Spyre Therapeutics Q3 net loss widens more than expected on higher trial costs

Overview

• US biotech firm's Q3 net loss widened, missing analyst expectations

• Q3 operating loss also missed estimates, driven by higher R&D and trial costs

• Company ended Q3 with $1.5 bln in cash after $400 mln public offering

Outlook

• Spyre expects topline induction results for SKYLINE Part B in Q3 2027

• Company plans to advance anti-TL1A monotherapy into pivotal HS studies in 2027

• Spyre expects cash runway into the second half of 2029

Result Drivers

• R&D AND TRIAL COSTS - Co said higher research and development expenses and clinical trial costs drove increased operating expenses in Q3

• G&A EXPENSES - Co attributed higher general and administrative expenses to increased headcount and professional services fees

• OTHER INCOME DECLINE - Co said decrease in other income was mainly due to changes in fair value of contingent value right liability in prior period

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Spyre Therapeutics Inc is $123.00, about 28.8% above its November 2 closing price of $95.51

Reuters Recommended Reads

• Nov 3 - Beam Therapeutics posts wider than expected Q3 net loss as revenue drops

• Nov 2 - Syndax Pharmaceuticals Q3 revenue rises 82% on cancer drug sales

• Nov 2 - Switzerland's CRISPR Therapeutics Q3 CASGEVY revenue jumps 30% sequentially

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)