Spyre Therapeutics Files 2023 10-K Amendment

TL;DR

Spyre Therapeutics filed its amended 2023 10-K, giving investors the latest on their financials.

AI Summary

Spyre Therapeutics, Inc. filed an amendment to its 2023 10-K on November 18, 2024, detailing its financial performance for the fiscal year ending December 31, 2023. The company, formerly known as Aeglea BioTherapeutics, Inc., is involved in the pharmaceutical preparations industry. The filing provides updated information on its business operations and financial status.

Why It Matters

This amendment provides updated financial and operational details for Spyre Therapeutics for the 2023 fiscal year, which is crucial for investors to assess the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Spyre Therapeutics is subject to inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2834 — SIC Code (Standard Industrial Classification for Pharmaceutical Preparations)
• 001-37722 — SEC File Number (SEC file number for Spyre Therapeutics, Inc.)

Key Players & Entities

• Spyre Therapeutics, Inc. (company) — Filer and subject of the 10-K/A
• Aeglea BioTherapeutics, Inc. (company) — Former name of Spyre Therapeutics, Inc.
• 20231231 (date) — Fiscal year end for the 10-K filing
• 20241118 (date) — Filing date of the 10-K/A
• Waltham, MA (location) — Business and mailing address of Spyre Therapeutics, Inc.

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 Par Value Per Share SYRE The Nasdaq St
• $11.2625 — arter), based upon the closing price of $11.2625 of the Registrant's common stock as rep
• $42.7 million — R liability as of December 31, 2023 was $42.7 million and the Company recognized an increase
• $19.0 million — zed an increase in the CVR liability of $19.0 million for the year ended December 31, 2023 re

Filing Documents

• syre-20231231.htm (10-K/A) — 1484KB
• ex231spyre2023formconsent1.htm (EX-23.1) — 2KB
• spyre-20241231xex311a.htm (EX-31.1) — 9KB
• spyre-20241231xex312a.htm (EX-31.2) — 9KB
• spyre-20241231xex321a.htm (EX-32.1) — 6KB
• 0001636282-24-000107.txt ( ) — 10527KB
• syre-20231231.xsd (EX-101.SCH) — 85KB
• syre-20231231_cal.xml (EX-101.CAL) — 93KB
• syre-20231231_def.xml (EX-101.DEF) — 564KB
• syre-20231231_lab.xml (EX-101.LAB) — 907KB
• syre-20231231_pre.xml (EX-101.PRE) — 734KB
• syre-20231231_htm.xml (XML) — 1566KB

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 3 Item 9A.

Controls and Procedures

Controls and Procedures 47 PART IV Item 15. Exhibits and Financial Statement Schedules 49

SIGNATURES

SIGNATURES 53 Table of Contents PART II

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA SPYRE THERAPEUTICS, INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Audited Consolidated Financial Statements Report of Independent Registered Public Accounting Firm (ID 238 PricewaterhouseCoopers LLP) 4 Consolidated Balance Sheets 6 Consolidated Statements of Operations 7 Consolidated Statements of Comprehensive Loss 8 Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity 9 Consolidated Statements of Cash Flows 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 3 Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Spyre Therapeutics, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Spyre Therapeutics, Inc. and its subsidiaries (the "Company") as of December 31, 2023 and 2022, and the related consolidated statements of operations, of comprehensive loss, of changes in convertible preferred stock and stockholders' equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America. Restatement of Previously Issued Financial Statements As discussed in Note 19 to the consolidated financial statements, the Company has restated its 2023 financial statements to correct an error. Basis for Opinion These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards req

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 1. The Company and Basis of Presentation Spyre Therapeutics, Inc., formerly Aeglea BioTherapeutics, Inc., ("Spyre" or the "Company") is a preclinical stage biotechnology company focused on developing next generation therapeutics for patients living with inflammatory bowel disease. The Company was formed as a Limited Liability Company ("LLC") in Delaware on December 16, 2013 under the name Aeglea BioTherapeutics Holdings, LLC and was converted from a Delaware LLC to a Delaware corporation on March 10, 2015. On November 27, 2023, the Company completed its corporate rebranding, changing the name of the Company to Spyre Therapeutics, Inc. The Company operates in one segment and has its principal offices in Waltham, Massachusetts. On September 8, 2023, the Company effected a reverse stock split of its Common Stock at a ratio of 1-for-25 (the "Reverse Split"). Except as indicated otherwise, all share numbers related to the Company's Common Stock disclosed in these financial statements have been adjusted on a post-Reverse Split basis. On April 12, 2023, based on the review of the inconclusive interim results from the Company's Phase 1/2 clinical trial of pegtarviliase for the treatment of

View Full Filing

View this 10-K/A filing on SEC EDGAR