Spyre Therapeutics Inc 2025年度报告

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the fiscal year ended December 31, 2025 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition period from______ toCommission file number 001-37722_________________________________________________________ SPYRE THERAPEUTICS, INC. (Exact name of Registrant as specified in its charter)_________________________________________________________ (I.R.S. EmployerIdentification No.) (Address of Principal Executive Offices)(Zip Code)Registrant’s Telephone Number, including area code: (617) 651-5940Securities registered pursuant to Section 12(b) of the Exchange Act: Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesAct. YesNoIndicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. YesNo Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required tofile such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the Registrant was required to submit such files). YesNo Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer Accelerated filerSmaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act. Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessmentof the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financialstatements of the Registrant included in the filing reflect the correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the Registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNoThe aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant onJune 30, 2025 (the last business day of the Registrant’s second fiscal quarter), based upon the closing price of $14.97 of theRegistrant’s common stock as reported on The Nasdaq Global Select Market, was approximately $1.1 billion.Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latestpracticable date.ClassOutstanding at February 12, 2026Common stock, $0.0001 par value per share78,540,164 shares DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Definitive Proxy Statement (“Proxy Statement”) relating to the 2026 Annual Meeting ofStockholders will be filed with the Commission within 120 days after the end of the Registrant’s 2025 fiscal year and is incorporatedby reference into Part III of this Report. PART I Item 1.Business1Item 1A.Risk Factors42Item 1B.Unresolved Staff Comments90Item 1C.Cybersecurity90Item 2.Properties91Item 3.Legal Proceedings91Item 4.Mine Safety Disclosures91PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities92Item 6.[Reserved]93Item 7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations94Item 7A.Quantitative and Qualitative Disclosures About Market Risk107Item 8.Financial Statements and Supplementary Data109Item 9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure161Item 9A.Controls and Procedures161Item 9B.Other Information162Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections162PART IIIItem 10.Di