Spyre Therapeutics said first-quarter 2026 research and development spending rose to $60.4 million from $41.6 million a year earlier, while general and administrative costs increased to $15.2 million from $11.9 million.
The company reported a net loss of $69.0 million for the quarter, compared with a loss of $44.8 million in the first quarter of 2025.
Spyre ended March 31 with $741.5 million in cash, cash equivalents and marketable securities. Including the $435.3 million in net proceeds from an April 2026 stock offering, pro forma cash was $1.1768 billion.
Operating cash use was $57.4 million in the quarter.
The company also recorded a $30.0 million gain tied to milestones from the 2023 sale of pegzilarginase rights, while other expense widened to $23.4 million from $8.8 million in other income a year earlier, driven by changes in the fair value of a contingent value right liability.
On the clinical side, Spyre said its SPY001 ulcerative colitis data from the SKYLINE trial showed 43 patients dosed and 41 completing induction, with a 9.2-point reduction in Robart’s histopathology index, a 40% clinical remission rate and a 51% endoscopic improvement rate.
The company said the rheumatoid arthritis sub-study in the SKYWAY trial finished enrollment ahead of schedule, with topline data now expected in the third quarter of 2026. It also said topline data for SPY002 in SKYLINE are expected in mid-2026 and for SPY003 in the third quarter of 2026. The market has reacted to these announcements by moving the company's shares 4.09% to a price of $71.955. For the full picture, make sure to review Spyre Therapeutics's 8-K report.
