Spyre Therapeutics, Inc. entered into an underwriting agreement on October 5, 2026, to sell 4,117,648 shares of its common stock at a public offering price of $85.00 per share. The offering is being led by Jefferies LLC, TD Securities (USA) LLC, Leerink Partners LLC, and Stifel, Nicolaus & Company, Incorporated, who are acting as representatives of the underwriters.
The underwriters have been granted a 30-day option to purchase up to an additional 617,647 shares of common stock on the same terms and conditions. The company expects the offering to close on or about October 7, 2026, subject to customary closing conditions.
Based on the number of shares sold, the gross proceeds to Spyre are expected to be approximately $350.0 million, before deducting underwriting discounts and commissions and estimated offering expenses. The company intends to use the net proceeds to advance its programs in Gastroenterology, Rheumatology, and Dermatology. These funds will support preclinical studies, clinical trials, manufacturing, and Phase 3 readiness. Additionally, Spyre plans to use proceeds to advance SPY072 into late-stage development for hidradenitis suppurativa, develop general infrastructure, and potentially in-license, acquire, or invest in additional businesses, technologies, or assets. Any remaining proceeds will be used for ongoing research and development, working capital, and other general corporate purposes.
The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-297063) previously filed with the SEC on June 26, 2026. A final prospectus supplement dated October 5, 2026, was filed with the SEC on October 6, 2026.
