Spyre Therapeutics reports Q1 EPS ($1.20), consensus ($1.17)

As of March 31, Spyre had available cash and cash equivalents, marketable securities, and restricted cash of $485.0M. Net cash used in operating activities was $28.5M for Q1. “I am proud of Spyre’s continued execution against our corporate strategy this past quarter, further expanding our team and building a strong financial foundation with the support of top-tier investors. With a clean safety profile in SPY001’s 28-day GLP toxicity study, we remain on track towards initiating a first-in-human study later this quarter and advancing our mission of creating IBD therapies that provide meaningful improvements in both efficacy and convenience,” said CEO Cameron Turtle. “We expect to report interim PK and safety data from our Phase 1 trial of SPY001 by the end of this year, setting up the first of what we expect to be a string of important catalysts from year-end 2024 through 2025 across our lead programs. We also anticipate initiating a Phase 2 evaluation of rational therapeutic combinations in IBD patients in 2025.”