Spyre Therapeutics, Inc. reported a net loss of $44.8 million for the first quarter of 2025, compared to a net loss of $43.9 million for the same period in 2024. Research and development expenses increased to $41.6 million from $34.9 million year-over-year, primarily due to higher clinical and nonclinical development costs.
General and administrative expenses for the quarter decreased slightly to $11.9 million from $12.8 million in the prior year. As of March 31, 2025, the company held $564.8 million in cash, cash equivalents, and marketable securities, with an expected operational runway into the second half of 2028.
The company confirmed it is on track for mid-year initiations of planned Phase 2 studies in ulcerative colitis (UC) and rheumatoid arthritis (RA), with interim Phase 1 data for SPY002 expected later in the quarter and for SPY003 in the second half of 2025. Extended follow-up Phase 1 data for SPY001 was also reported, supporting quarterly or biannual dosing.
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