K | 605.13K | 391.67K | 457.19K | 547.19K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As indicated by the company's financial statements, Spyre Therapeutics has generated no recurring revenue over the last ten quarters, with the exception of a singular $90.5M entry in 2025Q4, underscoring its current status as a pre-commercial biotechnology firm reliant entirely on external capital for survival.
The lack of consistent top-line growth is typical for a firm in the preclinical and early clinical phase of monoclonal antibody development. Investors should interpret the 2025Q4 revenue spike as an isolated event rather than a trend, as the company remains focused on pipeline advancement rather than commercialization.
Based on reported figures, R&D expenses have consistently trended upward, peaking at $60.4M in 2026Q1, which reflects the heavy capital requirements of advancing multiple IBD-focused assets through clinical trials and the associated manufacturing complexities inherent in the company's YTE half-life extension platform.
The cost structure is dominated by these R&D outlays, which appear to be scaling in line with the company's aggressive multi-asset strategy. This high fixed-cost base suggests that management is prioritizing speed to clinical data over near-term expense discipline, a strategy that warrants close monitoring for potential liquidity constraints.
According to recent SEC filings, the company consistently records significant stock-based compensation expenses, often exceeding $9M per quarter, which serves to dilute existing shareholders while the firm continues to report substantial net losses and negative operating margins across all observed periods.
The reliance on equity-based incentives in the absence of commercial revenue suggests that the company is effectively funding its operations through shareholder dilution. This practice may mask the true economic cost of talent acquisition and retention, necessitating a careful assessment of the long-term impact on EPS for future investors.
While the company's pivot to IBD targets is strategically sound, the financial data suggests that the aggressive pursuit of multiple combination programs, such as SPY120, may lead to capital exhaustion before reaching critical Phase 2 milestones, as evidenced by the persistent quarterly operating losses.
Short-sellers may focus on the potential for manufacturing and stability hurdles associated with co-formulating two antibodies, which could lead to unforeseen cost overruns. The current burn rate appears to leave little room for error, and any delay in clinical enrollment could force a dilutive capital raise at an unfavorable valuation.
Quick answers to the most common questions about buying SYRE stock.
For fiscal year 2025, Spyre Therapeutics, Inc. (SYRE) reported total revenue of $0.0M.
Spyre Therapeutics, Inc. (SYRE) reported a net loss of $155.2M for the fiscal year ending 2025.