Cambridge biotech tracker · Waltham
Spyre Therapeutics
Listed on Nasdaq as SYRE, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $1.07B
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $62.3M
- avg. operating cash flow, 4 qtrs
- Runway
- 4.3 yrs
- 3+ years
- Net loss
- $96.1M
- Q3 '26
- R&D expense
- $89.2M
- 84% of opex
- Raised, last 4 qtrs
- +$760M
- net financing cash flow
- Next readout
- Jun 2027
- Phase 2 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
4.3 years
Cash at Q3 '26 divided by the average burn of the last four quarters, $20.8M a month.
Management’s own date
Into H2 2029
Jul–Dec 2029
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“We believe that our existing cash, cash equivalents and marketable securities as of September 30, 2026, together with the net proceeds from the October 2026 Offering and sales under the 2026 Sales Agreement subsequent to September 30, 2026, will be sufficient to fund our planned operating expenses and capital expenditure requirements into the second half of 2029.”
Cash against the calendar
What the runway has to reach.
Jun 2027estimated
A Study of Long-acting Antibodies Alone and in Combinations for Moderate to Severe Ulcerative Colitis
Ulcerative Colitis · Inflammatory Bowel Diseases · Colitis
NCT07012395 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 4.3 years
- Time to the date
- 7 months
It is about 7 months out. At the current burn there is roughly 45 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Pipeline
5 active trials, through phase 2.
Phase 2 · 4Phase 1 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 2 readout in Jun 2027, about 7 months out. That leaves roughly 45 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 4.3 years of runway
Cash and investments of $1.07B at Q3 '26 against an average operating cash burn of $62.3M per quarter over the last four reported quarters runs out around December 2030. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $469M since Q4 '24
Net financing inflows of $760M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $18.6M above cash burn
The Q3 '26 net loss of $96.1M includes non-cash charges, including $14.2M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 84% of operating expenses
$89.2M of R&D against $106M of total operating expenses in Q3 '26, with G&A at $16.6M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Material weakness disclosed in the 10-Q filed Nov 3, 2026
Management identified a material weakness in internal control over financial reporting. Common causes at this stage are thin finance teams, manual close processes, and inadequate review of complex areas like revenue or equity. Remediation usually takes two or more quarters to demonstrate.
Accumulated deficit of $1.33B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $603M | −$37.2M | −$56.3M | $50.5M | $10.8M | $0 | $9.2M | $226M |
| Q1 '25 · Mar 31, 25 | $565M | −$41.0M | −$44.8M | $41.6M | $11.9M | — | $8.9M | $125K |
| Q2 '25 · Jun 30, 25 | $527M | −$46.6M | −$36.7M | $40.1M | $11.8M | — | $9.4M | $731K |
| Q3 '25 · Sep 30, 25 | $486M | −$37.1M | −$11.2M | $45.2M | $11.6M | — | $9.6M | −$4.6M |
| Q4 '25 · Dec 31, 25 | $757M | −$44.6M | −$62.5M | $44.6M | $12.5M | — | $9.8M | $313M |
| Q1 '26 · Mar 31, 26 | $741M | −$57.4M | −$69.0M | $60.4M | $15.2M | — | $12.8M | $12.3M |
| Q2 '26 · Jun 30, 26 | $1.15B | −$69.9M | −$36.2M | $65.5M | $16.1M | — | $13.5M | $433M |
| Q3 '26 · Sep 30, 26 | $1.07B | −$77.5M | −$96.1M | $89.2M | $16.6M | — | $14.2M | $2.0M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.