SEC Filings

Spyre Therapeutics Prices $350 Million Stock Sale At $85 A Share, Below October 2 Price

The 4,117,648 new shares equal about 4.5% of shares outstanding after the offering, and the company lists three disease areas for the money.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

— 2 min read
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Spyre Therapeutics Prices $350 Million Stock Sale At $85 A Share, Below October 2 Price

Spyre Therapeutics priced a public offering of 4,117,648 common shares at $85.00 each, for gross proceeds of $350.0 million, according to its prospectus supplement dated Monday. Five banks are running the deal, and delivery is expected on or about Wednesday.

What the prospectus supplement says

The $85.00 price is 8.8% below the $93.19 last reported sale price on October 2, 2026. After the offering, 92,181,781 shares will be outstanding, and the new shares equal about 4.5% of that total.

Underwriting discounts and commissions come to $5.10 a share, or about $21.0 million in total. That leaves the company about $329.0 million before expenses.

The underwriters hold a 30-day option to buy up to 617,647 more shares at the offering price, less the discount. The joint book-running managers are Jefferies, TD Cowen, Leerink Partners and Stifel. LifeSci Capital is the passive bookrunner.

What the money is for

Spyre said it will use net proceeds "to continue to advance our programs in Gastroenterology, Rheumatology, and Dermatology, including to fund preclinical studies, clinical trials, manufacturing, and Phase 3 readiness." The company also plans a new late-stage program for its SPY072 candidate in hidradenitis suppurativa, or HS, a skin condition.

Buyers in this offering face immediate dilution to net tangible book value of $71.51 a share, according to the prospectus risk factors.

The sale uses a shelf registration, a standing filing that lets a company sell securities in pieces, which Spyre filed in June. Since June 30, the company has also sold 527,502 shares under a separate sales agreement with TD Securities, with about $451.6 million still available under it, the prospectus says. Spyre reported roughly $1.1 billion in cash and securities at June 30 and expects that to fund operations into the second half of 2029.

What to watch

Delivery of the shares is expected on or about October 7. The underwriters' 30-day option on 617,647 additional shares runs from the October 5 supplement date. Spyre shares were unchanged at $80.11 in Tuesday after-hours trading (market data).

Spyre's stated plan for the proceeds is to fund preclinical work, clinical trials, manufacturing and Phase 3 readiness across three disease areas, plus the new SPY072 program.

Sources

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