Spyre Therapeutics, Inc. Provides Preliminary Q1 2026 Financial Update and Terminates ATM Prospectus

WALTHAM, MA, April 13, 2026 – Spyre Therapeutics, Inc. (NASDAQ: SYRE) has issued a current report on Form 8-K, providing investors with a preliminary financial update for the quarter ended March 31, 2026, and announcing the suspension and termination of its At-the-Market (ATM) prospectus. Below are the key details and implications for shareholders and potential investors.

Key Highlights from the Report

• Preliminary Cash Position: Spyre Therapeutics expects to report approximately \$741 million in cash, cash equivalents, and marketable securities as of March 31, 2026.
• Legacy Asset Disposition: This cash figure includes \$30 million in proceeds from the disposition of legacy assets collected during Q1 2026. Of this, about \$23 million is expected to be paid to holders of the company’s contingent value rights (CVRs) in Q2 2026.
• Preliminary Nature of Results: These financial figures are unaudited, preliminary, and subject to change. No external audit or review procedures have been performed yet, and final amounts may differ materially from these estimates upon completion of the quarterly close and audit processes.

ATM Prospectus Termination

• Suspension and Termination: Effective April 13, 2026, Spyre has suspended and terminated its ATM prospectus related to the sale of common stock via its Sales Agreement with TD Securities (USA) LLC, dated September 6, 2024.
• Impact: The company will not make any additional sales of its common stock under the terminated ATM prospectus unless and until a new prospectus, supplement, or registration statement is filed.
• Sales Agreement Status: The underlying Sales Agreement remains in effect, but no sales can occur without new filings.

Important Considerations for Shareholders

• Shareholder Payouts: The expected payment of \$23 million to CVR holders in Q2 2026 is a significant event. This payout is tied to the proceeds from legacy asset dispositions and may be relevant for those holding CVRs issued in connection with prior transactions.
• Liquidity Position: The company’s strong cash position of \$741 million (preliminary) suggests robust liquidity, which may support ongoing operations, R&D initiatives, or potential business development activities without immediate need for further equity dilution via ATM offerings.
• No Immediate ATM Sales: The suspension of the ATM prospectus means that shareholders are unlikely to face near-term dilution from at-the-market sales, which could be viewed positively from an equity value perspective.
• Forward-Looking Risks: The company’s statements include cautionary language about macroeconomic uncertainties, geopolitical instability (including U.S.-Iran, Ukraine-Russia, and other conflicts), regulatory risks, and market volatility, all of which could materially impact the business.
• Forward-Looking Nature: All preliminary financial figures and statements regarding cash guidance are forward-looking and subject to risks, as final audited results may differ.

Potential Share Price Implications

• Positive: Investors may react positively to the strong preliminary cash position and the lack of immediate dilution from suspended ATM sales.
• Neutral/Uncertain: The payments to CVR holders and the absence of additional asset sales could be seen as neutral, depending on the company’s future capital needs and operational plans.
• Risks: Investors should be mindful of the preliminary nature of the figures, the ongoing macro and geopolitical risks, and the possibility of material changes in the final financial results.

Additional Information

• Company Information: Spyre Therapeutics, Inc. is incorporated in Delaware and headquartered at 221 Crescent Street, Building 23, Suite 105, Waltham, MA 02453.
• Trading Symbol: SYRE (Nasdaq Global Select Market)
• CEO: Cameron Turtle

Disclaimer: This article contains forward-looking statements based on preliminary and unaudited financial information provided by Spyre Therapeutics, Inc. Actual results may differ materially from those expressed or implied due to a variety of factors, including but not limited to market conditions, audited financial adjustments, and macroeconomic or geopolitical developments. This article is for informational purposes only and does not constitute investment advice. Investors are encouraged to review the company’s official filings and consult with financial advisors before making investment decisions.

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