Spyre Therapeutics, Inc. reported a net loss of $56.3 million for the fourth quarter of 2024, compared to $63.2 million for the same period in 2023. For the full year 2024, research and development expenses totaled $162.79 million, an increase from $89.504 million in 2023, reflecting significant pipeline investment.
General and administrative expenses for the full year 2024 were $45.776 million, up from $39.946 million in 2023. As of December 31, 2024, the company maintained a strong cash position with $603.1 million in cash, cash equivalents, and marketable securities, providing an expected operational runway into the second half of 2028.
The company reiterated its positive interim Phase 1 pharmacokinetic and safety data for SPY001 from November 2024. Interim Phase 1 data readouts for SPY002 and SPY003 remain on track for the second quarter and second half of 2025, respectively, with Phase 2 trials in ulcerative colitis and rheumatoid arthritis expected to initiate in mid-2025.
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