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what it is
Spyre is trying to build antibody drugs for inflammatory bowel disease and other immune diseases.
how it gets paid
Last year Spyre Therapeutics made $0 in revenue.
what just happened
$0 revenue is the whole business right now.
At a glance
B+ balance sheet — decent shape, but not bulletproof
35/100 earnings predictability — expect surprises
-$1.98 fy2025 eps est
$2B fy2026 rev est
1.3 beta
xvary composite: 57/100 — below average
What they do
Spyre is trying to build antibody drugs for inflammatory bowel disease and other immune diseases.
Spyre has 65 employees and a $3B market cap. That is a tiny team for a very expensive bet. Its antibodies use YTE substitutions, which means protein tweaks that keep the drug in your body longer, so you need fewer shots. The company is spreading that bet across 3 targets: a4β7, TL1A, and IL-23.
How they make money
$0
annual revenue
The products that matter
Phase 2 antibody candidate
SPY001
Q3 2026 top-line data
Topline data is expected in Q3 2026. For a company with no approved products, that date matters more than any quarterly revenue line.
lead catalyst
Phase 2 antibody candidate
SPY002
Q3 2026 top-line data
This readout is also due in Q3 2026, which means investors are effectively getting two binary events on a similar timeline.
dual readout
cash-funded development platform
Clinical pipeline
$756.5M cash · H2 2028 runway
The pipeline exists because the balance sheet funds it. $756.5M of cash is the difference between waiting for data and raising money early.
runway first
Key numbers
$3.0B
market cap
You are paying $3B for a company with $0 annual revenue.
$0
annual revenue
No sales means every dollar of value depends on pipeline results.
$1.98
FY2025 EPS
Analysts expect another loss, not a profit.
1.3
beta
The stock can swing 30% harder than the market.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SYRE right now.
source: institutional data · return history unavailable
What just happened
missed estimates
$0 revenue is the whole business right now.
EDGAR reports latest-quarter revenue of $0 and EPS of -$1.24. Last year, the same quarter also showed $0 revenue, so the growth line is still flat.
$0
revenue
$1.24
eps
n/a
n/a
revenue
The key number is $0 revenue. A drug company with no sales is still a science project.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Phase 2 failure in SPY001 or SPY002. SYRE does not have a mature commercial business to cushion bad data.
med
Phase 2 data disappoints
Topline data for SPY001 and SPY002 is due in Q3 2026. If either trial fails to support the thesis, the market loses its main reason to value this company at roughly $3B today.
This is a binary event against a pre-revenue model. There is no operating fallback.
med
Cash burn outruns runway
The company posted -$212M in LTM EBITDA and an LTM net loss of -$147M. $756.5M in cash sounds comfortable until trials run longer, expand, or get more expensive.
If the runway stops reaching H2 2028, dilution moves from background risk to front-page risk.
med
Crowded inflammatory-disease field
Management is chasing a large market, but 73 competitors are already in the broader space. Big markets are good. Big markets with dozens of rivals are less forgiving.
Even successful data may not guarantee clean pricing power or easy share gains.
Put the pieces together and 100% of today's equity story still runs through clinical execution, while the balance sheet buys time but not immunity.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
SPY001 and SPY002 Phase 2 top-line data
Expected in Q3 2026. This is the event that decides whether the pipeline becomes more than a concept.
cash
Runway versus burn
Watch whether the $756.5M cash balance still supports management's H2 2028 runway after each quarter.
sentiment
Whether the 52-week range starts tightening
A stock that swung from $11 to $46 is telling you expectations are unstable. A tighter range would suggest the market is gaining confidence in the setup.
competition
Signals from the 73-company competitive field
In crowded therapeutic areas, good-enough science is not the same as winning science. Any sign the bar is rising matters.
Analyst rankings
earnings predictability
35 / 100
Low predictability means reported numbers can swing around expectations. In human-speak, analysts are mostly guessing burn rate while they wait for data.
beta
1.3
Beta measures how much a stock moves relative to the market. At 1.3, SYRE has tended to move more than the index, which fits a catalyst-driven biotech.
source: institutional data
Institutional activity
institutional ownership data for SYRE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$42
current price
n/a
target midpoint · n/a from current
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