Spyre Therapeutics, Inc. (SYRE)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$90.33-2.17%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Spyre Therapeutics, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	0
EPS	—	-0.792
Annual ending 2026-12-31
Revenue	—	88,600
EPS	—	-2.722
Annual ending 2027-12-31
Revenue	—	166,667
EPS	—	-3.501

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Advance Phase 2 SKYLINE trial for SPY001	Spyre is advancing its Phase 2 SKYLINE trial for SPY001.	Improving	Trial progress stalls or is delayed beyond 2026-Q4	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Maintain cash balance near $741 million	It has $741 million in cash as of March 2026.	Intact	Cash falls below $700 million before 2026-Q4	Cash and cash equivalents: $162.007M FY2026-Q2; GAAP. Published target: >= $700 million. The stored target says 2026-Q4; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source date unavailable162,007,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_balance_sheet. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Manage financial losses and cash flow	A primary condition in Spyre Therapeutics, Inc.'s published investment case. The stated target is Net loss less than $69 million and cash flow better than -$57 million in 2026-Q1.	Improving	Losses worsen beyond $69 million and cash flow below -$57 million in 2026-Q1	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$-3.50

$-3.21 → $-3.50 · observed estimates

FY2027 revenue$0.00B

$0.00B → $0.00B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$-3.21	$166,667	10 / 12
2026-07-25	$-3.13	$0	13 / 12
2026-07-26	$-3.21	$166,667	10 / 12
2026-07-27	$-3.13	$0	13 / 12
2026-07-28	$-3.13	$0	13 / 12
2026-07-29	$-3.21	$166,667	10 / 12
2026-07-30	$-3.21	$166,667	10 / 12
2026-07-31	$-3.21	$166,667	10 / 12
2026-08-01	$-3.21	$166,667	10 / 12
2026-08-02	$-3.13	$0	13 / 12
2026-08-03	$-3.21	$166,667	10 / 12
2026-08-04	$-3.21	$166,667	10 / 12
2026-08-05	$-3.13	$0	13 / 12
2026-08-06	$-3.21	$0	13 / 12
2026-08-08	$-3.33	$166,667	10 / 12
2026-08-09	$-3.33	$166,667	10 / 12
2026-08-10	$-3.33	$166,667	10 / 12
2026-08-12	$-3.33	$166,667	10 / 12
2026-08-13	$-3.33	$166,667	10 / 12
2026-08-14	$-3.33	$166,667	10 / 12
2026-08-15	$-3.33	$166,667	10 / 12
2026-08-16	$-3.33	$166,667	10 / 12
2026-08-17	$-3.33	$166,667	10 / 12
2026-08-18	$-3.33	$166,667	10 / 12
2026-08-19	$-3.33	$166,667	10 / 12
2026-08-20	$-3.53	$166,667	10 / 12
2026-08-21	$-3.53	$166,667	10 / 12
2026-08-22	$-3.53	$166,667	10 / 12
2026-08-23	$-3.53	$166,667	10 / 12
2026-08-24	$-3.53	$166,667	10 / 12
2026-08-25	$-3.53	$166,667	10 / 12
2026-08-26	$-3.53	$166,667	10 / 12
2026-08-27	$-3.53	$166,667	10 / 12
2026-08-28	$-3.53	$166,667	10 / 12
2026-08-29	$-3.52	$166,667	10 / 12
2026-08-30	$-3.52	$166,667	10 / 12
2026-08-31	$-3.52	$166,667	10 / 12
2026-09-01	$-3.52	$166,667	10 / 12
2026-09-02	$-3.52	$166,667	10 / 12
2026-09-03	$-3.52	$166,667	10 / 12
2026-09-04	$-3.52	$166,667	10 / 12
2026-09-05	$-3.52	$166,667	10 / 12
2026-09-06	$-3.52	$166,667	10 / 12
2026-09-07	$-3.52	$166,667	10 / 11
2026-09-08	$-3.61	$166,667	10 / 11
2026-09-09	$-3.61	$166,667	10 / 11
2026-09-10	$-3.61	$166,667	10 / 11
2026-09-11	$-3.61	$166,667	9 / 11
2026-09-12	$-3.61	$166,667	9 / 11
2026-09-13	$-3.61	$166,667	9 / 11
2026-09-14	$-3.61	$166,667	9 / 11
2026-09-15	$-3.61	$166,667	9 / 11
2026-09-16	$-3.61	$166,667	9 / 11
2026-09-17	$-3.61	$166,667	9 / 11
2026-09-18	$-3.61	$166,667	9 / 11
2026-09-19	$-3.61	$166,667	9 / 11
2026-09-20	$-3.61	$166,667	9 / 11
2026-09-21	$-3.61	$166,667	9 / 11
2026-09-22	$-3.61	$166,667	9 / 11
2026-09-23	$-3.61	$166,667	9 / 11
2026-09-24	$-3.61	$166,667	9 / 11
2026-09-25	$-3.61	$166,667	9 / 11
2026-09-26	$-3.61	$166,667	9 / 11
2026-09-27	$-3.61	$166,667	9 / 11
2026-09-28	$-3.61	$166,667	9 / 11
2026-09-29	$-3.61	$166,667	9 / 11
2026-09-30	$-3.61	$166,667	9 / 11
2026-10-01	$-3.61	$166,667	9 / 11
2026-10-02	$-3.60	$166,667	10 / 12
2026-10-03	$-3.60	$166,667	10 / 12
2026-10-04	$-3.60	$166,667	10 / 12
2026-10-05	$-3.60	$166,667	10 / 12
2026-10-06	$-3.60	$166,667	10 / 12
2026-10-07	$-3.60	$166,667	10 / 12
2026-10-08	$-3.60	$166,667	10 / 12
2026-10-09	$-3.60	$166,667	10 / 12
2026-10-10	$-3.60	$166,667	10 / 12
2026-10-11	$-3.60	$166,667	10 / 12
2026-10-12	$-3.60	$166,667	10 / 12
2026-10-13	$-3.60	$166,667	11 / 12
2026-10-14	$-3.60	$166,667	11 / 12
2026-10-15	$-3.60	$166,667	11 / 12
2026-10-16	$-3.60	$166,667	11 / 12
2026-10-17	$-3.60	$166,667	11 / 12
2026-10-18	$-3.60	$166,667	11 / 12
2026-10-19	$-3.60	$166,667	11 / 12
2026-10-20	$-3.58	$166,667	11 / 12
2026-10-21	$-3.58	$166,667	11 / 12
2026-10-22	$-3.50	$166,667	11 / 12
2026-10-23	$-3.50	$166,667	11 / 12
2026-10-24	$-3.50	$166,667	11 / 12

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	17	0
2026-06-01	17	0
2026-07-01	17	1
2026-08-01	16	1
2026-09-01	16	1
2026-10-01	17	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 17 Buy / Strong Buy · 1 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades2 maintains

Recent actions · Sep 25–Oct 24 · 2 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

UBSOct 11

$120.00New observation · no comparable prior

$0$66.00$132.00

0 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Advance Phase 2 SKYLINE trial for SPY001Direct metric needs a verified mapping
Maintain cash balance near $741 millionCash and cash equivalents: $162.007M
Manage financial losses and cash flowDirect metric needs a verified mapping

Next proof point

Nov 3, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.0%Typical daily move · historical

Downside history

-27.8%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Spyre Therapeutics, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a speculative clinical-stage biotechnology company, where the case depends on trial results and future development rather than current profits. The long-term thesis is intact, with management on track to report multiple Phase 2 readouts, but earnings quality is loss-making and overall risk is elevated.

What's priced into Spyre Therapeutics, Inc.

SYRE trades at a 61.69% premium to peers, with optionality, or the potential value of future outcomes, driving the valuation. Model confidence is low, and the evidence does not specify exactly what trial success the market assumes; the thesis therefore faces an expectations gap if results disappoint.

What the fundamentals likely do

Near term, management has reported positive topline data for SPY001, SPY002, and SPY003, and says six Phase 2 proof-of-concept readouts are expected in 2026. Cash and marketable securities rose to about $1.1 billion in 2026-Q2, with runway expected into the second half of 2029, though the company remains loss-making. Risk includes a possible guidance cut, weakening jobs data, and recent litigation filings; the risk indicator puts the near-term miss probability at 35%, while recent financial performance ranks in the industry's top half.

What Spyre Therapeutics, Inc. hinges on

The multi-year view hinges on whether trial readouts continue to show useful safety and efficacy signals and whether management advances its long-acting antibody programs. A guidance cut or further economic weakening could pressure the business outlook, while strength among major Healthcare companies could support sector conditions. Recent litigation and the debt issuance also warrant attention, though the evidence gives limited detail on their effects.