Spyre Therapeutics, Inc. (SYRE)·Q1 2025 Earnings Summary

Executive Summary

• Q1 2025 EPS of -$0.60 beat S&P Global consensus of -$0.84 by $0.24, driven by $8.8M in other income (higher interest income and CVR fair-value change) while R&D rose YoY; revenue remains non-existent as expected for a pre-commercial biotech . Consensus values retrieved from S&P Global.*
• Cash, cash equivalents, and marketable securities of $564.8M provide runway into 2H 2028, funding two Phase 2 programs (UC and RA) and setting up 7+ proof-of-concept readouts in 2026–2027 .
• Execution milestones: longer-term SPY001 Phase 1 data presented at DDW (supporting potential Q6M dosing), SPY003 Phase 1 dosing initiated, and SPY002 interim Phase 1 data targeted for later in Q2 2025 .
• Stock reaction catalysts: near-term SPY002 Phase 1 interim readout (Q2), mid-2025 Phase 2 initiations in UC and RA, and 2H 2025 SPY003 interim data, each with “best-in-class” positioning narratives from management .

What Went Well and What Went Wrong

• What Went Well

  • Robust balance sheet: $564.8M in cash and marketable securities; runway into 2H 2028 to fund two Phase 2 trials and multiple readouts .
  • Clinical execution: SPY003 Phase 1 initiated (fourth on-time trial in nine months); SPY001 extended follow-up data reinforced differentiated half-life profile and target engagement consistent with quarterly/biannual maintenance dosing .
  • Near-term data momentum: SPY002 Phase 1 interim data slated for later in Q2 with potential to show superiority to first-gen TL1A antibodies, a key de-risking event ahead of Phase 2 .

• What Went Wrong

  • Continued operating losses: Net loss -$44.8M (vs -$43.9M YoY) with R&D up to $41.6M as trials ramp; G&A tracked down slightly .
  • Elevated cash burn: Net cash used in operations rose to $41.0M (Q1) from $37.2M (Q4) and $29.4M (Q3) as Spyre scales clinical programs .
  • CVR liability volatility persists: while other income aided EPS this quarter, CVR-related fair value can swing results (Q3 2024 showed material other expense from CVR movement) .

Financial Results

Income statement trends and estimates:

Cash and cash flow KPIs:

Notes:

• Company did not present a revenue line in Q1; prior periods reported no revenue .
• EPS surprise vs S&P Global consensus: +$0.24 (computed from cited actual and estimated values). Consensus values retrieved from S&P Global.*

Guidance Changes

Earnings Call Themes & Trends

Note: An earnings call transcript for Q1 2025 was not available in our document set; commentary below draws from the Q1 press release and prior quarter releases.

Management Commentary

• “We continued to efficiently execute on our ambitious strategy this quarter... Following these data, we plan to embark on two fully funded, groundbreaking Phase 2 trials that will provide 7+ proof-of-concept readouts in markets with annual revenues totaling approximately $50B.” — Cameron Turtle, DPhil., CEO .
• “We believe SPY003 has the potential to be a best-in-class IL-23 antibody and a compelling combination partner with our α4β7 and TL1A antibodies that can be delivered on a quarterly or bi-annual treatment schedule.” — Deanna Nguyen, M.D., SVP Clinical Development .

Q&A Highlights

• No formal Q1 2025 earnings call transcript was available in our document set; management communications were delivered via earnings press release and program updates .
• Key clarifications in written disclosures: SPY002 interim data timing narrowed to later in Q2 2025; Phase 2 UC and RA initiations targeted for mid-2025; cash runway extends into 2H 2028 .

Estimates Context

• EPS: -$0.60 vs -$0.84 consensus; beat of $0.24. Actual from company; consensus from S&P Global.*
• Revenue: consensus $0.0; the company did not present a revenue line in Q1 (consistent with prior periods reporting no revenue).*

Values retrieved from S&P Global.*

Key Takeaways for Investors

• EPS beat driven by other income ($8.8M) — a mix of higher interest income and CVR fair-value movement — while core OpEx reflects scaled clinical execution; this mix could continue to drive quarterly volatility .
• Near-term catalyst density is high: SPY002 interim Phase 1 in Q2 2025 and Phase 2 starts in UC and RA mid-2025; positive read-throughs could shift sentiment on “best-in-class” positioning and combo potential .
• SPY001’s extended follow-up data bolster the case for infrequent maintenance dosing (Q3M/Q6M) and could be a differentiator vs incumbents in UC/CD as the program enters Phase 2 .
• SPY003’s Phase 1 initiation and forthcoming 2H 2025 interim data support a third monotherapy pillar and a key combo partner; execution milestones remain on time .
• Balance sheet supports multi-asset, multi-cohort Phase 2 execution into 2028, reducing financing overhang near term and enabling 7+ PoC shots on goal in 2026–2027 .
• Watch CVR-related P&L impacts; while Q1 benefited from other income, the CVR liability can introduce earnings noise quarter-to-quarter, affecting headline EPS prints .
• Trading setup: near-term into Q2 SPY002 data and mid-2025 trial initiations; medium term anchored by 2026–2027 PoC cadence and potential combination efficacy narratives .

Appendix: Additional Financial Detail

Selected operating metrics and YoY comparisons (Q1 2025 vs Q1 2024):

• R&D: $41.6M vs $34.9M (higher clinical and nonclinical development, partly offset by lower antibody discovery costs) .
• G&A: $11.9M vs $12.8M .
• Other income: $8.8M vs $3.9M (higher interest income and CVR fair-value change) .
• Net loss: -$44.8M vs -$43.9M; SBC included was $8.9M vs $13.8M .

References:

• Q1 2025 8-K/Press Release: financials, pipeline and guidance .
• Q4 2024 8-K/Press Release: financials, capital raise, guidance baselines .
• Q3 2024 8-K/Press Release: financials, CVR impact context .
• SPY003 Phase 1 initiation press release: program milestone and timeline .

*Values retrieved from S&P Global.