$SYRE
Spyre Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023020825 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $688.0K $198.0K $1.362M
YoY Change 10.08% -85.46%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.439M $5.228M $8.825M
YoY Change -3.07% -40.76% 38.98%
% of Gross Profit
Research & Development $17.39M $13.78M $16.98M
YoY Change 13.09% -18.86% 43.15%
% of Gross Profit
Depreciation & Amortization $360.0K $384.0K $403.0K
YoY Change -4.76% -4.71% 13.52%
% of Gross Profit
Operating Expenses $159.9M $19.00M $25.80M
YoY Change 593.92% -26.35% 41.7%
Operating Profit -$159.2M -$18.81M -$24.44M
YoY Change 610.19% -23.06%
Interest Expense -$57.82M $420.0K $35.00K
YoY Change -55696.15% 1100.0% 75.0%
% of Operating Profit
Other Income/Expense, Net -$57.83M $348.0K -$30.00K
YoY Change -53153.21% -1260.0% 0.0%
Pretax Income -$217.1M -$18.46M -$24.44M
YoY Change 872.82% -24.46% 34.12%
Income Tax $7.000K -$36.00K $0.00
% Of Pretax Income
Net Earnings -$217.1M -$18.42M -$24.44M
YoY Change 872.45% -24.61% 34.13%
Net Earnings / Revenue -31552.47% -9304.04% -1794.13%
Basic Earnings Per Share -$2.27 -$0.20 -$0.37
Diluted Earnings Per Share -$2.27 -$0.20 -$370.3K
COMMON SHARES
Basic Shares Outstanding 65.40M 65.40M 66.00M
Diluted Shares Outstanding 95.57M 94.26M 66.00M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $235.4M $38.48M $68.55M
YoY Change 165.84% -43.87% -46.65%
Cash & Equivalents $235.4M $35.24M $16.47M
Short-Term Investments $0.00 $3.235M $52.09M
Other Short-Term Assets $2.882M $5.567M $4.859M
YoY Change -62.16% 14.57% 47.24%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $239.9M $44.38M $72.60M
YoY Change 148.21% -38.87% -52.05%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $3.424M $7.946M
YoY Change -100.0% -56.91% -17.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.00K $78.00K $2.628M
YoY Change -98.67% -97.03% 1.08%
Total Long-Term Assets $3.643M $8.078M $10.57M
YoY Change -63.79% -23.61% -13.33%
TOTAL ASSETS
Total Short-Term Assets $239.9M $44.38M $72.60M
Total Long-Term Assets $3.643M $8.078M $10.57M
Total Assets $243.5M $52.45M $83.17M
YoY Change 128.22% -36.93% -49.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.854M $2.062M $2.981M
YoY Change 45.76% -30.83% 56.89%
Accrued Expenses $32.76M $10.27M $11.25M
YoY Change 140.64% -8.67% -0.46%
Deferred Revenue $3.271M $2.643M $2.809M
YoY Change 22.83% -5.91%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $232.2M $12.64M $16.30M
YoY Change 1364.09% -22.46% -49.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.34M $6.164M $5.215M
YoY Change 18.2% 2431.55%
Total Long-Term Liabilities $21.34M $6.164M $5.215M
YoY Change 18.2% 2431.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $232.2M $12.64M $16.30M
Total Long-Term Liabilities $21.34M $6.164M $5.215M
Total Liabilities $253.6M $18.80M $21.51M
YoY Change 1024.5% -12.61% -46.03%
SHAREHOLDERS EQUITY
Retained Earnings -$661.1M -$444.0M -$366.2M
YoY Change 70.12% 21.25% 24.47%
Common Stock $453.7M $477.7M
YoY Change -4.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$207.4M $33.65M $61.66M
YoY Change
Total Liabilities & Shareholders Equity $243.5M $52.45M $83.17M
YoY Change 128.22% -36.93% -49.17%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$217.1M -$18.42M -$24.44M
YoY Change 872.45% -24.61% 34.13%
Depreciation, Depletion And Amortization $360.0K $384.0K $403.0K
YoY Change -4.76% -4.71% 13.52%
Cash From Operating Activities -$16.64M -$17.63M -$26.26M
YoY Change -19.49% -32.86% 34.48%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $37.00K
YoY Change -100.0% -91.78%
Acquisitions
YoY Change
Other Investing Activities $6.760M $17.75M $25.80M
YoY Change 801.33% -31.19% 164.57%
Cash From Investing Activities $6.760M $17.75M $25.76M
YoY Change 801.33% -31.09% 176.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 210.0M 10.00K 12.00K
YoY Change 390.59% -16.67% -96.69%
NET CHANGE
Cash From Operating Activities -16.64M -17.63M -26.26M
Cash From Investing Activities 6.760M 17.75M 25.76M
Cash From Financing Activities 210.0M 10.00K 12.00K
Net Change In Cash 200.1M 137.0K -515.0K
YoY Change 774.56% -126.6% -94.78%
FREE CASH FLOW
Cash From Operating Activities -$16.64M -$17.63M -$26.26M
Capital Expenditures $0.00 $0.00 $37.00K
Free Cash Flow -$16.64M -$17.63M -$26.30M
YoY Change -19.49% -32.95% 31.63%

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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
17750000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
25759000
CY2023Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
18000
CY2022Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
184000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
8000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
172000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12000
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11000
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-23000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
137000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-515000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
36416000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16980000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
36553000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16465000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 agle Working Capital
WorkingCapital
31700000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-444000000.0
CY2023Q1 agle Cash Cash Equivalents Marketable Securities And Restricted Cash
CashCashEquivalentsMarketableSecuritiesAndRestrictedCash
39800000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets, liabilities, and equity and the amount of revenues and expenses. Actual results could differ significantly from those estimates. The most significant estimates and assumptions that management considers in the preparation of the Company's financial statements relate to accrued research and development costs, stock-based compensation expense and revenue recognition.</span></p>
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
32284000
CY2023Q1 agle Cash Equivalents Unrealized Gains
CashEquivalentsUnrealizedGains
1000
CY2023Q1 agle Cash Equivalents Unrealized Losses
CashEquivalentsUnrealizedLosses
0
CY2023Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
32285000
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
3233000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
3235000
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
26007000
CY2022Q4 agle Cash Equivalents Unrealized Gains
CashEquivalentsUnrealizedGains
1000
CY2022Q4 agle Cash Equivalents Unrealized Losses
CashEquivalentsUnrealizedLosses
3000
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
26005000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
20877000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
31000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
20848000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
993000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
1000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
993000
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
1000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
25166000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
34000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
25166000
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
34000
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
3235000
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
20848000
CY2023Q1 agle Available For Sale Securities Debt Maturities After One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneYearFairValue
0
CY2022Q4 agle Available For Sale Securities Debt Maturities After One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneYearFairValue
0
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
3235000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
20848000
CY2023Q1 agle Accrued Contracted Research And Development Costs
AccruedContractedResearchAndDevelopmentCosts
5938000
CY2022Q4 agle Accrued Contracted Research And Development Costs
AccruedContractedResearchAndDevelopmentCosts
6972000
CY2023Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2857000
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
4589000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
591000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
946000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
279000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
330000
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
9665000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
12837000
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
17372312
CY2022Q2 agle Class Of Warrant Or Right Offering Price Of Warrants Or Rights
ClassOfWarrantOrRightOfferingPriceOfWarrantsOrRights
1.5999
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.0001
CY2022Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
42900000
CY2022Q2 agle Placement Agent Fees And Offering Costs
PlacementAgentFeesAndOfferingCosts
2100000
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.0001
CY2023Q1 agle Maximum Ownership Percentage For Outstanding Warrants To Purchase Shares Of Common Stock To Be Exercised
MaximumOwnershipPercentageForOutstandingWarrantsToPurchaseSharesOfCommonStockToBeExercised
0.0499
CY2023Q1 agle Ownership Percentage For Outstanding Warrants To Purchase Shares Of Common Stock To Be Exercised To Certain Holders
OwnershipPercentageForOutstandingWarrantsToPurchaseSharesOfCommonStockToBeExercisedToCertainHolders
0.0999
CY2023Q1 agle Period After Notice Received By Company Maximum Ownership Percentage To Be Effective Description
PeriodAfterNoticeReceivedByCompanyMaximumOwnershipPercentageToBeEffectiveDescription
The revised Maximum Ownership Percentage would be effective 61 days after the notice is received by the Company.
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2696000
CY2023Q1 agle Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
0
CY2023Q1 agle Contract With Customer Liability Deductions Through Contracts Acquired
ContractWithCustomerLiabilityDeductionsThroughContractsAcquired
53000
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2643000
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0

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