Spyre Therapeutics Inc
SYREHealthcare|Biotechnology|USA
$97.74
-1.01 (-1.02%)
Tangible Book
$6.53
Financials
Financial Snapshot
Market Cap
$8.49B
Enterprise Value
$585.6M
Revenue (TTM)
$0.00
Net Income (TTM)
$-179.4M
Cash & Equivalents
—
Net Cash/Share
$8.22
Free Cash Flow (TTM)
$-185.6M
Operating CF (TTM)
$-185.6M
Debt/Equity
0
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$46.4M
Monthly Burn
$15.5M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $63.5M | $50.3M | $74.5M | $71.9M | $146.3M | $93.1M | $55.7M | $339.3M | $603.1M | $756.5M | $741.5M | |
| Operating Cash Flow | $-18.8M | $-24.6M | $-32.2M | $-65.7M | $-75.8M | $-53.7M | $-80.1M | $-99.9M | $-157.4M | $-169.3M | $-185.6M | |
| Free Cash Flow | $-19.1M | $-25.2M | $-32.6M | $-67.2M | $-80.1M | $-54.3M | $-80.2M | $-99.9M | $-157.4M | $-169.3M | $-185.6M | |
| Capital Expenditure | $-212.0K | $-619.0K | $-422.0K | $-1.5M | $-4.3M | $-573.0K | $-38.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $49.4M | $12.2M | $57.1M | $65.7M | $154.5M | $1.4M | $42.7M | $361.1M | $410.9M | $309.0M | $321.2M |
R&D Spending
R&D (TTM)
$190.4M
R&D Intensity
—
R&D Growth YoY
+10.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.6M | $5.2M | $3.9M | $0.00 | $0.00 | $18.7M | $2.3M | $886.0K | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $18.1M | $22.8M | $36.7M | $64.6M | $59.6M | $57.1M | $58.6M | $89.5M | $162.8M | $171.7M | $190.4M | |
| R&D % of Revenue | 392.0% | 438.3% | 944.4% | — | — | 304.5% | 2515.2% | 10102.0% | — | — | — | |
| SG&A | $8.4M | $10.1M | $12.6M | $15.7M | $21.8M | $27.3M | $28.5M | $39.9M | $45.8M | $47.9M | $51.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.6M | $5.2M | $3.9M | $0.00 | $0.00 | $18.7M | $2.3M | $886.0K | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $4.6M | $5.2M | $3.9M | $0.00 | $0.00 | $18.7M | $2.3M | $886.0K | $0.00 | $0.00 | $0.00 | |
| R&D | $18.1M | $22.8M | $36.7M | $64.6M | $59.6M | $57.1M | $58.6M | $89.5M | $162.8M | $171.7M | $190.4M | |
| SG&A | $8.4M | $10.1M | $12.6M | $15.7M | $21.8M | $27.3M | $28.5M | $39.9M | $45.8M | $47.9M | $51.2M | |
| Operating Income | $-21.9M | $-27.7M | $-45.5M | $-80.3M | $-81.5M | $-65.6M | $-84.8M | $-128.6M | $-208.6M | $-219.6M | $-241.6M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-21.7M | $-27.2M | $-44.3M | $-78.3M | $-80.9M | $-65.7M | $-84.0M | $-338.8M | $-208.0M | $-155.2M | $-179.4M | |
| Net Income | $-21.7M | $-27.2M | $-44.3M | $-78.3M | $-80.9M | $-65.8M | $-83.8M | $-338.8M | $-208.0M | $-155.2M | $-179.4M | |
| EPS (Diluted) | -55.50 | -45.00 | -53.25 | -61.25 | -38.00 | -25.02 | -24.86 | -13.76 | -3.18 | -1.98 | -2.23 | |
| EBITDA | $-21.8M | $-27.4M | $-45.2M | $-79.9M | $-80.5M | $-64.1M | $-82.8M | $-127.8M | $-208.6M | $-219.6M | $-241.6M | |
| Shares Out. (M) | 0.39 | 0.60 | 0.83 | 1.28 | 2.13 | 2.63 | 3.37 | 6.90 | 47.03 | 64.06 | 78.55 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $47.7M | $12.8M | $22.5M | $19.3M | $90.1M | $15.1M | $34.9M | $188.9M | $89.4M | $85.7M | $97.2M | |
| Marketable Securities | $15.8M | $37.5M | $52.1M | $52.7M | $56.2M | $78.0M | $20.8M | $150.4M | $513.7M | $670.8M | $644.3M | |
| Total Current Assets | $66.4M | $55.0M | $76.7M | $74.5M | $149.8M | $98.9M | $62.3M | $341.5M | $608.5M | $777.8M | $764.0M | |
| Total Assets | $67.1M | $56.1M | $77.7M | $83.2M | $161.6M | $109.9M | $71.1M | $341.9M | $608.5M | $777.8M | $764.0M | |
| Total Current Liabilities | $4.0M | $5.6M | $10.2M | $18.4M | $16.4M | $20.1M | $14.7M | $32.0M | $54.1M | $58.7M | $85.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $4.1M | $5.7M | $10.3M | $23.1M | $21.8M | $26.0M | $20.8M | $157.8M | $90.7M | $62.5M | $93.1M | |
| Stockholders' Equity | $63.0M | $50.3M | $67.4M | $60.1M | $139.8M | $83.9M | $50.3M | $184.0M | $517.8M | $715.2M | $670.8M | |
| Retained Earnings | $-45.3M | $-72.5M | $-116.9M | $-195.1M | $-276.0M | $-341.8M | $-425.6M | $-764.4M | $-972.4M | $-1.13B | $-1.20B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-18.8M | $-24.6M | $-32.2M | $-65.7M | $-75.8M | $-53.7M | $-80.1M | $-99.9M | $-157.4M | $-169.3M | $-185.6M | |
| Capital Expenditure | $-212.0K | $-619.0K | $-422.0K | $-1.5M | $-4.3M | $-573.0K | $-38.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | $-19.1M | $-25.2M | $-32.6M | $-67.2M | $-80.1M | $-54.3M | $-80.2M | $-99.9M | $-157.4M | $-169.3M | $-185.6M | |
| Investing Cash Flow | $-12.1M | $-22.5M | $-15.2M | $-1.7M | $-7.6M | $-22.6M | $57.0M | $-108.4M | $-353.3M | $-143.5M | $-86.8M | |
| Financing Cash Flow | $49.4M | $12.2M | $57.1M | $65.7M | $154.5M | $1.4M | $42.7M | $361.1M | $410.9M | $309.0M | $321.2M | |
| Issuance of Stock | $49.3M | $11.4M | $54.0M | $64.3M | $153.7M | $0.00 | $42.9M | $84.6M | $236.4M | $311.1M | $320.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $-25.0K | $-20.0K | $-510.0K | $-418.0K | $-16.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.2M | $2.5M | $4.3M | $4.9M | $6.3M | $8.0M | $7.1M | $25.7M | $44.8M | $37.6M | $41.6M | |
| Net Change in Cash | $18.5M | $-34.9M | $9.6M | $-1.7M | $71.2M | $-75.0M | $19.4M | $152.8M | $-99.8M | $-3.7M | $48.7M |
Dilution Tracker
Shares outstanding grew 2886.7% over 5 years — significant dilution
Shares Outstanding
79M
5-Year Share Growth
+2886.7%
Stock Issuance (TTM)
$320.9M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.39 | 0.60 | 0.83 | 1.28 | 2.13 | 2.63 | 3.37 | 6.90 | 47.03 | 64.06 | 78.55 | |
| YoY Change % | — | 54.3% | 37.7% | 53.4% | 67.1% | 23.2% | 28.2% | 104.6% | 581.9% | 36.2% | 22.6% | |
| Stock Issuance | $49.3M | $11.4M | $54.0M | $64.3M | $153.7M | $0.00 | $42.9M | $84.6M | $236.4M | $311.1M | $320.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.2M | $2.5M | $4.3M | $4.9M | $6.3M | $8.0M | $7.1M | $25.7M | $44.8M | $37.6M | $41.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -473.3% | -531.7% | -1169.3% | 0.0% | 0.0% | -350.3% | -3640.2% | -14510.6% | 0.0% | 0.0% | - | |
| Net Margin % | -468.8% | -523.3% | -1140.6% | 0.0% | 0.0% | -351.1% | -3598.8% | -38238.1% | 0.0% | 0.0% | - | |
| EBITDA Margin % | -470.5% | -526.9% | -1161.8% | 0.0% | 0.0% | -341.9% | -3555.9% | -14426.6% | 0.0% | 0.0% | - | |
| FCF Margin % | -411.7% | -484.8% | -838.9% | 0.0% | 0.0% | -289.7% | -3442.8% | -11276.5% | 0.0% | 0.0% | 0.0% | |
| ROE % | -43.8% | -48.1% | -75.3% | -122.7% | -80.9% | -58.8% | -124.9% | -289.2% | -59.3% | -25.2% | -32.3% | |
| ROA % | -41.0% | -44.2% | -66.3% | -97.3% | -66.1% | -48.5% | -92.6% | -164.1% | -43.8% | -22.4% | -28.4% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical1.90 / 42.06 / 543.00
Industry Med.9.49
P/B14.96
Historical0.25 / 1.79 / 14.96
Industry Med.2.93
EV/EBITDA-32.70
Historical-32.70 / -1.89 / 2.25
Industry Med.13.02
EV/Revenue—
Historical-154.51 / 25.88 / 4751.55
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$6.53
Net Current Assets
$6.530
Net-Net Working Capital
$6.25
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 9.21 | 15.72 | 40.12 | - | - | 16.67 | 16.28 | 168.13 | - | - | 0.00 | |
| PB Ratio | 0.93 | 1.79 | 2.68 | 3.70 | 2.70 | 2.79 | 0.58 | 0.00 | 3.88 | 4.58 | 14.96 | |
| EV/EBITDA | 0.23 | -1.46 | -2.35 | -1.94 | -2.94 | -2.28 | 0.26 | -4.86 | -4.58 | -8.93 | -32.70 | |
| EV/Revenue | -1.10 | 7.67 | 27.36 | 0.00 | 0.00 | 7.81 | -9.31 | 701.58 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $0.00M | $0.00M |
| Net Income | $-267.10M | $-306.42M | $-358.87M |
| EPS | -2.97 | -3.33 | -3.91 |
| Book Value per Share | 11.18 | 7.46 | 6.20 |
| Operating Cash Flow per Share | -2.71 | -3.38 | -3.98 |
| Operating CF | $-212.87M | $-265.50M | $-312.63M |
Dividends
Revenue Segments
By Business
| Segment | 2023 |
|---|---|
| Development fee and royalty | $886.0K |
| Development of biopharmaceutical products for the treatment of patients with inflammatory bowel | $886.0K |
By Geography
| Segment | 2023 |
|---|---|
| United States | $886.0K |