Spyre Therapeutics, Inc. Files S-1 Registration Statement

TL;DR

<b>Spyre Therapeutics, Inc. has filed an S-1 registration statement, detailing its business operations and financial information.</b>

AI Summary

Spyre Therapeutics, Inc. (SYRE) filed a IPO Registration (S-1) with the SEC on April 19, 2024. Spyre Therapeutics, Inc. (formerly Aeglea BioTherapeutics, Inc.) filed an S-1 registration statement on April 19, 2024. The company's business address is located at 221 Crescent Street, Building 23, Suite 105, Waltham, MA 02453. The filing indicates a name change from Aeglea BioTherapeutics, Inc. on March 11, 2015. The SIC code for the company is Pharmaceutical Preparations [2834]. The filing includes $48.5 million in related party expenses for the year ended December 31, 2023.

Why It Matters

For investors and stakeholders tracking Spyre Therapeutics, Inc., this filing contains several important signals. This S-1 filing is a crucial step for Spyre Therapeutics as it prepares for potential public offerings or significant corporate actions, providing investors with detailed insights into its financial health and business strategy. The disclosure of $48.5 million in related party expenses for 2023 highlights a significant financial relationship that investors will scrutinize for potential conflicts of interest or operational impacts.

Risk Assessment

Risk Level: medium — Spyre Therapeutics, Inc. shows moderate risk based on this filing. The company is in the pharmaceutical preparations industry, which is subject to significant regulatory hurdles, lengthy development cycles, and high R&D costs, as indicated by its SIC code and the nature of S-1 filings.

Analyst Insight

Investors should closely examine the detailed financial statements and risk factors within the S-1 filing to assess Spyre Therapeutics' long-term viability and growth prospects.

Key Numbers

• S-1 — Form Type (SEC Filing Form Type)
• 2024-04-19 — Filing Date (Date the S-1 was filed)
• 2015-03-11 — Name Change Date (Date Aeglea BioTherapeutics, Inc. changed its name to Spyre Therapeutics, Inc.)
• 2834 — SIC Code (Standard Industrial Classification for Pharmaceutical Preparations)
• $48.5 million — Related Party Expenses (For the year ended December 31, 2023)

Key Players & Entities

• Spyre Therapeutics, Inc. (company) — Filer name
• Aeglea BioTherapeutics, Inc. (company) — Former company name
• 2024-04-19 (date) — Filing date
• 221 Crescent Street (address) — Business address
• Waltham, MA (location) — Business address city and state
• 02453 (zip_code) — Business address zip code
• 2834 (industry_code) — Standard Industrial Classification
• $48.5 million (dollar_amount) — Related party expenses for year ended December 31, 2023

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The pharmaceutical industry is subject to extensive regulation by bodies like the FDA, which can impact drug development, approval, and marketing.
• Related Party Transactions [medium — financial]: The company reported $48.5 million in related party expenses for 2023, which could indicate potential conflicts of interest or non-arm's length dealings.
• Drug Development Risks [high — operational]: Developing new pharmaceutical products is inherently risky, with high failure rates in clinical trials and long development timelines.

Key Dates

• 2024-04-19: S-1 Filing — Registration statement filed with the SEC.
• 2015-03-11: Name Change — Aeglea BioTherapeutics, Inc. changed its name to Spyre Therapeutics, Inc.

Key Financial Figures

• $0.0001 — our Series A Preferred Stock, par value $0.0001 per share (the "Series A Preferred Stoc
• $34.31 — ted sale price for our Common Stock was $34.31 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

Filing Documents

• d791869ds1.htm (S-1) — 2854KB
• d791869dex51.htm (EX-5.1) — 8KB
• d791869dex231.htm (EX-23.1) — 1KB
• d791869dex232.htm (EX-23.2) — 1KB
• d791869dexfilingfees.htm (EX-FILING FEES) — 48KB
• g791869g0418150008212.jpg (GRAPHIC) — 2KB
• g791869g0418150008513.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
• 0001193125-24-101185.txt (&nbsp;) — 13237KB
• 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
• d791869ds1_htm.xml (XML) — 1730KB

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 137

DESCRIPTION OF CAPITAL STOCK

DESCRIPTION OF CAPITAL STOCK 140 LEGAL MATTERS 145 EXPERTS 146 WHERE YOU CAN FIND MORE INFORMATION 147 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

View Full Filing

View this S-1 filing on SEC EDGAR