Spyre Reports Q4 R&D Expenses of $44.6M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 19 2026
0mins
Should l Buy SYRE?
Reports Q4 R&D expenses totaled $44.6M for the quarter, a decrease driven primarily by lower early-stage R&D activities, and the company reported ending the year with $756.5M in cash, cash equivalents, and marketable securities. "This year is a pivotal period for Spyre as we begin to unveil results from our two groundbreaking Phase 2 trials with the potential to identify multiple products that leapfrog today's standard of care and provide substantially improved therapies for patients suffering from severe autoimmune diseases," said CEO Cameron Turtle.
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Analyst Views on SYRE
Wall Street analysts forecast SYRE stock price to rise
7 Analyst Rating
7 Buy
0 Hold
0 Sell
Strong Buy
Current: 43.880
Low
40.00
Averages
56.67
High
70.00
Current: 43.880
Low
40.00
Averages
56.67
High
70.00
About SYRE
Spyre Therapeutics, Inc. is a clinical-stage biotechnology company, which is engaged in creating inflammatory bowel disease (IBD) and other immune-mediated disease products by combining antibody engineering, rational therapeutic combinations and precision medicine approaches. Its pipeline includes investigational extended half-life antibodies targeting a4b7, TL1A, and IL-23. Its pipeline programs include SPY003, SPY004, SPY130, SPY230, SPY002, SPY001, and SPY120. Its advanced product candidate, SPY001, is a fully human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4b7 integrin being developed for the treatment of IBD. Its co-lead program, SPY002, has nominated two fully human mAb candidates designed to bind to tumor necrosis factor-like ligand 1A (TL1A), both of which are in preclinical development for the treatment of IBD. SPY003 is a preclinical-stage program designed to bind to Interleukin 23 (IL-23) and incorporates half-life extending modifications.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Commodore Capital Increases Stake in Spyre Therapeutics
- Stake Increase: Commodore Capital increased its position in Spyre Therapeutics by 400,161 shares in Q4 2026, with an estimated transaction value of $10.46 million, indicating strong confidence in the company's growth potential.
- Value Appreciation: Following this purchase, the value of Spyre Therapeutics' stake rose to $78.24 million, an increase of $44.92 million from the previous quarter, reflecting significant stock price appreciation and enhanced market recognition.
- Strong R&D Funding: As of the end of 2025, Spyre Therapeutics had approximately $757 million in cash and equivalents, expected to fund its R&D projects into the second half of 2028, providing robust support for its innovations in inflammatory bowel disease.
- Outstanding Market Performance: Spyre Therapeutics' stock price has increased by 62.9% over the past year, significantly outperforming the S&P 500's 13% gain, demonstrating its competitive edge in the biotechnology sector and investor confidence.
See More
Spyre Therapeutics Grants Stock Options to Employees
- Stock Option Grant: On February 2, 2026, Spyre Therapeutics approved the grant of a total of 30,200 stock options to five non-executive employees as equity inducement awards under the 2018 Equity Inducement Plan, aimed at attracting and retaining talent to enhance team stability.
- Exercise Price Setting: The options have an exercise price of $32.75 per share, equal to Spyre's closing stock price on that date, which not only provides employees with potential financial incentives but also reflects the company's confidence in future stock price growth.
- Vesting Arrangement: The stock options will vest 1/4 of the shares on the first anniversary of the employee's start date, with 1/48 of the shares vesting monthly thereafter, ensuring that employees gradually earn their rights while maintaining continuous service, thereby enhancing loyalty and motivation.
- Compliance Assurance: The stock option grant complies with Nasdaq Listing Rule 5635(c)(4), ensuring that the company adheres to relevant regulations while attracting talent, thereby enhancing the transparency and compliance of the company's governance structure.
See More
Spyre Therapeutics CEO Sells 15,000 Shares for $460K
- Insider Transaction: Spyre Therapeutics CEO Cameron Turtle sold 15,000 shares on January 2 through open-market transactions for over $460,000, indicating management's approach to liquidity management in the company's stock.
- Holding Status: Post-transaction, Turtle retains approximately 671,907 shares valued at around $20.5 million, suggesting a strong confidence in the company's future prospects despite the sale.
- Transaction Context: The sale accounted for 2.2% of his direct holdings, with all shares sold being directly owned, reflecting transparency and compliance in insider trading practices.
- Market Performance: Over the past year, Spyre Therapeutics' stock has risen by 36.3%, outperforming the Nasdaq Composite's 24.3% return, indicating market recognition of its growth potential.
See More
Spyre Therapeutics CEO Cameron Turtle Sells 15,000 Shares for Over $460,000
- Insider Sale: Cameron Turtle, CEO of Spyre Therapeutics, sold 15,000 shares on January 2, 2026, for over $460,000, representing 2.2% of his holdings and reducing his direct ownership to 671,907 shares, which may raise concerns about executive confidence in the company's future.
- Transaction Context: The sale was executed under a prearranged 10b5-1 trading plan designed to avoid the appearance of insider trading; however, this scheduling complicates the assessment of the insider's motivations, potentially affecting investor sentiment.
- Company Overview: Spyre Therapeutics is a preclinical-stage biopharmaceutical company focused on innovative antibody therapies, and despite a 36.3% stock increase over the past year, it remains a high-risk investment due to the lack of government-approved treatments.
- Market Performance: As of January 9, 2026, Spyre Therapeutics outperformed the Nasdaq Composite, which returned 24.3%, indicating that the market still holds an optimistic view on the company's potential growth prospects.
See More
Spyre Grants 42,000 Stock Options to Six Employees as Inducement Awards
- Stock Option Grant: On January 2, 2026, Spyre Therapeutics approved the grant of 42,000 stock options to six non-executive employees as equity inducement awards under the 2018 Equity Inducement Plan, highlighting the company's commitment to attracting talent.
- Exercise Price Setting: The stock options have an exercise price of $30.58 per share, equal to the closing price of Spyre's common stock on January 2, 2026, ensuring potential financial benefits for employees in the future.
- Vesting Mechanism: The stock options will vest one-fourth on the first anniversary of the employee's start date, with one-forty-eighth vesting monthly thereafter, aimed at incentivizing employee retention through continuous service and enhancing team stability.
- Compliance Assurance: The stock option grant complies with Nasdaq Listing Rule 5635(c)(4), ensuring the company's adherence to regulations and transparency in attracting and retaining key talent.
See More
Biotech Sector Sustains After-Hours Trading Gains
Market Activity: Several small- and mid-cap stocks experienced notable gains in after-hours trading, driven by investor sentiment and sector momentum rather than new company news.
Top Gainers: Spyre Therapeutics, Inc. (SYRE) led the gains with a 4.99% increase, followed by The Oncology Institute, Inc. (TOI) with a 5.49% rise, both without any fresh updates.
Sector Trends: Aurora Cannabis Inc. (ACB) and Lexeo Therapeutics, Inc. (LXEO) also saw gains, benefiting from renewed momentum in the cannabis and biotech sectors, respectively, despite no new announcements.
Significant Developments: Solid Biosciences Inc. (SLDB) recently highlighted a key milestone regarding Duchenne muscular dystrophy, which has positively influenced its stock performance, even without new news on the trading day.
See More
Commodore Capital Increases Stake in Spyre Therapeutics
- Stake Increase: Commodore Capital increased its position in Spyre Therapeutics by 400,161 shares in Q4 2026, with an estimated transaction value of $10.46 million, indicating strong confidence in the company's growth potential.
- Value Appreciation: Following this purchase, the value of Spyre Therapeutics' stake rose to $78.24 million, an increase of $44.92 million from the previous quarter, reflecting significant stock price appreciation and enhanced market recognition.
- Strong R&D Funding: As of the end of 2025, Spyre Therapeutics had approximately $757 million in cash and equivalents, expected to fund its R&D projects into the second half of 2028, providing robust support for its innovations in inflammatory bowel disease.
- Outstanding Market Performance: Spyre Therapeutics' stock price has increased by 62.9% over the past year, significantly outperforming the S&P 500's 13% gain, demonstrating its competitive edge in the biotechnology sector and investor confidence.
See More
Spyre Therapeutics Grants Stock Options to Employees
- Stock Option Grant: On February 2, 2026, Spyre Therapeutics approved the grant of a total of 30,200 stock options to five non-executive employees as equity inducement awards under the 2018 Equity Inducement Plan, aimed at attracting and retaining talent to enhance team stability.
- Exercise Price Setting: The options have an exercise price of $32.75 per share, equal to Spyre's closing stock price on that date, which not only provides employees with potential financial incentives but also reflects the company's confidence in future stock price growth.
- Vesting Arrangement: The stock options will vest 1/4 of the shares on the first anniversary of the employee's start date, with 1/48 of the shares vesting monthly thereafter, ensuring that employees gradually earn their rights while maintaining continuous service, thereby enhancing loyalty and motivation.
- Compliance Assurance: The stock option grant complies with Nasdaq Listing Rule 5635(c)(4), ensuring that the company adheres to relevant regulations while attracting talent, thereby enhancing the transparency and compliance of the company's governance structure.
See More
Spyre Therapeutics CEO Sells 15,000 Shares for $460K
- Insider Transaction: Spyre Therapeutics CEO Cameron Turtle sold 15,000 shares on January 2 through open-market transactions for over $460,000, indicating management's approach to liquidity management in the company's stock.
- Holding Status: Post-transaction, Turtle retains approximately 671,907 shares valued at around $20.5 million, suggesting a strong confidence in the company's future prospects despite the sale.
- Transaction Context: The sale accounted for 2.2% of his direct holdings, with all shares sold being directly owned, reflecting transparency and compliance in insider trading practices.
- Market Performance: Over the past year, Spyre Therapeutics' stock has risen by 36.3%, outperforming the Nasdaq Composite's 24.3% return, indicating market recognition of its growth potential.
See More
Spyre Therapeutics CEO Cameron Turtle Sells 15,000 Shares for Over $460,000
- Insider Sale: Cameron Turtle, CEO of Spyre Therapeutics, sold 15,000 shares on January 2, 2026, for over $460,000, representing 2.2% of his holdings and reducing his direct ownership to 671,907 shares, which may raise concerns about executive confidence in the company's future.
- Transaction Context: The sale was executed under a prearranged 10b5-1 trading plan designed to avoid the appearance of insider trading; however, this scheduling complicates the assessment of the insider's motivations, potentially affecting investor sentiment.
- Company Overview: Spyre Therapeutics is a preclinical-stage biopharmaceutical company focused on innovative antibody therapies, and despite a 36.3% stock increase over the past year, it remains a high-risk investment due to the lack of government-approved treatments.
- Market Performance: As of January 9, 2026, Spyre Therapeutics outperformed the Nasdaq Composite, which returned 24.3%, indicating that the market still holds an optimistic view on the company's potential growth prospects.
See More
Spyre Grants 42,000 Stock Options to Six Employees as Inducement Awards
- Stock Option Grant: On January 2, 2026, Spyre Therapeutics approved the grant of 42,000 stock options to six non-executive employees as equity inducement awards under the 2018 Equity Inducement Plan, highlighting the company's commitment to attracting talent.
- Exercise Price Setting: The stock options have an exercise price of $30.58 per share, equal to the closing price of Spyre's common stock on January 2, 2026, ensuring potential financial benefits for employees in the future.
- Vesting Mechanism: The stock options will vest one-fourth on the first anniversary of the employee's start date, with one-forty-eighth vesting monthly thereafter, aimed at incentivizing employee retention through continuous service and enhancing team stability.
- Compliance Assurance: The stock option grant complies with Nasdaq Listing Rule 5635(c)(4), ensuring the company's adherence to regulations and transparency in attracting and retaining key talent.
See More
Biotech Sector Sustains After-Hours Trading Gains
Market Activity: Several small- and mid-cap stocks experienced notable gains in after-hours trading, driven by investor sentiment and sector momentum rather than new company news.
Top Gainers: Spyre Therapeutics, Inc. (SYRE) led the gains with a 4.99% increase, followed by The Oncology Institute, Inc. (TOI) with a 5.49% rise, both without any fresh updates.
Sector Trends: Aurora Cannabis Inc. (ACB) and Lexeo Therapeutics, Inc. (LXEO) also saw gains, benefiting from renewed momentum in the cannabis and biotech sectors, respectively, despite no new announcements.
Significant Developments: Solid Biosciences Inc. (SLDB) recently highlighted a key milestone regarding Duchenne muscular dystrophy, which has positively influenced its stock performance, even without new news on the trading day.
See More
