Spyre Therapeutics, Inc. reported a net loss of $36.7 million for the second quarter of 2025, a decrease from $38.8 million for the same period in 2024. Research and development expenses totaled $40.1 million, an increase from $32.6 million in Q2 2024, primarily due to higher clinical trial expenses.
The company recognized a $10.0 million gain during the quarter from achieved milestones related to the 2023 sale of pegzilarginase, driven by a favorable reimbursement decision in Europe. As of June 30, 2025, Spyre held $526.6 million in cash, cash equivalents, and marketable securities, with an expected operational runway into the second half of 2028.
Spyre reiterated positive interim Phase 1 results for its SPY002 and SPY072 TL1A antibodies. The SKYLINE-UC platform study was initiated in May 2025, and the SKYWAY-RD basket study is on track for Q3 initiation. Interim Phase 1 data for SPY003 is expected in the fourth quarter of 2025, with 9 proof-of-concept readouts planned in 2026 and 2027.
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