Spyre Therapeutics Files S-1/A Amendment

TL;DR

<b>Spyre Therapeutics 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 27, 2024. Spyre Therapeutics, Inc. (formerly Aeglea BioTherapeutics, Inc.) filed an S-1/A amendment on March 27, 2024. 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. Spyre Therapeutics is incorporated in Delaware and operates in the Pharmaceutical Preparations industry (SIC code 2834).

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 update its registration statement, suggesting potential upcoming financing or other significant corporate actions.

Risk Assessment

Risk Level: — Spyre Therapeutics, Inc. shows moderate risk based on this filing. The company has significant related party expenses ($48.5 million in 2023), which can introduce complexities and potential conflicts of interest that require careful investor scrutiny.

Analyst Insight

Investors should closely examine the nature and justification of the $48.5 million in related party expenses disclosed for 2023.

Key Numbers

• 48,500,000 — Related Party Expenses (Year ended December 31, 2023)
• 2024-03-27 — Filing Date (S-1/A amendment)
• 2015-03-11 — Name Change Date (From Aeglea BioTherapeutics, Inc. to Spyre Therapeutics, Inc.)

Key Players & Entities

• Spyre Therapeutics, Inc. (company) — Filer name
• Aeglea BioTherapeutics, Inc. (company) — Former company name
• 221 Crescent Street, Building 23, Suite 105, Waltham, MA 02453 (company) — Business and mailing address
• DE (company) — State of incorporation
• 2834 (company) — Standard Industrial Classification
• $48.5 million (dollar_amount) — Related party expenses for the year ended December 31, 2023

FAQ

Industry Context

Spyre Therapeutics operates within the pharmaceutical preparations industry, focusing on the development and commercialization of therapeutics.

Regulatory Implications

The filing is an S-1/A amendment, indicating updates to a previously filed registration statement under the Securities Act of 1933.

What Investors Should Do

1. Review the detailed breakdown of the $48.5 million in related party expenses for the year ended December 31, 2023.
2. Analyze the implications of the name change from Aeglea BioTherapeutics, Inc. to Spyre Therapeutics, Inc. on March 11, 2015.
3. Monitor future filings for updates on Spyre Therapeutics' business strategy and financial performance.

Year-Over-Year Comparison

This S-1/A filing provides updated financial information, specifically highlighting $48.5 million in related party expenses for 2023, which was not a focus in prior periods.

Key Financial Figures

• $0.0001 — Shares") of our common stock, par value $0.0001 per share ("Common Stock") and (ii) 6,0
• $38.48 — ted sale price for our Common Stock was $38.48 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
• $1,480.00 — Series B Preferred Stock at a price of $1,480.00 per share (the "March 2024 PIPE"). The

Filing Documents

• d791869ds1a.htm (S-1/A) — 2770KB
• d791869dex51.htm (EX-5.1) — 8KB
• d791869dex231.htm (EX-23.1) — 1KB
• d791869dex232.htm (EX-23.2) — 1KB
• g791869g0202154215941.jpg (GRAPHIC) — 2KB
• g791869g08m07.jpg (GRAPHIC) — 109KB
• g791869g40p53.jpg (GRAPHIC) — 120KB
• g791869g61v60.jpg (GRAPHIC) — 101KB
• g791869g68p81.jpg (GRAPHIC) — 63KB
• g791869g81i79.jpg (GRAPHIC) — 34KB
• g791869g82k34.jpg (GRAPHIC) — 86KB
• 0001193125-24-077777.txt (&nbsp;) — 13106KB
• syre-20231231.xsd (EX-101.SCH) — 88KB
• syre-20231231_cal.xml (EX-101.CAL) — 58KB
• syre-20231231_def.xml (EX-101.DEF) — 518KB
• syre-20231231_lab.xml (EX-101.LAB) — 714KB
• syre-20231231_pre.xml (EX-101.PRE) — 667KB
• d791869ds1a_htm.xml (XML) — 1731KB

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 105

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 110

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

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 118 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 121 SELLING STOCKHOLDERS 124 PLAN OF DISTRIBUTION 131

DESCRIPTION OF CAPITAL STOCK

DESCRIPTION OF CAPITAL STOCK 134 LEGAL MATTERS 139 EXPERTS 140 WHERE YOU CAN FIND MORE INFORMATION 141 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 Table of Contents 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

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View this S-1/A filing on SEC EDGAR