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- Immediate Dilution of $71.51 Per Share (new) — The offering price of $85.00 is substantially higher than the pro forma as-adjusted net tangible book value per share, causing new investors to incur immediate and substantial dilution.
Spyre Therapeutics prices $350M primary offering at $85/share; net proceeds $328.7M to fund pipeline into 2H 2029
Filed October 6, 2026 · ~1 min read
Key Changes
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Spyre is selling 4,117,648 shares at $85.00 each, raising $350.0M gross; after underwriting discounts and expenses, net proceeds are $328.7M.
The Offering verify on EDGAR → -
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Net proceeds will fund pipeline development across Gastroenterology, Rheumatology, and Dermatology, including advancing SPY072 into late-stage development for hidradenitis suppurativa.
Use of Proceeds verify on EDGAR → -
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The company expects cash runway into the second half of 2029 based on current plans.
Use of Proceeds verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 6, 2026 · How we verify