Waltham, Massachusetts-based Spyre Therapeutics (Nasdaq: SYRE) priced a USD 350 million underwritten public offering of common stock on October 5, 2026, with proceeds directed toward Phase III readiness and late-stage development of SPY072 in hidradenitis suppurativa (HS).
The offering consists of 4,117,648 shares of common stock at USD 85.00 per share, with the underwriters holding a 30-day option to purchase up to an additional approximately USD 52.5 million of shares and closing expected on or about October 7, 2026.
Spyre said net proceeds will fund preclinical studies, clinical trials, manufacturing, and Phase III readiness across its gastroenterology, rheumatology, and dermatology programs, as well as advance SPY072 into late-stage development for HS.
Spyre's pipeline consists of investigational extended half-life antibodies targeting α4β7 (SPY001), TL1A (SPY002) and IL-23 (SPY003), and the three monotherapy candidates are also being evaluated as pairwise combinations (SPY120, SPY130 and SPY230) in the company's SKYLINE Phase II basket trial.