Overview

• US biotech firm reported wider than expected pretax and net loss for Q1

• Loss from operations was lower than analyst estimates

• Company raised $463 mln in stock offering, with pro forma cash at $1.2 bln

Outlook

• Company expects 6 proof-of-concept readouts in 2026 across SKYLINE and SKYWAY Phase 2 trials

• Topline data for SKYWAY RA sub-study expected in Q3 2026, PsA and axSpA in Q4 2026

• Company expects cash runway into the second half of 2029

Result Drivers

• R&D SPENDING - Higher research and development expenses driven by increased manufacturing and clinical trial costs, as well as higher headcount, partially offset by lower early-stage R&D activities

• G&A EXPENSES - General and administrative expenses rose due to higher headcount

• ASSET SALE GAIN - Recognized $30 mln gain from milestones related to the 2023 sale of pegzilarginase rights to Immedica

• OTHER EXPENSES - Increase in other expenses mainly due to changes in the fair value of the contingent value right (CVR) liability

Company press release: ID:nGNX34B36s

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income	Miss	-$69.005 mln	-$54.37 mln (13 Analysts)
Q1 Income From Operations	Beat	-$45.64 mln	-$60.28 mln (15 Analysts)
Q1 Pretax Profit	Miss	-$69.005 mln	-$55.05 mln (13 Analysts)
Q1 Basic EPS		-$29.66
Q1 Operating Expenses		$45.64 mln

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 17 "strong buy" or "buy", no "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 $90.00, about 30.2% above its May 4 closing price of $69.13

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