Spyre Therapeutics Inc.

Spyre Therapeutics expanded its inflammatory-disease strategy in August with SPY772 and the phase II SKYLIGHT study in hidradenitis suppurativa, or HS, moving its combination approach into a new disease area beyond inflammatory bowel disease and rheumatology. SKYLIGHT is evaluating SPY072 plus bimekizumab against bimekizumab alone in approximately 150 adults with moderate-to-severe HS, with the primary endpoint of HiSCR75 response rate at week 16 and topline data expected in late 2027 or early 2028. The study tests whether adding SPY072 to bimekizumab can improve the week-16 response rate relative to bimekizumab alone, and positive results could support further SPY772 development in HS and other indications. Spyre's pipeline already spans ulcerative colitis, rheumatoid arthritis, psoriatic arthritis and axial spondyloarthritis, and the company is advancing multiple IBD monotherapies and dual-antibody combinations. Competition in HS includes AbbVie's established Humira and its developing ABBV-1451, as well as Incyte's FDA-accepted New Drug Application for povorcitinib with a U.S. launch targeted for the first quarter of 2027 if approved. Research and development expenses rose 63.2% year over year to $65.5 million in the second quarter of 2026, and Spyre ended the quarter with $1.15 billion in cash, cash equivalents and marketable securities, which management expects to fund operations into the second half of 2029.

Spyre Therapeutics reported a narrower second-quarter net loss of $36.20 million, or $0.36 per share, compared with $36.72 million, or $0.49 per share, a year earlier, driven by a $40 million gain from a milestone payment triggered by Immedica Pharma's sale of a priority review voucher. Cash, cash equivalents and marketable securities stood at $1,145.3 million as of June 30, 2026, including $435.2 million in net proceeds from an April 2026 public offering, and the company expects its cash runway to fund operations into the second half of 2029. Part A of the open-label SKYLINE Phase 2 trial evaluating SPY001 and SPY002 in moderately to severely active ulcerative colitis met its primary and key secondary endpoints. The company now expects topline induction data from Part A of the SKYLINE Phase 2 trial evaluating SPY003 in ulcerative colitis in September 2026, and topline proof-of-concept data from the rheumatoid arthritis sub-study of the Phase 2 SKYWAY trial evaluating SPY072 also in September 2026, with additional readouts from psoriatic arthritis and axial spondyloarthritis sub-studies in the fourth quarter of 2026. Spyre shares rose to a 52-week high of $105.25 in intraday trading on Tuesday and closed at $104.94, up 10.54%.

Spyre Therapeutics reported second-quarter 2026 Non-GAAP earnings per share of negative $0.36, beating analyst expectations by $0.39. As of June 30, 2026, the company held cash, cash equivalents, and marketable securities totaling $1,145.3 million. In April 2026, Spyre raised $435.2 million in net proceeds from a public offering of common stock. Net cash used in operating activities was $69.9 million for the second quarter of 2026.

Spyre Therapeutics is advancing a pipeline of long-acting antibodies and combination regimens targeting multiple validated immune pathways in inflammatory bowel disease. Its SKYLINE phase II platform study is evaluating SPY001, SPY002 and SPY003 as monotherapies and in pairwise combinations in moderately to severely active ulcerative colitis, with combination candidates SPY120, SPY130 and SPY230 designed to block alpha 4 beta 7, TL1A and IL-23 simultaneously. The company is also pursuing less frequent dosing through extended half-life profiles, and is expanding beyond gut disease with SPY072, a long-acting anti-TL1A antibody in a phase II basket study across rheumatoid arthritis, psoriatic arthritis and axial spondyloarthritis, with top-line rheumatoid arthritis data expected in the third quarter of 2026. Spyre remains a clinical-stage company with no approved products, and its stock has risen 487.1% over the past year.