Spyre Therapeutics, Inc. Files S-1/A Amendment

TL;DR

<b>Spyre Therapeutics, Inc. has filed an S-1/A amendment, detailing $48.5 million in related party expenses for 2023.</b>

AI Summary

Spyre Therapeutics, Inc. (SYRE) filed a Amended IPO Registration (S-1/A) with the SEC on March 1, 2024. Spyre Therapeutics, Inc. filed an S-1/A amendment on March 1, 2024. The company was formerly known as Aeglea BioTherapeutics, Inc. and changed its name on March 11, 2015. The filing includes $48.5 million in related party expenses for the year ended December 31, 2023. No related party expenses were reported for the years ended December 31, 2022 and 2021. The company's business and mailing address is located at 221 Crescent Street, Building 23, Suite 105, Waltham, MA 02453.

Why It Matters

For investors and stakeholders tracking Spyre Therapeutics, Inc., this filing contains several important signals. The disclosure of significant related party expenses ($48.5 million in 2023) is crucial for investors to understand potential conflicts of interest or non-arm's length transactions. The S-1/A filing indicates ongoing efforts by Spyre Therapeutics to provide updated information to the SEC, likely in preparation for or during a capital-raising event or significant corporate action.

Risk Assessment

Risk Level: medium — Spyre Therapeutics, Inc. shows moderate risk based on this filing. The company has significant related party expenses ($48.5 million in 2023), which can sometimes indicate less favorable terms compared to arm's length transactions and warrants further scrutiny.

Analyst Insight

Investors should carefully review the nature and justification of the $48.5 million in related party expenses disclosed for 2023 to assess potential impacts on the company's financial health and operational efficiency.

Key Numbers

• 48,500,000 — Related Party Expenses (For the year ended December 31, 2023)
• 2015-03-11 — Name Change Date (From Aeglea BioTherapeutics, Inc. to Spyre Therapeutics, Inc.)
• 2024-03-01 — Filing Date (S-1/A amendment)

Key Players & Entities

• Spyre Therapeutics, Inc. (company) — Filer name
• Aeglea BioTherapeutics, Inc. (company) — Former company name
• 2024-03-01 (date) — Filing date
• $48.5 million (dollar_amount) — Related party expenses for the year ended December 31, 2023
• 2023-12-31 (date) — Year end for related party expenses
• 2022-12-31 (date) — Year end with no related party expenses
• 2021-12-31 (date) — Year end with no related party expenses
• Waltham, MA (location) — Company address

FAQ

Risk Factors

• Related Party Transactions [medium — financial]: The company reported $48.5 million in related party expenses for the year ended December 31, 2023, with no such expenses in the prior two years.

Key Dates

• 2024-03-01: S-1/A Filing — Provides updated information to the SEC.
• 2015-03-11: Name Change — Company formerly known as Aeglea BioTherapeutics, Inc.

Key Financial Figures

• $0.0001 — Shares") of our common stock, par value $0.0001 per share ("Common Stock") and (ii) 6,0
• $27.44 — ted sale price for our Common Stock was $27.44 per share. An investment in our secur
• $15.0 million — to Immedica Pharma AB ("Immedica") for $15.0 million in upfront cash proceeds and up to $100
• $100.0 million — lion in upfront cash proceeds and up to $100.0 million in contingent milestone payments (the "
• $210 million — 2023 Investors") to raise approximately $210 million in which the June 2023 Investors were i
• $291.08 — Series A Preferred Stock at a price of $291.08 per share. The Asset Acquisition was ap
• $180 m — the "December 2023 Investors") to raise $180 million, in which transaction the Decembe
• $15.00 — 00 shares of Common Stock at a price of $15.00 per share and 150,000 shares of Series
• $600.00 — Series B Preferred Stock at a price of $600.00 per share. The closing of the December

Filing Documents

• d518298ds1a.htm (S-1/A) — 2804KB
• d518298dex51.htm (EX-5.1) — 8KB
• d518298dex108.htm (EX-10.8) — 62KB
• d518298dex1019.htm (EX-10.19) — 60KB
• d518298dex1020.htm (EX-10.20) — 52KB
• d518298dex231.htm (EX-23.1) — 1KB
• d518298dex232.htm (EX-23.2) — 1KB
• d518298dexfilingfees.htm (EX-FILING FEES) — 31KB
• g518298g0202154215941.jpg (GRAPHIC) — 2KB
• g518298g08m07.jpg (GRAPHIC) — 109KB
• g518298g40p53.jpg (GRAPHIC) — 120KB
• g518298g61v60.jpg (GRAPHIC) — 101KB
• g518298g68p81.jpg (GRAPHIC) — 63KB
• g518298g81i79.jpg (GRAPHIC) — 34KB
• g518298g82k34.jpg (GRAPHIC) — 86KB
• 0001193125-24-055961.txt (&nbsp;) — 13542KB
• syre-20231231.xsd (EX-101.SCH) — 87KB
• syre-20231231_cal.xml (EX-101.CAL) — 58KB
• syre-20231231_def.xml (EX-101.DEF) — 513KB
• syre-20231231_lab.xml (EX-101.LAB) — 704KB
• syre-20231231_pre.xml (EX-101.PRE) — 658KB
• d518298ds1a_htm.xml (XML) — 1847KB

USE OF PROCEEDS

USE OF PROCEEDS 51

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 52 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 67

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 68

BUSINESS

BUSINESS 69 MANAGEMENT 103

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 108

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 116 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 119 SELLING STOCKHOLDERS 122 PLAN OF DISTRIBUTION 129

DESCRIPTION OF CAPITAL STOCK

DESCRIPTION OF CAPITAL STOCK 132 LEGAL MATTERS 137 EXPERTS 138 WHERE YOU CAN FIND MORE INFORMATION 139 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 ABOUT THIS PROSPECTUS This prospectus is part of a registration statement that we filed with the SEC using a "shelf" registration process. Under this shelf registration process, the Selling Stockholders may, from time to time, sell the securities described in this prospectus in one or more offerings. This prospectus contains information that you should consider when making your investment decision. Neither we, nor the Selling Stockholders, have authorized anyone to give any information or to make any representation other than those contained in this prospectus. The Selling Stockholders are offering to sell, and seeking offers to buy, our securities only in jurisdictions where it is lawful to do so. We have not authorized anyone to provide you with different information. This prospectus and any accompanying prospectus supplement do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described in any accompanying prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. You should assume that the information appearing in this prospectus, any prospectus supplement and any related free writing prospectus is accurate only as of their respective dates. Our business, financial condition, results of operations and prospects may have changed materially since those dates. In this prospectus, unless the context otherwise requires, the terms "Spyre," "Aeglea BioTherapeutics, Inc.," the "Company," "we," "us," and "our" refer to Spyre Therapeutics, Inc., a Delaware corporation, and its consolidated subsidiaries. This prospectus contains trade names, trademarks and service marks of others, which are the property of their respective owners.

View Full Filing

View this S-1/A filing on SEC EDGAR