Spyre Therapeutics reports Q2 EPS (86c), consensus (95c)

Reports Q2 revenue $0, consensus $4M. As of June 30 Spyre had available cash and cash equivalents, marketable securities, and restricted cash of $426.3M. Net cash used in operating activities was $62.4M for the Q2- Net cash used in operating activities exceeded net loss for the Q2 primarily due to the timing of certain vendor payments. “Initiation of our Phase 1 trial of SPY001 represents an important transition of Spyre into a clinical-stage biotechnology company and sets the stage for an important year of catalysts to validate the promise of our portfolio. Specifically, by this time next year, we expect to have reported Phase 1 data from our alpha4beta7 and TL1A programs and have an ongoing Phase 1 trial of our IL-23 program reporting data shortly thereafter,” said Cameron Turtle, CEO. “We believe each of these agents has the possibility to become a best-in-class monotherapy for the treatment of IBD. As a portfolio, we believe these optimized molecules could become ideal building blocks for rational therapeutic combinations with the potential to meaningfully improve efficacy and convenience compared to today’s standard of care.”