Spyre Therapeutics Inc (NASDAQ:SYRE) disclosed late Monday that it has initiated an underwritten public offering of common stock listed on the Nasdaq, triggering a 2.9% decline in the company's shares during after-hours trading.
The offering includes a standard over-allotment provision: underwriters may, for 30 days, exercise an option to acquire up to an additional 15% of the shares offered under the same terms and conditions. Jefferies, TD Cowen, Leerink Partners and Stifel are named as joint book-running managers for the transaction, with LifeSci Capital functioning as a passive bookrunner.
Spyre specified that net proceeds from the proposed sale will be allocated to advancing its programs in Gastroenterology, Rheumatology and Dermatology. Planned uses include funding preclinical studies and clinical trials, manufacturing activities, and readiness work for Phase 3 development. The company also singled out SPY072 as a candidate it intends to advance into late-stage development for hidradenitis suppurativa.
Additional proceeds, according to the company statement, would support ongoing research and development, working capital and general corporate purposes. The company noted the offering remains subject to market and other conditions and emphasized there is no assurance the offering will be completed or that the final size or terms will match current expectations.
Regulatory paperwork for the securities offering is in place. A registration statement on Form S-3 relating to the shares was filed with the Securities and Exchange Commission and became effective on June 26, 2026. Spyre said the offering is being conducted solely through a prospectus supplement and the accompanying prospectus.
Spyre Therapeutics develops extended half-life antibodies and combination programs targeting several immune pathways, including a4p7, TL1A, IL-23 and IL-17A/F. The company positions the planned financing to support advancement across its clinical pipeline and manufacturing preparedness.
Summary
- Spyre launched an underwritten public offering on Nasdaq, with after-hours shares down 2.9% following the announcement.
- Underwriters have a 30-day option to purchase an extra 15% of the shares on the same terms.
- Proceeds are intended to fund programs in Gastroenterology, Rheumatology and Dermatology and to advance SPY072 into late-stage development for hidradenitis suppurativa.
Key details
- Managers for the offering: Jefferies, TD Cowen, Leerink Partners and Stifel; LifeSci Capital as passive bookrunner.
- A Form S-3 registration statement filed with the SEC became effective on June 26, 2026; the offering will be made by prospectus supplement and accompanying prospectus.