Spyre Therapeutics
SYRE on Nasdaq. Spyre Therapeutics makes antibody medicines for people with inflammatory bowel and rheumatic diseases. Market value $8.2bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$80.11 a share, 401% above its 1-year low
Over the past year the price has ranged from $16.00 to $110.18.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $19m | $2m | $886,000 | $0 | $0 |
| Operating margin | |||||
| Operating margin | -350.3% | -3640.2% | -27348.0% | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.00bn | 0.05bn | 0.08bn | 0.09bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)1 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 43% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $36 million, compared with a loss of $37 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | -$69m |
| December 2024 | -$56m |
| March 2025 | -$45m |
| June 2025 | -$37m |
| September 2025 | -$11m |
| December 2025 | -$63m |
| March 2026 | -$69m |
| June 2026 | -$36m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
1 long-term investor we follow owns it, up from 0 last quarter. 265 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $5m | <0.1% | New |
Largest holders overall
- FMR$1.2bnAdded
- BlackRock$578mAdded
- Perceptive Advisors$383mAdded
- RTW Investments, LP$377m
- Paradigm Biocapital Advisors LP$341mAdded
- Vanguard Capital Management$306mAdded
- State Street$271mAdded
- Venrock Adviser$265mCut
- Price T Rowe Associates$263mAdded
- Driehaus Capital Management$249m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- Peter Evan Harwinat least 10.0%0.0 pts(filed with 3 related holders)Since 23 June 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: Resignation of Peter Harwin On May 27, 2026, Peter Harwin resigned from the Board of Directors of the Company. Mr. Harwin's resignation was not the result of any disagreement with the Company on any matter…
Read the filing - BlackRock, Inc.Passive investor6.6%Since 30 June 2025
- Roderick Wong, M.D.Passive investor6.2%Since 31 December 2024
- Paradigm BioCapital Advisors LPPassive investorat least 5.1%(filed with 3 related holders)Since 24 September 2026
- Perceptive Advisors LLCPassive investorat least 4.9%−0.1 pts(filed with 2 related holders)Since 30 June 2026
- RTW Investments, LPPassive investorat least 4.8%−1.4 pts(filed with 1 related holder)Since 30 June 2026
- Venrock Healthcare Capital Partners III, L.P.Passive investorat least 4.6%(filed with 6 related holders)Since 31 December 2024
- TANG CAPITAL MANAGEMENT, LLCPassive investorat least 2.4%−2.9 pts(filed with 5 related holders)Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Peter Evan Harwin | at least 10.0%0.0 pts (filed with 3 related holders) | 23 June 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: Resignation of Peter Harwin On May 27, 2026, Peter Harwin resigned from the Board of Directors of the Company. Mr. Harwin's resignation was not the result of any disagreement with the Company on any matter… Read the filing |
BlackRock, Inc. Passive investor | 6.6% | 30 June 2025 | |
Roderick Wong, M.D. Passive investor | 6.2% | 31 December 2024 | |
Paradigm BioCapital Advisors LP Passive investor | at least 5.1% (filed with 3 related holders) | 24 September 2026 | |
Perceptive Advisors LLC Passive investor | at least 4.9%−0.1 pts (filed with 2 related holders) | 30 June 2026 | |
RTW Investments, LP Passive investor | at least 4.8%−1.4 pts (filed with 1 related holder) | 30 June 2026 | |
Venrock Healthcare Capital Partners III, L.P. Passive investor | at least 4.6% (filed with 6 related holders) | 31 December 2024 | |
TANG CAPITAL MANAGEMENT, LLC Passive investor | at least 2.4%−2.9 pts (filed with 5 related holders) | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $443m, $42m of it under preset trading plans.
- King-Jones HeidySee RemarksSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 28,933
- Price
- $91.03
- Value
- $3m
- Turtle CameronChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 15,000
- Price
- $92.01
- Value
- $1m
- Burrows Scott LChief Financial OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 7,500
- Price
- $91.83
- Value
- $688,756
- Burrows Scott LChief Financial OfficerSoldunder a preset trading plan
- Date
- 30 September 2026
- Shares
- 17,500
- Price
- $89.89
- Value
- $2m
- King-Jones HeidySee RemarksSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 400
- Price
- $90.00
- Value
- $36,000
- Burrows Scott LChief Financial OfficerSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 18,232
- Price
- $89.35
- Value
- $2m
- King-Jones HeidySee RemarksSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 27,999
- Price
- $87.31
- Value
- $2m
- Burrows Scott LChief Financial OfficerSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 7,500
- Price
- $87.31
- Value
- $654,792
- Turtle CameronChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 15,000
- Price
- $87.29
- Value
- $1m
- Albers Jeffrey W.DirectorSoldunder a preset trading plan
- Date
- 7 August 2026
- Shares
- 23,000
- Price
- $104.53
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | King-Jones Heidy See Remarks | Sold under a preset trading plan | 28,933 | $91.03 | $3m |
| 1 October 2026 | Turtle Cameron Chief Executive Officer, Director | Sold under a preset trading plan | 15,000 | $92.01 | $1m |
| 1 October 2026 | Burrows Scott L Chief Financial Officer | Sold under a preset trading plan | 7,500 | $91.83 | $688,756 |
| 30 September 2026 | Burrows Scott L Chief Financial Officer | Sold under a preset trading plan | 17,500 | $89.89 | $2m |
| 2 September 2026 | King-Jones Heidy See Remarks | Sold under a preset trading plan | 400 | $90.00 | $36,000 |
| 2 September 2026 | Burrows Scott L Chief Financial Officer | Sold under a preset trading plan | 18,232 | $89.35 | $2m |
| 1 September 2026 | King-Jones Heidy See Remarks | Sold under a preset trading plan | 27,999 | $87.31 | $2m |
| 1 September 2026 | Burrows Scott L Chief Financial Officer | Sold under a preset trading plan | 7,500 | $87.31 | $654,792 |
| 1 September 2026 | Turtle Cameron Chief Executive Officer, Director | Sold under a preset trading plan | 15,000 | $87.29 | $1m |
| 7 August 2026 | Albers Jeffrey W. Director | Sold under a preset trading plan | 23,000 | $104.53 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.