0001636282-26-000096 | 10-Q | XBRL Viewer

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Awards Granted Under all Equity Incentive and Inducement Plans

The following table summarizes the Company’s stock awards granted under all equity incentive and inducement plans for each of the periods indicated:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	Grants	Weighted Average Grant Date Fair Value		Grants	Weighted Average Grant Date Fair Value		Grants	Weighted Average Grant Date Fair Value		Grants	Weighted Average Grant Date Fair Value
Stock options	190,456	$	62.94	427,800	$	15.29	2,769,061	$	33.19	2,325,717	$	20.32
Restricted stock units	—	—		—	—		125,400	$	30.61	—	—

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense recognized from the Company’s equity incentive plans, 2018 Plan and 2016 ESPP during the periods presented was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	6,218	$	4,100	$	12,009	$	7,612
General and administrative	7,294		5,278		14,309		10,625
Total stock-based compensation expense	$	13,512	$	9,378	$	26,318	$	18,237

Schedule of Weighted-Average Assumptions Used in Calculating Fair Value of Awards

The following table summarizes the weighted-average Black-Scholes option pricing model assumptions used to estimate the fair value of stock options granted under the Company's equity incentive plans, and the shares purchased under the 2016 ESPP during the periods presented:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Stock Options Granted
Expected term (in years)	5.93	5.74	6.02	5.97
Expected volatility	67%	74%	73%	76%
Risk-free interest	4.16%	4.02%	3.88%	4.38%
Dividend yield	—	—	—	—

2016 ESPP
Expected term (in years)	—	—	0.50	0.50
Expected volatility	—	—	64%	69%
Risk-free interest	—	—	3.59%	4.23%
Dividend yield	—	—	—	—

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	88,064,133	78,189,811
Common stock, outstanding (in shares)	88,064,133	78,189,811
Series A Non Voting Convertible Preferred Stock
Statement [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	1,086,341	1,086,341
Preferred stock, issued (in shares)	346,045	346,045
Preferred stock, outstanding (in shares)	346,045	346,045
Series B Non Voting Convertible Preferred Stock
Statement [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	271,625	271,625
Preferred stock, issued (in shares)	0	16,667
Preferred stock, outstanding (in shares)	0	16,667
Preferred Stock, Excluding Series A Non Voting Convertible Preferred Stock
Statement [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	8,642,034	8,642,034
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 13,512	$ 9,378	$ 26,318	$ 18,237
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	7,294	5,278	14,309	10,625
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,218	$ 4,100	$ 12,009	$ 7,612

Accrued and Other Current Liabilities

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	June 30, 2026		December 31, 2025

Accrued compensation	$	5,722	$	7,940
Accrued contracted research and development costs	17,952		17,424
Accrued professional and consulting fees	2,375		1,404
Accrued other	135		179
Total accrued and other current liabilities	$	26,184	$	26,947

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Expenses Related to Related Party Which are Settled in Cash

The following is the summary of expenses related to the License Agreements and other Paragon reimbursable expenses, which are ultimately settled in cash (in millions) and recorded within Research and development in the consolidated statement of operations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
License Agreements milestone and sublicensing fees	$	—	$	—	$	3.0	$	2.5
Other Paragon reimbursable expenses	—		—		0.1		0.1
Total related party expense (excludes stock-based compensation)	$	—	$	—	$	3.1	$	2.6

Cash Equivalents and Marketable Securities - Schedule of Available-for-Sale Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value
Less Than 12 Months	$ 903,696	$ 180,961
12 Months or Longer	0	0
Total, fair value	903,696	180,961
Unrealized Losses
Less Than 12 Months	(2,486)	(116)
12 Months or Longer	0	0
Total, unrealized losses	(2,486)	(116)
Commercial paper
Fair Value
Less Than 12 Months	421,580	99,837
12 Months or Longer	0	0
Total, fair value	421,580	99,837
Unrealized Losses
Less Than 12 Months	(527)	(80)
12 Months or Longer	0	0
Total, unrealized losses	(527)	(80)
Corporate bonds
Fair Value
Less Than 12 Months	144,148	58,296
12 Months or Longer	0	0
Total, fair value	144,148	58,296
Unrealized Losses
Less Than 12 Months	(283)	(23)
12 Months or Longer	0	0
Total, unrealized losses	(283)	(23)
U.S. government treasury securities
Fair Value
Less Than 12 Months	164,843
12 Months or Longer	0
Total, fair value	164,843
Unrealized Losses
Less Than 12 Months	(741)
12 Months or Longer	0
Total, unrealized losses	(741)
U.S. government agency securities
Fair Value
Less Than 12 Months	173,125	22,828
12 Months or Longer	0	0
Total, fair value	173,125	22,828
Unrealized Losses
Less Than 12 Months	(935)	(13)
12 Months or Longer	0	0
Total, unrealized losses	$ (935)	$ (13)

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) as defined by the Financial Accounting Standards Board (“FASB”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Contingent Value Rights	Contingent Value Rights As of June 30, 2026, Contingent Value Rights are no longer a significant accounting policy. The Company determined that its future payment obligations under the CVR Agreement no longer qualify as derivatives under ASC 815, Derivatives and Hedging, as all contingencies have been resolved. Accordingly, the Company has measured the fair value of its CVR liability by discounting the estimated future payments to be made under the CVR Agreement using the Company’s weighted average cost of capital. This fair value measurement is based on inputs observable in the market and thus represents a Level 2 measurement as defined in ASC 820, Fair Value Measurement. The estimated value of the CVR consideration is based upon available information and certain assumptions which the Company's management believes are reasonable under the circumstances. The ultimate payout under the CVRs may differ materially from the assumptions used in determining the fair value of the CVR consideration.
Recently Adopted Accounting Pronouncements and Not Yet Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements adopted during the three months ended June 30, 2026 that are of significance or potential significance to the Company. Not Yet Adopted Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update 2024-03 (“ASU 2024-03”) Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to require more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU 2024-03 or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact ASU 2024-03 will have on its disclosures.
Net Loss Per Share	The Company computes net loss per share of common stock, Series A Preferred Stock, and Series B Preferred Stock using the two-class method required for multiple classes of common stock and other participating securities. The two-class method is an earnings (loss) allocation method under which earnings (loss) per share is calculated for each class of common stock. The Company has determined that the Series A Preferred Stock and Series B Preferred Stock do not have preferential rights when compared to the Company's common stock and therefore it must allocate losses to these other classes of common stock, as illustrated in the table below. Basic and diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares outstanding during the period, without consideration of potential dilutive securities. For periods in which the Company generated a net loss, the Company does not include potential shares of common stock in diluted net loss per share when the impact of these items is anti-dilutive. The Company has generated a net loss for all periods presented, therefore diluted net loss per share is the same as basic net loss per share since the inclusion of potential shares of common stock would be anti-dilutive.

Cash Equivalents and Marketable Securities - Narrative (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2026 USD ($) bank	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Cash Equivalents And Marketable Securities [Line Items]
Number of domestic banking institutions (in banks) \| bank	2
US Government Agencies Debt Securities
Cash Equivalents And Marketable Securities [Line Items]
Allowance for credit loss	$ 0		$ 0
Impairment of marketable securities	0		0
Realized gains or losses on marketable securities	0	$ 0
Accrued interest receivable on available-for-sale debt securities	5,800,000		$ 4,500,000
U.S. Banking Institution \| Maximum
Cash Equivalents And Marketable Securities [Line Items]
Cash, FDIC insured amount (up to)	$ 250,000

Net Loss Per Share - Schedule of Weighted-Average Equity Instruments Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Options to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,042,158	805,306	6,630,827	1,324,645
Unvested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	137,358	0	113,115	11,943
Outstanding Parapyre warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,532,591	0	1,532,591	0

Segment Reporting - Schedule of Significant Expenses Provided to the CODM on a Regular Basis (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Stock-based compensation					$ 26,318	$ 18,237
Net loss	$ 36,200	$ 69,005	$ 36,717	$ 44,773	105,205	81,490
Gain on sale of in-process research and development asset	40,000		10,000		70,000	10,000
Increase (decrease) in fair value of contingent value right liability	4,600		(600)		34,900	(1,800)
Related Party
Segment Reporting [Line Items]
Research and development, excluding compensation and share-based compensation	0		0		3,100	2,600
Operating Segments \| Reportable Segment
Segment Reporting [Line Items]
Compensation	12,862		8,120		24,305	15,111
Stock-based compensation	13,512		9,378		26,318	18,237
Research and development, excluding compensation and share-based compensation	50,447		30,749		97,340	64,300
Other segment items	(40,621)		(11,530)		(42,758)	(16,158)
Net loss	$ 36,200		$ 36,717		$ 105,205	$ 81,490

Accrued and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	June 30, 2026		December 31, 2025

Accrued compensation	$	5,722	$	7,940
Accrued contracted research and development costs	17,952		17,424
Accrued professional and consulting fees	2,375		1,404
Accrued other	135		179
Total accrued and other current liabilities	$	26,184	$	26,947

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (36,200)	$ (36,717)	$ (105,205)	$ (81,490)
Other comprehensive income (loss):
Foreign currency translation adjustment	0	(36)	0	(22)
Unrealized (loss) gain on marketable securities	(1,629)	(192)	(3,265)	296
Total comprehensive loss	$ (37,829)	$ (36,945)	$ (108,470)	$ (81,216)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued compensation	$ 5,722	$ 7,940
Accrued contracted research and development costs	17,952	17,424
Accrued professional and consulting fees	2,375	1,404
Accrued other	135	179
Total accrued and other current liabilities	$ 26,184	$ 26,947

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share of common stock, Series A Preferred Stock, and Series B Preferred Stock (in thousands, except share and per share amounts):


	Three Months Ended June 30,
	2026						2025
	Series A Preferred Stock		Series B Preferred Stock		Common Stock		Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(5,052)	$	(225)	$	(30,923)	$	(6,791)	$	(327)	$	(29,599)
Denominator
Weighted-average shares outstanding	346,045		15,385		84,729,435		346,045		16,667		60,333,838


Net loss per share, basic and diluted	$	(14.60)	$	(14.60)	$	(0.36)	$	(19.62)	$	(19.62)	$	(0.49)

	Six Months Ended June 30,
	2026						2025
	Series A Preferred Stock		Series B Preferred Stock		Common Stock		Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(15,147)	$	(701)	$	(89,357)	$	(15,078)	$	(726)	$	(65,686)
Denominator
Weighted-average shares outstanding	346,045		16,022		81,656,119		346,045		16,667		60,300,073


Net loss per share, basic and diluted	$	(43.77)	$	(43.77)	$	(1.09)	$	(43.57)	$	(43.57)	$	(1.09)

Schedule of Weighted-Average Equity Instruments Excluded from Calculation of Diluted Net Loss Per Share

The following weighted-average equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Options to purchase common stock	8,042,158	805,306	6,630,827	1,324,645
Unvested restricted stock units	137,358	—	113,115	11,943
Outstanding Parapyre warrants	1,532,591	—	1,532,591	—

The Company and Basis of Presentation (Details) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended	12 Months Ended	136 Months Ended
	Apr. 16, 2026 USD ($) $ / shares shares	Oct. 15, 2025 USD ($) $ / shares shares	Jun. 22, 2023	Jun. 30, 2026 USD ($) shares	Jun. 30, 2026 USD ($) segment shares	Dec. 31, 2025 USD ($) shares	Jun. 30, 2026 USD ($)	Sep. 06, 2024 USD ($)
Company and Basis of Presentation [Line Items]
Number of operating segments \| segment					1
Proceeds from raising capital							$ 2,100,000
Accumulated deficit				$ 1,232,840	$ 1,232,840	$ 1,127,635	1,232,840
Cash, cash equivalents, and marketable securities				$ 1,100,000	$ 1,100,000		1,100,000
At-The-Market Offering, 2024 Sales Agreement
Company and Basis of Presentation [Line Items]
Sale of stock, authorized amount								$ 200,000
At-The-Market Offering, 2024 Sales Agreement \| Common Stock
Company and Basis of Presentation [Line Items]
Number of shares of common stock sold (in shares) \| shares				0	296,396	445,668
Sale of stock, proceeds received					$ 9,700	$ 14,800
At-The-Market Offering, 2026 Sales Agreement
Company and Basis of Presentation [Line Items]
Sale of stock, authorized amount				$ 500,000	500,000		500,000
Issuance of common stock in connection with at-the-market and follow-on offering program, net of financing costs (in shares) \| shares				0
Sale of stock, remaining authorized amount				$ 500,000	$ 500,000		$ 500,000
October 2025 Underwritten Offering \| Common Stock
Company and Basis of Presentation [Line Items]
Number of shares of common stock sold (in shares) \| shares		17,094,594
Sale of stock, proceeds received		$ 296,400
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 18.50
Placement agent and other offering costs		$ 19,900
Over-Allotment Option \| Common Stock
Company and Basis of Presentation [Line Items]
Number of shares of common stock sold (in shares) \| shares	975,000	2,229,729
April 2026 Underwriting Agreement \| Common Stock
Company and Basis of Presentation [Line Items]
Number of shares of common stock sold (in shares) \| shares	7,475,000
Sale of stock, proceeds received	$ 435,200
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 62.00
Placement agent and other offering costs	$ 28,200
Spyre Therapeutics, Inc.
Company and Basis of Presentation [Line Items]
Asset acquisition, cash payment, threshold period (in years)			1 year

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator
Allocation of losses	$ (36,200)	$ (69,005)	$ (36,717)	$ (44,773)	$ (105,205)	$ (81,490)
Denominator
Net loss per share, diluted (in dollars per share)					$ (1.09)
Series A Preferred Stock
Numerator
Allocation of losses	$ (5,052)		$ (6,791)		$ (15,147)	$ (15,078)
Denominator
Weighted-average shares outstanding (in shares)	346,045		346,045		346,045	346,045
Net loss per share, basic (in dollars per share)	$ (14.60)		$ (19.62)		$ (43.77)	$ (43.57)
Net loss per share, diluted (in dollars per share)	$ (14.60)		$ (19.62)		$ (43.77)	$ (43.57)
Series B Preferred Stock
Numerator
Allocation of losses	$ (225)		$ (327)		$ (701)	$ (726)
Denominator
Weighted-average shares outstanding (in shares)	15,385		16,667		16,022	16,667
Net loss per share, basic (in dollars per share)	$ (14.60)		$ (19.62)		$ (43.77)	$ (43.57)
Net loss per share, diluted (in dollars per share)	$ (14.60)		$ (19.62)		$ (43.77)	$ (43.57)
Common Stock
Numerator
Allocation of losses	$ (30,923)		$ (29,599)		$ (89,357)	$ (65,686)
Denominator
Weighted-average shares outstanding (in shares)	84,729,435		60,333,838		81,656,119	60,300,073
Net loss per share, basic (in dollars per share)	$ (0.36)		$ (0.49)		$ (1.09)	$ (1.09)
Net loss per share, diluted (in dollars per share)	$ (0.36)		$ (0.49)		$ (1.09)	$ (1.09)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements - Schedule of Significant Inputs Used to Estimate the Fair Value of CVR Liability (Details)	Jun. 30, 2026
CVR liability \| Level 3 \| Risk-adjusted discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.1210

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

The Company operates under a single operating and reportable segment, which is the development of biopharmaceutical products for the treatment of patients with IBD and rheumatic diseases. The Company's Chief Operating Decision Maker (“CODM”) is the Company's Chief Executive Officer. The CODM uses consolidated Net loss as the measure of segment profit or loss and uses consolidated Total Assets as reported on the balance sheet as the measure of segment assets. The CODM compares Net loss against budgeted and/or forecasted amounts to track the Company's financial performance against expectations and to inform, along with development timelines and scientific and commercial considerations, their decisions regarding resource allocations to fund the Company's development of its pipeline.

The following table sets forth the significant expenses provided to the CODM on a regular basis (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025



Compensation	$	12,862	$	8,120	$	24,305	$	15,111
Stock-based compensation (1)	13,512		9,378		26,318		18,237
Research and development, excluding compensation and stock-based compensation (2) (3)	50,447		30,749		97,340		64,300
Other segment items (4) (5)	(40,621)		(11,530)		(42,758)		(16,158)
Segment net loss	$	36,200	$	36,717	$	105,205	$	81,490

(1) Includes related party expenses of $0.2 million for the three months ended June 30, 2026 and 2025, and $0.5 million for the six months ended June 30, 2026 and 2025.

(2) Includes non-clinical study, clinical trial, and manufacturing expenses.

(3) Includes de minimis related party expenses for the three months ended June 30, 2026 and 2025. Includes related party expenses of $3.1 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.

(4) Includes general and administrative expenses such as audit, legal, and other professional fees, interest income, and other expense, net.

Includes gains of $40.0 million and $10.0 million for the three months ended June 30, 2026 and 2025, respectively, related to the achievement of milestones under the 2023 sale of the global rights to the legacy assets, pegzilarginase, to Immedica. The 2026 gain was triggered by the sale of the related priority review voucher (“PRV”), while the 2025 gain was triggered by a favorable reimbursement decision for pegzilarginase in Europe.

Includes gains of $70.0 million and $10.0 million for the six months ended June 30, 2026 and 2025, respectively, related to milestone payments earned in connection with the 2023 sale of the global rights to the legacy assets, pegzilarginase, to Immedica. The 2026 gain was triggered by the FDA approval of pegzilarginase and the subsequent sale of the related PRV, while the 2025 gain was triggered by a favorable reimbursement decision for pegzilarginase in Europe.

(5) Includes a $4.6 million increase and a $0.6 million decrease in the fair value of the CVR liability for the three months ended June 30, 2026 and 2025, respectively. Includes a $34.9 million increase and a $1.8 million decrease in the fair value of the CVR liability for the six months ended June 30, 2026 and 2025, respectively.

- Definition

The entire disclosure for segment reporting.

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+ Details

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Cash Equivalents and Marketable Securities - Schedule of Contractual Maturities of Marketable Securities at Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and Cash Equivalents [Abstract]
Due in one year or less	$ 703,969	$ 440,895
Due in 1 - 2 years	279,370	229,917
Total marketable securities	$ 983,339	$ 670,812

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Statement [Line Items]

Research and development

^[1]

$ 65,503

$ 40,145

$ 125,914

$ 81,768

General and administrative

^[2]

16,136

11,790

31,366

23,734

Related Party

Statement [Line Items]

Research and development

3,100

2,600

General and administrative

$ 200

$ 500

[1]	Includes de minimis related party expenses for the three months ended June 30, 2026 and 2025. Includes related party expenses of $3.1 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.
[2]	Includes related party expenses of $0.2 million for the three months ended June 30, 2026 and 2025, and $0.5 million for the six months ended June 30, 2026 and 2025.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Estimated Fair Value of Cash Equivalents and Marketable Securities and Gross Unrealized Gains and Losses

The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	139,330	$	—	$	—	$	139,330
Commercial paper	20,932		—		—		20,932

Total cash equivalents	$	160,262	$	—	$	—	$	160,262

Marketable securities:
Commercial paper	$	405,173	$	—	$	(527)	$	404,646
Corporate bonds	146,423		1		(283)		146,141
U.S. government treasury securities	257,111		87		(741)		256,457
U.S. government agency securities	177,028		2		(935)		176,095
Total marketable securities	$	985,735	$	90	$	(2,486)	$	983,339


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	74,004	$	—	$	—	$	74,004
Commercial paper	9,987		—		—		9,987

Total cash equivalents	$	83,991	$	—	$	—	$	83,991

Marketable securities:
Commercial paper	$	184,423	$	25	$	(80)	$	184,368
Corporate bonds	100,753		60		(23)		100,790
U.S. government treasury securities	265,316		748		—		266,064
U.S. government agency securities	119,450		153		(13)		119,590
Total marketable securities	$	669,942	$	986	$	(116)	$	670,812

Schedule of Available-for-Sale Securities in an Unrealized Loss Position

The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of June 30, 2026 and December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position:


	June 30, 2026
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	421,580	$	(527)	$	—	$	—	$	421,580	$	(527)
Corporate bonds	144,148		(283)		—		—		144,148		(283)
U.S. government treasury securities	164,843		(741)		—		—		164,843		(741)
U.S. government agency securities	173,125		(935)		—		—		173,125		(935)
Total marketable securities	$	903,696	$	(2,486)	$	—	$	—	$	903,696	$	(2,486)

	December 31, 2025
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	99,837	$	(80)	$	—	$	—	$	99,837	$	(80)
Corporate bonds	58,296		(23)		—		—		58,296		(23)

U.S. government agency securities	22,828		(13)		—		—		22,828		(13)
Total marketable securities	$	180,961	$	(116)	$	—	$	—	$	180,961	$	(116)

Schedule of Contractual Maturities of Marketable Securities at Estimated Fair Value

The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):


	June 30, 2026		December 31, 2025
Due in one year or less	$	703,969	$	440,895
Due in 1 - 2 years	279,370		229,917
Total marketable securities	$	983,339	$	670,812

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies These interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and SEC instructions for interim financial information, and should be read in conjunction with the Annual Report. Significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in the Annual Report. The Company uses the same accounting policies in preparing quarterly and annual financial statements. There have been no significant changes from the significant accounting policies and estimates disclosed in the Notes titled “1. The Company and Basis of Presentation” and "2. Summary of Significant Accounting Policies” of the Annual Report, except as disclosed below: Contingent Value Rights As of June 30, 2026, Contingent Value Rights are no longer a significant accounting policy. The Company determined that its future payment obligations under the CVR Agreement no longer qualify as derivatives under ASC 815, Derivatives and Hedging, as all contingencies have been resolved. Accordingly, the Company has measured the fair value of its CVR liability by discounting the estimated future payments to be made under the CVR Agreement using the Company’s weighted average cost of capital. This fair value measurement is based on inputs observable in the market and thus represents a Level 2 measurement as defined in ASC 820, Fair Value Measurement. The estimated value of the CVR consideration is based upon available information and certain assumptions which the Company's management believes are reasonable under the circumstances. The ultimate payout under the CVRs may differ materially from the assumptions used in determining the fair value of the CVR consideration. Recently Adopted Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements adopted during the three months ended June 30, 2026 that are of significance or potential significance to the Company. Not Yet Adopted Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update 2024-03 (“ASU 2024-03”) Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to require more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU 2024-03 or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact ASU 2024-03 will have on its disclosures.

Related Party Transactions

6 Months Ended

Jun. 30, 2026

Related Party Transactions

Paragon and Parapyre each beneficially own less than 5% of a class of the Company's voting securities through their respective holdings of the Company's common stock. Fairmount Funds Management LLC (“Fairmount”) beneficially owns more than 5% of a class of the Company's voting securities, has one seat on the Board (held by Tomas Kiselak) and beneficially owns more than 5% of Paragon. Fairmount appointed Paragon's

board of directors and has the contractual right to approve the appointment of any executive officers of Paragon.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
License Agreements milestone and sublicensing fees	$	—	$	—	$	3.0	$	2.5
Other Paragon reimbursable expenses	—		—		0.1		0.1
Total related party expense (excludes stock-based compensation)	$	—	$	—	$	3.1	$	2.6

The Company recognized de minimis related party expenses in connection with other Paragon reimbursable expenses for the three months ended June 30, 2026 and 2025, which were recorded as Research and development expenses in the consolidated statements of operations. For the six months ended June 30, 2026 and 2025, the Company recognized $0.1 million of Paragon reimbursable expenses.

There were de minimis Related party accounts payable as of June 30, 2026 and December 31, 2025.

For the three months ended June 30, 2026 and 2025, the Company made payments totaling $0.1 million and de minimis payments, respectively, in connection with Paragon reimbursable expenses. For the six months ended June 30, 2026 and 2025, the Company made payments totaling $0.1 million and $0.2 million, respectively, in connection with Paragon reimbursable expenses.

Paragon License Agreements

See Note 6 for disclosures related to the License Agreements entered into with Paragon.

Mark McKenna Option Grant

On February 1, 2024, the Board appointed Mark McKenna as a Class I director. Mr. McKenna and the Company are parties to a consulting agreement, pursuant to which Mr. McKenna agreed to continue to provide consulting services as an independent contractor to the Company, with an effective date of August 1, 2023 (the “Vesting Commencement Date”). As compensation for Mr. McKenna’s consulting services, on November 22, 2023, he was granted non-qualified stock options to purchase 477,000 shares of the Company’s common stock under the 2016 Plan (as defined in Note 9) with an exercise price of $10.39 per share, which vest as to 25% on the one year anniversary of the Vesting Commencement Date and thereafter vest and become exercisable in 36 equal monthly installments, subject to Mr. McKenna’s continued service to the Company through each applicable vesting date. The Company recognized stock-based compensation expense related to Mr. McKenna's consulting agreement of $0.2 million for the three months ended June 30, 2026 and 2025, respectively, and $0.5 million for the six months ended June 30, 2026 and 2025, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2016 Equity Incentive Plan

The Company's 2016 Equity Incentive Plan (the “2016 Plan”) became effective in April 2016 and serves as the successor to the Company’s 2015 Equity Incentive Plan. Under the 2016 Plan, the Company may grant stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards, and stock bonuses. The 2016 Plan, as amended, provides for an automatic increase in the number of shares reserved for issuance thereunder on January 1 of each year for the remaining term of the plan equal to (a) 5.0% of the number of issued and outstanding shares of common stock (including such shares issuable pursuant to the exercise or conversion, as applicable, of any outstanding pre-funded warrants and nonvoting convertible preferred stock) on December 31 of the immediately preceding year, or (b) a lesser amount as approved by the board each year (the “Evergreen Provision”). As a result of the Evergreen Provision, on January 1, 2026 and

2025, an additional 4,711,544 and 3,814,905 shares, respectively, became available for issuance under the 2016 Plan.

As of June 30, 2026, the 2016 Plan had 15,084,463 shares available for future issuance, of which 6,876,693 shares were subject to outstanding option awards and restricted unit awards.

2018 Equity Inducement Plan

The 2018 Equity Inducement Plan (“2018 Plan”) became effective in February 2018.

During the second quarter of 2025, the Company amended the 2018 Plan to increase the number of shares of common stock reserved for issuance by 750,000. After this amendment and as of June 30, 2026, the 2018 Plan had 6,481,956 shares available for future issuance, of which 5,981,072 shares were subject to outstanding option awards and restricted unit awards.

Service-based awards granted under the 2018 Plan and 2016 Plan generally vest over four years and expire after ten years, although awards have been granted with vesting terms less than four years. Under the 2016 Plan and 2018 Plan, the Company may grant stock-based awards with service conditions, performance conditions, and market conditions.

The following table summarizes the Company’s stock awards granted under all equity incentive and inducement plans for each of the periods indicated:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	Grants	Weighted Average Grant Date Fair Value		Grants	Weighted Average Grant Date Fair Value		Grants	Weighted Average Grant Date Fair Value		Grants	Weighted Average Grant Date Fair Value
Stock options	190,456	$	62.94	427,800	$	15.29	2,769,061	$	33.19	2,325,717	$	20.32
Restricted stock units	—	—		—	—		125,400	$	30.61	—	—

2016 Employee Stock Purchase Plan

Under the Company’s Amended and Restated 2016 Employee Stock Purchase Plan (“2016 ESPP”), the Company issued and sold 19,967 shares of the Company’s common stock during the three and six months ended June 30, 2026, resulting in aggregate cash proceeds of $0.5 million.

There were no shares issued and sold during the three months ended June 30, 2025. The Company issued and sold 16,877 shares during the six months ended June 30, 2025, resulting in aggregate cash proceeds of $0.3 million.

Stock-based Compensation Expense

Total stock-based compensation expense recognized from the Company’s equity incentive plans, 2018 Plan and 2016 ESPP during the periods presented was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	6,218	$	4,100	$	12,009	$	7,612
General and administrative	7,294		5,278		14,309		10,625
Total stock-based compensation expense	$	13,512	$	9,378	$	26,318	$	18,237


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Stock Options Granted
Expected term (in years)	5.93	5.74	6.02	5.97
Expected volatility	67%	74%	73%	76%
Risk-free interest	4.16%	4.02%	3.88%	4.38%
Dividend yield	—	—	—	—

2016 ESPP
Expected term (in years)	—	—	0.50	0.50
Expected volatility	—	—	64%	69%
Risk-free interest	—	—	3.59%	4.23%
Dividend yield	—	—	—	—

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (105,205)	$ (81,490)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	26,318	18,237
Change in fair value of CVR liability	34,873	(1,800)
Gain on sale of in-process research and development asset	(70,000)	(10,000)
Net accretion of discount on marketable securities	(5,152)	(4,655)
Interest proceeds from maturities of zero coupon U.S. Treasury Bills	683	1,760
Changes in operating assets and liabilities:
Accounts payable	(3,182)	3,046
Accrued and other liabilities	225	(8,299)
Related party accounts payable	32	(572)
Prepaid expenses and other assets	(5,841)	(3,784)
Net cash used in operating activities	(127,249)	(87,557)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities and sales of marketable securities	217,187	178,249
Purchases of marketable securities	(528,510)	(106,312)
Proceeds from sale of in-process research and development asset	70,000	7,000
Net cash (used in) provided by investing activities	(241,323)	78,937
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock in connection with follow-on offering, net of issuance costs	435,240	0
Proceeds from issuance of common stock in connection with at-the-market offering program, net of issuance costs	9,750	0
Payment of deferred offering costs in connection with shelf registration	(454)	(93)
Payments related to contingent value rights liability	(22,933)	0
Proceeds from employee stock option exercises and employee stock plan purchases	23,255	949
Net cash provided by financing activities	444,858	856
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	76,286	(7,764)
CASH AND CASH EQUIVALENTS
Beginning of period	85,721	89,423
End of period	162,007	81,659
Supplemental Disclosure of Non-Cash Financing Information:
Proceeds from stock option exercises received in subsequent period	157	0
Allocation of deferred offering costs against proceeds of issuance of common stock	345	0
Unpaid deferred offering costs in connection with shelf registration	301	0
Conversion of Series B non-voting convertible preferred stock into common stock	$ 9,395	$ 0

The Company and Basis of Presentation	6 Months Ended
The Company and Basis of Presentation	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation Spyre Therapeutics, Inc., formerly Aeglea BioTherapeutics, Inc. (“Spyre” or the “Company”), is a clinical stage biotechnology company committed to developing next-generation therapies that elevate the standard in immunology by delivering more complete disease control, greater durability, and a simpler treatment experience for patients. The Company was formed as a Limited Liability Company in Delaware on December 16, 2013 under the name Aeglea BioTherapeutics Holdings, LLC and was converted from a Delaware LLC to a Delaware corporation on March 10, 2015. On June 22, 2023, the Company acquired the assets of Spyre Therapeutics, Inc., a privately held biotechnology company (the “Asset Acquisition”), and on November 27, 2023, the Company completed its corporate rebranding, changing the name of the Company to Spyre Therapeutics, Inc. The Company operates in one segment and has its principal offices in Waltham, Massachusetts. In connection with the Asset Acquisition, a non-transferable contingent value right (“CVR”) was distributed to stockholders of record of the Company as of the close of business on July 3, 2023 (the “Legacy Stockholders”). Holders of the CVRs will be entitled to receive certain cash payments from proceeds received by the Company prior to the third anniversary of the contingent value rights agreement (the "CVR Agreement") we entered into with Equiniti Trust Company LLC (f/k/a American Stock Transfer & Trust Company LLC) as rights agent in connection with the Asset Acquisition, if any, related to the disposition or monetization of its legacy assets during the one-year period following the closing of the Asset Acquisition. On September 6, 2024, the Company entered into a sales agreement (the “2024 Sales Agreement”) with TD Securities (USA) LLC as its agent, pursuant to which the Company may issue and sell up to $200.0 million of shares of common stock under an at-the-market (“ATM”) offering program. During the three and six months ended June 30, 2026, the Company sold an aggregate of nil and 296,396, respectively, shares of common stock under the ATM offering program pursuant to the 2024 Sales Agreement resulting in net proceeds of $9.7 million. The 2024 Sales Agreement was terminated on June 26, 2026 and the Company concurrently entered into a new sales agreement (the “2026 Sales Agreement”) with TD Securities (USA) LLC as its agent, pursuant to which the Company may issue and sell up to $500.0 million of shares of common stock under an ATM offering program. During the three months ended June 30, 2026, the Company did not sell any shares under the ATM offering program pursuant to the 2026 Sales Agreement. As of June 30, 2026, $500.0 million remained available for sale under the 2026 Sales Agreement. On October 13, 2025, the Company entered into an underwriting agreement (the “October 2025 Underwriting Agreement”), pursuant to which the Company sold an aggregate of 17,094,594 shares of its common stock, inclusive of 2,229,729 shares pursuant to the full exercise of the underwriters' over-allotment option, at a public offering price per share of $18.50, resulting in net proceeds of approximately $296.4 million after deducting approximately $19.9 million of underwriting discounts and other offering costs (the “October 2025 Offering”). The over-allotment option was exercised in full on October 14, 2025 and the transaction closed on October 15, 2025. On April 13, 2026, the Company entered into an underwriting agreement (the “April 2026 Underwriting Agreement”), pursuant to which the Company sold an aggregate of 7,475,000 shares of its common stock, inclusive of 975,000 shares pursuant to the full exercise of the underwriters' over-allotment option, at a public offering price per share of $62.00, resulting in net proceeds of approximately $435.2 million after deducting approximately $28.2 million of underwriting discounts and other offering costs (the “April 2026 Offering”). The over-allotment option was exercised in full on April 15, 2026 and the transaction closed on April 16, 2026. Liquidity The Company is a clinical stage biotechnology company with a limited operating history, and due to its significant research and development expenditures, the Company has generated operating losses since its inception and has not generated any revenue from the commercial sale of any products. There can be no assurance that profitable operations will ever be achieved, and, if achieved, whether profitability can be sustained on a continuing basis. Since its inception and through June 30, 2026, the Company has funded its operations by raising an aggregate of approximately $2.1 billion of gross proceeds from the sale and issuance of convertible preferred stock and common stock, pre-funded warrants, the collection of grant proceeds, and the licensing of its product rights for commercialization of pegzilarginase in Europe and certain countries in the Middle East. As of June 30, 2026, Spyre had an accumulated deficit of $1.2 billion, and cash, cash equivalents, and marketable securities of $1.1 billion. Based on its current operating plans, the Company has sufficient resources to fund operations for at least one year from the issuance date of these financial statements with existing cash, cash equivalents, and marketable securities. The Company will need to secure additional financing in the future to fund additional research and development, and before a commercial drug can be produced, marketed and sold. If the Company is unable to obtain additional financing or generate license or product revenue, the lack of liquidity could have a material adverse effect on the Company. Basis of Presentation The consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) as defined by the Financial Accounting Standards Board (“FASB”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for a fair statement of the Company’s financial position as of June 30, 2026, and its results of operations for the three and six months ended June 30, 2026 and 2025, changes in convertible preferred stock and stockholders’ equity for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. The December 31, 2025 balance sheet was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP for complete financial statements. These financial statements should be read in conjunction with the audited financial statements included in the Company’s Form 10-K for the year ended December 31, 2025 (the “Annual Report”) as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 19, 2026.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 162,007	$ 85,721
Marketable securities	983,339	670,812
Prepaid expenses and other current assets	27,657	21,248
Total current assets	1,173,003	777,781
TOTAL ASSETS	1,173,003	777,781
CURRENT LIABILITIES
CVR liability	31,350	22,820
Accrued and other current liabilities	26,184	26,947
Total current liabilities	63,302	58,685
Non-current CVR liability	7,270	3,860
Other non-current liabilities	1,290	0
TOTAL LIABILITIES	71,862	62,545
Commitments and Contingencies (Notes 6 and 7)
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 88,064,133 shares and 78,189,811 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	16	15
Additional paid-in capital	2,189,936	1,686,167
Accumulated other comprehensive (loss) income	(2,396)	869
Accumulated deficit	(1,232,840)	(1,127,635)
TOTAL STOCKHOLDERS’ EQUITY	1,101,141	715,236
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	1,173,003	777,781
Series A Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock	146,425	146,425
Series B Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock	0	9,395
Preferred Stock, Excluding Series A Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock	0	0
Nonrelated Party
CURRENT LIABILITIES
Accounts payable	5,722	8,904
Related Party
CURRENT LIABILITIES
Related party accounts payable	$ 46	$ 14

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2016	Jan. 01, 2026	Jan. 01, 2025
2015 and 2016 and 2018 Equity Inducement Plan \| Service Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based award, vesting period (in years)			4 years
Expiration term (in years)			10 years
2016 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual percentage of additional shares					5.00%
Additional number of shares available for issuance (in shares)						4,711,544	3,814,905
Common stock available for future issuance (in shares)	15,084,463		15,084,463
Outstanding option awards (in shares)	6,876,693		6,876,693
2018 Equity Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for future issuance (in shares)	6,481,956		6,481,956
Outstanding option awards (in shares)	5,981,072		5,981,072
Common stock available for future issuance, additional amount authorized (in shares)		750,000
2016 Employee Stock Purchase Plan \| Employee Stock \| 2016 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares sold (in shares)	19,967	0	19,967	16,877
Sale of stock, proceeds received	$ 0.5		$ 0.5	$ 0.3

Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Financial Assets:
Money market funds	$ 160,262	$ 83,991
Total financial assets	1,143,601	754,803
Liabilities:
CVR liability	38,620	26,680
Total liabilities	38,620	26,680
U.S. government treasury securities
Financial Assets:
Financial assets	256,457	266,064
U.S. government agency securities
Financial Assets:
Financial assets	176,095	119,590
Commercial paper
Financial Assets:
Financial assets	425,578	194,355
Corporate bonds
Financial Assets:
Financial assets	146,141	100,790
Money market funds
Financial Assets:
Money market funds	139,330	74,004
Level 1
Financial Assets:
Total financial assets	395,787	340,068
Liabilities:
CVR liability	0	0
Total liabilities	0	0
Level 1 \| U.S. government treasury securities
Financial Assets:
Financial assets	256,457	266,064
Level 1 \| U.S. government agency securities
Financial Assets:
Financial assets	0	0
Level 1 \| Commercial paper
Financial Assets:
Financial assets	0	0
Level 1 \| Corporate bonds
Financial Assets:
Financial assets	0	0
Level 1 \| Money market funds
Financial Assets:
Money market funds	139,330	74,004
Level 2
Financial Assets:
Total financial assets	747,814	414,735
Liabilities:
CVR liability	38,620	0
Total liabilities	38,620	0
Level 2 \| U.S. government treasury securities
Financial Assets:
Financial assets	0	0
Level 2 \| U.S. government agency securities
Financial Assets:
Financial assets	176,095	119,590
Level 2 \| Commercial paper
Financial Assets:
Financial assets	425,578	194,355
Level 2 \| Corporate bonds
Financial Assets:
Financial assets	146,141	100,790
Level 2 \| Money market funds
Financial Assets:
Money market funds	0	0
Level 3
Financial Assets:
Total financial assets	0	0
Liabilities:
CVR liability	0	26,680
Total liabilities	0	26,680
Level 3 \| U.S. government treasury securities
Financial Assets:
Financial assets	0	0
Level 3 \| U.S. government agency securities
Financial Assets:
Financial assets	0	0
Level 3 \| Commercial paper
Financial Assets:
Financial assets	0	0
Level 3 \| Corporate bonds
Financial Assets:
Financial assets	0	0
Level 3 \| Money market funds
Financial Assets:
Money market funds	$ 0	$ 0

Related Party Transactions - Schedule of Expenses Related to Related Party Which are Settled in Cash (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

^[1]

$ 65,503,000

$ 40,145,000

$ 125,914,000

$ 81,768,000

3,100,000

2,600,000

Paragon and License Agreement | Related Party

3,100,000

2,600,000

License Agreement | Related Party

3,000,000.0

2,500,000

Other Paragon Reimbursable Expenses | Related Party

$ 0

$ 100,000

[1]	Includes de minimis related party expenses for the three months ended June 30, 2026 and 2025. Includes related party expenses of $3.1 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Schedule of Changes in CVR Liability (Details) - CVR Liability $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 26,680
Changes in the fair value of the CVR liability	34,873
Payments	(22,933)
Ending balance	$ 38,620

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Series A Non-Voting Convertible Preferred Stock	Series A Non-Voting Convertible Preferred Stock Preferred Stock	Series B Non-Voting Convertible Preferred Stock	Series B Non-Voting Convertible Preferred Stock Preferred Stock	Series B Non-Voting Convertible Preferred Stock Common Stock
Beginning balance, preferred stock (in shares) at Dec. 31, 2024							346,000		17,000
Beginning balance at Dec. 31, 2024	$ 517,804	$ 13	$ 1,334,223	$ 180	$ (972,432)		$ 146,425		$ 9,395
Beginning balance, common stock (in shares) at Dec. 31, 2024		60,257,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with exercise of stock options and employee stock purchase plan (in shares)		19,000
Issuance of common stock in connection with exercise of stock options and employee stock purchase plan	218		218
Stock-based compensation expense	8,859		8,859
Foreign currency translation adjustment	14			14
Unrealized (loss) gain on marketable securities	488			488
Net loss	(44,773)				(44,773)
Ending balance, preferred stock (in shares) at Mar. 31, 2025							346,000		17,000
Ending balance at Mar. 31, 2025	482,610	$ 13	1,343,300	682	(1,017,205)		$ 146,425		$ 9,395
Ending balance, common stock (in shares) at Mar. 31, 2025		60,276,000
Beginning balance, preferred stock (in shares) at Dec. 31, 2024							346,000		17,000
Beginning balance at Dec. 31, 2024	517,804	$ 13	1,334,223	180	(972,432)		$ 146,425		$ 9,395
Beginning balance, common stock (in shares) at Dec. 31, 2024		60,257,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(22)
Unrealized (loss) gain on marketable securities	296
Net loss	(81,490)					$ (15,078)		$ (726)
Ending balance, preferred stock (in shares) at Jun. 30, 2025							346,000		17,000
Ending balance at Jun. 30, 2025	455,773	$ 13	1,353,408	454	(1,053,922)		$ 146,425		$ 9,395
Ending balance, common stock (in shares) at Jun. 30, 2025		60,373,000
Beginning balance, preferred stock (in shares) at Mar. 31, 2025							346,000		17,000
Beginning balance at Mar. 31, 2025	482,610	$ 13	1,343,300	682	(1,017,205)		$ 146,425		$ 9,395
Beginning balance, common stock (in shares) at Mar. 31, 2025		60,276,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with exercise of stock options and employee stock purchase plan (in shares)		97,000
Issuance of common stock in connection with exercise of stock options and employee stock purchase plan	730		730
Stock-based compensation expense	9,378		9,378
Foreign currency translation adjustment	(36)			(36)
Unrealized (loss) gain on marketable securities	(192)			(192)
Net loss	(36,717)				(36,717)	$ (6,791)		$ (327)
Ending balance, preferred stock (in shares) at Jun. 30, 2025							346,000		17,000
Ending balance at Jun. 30, 2025	455,773	$ 13	1,353,408	454	(1,053,922)		$ 146,425		$ 9,395
Ending balance, common stock (in shares) at Jun. 30, 2025		60,373,000
Beginning balance, preferred stock (in shares) at Dec. 31, 2025						346,045	346,000	16,667	17,000
Beginning balance at Dec. 31, 2025	$ 715,236	$ 15	1,686,167	869	(1,127,635)		$ 146,425		$ 9,395
Beginning balance, common stock (in shares) at Dec. 31, 2025	78,189,811	78,190,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with at-the-market and follow-on offering program, net of financing costs (in shares)		296,000
Issuance of common stock in connection with at-the-market and follow-on offering program, net of financing costs	$ 9,747		9,747
Issuance of common stock in connection with exercise of stock options and employee stock purchase plan (in shares)		354,000
Issuance of common stock in connection with exercise of stock options and employee stock purchase plan	3,663		3,663
Stock-based compensation expense	12,806		12,806
Unrealized (loss) gain on marketable securities	(1,636)			(1,636)
Net loss	(69,005)				(69,005)
Ending balance, preferred stock (in shares) at Mar. 31, 2026							346,000		17,000
Ending balance at Mar. 31, 2026	670,811	$ 15	1,712,383	(767)	(1,196,640)		$ 146,425		$ 9,395
Ending balance, common stock (in shares) at Mar. 31, 2026		78,840,000
Beginning balance, preferred stock (in shares) at Dec. 31, 2025						346,045	346,000	16,667	17,000
Beginning balance at Dec. 31, 2025	$ 715,236	$ 15	1,686,167	869	(1,127,635)		$ 146,425		$ 9,395
Beginning balance, common stock (in shares) at Dec. 31, 2025	78,189,811	78,190,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	$ 0
Unrealized (loss) gain on marketable securities	(3,265)
Net loss	(105,205)					$ (15,147)		$ (701)
Ending balance, preferred stock (in shares) at Jun. 30, 2026						346,045	346,000	0	0
Ending balance at Jun. 30, 2026	$ 1,101,141	$ 16	2,189,936	(2,396)	(1,232,840)		$ 146,425		$ 0
Ending balance, common stock (in shares) at Jun. 30, 2026	88,064,133	88,064,000
Beginning balance, preferred stock (in shares) at Mar. 31, 2026							346,000		17,000
Beginning balance at Mar. 31, 2026	$ 670,811	$ 15	1,712,383	(767)	(1,196,640)		$ 146,425		$ 9,395
Beginning balance, common stock (in shares) at Mar. 31, 2026		78,840,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Series B Non-Voting Convertible Preferred Stock to common Stock (in shares)									(17,000)	667,000
Conversion of Series B Non-Voting Convertible Preferred Stock to common stock	0		9,395						$ (9,395)
Issuance of common stock in connection with at-the-market and follow-on offering program, net of financing costs (in shares)		7,475,000
Issuance of common stock in connection with at-the-market and follow-on offering program, net of financing costs	434,898	$ 1	434,897
Issuance of common stock in connection with exercise of stock options and employee stock purchase plan (in shares)		1,083,000
Issuance of common stock in connection with exercise of stock options and employee stock purchase plan	19,749		19,749
Stock-based compensation expense	13,512		13,512
Foreign currency translation adjustment	0
Unrealized (loss) gain on marketable securities	(1,629)			(1,629)
Net loss	(36,200)				(36,200)	$ (5,052)		$ (225)
Ending balance, preferred stock (in shares) at Jun. 30, 2026						346,045	346,000	0	0
Ending balance at Jun. 30, 2026	$ 1,101,141	$ 16	$ 2,189,936	$ (2,396)	$ (1,232,840)		$ 146,425		$ 0
Ending balance, common stock (in shares) at Jun. 30, 2026	88,064,133	88,064,000

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 28, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-37722
Entity Registrant Name	SPYRE THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4312787
Entity Address, Address Line One	221 Crescent Street
Entity Address, Address Line Two	Building 23
Entity Address, Address Line Three	Suite 105
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02453
City Area Code	617
Local Phone Number	651-5940
Title of 12(b) Security	Common Stock, $0.0001 Par Value Per Share
Trading Symbol	SYRE
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		88,173,762
Entity Central Index Key	0001636282
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2

Cash Equivalents and Marketable Securities - Schedule of Estimated Fair Value of Cash Equivalents and Marketable Securities and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, amortized cost	$ 160,262	$ 83,991
Cash equivalents, gross unrealized gains	0	0
Cash equivalents, gross unrealized losses	0	0
Cash equivalents, estimated fair value	160,262	83,991
Marketable securities, amortized cost	985,735	669,942
Marketable securities, gross unrealized gains	90	986
Marketable securities, gross unrealized losses	(2,486)	(116)
Marketable securities, estimated fair value	983,339	670,812
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Marketable securities, amortized cost	405,173	184,423
Marketable securities, gross unrealized gains	0	25
Marketable securities, gross unrealized losses	(527)	(80)
Marketable securities, estimated fair value	404,646	184,368
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Marketable securities, amortized cost	146,423	100,753
Marketable securities, gross unrealized gains	1	60
Marketable securities, gross unrealized losses	(283)	(23)
Marketable securities, estimated fair value	146,141	100,790
U.S. government treasury securities
Debt Securities, Available-for-Sale [Line Items]
Marketable securities, amortized cost	257,111	265,316
Marketable securities, gross unrealized gains	87	748
Marketable securities, gross unrealized losses	(741)	0
Marketable securities, estimated fair value	256,457	266,064
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Marketable securities, amortized cost	177,028	119,450
Marketable securities, gross unrealized gains	2	153
Marketable securities, gross unrealized losses	(935)	(13)
Marketable securities, estimated fair value	176,095	119,590
Money market funds
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, amortized cost	139,330	74,004
Cash equivalents, gross unrealized gains	0	0
Cash equivalents, gross unrealized losses	0	0
Cash equivalents, estimated fair value	139,330	74,004
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, amortized cost	20,932	9,987
Cash equivalents, gross unrealized gains	0	0
Cash equivalents, gross unrealized losses	0	0
Cash equivalents, estimated fair value	$ 20,932	$ 9,987

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	Jun. 22, 2023	Jun. 30, 2026
CVR liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in fair value of derivative		$ 34.9
Payment to CVR holders		$ 22.9
Spyre Therapeutics, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset acquisition, stockholder payment period (in years)	3 years
Asset acquisition, cash payment, threshold period (in years)	1 year

Stock-Based Compensation - Schedule of Stock Awards Granted Under all Equity Incentive and Inducement Plans (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, Grants (in shares)	190,456	427,800	2,769,061	2,325,717
Stock options, Weighted Average Grant Date Fair Value (in dollars per share)	$ 62.94	$ 15.29	$ 33.19	$ 20.32
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Grants (in shares)	0	0	125,400	0
Restricted stock units, Weighted Average Grant Date Fair Value (in dollars per share)	$ 0	$ 0	$ 30.61	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Sale of Pegzilarginase to Immedica	6 Months Ended
Sale of Pegzilarginase to Immedica	Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]
Sale of Pegzilarginase to Immedica	Sale of Pegzilarginase to Immedica On July 27, 2023, the Company announced that it had entered into an agreement to sell the global rights to pegzilarginase to Immedica Pharma AB (“Immedica”) for $15.0 million in upfront cash proceeds and up to $100.0 million in contingent milestone payments. The milestone payments are contingent on formal reimbursement decisions by national authorities in key European markets and pegzilarginase approval by the U.S. Food and Drug Administration (“FDA”), among other events. In the three months ended June 30, 2026, the Company recognized a gain of $40.0 million within Gain on Sale of in-process research and development, for achieving certain milestones during the period. As of June 30, 2026 and December 31, 2025, $3.0 million remains outstanding and due to the Company from a previously achieved milestone, which is reflected in Prepaid expenses and other current assets. Milestone payments received by the Company by July 3, 2026, net of allowable expenses and adjustments, will be distributed to CVR holders pursuant to the CVR agreement resulting from the Asset Acquisition and will reduce the CVR liability.

Convertible Preferred Stock and Stockholders' Equity	6 Months Ended
Convertible Preferred Stock and Stockholders' Equity	Jun. 30, 2026
Equity [Abstract]
Convertible Preferred Stock and Stockholders' Equity	Convertible Preferred Stock and Stockholders’ Equity Warrants As of June 30, 2026, a total of 1,532,591 warrants previously issued to Parapyre pursuant to the Paragon Agreement with a weighted-average exercise price of $22.49 remain outstanding. Series A Non-Voting Convertible Preferred Stock Pursuant to the Company's Certificate of Designation of Preferences, Rights and Limitations of the Series A Non-Voting Convertible Preferred Stock (the “Series A Certificate of Designation”), holders of Series A Preferred Stock are entitled to receive dividends on shares of Series A Preferred Stock equal to, on an as-if-converted-to-common stock basis, and in the same form as, dividends actually paid on shares of common stock. Except as provided in the Series A Certificate of Designation or as otherwise required by law, the Series A Preferred Stock does not have voting rights. However, as long as any shares of Series A Preferred Stock are outstanding, the Company will not, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series A Preferred Stock: (a) alter or change adversely the powers, preferences or rights given to the Series A Preferred Stock, or alter or amend the Series A Certificate of Designation, amend or repeal any provision of, or add any provision to, the Company’s Certificate of Incorporation or its Bylaws, or file any articles of amendment, certificate of designations, preferences, limitations and relative rights of any series of preferred stock, if such action would adversely alter or change the preferences, rights, privileges or powers of, or restrictions provided for the benefit of the Series A Preferred Stock, regardless of whether any of the foregoing actions will be by means of amendment to the Certificate of Incorporation or by merger, consolidation, recapitalization, reclassification, conversion or otherwise, (b) issue further shares of Series A Preferred Stock or increase or decrease (other than by conversion) the number of authorized shares of Series A Preferred Stock, (c) prior to the stockholder approval of the conversion of the Series A Preferred Stock into shares of common stock in accordance with Nasdaq Stock Market Rules or at any time while at least 30% of the originally issued Series A Preferred Stock remains issued and outstanding, consummate (x) any Fundamental Transaction (as defined in the Series A Certificate of Designation) or (y) any merger or consolidation of the Company with or into another entity or any stock sale to, or other business combination in which the Company's stockholders immediately before such transaction do not hold at least a majority of the Company's capital stock immediately after such transaction or (d) enter into any agreement with respect to any of the foregoing. The Series A Preferred Stock does not have a preference upon any liquidation, dissolution or winding-up of the Company. As of June 30, 2026, 346,045 shares of Series A Preferred Stock remained outstanding and are convertible into 13,841,800 common shares. Series B Non-Voting Convertible Preferred Stock Pursuant to the Company's Certificate of Designation of Preferences, Rights and Limitations of Series B Non-Voting Convertible Preferred Stock (as amended, the “Series B Certificate of Designation”), holders of Series B Preferred Stock are entitled to receive dividends on shares of Series B Preferred Stock equal to, on an as-if-converted-to-common stock basis, and in the same form as, dividends actually paid on shares of common stock. Except as provided in the Series B Certificate of Designation or as otherwise required by law, the Series B Preferred Stock does not have voting rights. However, as long as any shares of Series B Preferred Stock are outstanding, the Company will not, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series B Preferred Stock, alter or change adversely the powers, preferences or rights given to the Series B Preferred Stock, or alter or amend the Series B Certificate of Designation, amend or repeal any provision of, or add any provision to, the Company’s Certificate of Incorporation or its Bylaws, or file any articles of amendment, certificate of designations, preferences, limitations and relative rights of any series of preferred stock, if such action would adversely alter or change the preferences, rights, privileges or powers of, or restrictions provided for the benefit of the Series B Preferred Stock, regardless of whether any of the foregoing actions will be by means of amendment to the Certificate of Incorporation or by merger, consolidation, recapitalization, reclassification, conversion or otherwise. The Series B Preferred Stock does not have a preference upon any liquidation, dissolution or winding-up of the Company. On June 23, 2026, 16,667 shares of Series B Preferred Stock were converted at the option of the holder into 666,680 shares of common stock. As of June 30, 2026, no shares of Series B Preferred Stock remained outstanding. ATM Facility On September 6, 2024, the Company entered into the 2024 Sales Agreement, pursuant to which the Company may issue and sell up to $200.0 million of shares of common stock under an ATM offering program. During the year ended December 31, 2025, the Company sold an aggregate of 445,668 shares of common stock under its ATM offering program pursuant to the 2024 Sales Agreement resulting in net proceeds of $14.8 million. During the six months ended June 30, 2026, the Company sold an aggregate of 296,396 shares of common stock under the ATM offering program pursuant to the 2024 Sales Agreement resulting in net proceeds of $9.7 million. The 2024 Sales Agreement was terminated on June 26, 2026 and the Company concurrently entered into a new sales agreement (the “2026 Sales Agreement”) with TD Securities (USA) LLC as its agent, pursuant to which the Company may issue and sell up to $500.0 million of shares of common stock under an ATM offering program. During the three months ended June 30, 2026, the Company did not sell any shares under the ATM offering program pursuant to the 2026 Sales Agreement. As of June 30, 2026, $500.0 million remained available for sale under the 2026 Sales Agreement. October 2025 Underwritten Offering On October 13, 2025, the Company entered into the October 2025 Underwriting Agreement, pursuant to which the Company sold an aggregate of 17,094,594 shares of common stock, inclusive of 2,229,729 shares pursuant to the full exercise of the underwriters’ over-allotment option, at a public offering price per share of $18.50, resulting in net proceeds of approximately $296.4 million after deducting approximately $19.9 million of underwriting discounts and other offering costs. The over-allotment option was exercised in full on October 14, 2025 and the transaction closed on October 15, 2025. April 2026 Underwritten Offering On April 13, 2026, the Company entered into the April 2026 Underwriting Agreement, pursuant to which the Company sold an aggregate of 7,475,000 shares of its common stock, inclusive of 975,000 shares pursuant to the full exercise of the underwriters' over-allotment option, at a public offering price per share of $62.00, resulting in net proceeds of approximately $435.2 million after deducting approximately $28.2 million of underwriting discounts and other offering costs. The over-allotment option was exercised in full on April 15, 2026 and the transaction closed on April 16, 2026.

Licensing Agreements	6 Months Ended
Licensing Agreements	Jun. 30, 2026
Licensing Agreements [Abstract]
Licensing Agreements	Licensing Agreements On July 12, 2023, December 14, 2023, and June 5, 2024, the Company exercised the Option (as defined below) available under the antibody discovery and option agreement, dated May 25, 2023, and subsequently amended and restated on September 29, 2023 and May 14, 2024, by and among the Company, Paragon Therapeutics, Inc. (“Paragon”) and Parapyre Holding LLC (“Parapyre”) (as amended, the “Paragon Agreement”) with respect to the SPY001, SPY002 and SPY072, and SPY003 research programs, respectively. On May 14, 2024, the Company and Paragon entered into (i) a license agreement (the “SPY001 License Agreement”), pursuant to which Paragon granted the Company a royalty-bearing, world-wide, exclusive license to develop, manufacture, commercialize or otherwise exploit certain antibodies and products targeting α4ß7 integrin and (ii) a license agreement (the “SPY002 and SPY072 License Agreement”), pursuant to which Paragon granted the Company a royalty-bearing, world-wide, exclusive license to develop, manufacture, commercialize or otherwise exploit certain antibodies and products targeting TL1A, respectively, which includes the Company's SPY002 and SPY072 product candidates. On October 11, 2024, the Company and Paragon entered into a license agreement (as amended, the “SPY003 License Agreement”, and together with the SPY001 License Agreement and the SPY002 and SPY072 License Agreement, the “License Agreements”), pursuant to which Paragon granted the Company a royalty-bearing, world-wide, exclusive license to develop, manufacture, commercialize or otherwise exploit certain antibodies and products targeting IL-23 in the field of IBD. On February 24, 2025, the SPY003 License Agreement was amended and restated to, among other things, clarify each party's rights and obligations with respect to license exclusivity and patent prosecution. On May 29, 2026, the SPY003 License Agreement was further amended to expand the definition of “Field” to encompass all therapeutic, prophylactic, palliative and diagnostic uses of SPY003, subject to certain restrictions (as summarized below). Under the terms of each License Agreement, the Company is obligated to pay Paragon up to $22.0 million based on specific development, regulatory and clinical milestones for the first product under each agreement, respectively, that achieves such specified milestones, including a milestone payment of $3.0 million upon the first dosing of a human patient in a Phase 2 trial. In addition, the following summarizes other key terms of each License Agreement: •Paragon will provide the Company with an exclusive license to its patents covering the related antibody, the method of use and its method of manufacture. •Paragon will not conduct any new campaigns that generate anti-α4ß7 or anti-TL1A monospecific antibodies in any field or anti-IL-23 monospecific antibodies in the field of IBD, in each case for at least 5 years. •The Company will pay Paragon a low single-digit percentage royalty for single antibody products and a mid single-digit percentage royalty for products containing more than one antibody from Paragon. •There is a royalty step-down of 1/3rd if there is no Paragon patent in effect during the royalty term. •The royalty term ends on the later of (i) the last-to-expire licensed patent or Company patent directed to the manufacture, use or sale of a licensed antibody in the country at issue or (ii) 12 years from the date of first sale of a Company product. •Each License Agreement may be terminated on 60 days’ notice by the Company; on material breach without cure; and to the extent permitted by law, on a party’s insolvency or bankruptcy. •With respect to the SPY002 and SPY072 License Agreement only, on a product by product basis, the Company will pay sublicensing fees of up to approximately $20 million upon the achievement of mostly commercial milestones. •With respect to the SPY003 License Agreement only, the Company will not dose a human patient in a clinical trial of SPY003 for an indication outside of inflammatory bowel disease as part of a combination until June 1, 2028 or as a monotherapy until June 1, 2030 (the “Monotherapy Dosing Restriction”). In the event the Company or a licensee of Paragon's retained rights under the SPY003 License Agreement consummates a material transaction, including a change of control of the Company or such licensee, then any remaining restrictions outside of the initial definition of “Field” set forth in the Monotherapy Dosing Restriction shall remain in effect only until June 1, 2028 and thereafter terminate and be of no further force or effect. The Company recognizes the expense associated with each milestone when the achievement of the milestone is deemed probable. The Company recognized no expenses related to milestone payments to Paragon for the three months ended June 30, 2026 and 2025. The Company recognized expense related to Paragon license milestone payments, recorded within Research and development expenses, in the accompanying condensed statement of operations of $3.0 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively. The Company paid milestone payments to Paragon totaling nil and $2.5 million for the three months ended June 30, 2026 and 2025, respectively. The Company paid milestone payments to Paragon totaling $3.0 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, there were no milestone payments outstanding and payable to Paragon. Additionally, the Company did not recognize any sublicensing fees expense for the three or six months ended June 30, 2026 or 2025. There were no payments related to sublicensing fees for the three months ended June 30, 2026 and 2025. The Company paid sublicensing fees to Paragon totaling no and $0.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, there were nil sublicensing fees outstanding and payable to Paragon.

Related Party Transactions - Narrative (Details)

3 Months Ended

6 Months Ended

Nov. 22, 2023

installment

$ / shares

Jun. 30, 2026

USD ($)

seat

Jun. 30, 2025

USD ($)

Jun. 30, 2026

USD ($)

seat

Jun. 30, 2025

USD ($)

Dec. 31, 2025

USD ($)

Research and development

^[1]

$ 65,503,000

$ 40,145,000

$ 125,914,000

$ 81,768,000

Options granted to purchase (in shares) | shares

190,456

427,800

2,769,061

2,325,717

Stock-based compensation expense

$ 13,512,000

$ 9,378,000

$ 26,318,000

$ 18,237,000

Research and development

3,100,000

2,600,000

Total related party accounts payable

$ 0

Paragon Agreement | Related Party

Amount of related party transaction

$ 100,000

200,000

Appoint Of Board Members

Number of board seats held by related party | seat

Other Paragon Reimbursable Expenses | Related Party

Research and development

$ 0

$ 100,000

100,000

Subsequent to Asset Acquisition | Related Party

Amount of related party transaction

Consulting Agreement | Related Party

Options granted to purchase (in shares) | shares

477,000

Exercise price (in dollars per share) | $ / shares

$ 10.39

Number of monthly installments | installment

Stock-based compensation expense

$ 200,000

$ 500,000

Consulting Agreement | Related Party | Share-Based Payment Arrangement, Tranche One

Vesting percentage

25.00%

Vest period grant date (in years)

1 year

Paragon Therapeutics Inc | Maximum | Paragon Agreement | Related Party

Percentage of ownership by noncontrolling owner

5.00%

Fairmount Funds Management LLC | Minimum | Paragon Agreement | Related Party

Percentage of ownership by noncontrolling owner

5.00%

Percentage of ownership held in third party

5.00%

[1]	Includes de minimis related party expenses for the three months ended June 30, 2026 and 2025. Includes related party expenses of $3.1 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Heidy King-Jones [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On April 16, 2026, Heidy King-Jones, our Chief Legal Officer and Corporate Secretary, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 76,000 shares of our common stock over a period ending April 5, 2028, subject to certain conditions, all of which are to be acquired upon the exercise of employee stock options.
Name	Heidy King-Jones
Title	Chief Legal Officer and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	April 16, 2026
Expiration Date	April 5, 2028
Arrangement Duration	720 days
Aggregate Available	76,000
Jeffrey Albers [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On April 16, 2026, Jeffrey Albers, one of our directors, and Sessions LLC, an investment company of which Mr. Albers is a managing director and owns 10% or more of the equity interest in or otherwise exercises significant influence over, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 23,000 shares of our common stock over a period ending July 31, 2027, subject to certain conditions, 5,000 of which are to be acquired upon the exercise of director stock options.
Name	Jeffrey Albers
Title	directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	April 16, 2026
Expiration Date	July 31, 2027
Arrangement Duration	461 days
Aggregate Available	23,000
Jeffrey Albers Rule Trading Arrangement, Director Stock Options [Member] \| Jeffrey Albers [Member]
Trading Arrangements, by Individual
Aggregate Available	5,000

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets and liabilities at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	139,330	$	—	$	—	$	139,330
U.S. government treasury securities	256,457		—		—		256,457
U.S. government agency securities	—		176,095		—		176,095
Commercial paper	—		425,578		—		425,578
Corporate bonds	—		146,141		—		146,141
Total financial assets	$	395,787	$	747,814	$	—	$	1,143,601

Liabilities:

CVR liability	$	—	$	38,620	$	—	$	38,620
Total liabilities	$	—	$	38,620	$	—	$	38,620


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	74,004	$	—	$	—	$	74,004
U.S. government treasury securities	266,064		—		—		266,064
U.S. government agency securities	—		119,590		—		119,590
Commercial paper	—		194,355		—		194,355
Corporate bonds	—		100,790		—		100,790
Total financial assets	$	340,068	$	414,735	$	—	$	754,803

Liabilities:


CVR liability	$	—	$	—	$	26,680	$	26,680
Total liabilities	$	—	$	—	$	26,680	$	26,680

Schedule of Significant Inputs Used to Estimate the Fair Value of CVR Liability

The significant inputs used to estimate the fair value of the CVR liability were as follows:


			June 30, 2026



Risk-adjusted discount rate			12.10%

Schedule of Changes in CVR Liability

The following table presents changes in the CVR liability for the periods presented (in thousands):


	CVR Liability
Beginning balance as of December 31, 2025	$	26,680
Changes in the fair value of the CVR liability	34,873
Payments	(22,933)
Ending Balance as of June 30, 2026	$	38,620

Convertible Preferred Stock and Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 16, 2026	Oct. 15, 2025	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Jun. 23, 2026	Sep. 06, 2024	Jun. 22, 2023
At-The-Market Offering, 2024 Sales Agreement
Class of Stock [Line Items]
Sale of stock, authorized amount							$ 200.0
At-The-Market Offering, 2026 Sales Agreement
Class of Stock [Line Items]
Sale of stock, authorized amount			$ 500.0	$ 500.0
Issuance of common stock in connection with at-the-market and follow-on offering program, net of financing costs (in shares)			0
Sale of stock, remaining authorized amount			$ 500.0	$ 500.0
Series A Non Voting Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock issued and outstanding (as percent)								30.00%
Preferred stock, outstanding (in shares)			346,045	346,045	346,045
Number of common shares issuable upon conversion (in shares)			13,841,800	13,841,800
Series B Non Voting Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)			0	0	16,667	16,667
Converted at the option of the holder (in shares)			666,680	666,680
Common Stock \| At-The-Market Offering, 2024 Sales Agreement
Class of Stock [Line Items]
Sale of stock, aggregate offering price							$ 200.0
Number of shares of common stock sold (in shares)			0	296,396	445,668
Sale of stock, proceeds received				$ 9.7	$ 14.8
Common Stock \| October 2025 Underwritten Offering
Class of Stock [Line Items]
Number of shares of common stock sold (in shares)		17,094,594
Sale of stock, proceeds received		$ 296.4
Sale of stock, price per share (in dollars per share)		$ 18.50
Placement agent and other offering costs		$ 19.9
Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Number of shares of common stock sold (in shares)	975,000	2,229,729
Common Stock \| April 2026 Underwriting Agreement
Class of Stock [Line Items]
Number of shares of common stock sold (in shares)	7,475,000
Sale of stock, proceeds received	$ 435.2
Sale of stock, price per share (in dollars per share)	$ 62.00
Placement agent and other offering costs	$ 28.2
Outstanding Parapyre warrants
Class of Stock [Line Items]
Warrants to purchase shares (in shares)			1,532,591	1,532,591
Exercise price per warrant (in dollars per share)			$ 22.49	$ 22.49

Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Operating expenses:

Research and development

^[1]

$ 65,503

$ 40,145

$ 125,914

$ 81,768

General and administrative

^[2]

16,136

11,790

31,366

23,734

Gain on sale of in-process research and development asset

(40,000)

(10,000)

(70,000)

(10,000)

Total operating expenses

41,639

41,935

87,280

95,502

Loss from operations

(41,639)

(41,935)

(87,280)

(95,502)

Other income (expense):

Interest income

10,053

5,874

17,048

12,367

Other (expense) income, net

(4,614)

(656)

(34,973)

1,630

Total other income (expense)

5,439

5,218

(17,925)

13,997

Loss before income tax expense

(36,200)

(36,717)

(105,205)

(81,505)

Income tax benefit

Net loss

(36,200)

(36,717)

$ (105,205)

(81,490)

Net loss per share, diluted (in dollars per share)

$ (1.09)

Related Party

Operating expenses:

Research and development

$ 3,100

2,600

General and administrative

200

500

Series A Non Voting Convertible Preferred Stock

Other income (expense):

Net loss

$ (5,052)

$ (6,791)

$ (15,147)

$ (15,078)

Net loss per share, basic (in dollars per share)

$ (14.60)

$ (19.62)

$ (43.77)

$ (43.57)

Net loss per share, diluted (in dollars per share)

$ (14.60)

$ (19.62)

$ (43.77)

$ (43.57)

Weighted-average common stock outstanding, basic (in shares)

346,045

Weighted-average common stock outstanding, diluted (in shares)

346,045

Series B Non Voting Convertible Preferred Stock

Other income (expense):

Net loss

$ (225)

$ (327)

$ (701)

$ (726)

Net loss per share, basic (in dollars per share)

$ (14.60)

$ (19.62)

$ (43.77)

$ (43.57)

Net loss per share, diluted (in dollars per share)

$ (14.60)

$ (19.62)

$ (43.77)

$ (43.57)

Weighted-average common stock outstanding, basic (in shares)

15,385

16,667

16,022

16,667

Weighted-average common stock outstanding, diluted (in shares)

15,385

16,667

16,022

16,667

Common Stock

Other income (expense):

Net loss

$ (30,923)

$ (29,599)

$ (89,357)

$ (65,686)

Net loss per share, basic (in dollars per share)

$ (0.36)

$ (0.49)

$ (1.09)

Net loss per share, diluted (in dollars per share)

$ (0.36)

$ (0.49)

$ (1.09)

Weighted-average common stock outstanding, basic (in shares)

84,729,435

60,333,838

81,656,119

60,300,073

Weighted-average common stock outstanding, diluted (in shares)

84,729,435

60,333,838

81,656,119

60,300,073

[1]	Includes de minimis related party expenses for the three months ended June 30, 2026 and 2025. Includes related party expenses of $3.1 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.
[2]	Includes related party expenses of $0.2 million for the three months ended June 30, 2026 and 2025, and $0.5 million for the six months ended June 30, 2026 and 2025.

Stock-Based Compensation - Schedule of Weighted-Average Assumptions Used in Calculating Fair Value of Awards (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock Options Granted
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items]
Expected term (in years)	5 years 11 months 4 days	5 years 8 months 26 days	6 years 7 days	5 years 11 months 19 days
Expected volatility	67.00%	74.00%	73.00%	76.00%
Risk-free interest	4.16%	4.02%	3.88%	4.38%
Dividend yield	0.00%	0.00%	0.00%	0.00%
2016 ESPP
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items]
Expected term (in years)	0 years		6 months	6 months
Expected volatility	0.00%	0.00%	64.00%	69.00%
Risk-free interest	0.00%	0.00%	3.59%	4.23%
Dividend yield	0.00%	0.00%	0.00%	0.00%

Licensing Agreements (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Oct. 11, 2024

May 14, 2024

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

Research and development

^[1]

$ 65,503,000

$ 40,145,000

$ 125,914,000

$ 81,768,000

Research and development

$ 0

$ 3,100,000

2,600,000

Paragon Agreement | Related Party

Campaign timeline, minimum term (in years)

5 years

Royalty step-down (as percent)

33.00%

Royalty term expiration period (in years)

12 years

Termination notice period (in days)

60 days

Cash milestone payments

$ 0

2,500,000

$ 3,000,000.0

2,500,000

Milestone payments, outstanding and payable

$ 0

Payment for sublicensing fee

500,000

SPY001 License Agreement | Related Party

First milestone payment

$ 3,000,000.0

SPY002 and SPY072 License Agreement | Related Party

First milestone payment

3,000,000.0

SPY003 License Agreement | Related Party

First milestone payment

$ 3,000,000.0

License Agreement | Related Party

Research and development

$ 0

3,000,000.0

$ 2,500,000

Sublicensing fee, outstanding and payable

$ 0

Maximum | SPY001 License Agreement | Related Party

Contingent obligation based on milestones

22,000,000.0

Maximum | SPY002 and SPY072 License Agreement | Related Party

Contingent obligation based on milestones

$ 22,000,000.0

Sublicensing fee

$ 20,000,000

Maximum | SPY003 License Agreement | Related Party

Contingent obligation based on milestones

$ 22,000,000.0

[1]	Includes de minimis related party expenses for the three months ended June 30, 2026 and 2025. Includes related party expenses of $3.1 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets and liabilities at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	139,330	$	—	$	—	$	139,330
U.S. government treasury securities	256,457		—		—		256,457
U.S. government agency securities	—		176,095		—		176,095
Commercial paper	—		425,578		—		425,578
Corporate bonds	—		146,141		—		146,141
Total financial assets	$	395,787	$	747,814	$	—	$	1,143,601

Liabilities:

CVR liability	$	—	$	38,620	$	—	$	38,620
Total liabilities	$	—	$	38,620	$	—	$	38,620


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	74,004	$	—	$	—	$	74,004
U.S. government treasury securities	266,064		—		—		266,064
U.S. government agency securities	—		119,590		—		119,590
Commercial paper	—		194,355		—		194,355
Corporate bonds	—		100,790		—		100,790
Total financial assets	$	340,068	$	414,735	$	—	$	754,803

Liabilities:


CVR liability	$	—	$	—	$	26,680	$	26,680
Total liabilities	$	—	$	—	$	26,680	$	26,680

The Company measures the fair value of money market funds and U.S. government treasury securities on quoted prices in active markets for identical assets or liabilities. The Level 2 assets include U.S. government agency securities, commercial paper and corporate bonds, and are valued based on quoted prices for similar assets in active markets and inputs other than quoted prices that are derived from observable market data. The Company evaluates transfers between levels at the end of each reporting period. There were no financial asset transfers between Level 1, Level 2, or Level 3 during the periods presented.

CVR Liability

In connection with the Asset Acquisition, a non-transferable CVR was distributed to the Legacy Stockholders. Holders of the CVR are entitled to receive certain cash payments from proceeds received by the Company for a three-year period ending July 3, 2026, related to the disposition or monetization of the Company’s legacy assets for a period of one year following the closing of the Asset Acquisition.

As of December 31, 2025, the fair value of the CVR liability was determined using the probability weighted discounted cash flow method to estimate future cash flows associated with the sale of the legacy assets. Analogous to a dividend being declared/approved in one period and paid out in another, the liability was recorded at the date of approval, June 22, 2023, as a common stock dividend, returning capital to the Legacy Stockholders. Changes in fair value of the liability were recognized as a component of Other income (expense), net in the consolidated statement of operations and comprehensive loss in each reporting period. The liability value was based on significant inputs not observable in the market such as estimated cash flows, estimated probabilities of regulatory success, and discount rates, which represent a Level 3 measurement within the fair value hierarchy.

As of June 30, 2026, all contingencies related to the disposition or monetization of the Company’s legacy assets are resolved and the fair value of the CVR liability was determined by discounting future estimated payments to holders of the CVR. Changes in fair value of the liability will be recognized as a component of Other income (expense), net in the consolidated statement of operations and comprehensive loss in each reporting period. The liability is based on inputs observable in the market such as estimated discount rates which represent a Level 2 measurement within the fair value hierarchy.

The significant inputs used to estimate the fair value of the CVR liability were as follows:


			June 30, 2026



Risk-adjusted discount rate			12.10%

The change in fair value between December 31, 2025 and June 30, 2026 was a $34.9 million increase, primarily driven by the achievement status of certain milestones and the receipt of certain cash consideration within the CVR term and time value of money adjustments, partially offset by a $22.9 million payment to CVR holders.

The following table presents changes in the CVR liability for the periods presented (in thousands):


	CVR Liability
Beginning balance as of December 31, 2025	$	26,680
Changes in the fair value of the CVR liability	34,873
Payments	(22,933)
Ending Balance as of June 30, 2026	$	38,620

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	139,330	$	—	$	—	$	139,330
Commercial paper	20,932		—		—		20,932

Total cash equivalents	$	160,262	$	—	$	—	$	160,262

Marketable securities:
Commercial paper	$	405,173	$	—	$	(527)	$	404,646
Corporate bonds	146,423		1		(283)		146,141
U.S. government treasury securities	257,111		87		(741)		256,457
U.S. government agency securities	177,028		2		(935)		176,095
Total marketable securities	$	985,735	$	90	$	(2,486)	$	983,339


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	74,004	$	—	$	—	$	74,004
Commercial paper	9,987		—		—		9,987

Total cash equivalents	$	83,991	$	—	$	—	$	83,991

Marketable securities:
Commercial paper	$	184,423	$	25	$	(80)	$	184,368
Corporate bonds	100,753		60		(23)		100,790
U.S. government treasury securities	265,316		748		—		266,064
U.S. government agency securities	119,450		153		(13)		119,590
Total marketable securities	$	669,942	$	986	$	(116)	$	670,812


	June 30, 2026
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	421,580	$	(527)	$	—	$	—	$	421,580	$	(527)
Corporate bonds	144,148		(283)		—		—		144,148		(283)
U.S. government treasury securities	164,843		(741)		—		—		164,843		(741)
U.S. government agency securities	173,125		(935)		—		—		173,125		(935)
Total marketable securities	$	903,696	$	(2,486)	$	—	$	—	$	903,696	$	(2,486)

	December 31, 2025
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	99,837	$	(80)	$	—	$	—	$	99,837	$	(80)
Corporate bonds	58,296		(23)		—		—		58,296		(23)

U.S. government agency securities	22,828		(13)		—		—		22,828		(13)
Total marketable securities	$	180,961	$	(116)	$	—	$	—	$	180,961	$	(116)

The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect it will be required to sell the securities before recovery of the unamortized cost basis. As of June 30, 2026 and December 31, 2025, an allowance for credit losses had not been recognized. Given the Company's intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of June 30, 2026 and December 31, 2025.

The financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash deposits. Accounts at each of the Company's two U.S. banking institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per depositor. As of June 30, 2026 and December 31, 2025, cash deposits at the Company's U.S. banking institutions exceeded the FDIC limits.

There were no realized gains or losses on marketable securities for both the three and six months ended June 30, 2026 and 2025. Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities as of June 30, 2026 and December 31, 2025, was $5.8 million and $4.5 million, respectively, and is reflected in Prepaid expenses and other current assets.

The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):


	June 30, 2026		December 31, 2025
Due in one year or less	$	703,969	$	440,895
Due in 1 - 2 years	279,370		229,917
Total marketable securities	$	983,339	$	670,812

The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months as current assets.

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

The Company computes net loss per share of common stock, Series A Preferred Stock, and Series B Preferred Stock using the two-class method required for multiple classes of common stock and other participating securities.

The two-class method is an earnings (loss) allocation method under which earnings (loss) per share is calculated for each class of common stock. The Company has determined that the Series A Preferred Stock and Series B Preferred Stock do not have preferential rights when compared to the Company's common stock and therefore it must allocate losses to these other classes of common stock, as illustrated in the table below.

Basic and diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares outstanding during the period, without consideration of potential dilutive securities. For periods in which the Company generated a net loss, the Company does not include potential shares of common stock in diluted net loss per share when the impact of these items is anti-dilutive. The Company has generated a net loss for all periods presented, therefore diluted net loss per share is the same as basic net loss per share since the inclusion of potential shares of common stock would be anti-dilutive.


	Three Months Ended June 30,
	2026						2025
	Series A Preferred Stock		Series B Preferred Stock		Common Stock		Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(5,052)	$	(225)	$	(30,923)	$	(6,791)	$	(327)	$	(29,599)
Denominator
Weighted-average shares outstanding	346,045		15,385		84,729,435		346,045		16,667		60,333,838


Net loss per share, basic and diluted	$	(14.60)	$	(14.60)	$	(0.36)	$	(19.62)	$	(19.62)	$	(0.49)

	Six Months Ended June 30,
	2026						2025
	Series A Preferred Stock		Series B Preferred Stock		Common Stock		Series A Preferred Stock		Series B Preferred Stock		Common Stock
Net loss per share, basic and diluted:
Numerator
Allocation of losses	$	(15,147)	$	(701)	$	(89,357)	$	(15,078)	$	(726)	$	(65,686)
Denominator
Weighted-average shares outstanding	346,045		16,022		81,656,119		346,045		16,667		60,300,073


Net loss per share, basic and diluted	$	(43.77)	$	(43.77)	$	(1.09)	$	(43.57)	$	(43.57)	$	(1.09)

The following weighted-average equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Options to purchase common stock	8,042,158	805,306	6,630,827	1,324,645
Unvested restricted stock units	137,358	—	113,115	11,943
Outstanding Parapyre warrants	1,532,591	—	1,532,591	—

Sale of Pegzilarginase to Immedica (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 27, 2023	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Proceeds from sale of in-process research and development asset				$ 70,000	$ 7,000
Gain on sale of in-process research and development asset		$ 40,000	$ 10,000	70,000	$ 10,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Global Rights to Pegzilarginase
Disposal Group, Including Discontinued Operations [Line Items]
Proceeds from sale of in-process research and development asset	$ 15,000
Contingent consideration	$ 100,000
Receivable outstanding		$ 3,000		$ 3,000		$ 3,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

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+ Details

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Significant Expenses Provided to the CODM on a Regular Basis

The following table sets forth the significant expenses provided to the CODM on a regular basis (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025



Compensation	$	12,862	$	8,120	$	24,305	$	15,111
Stock-based compensation (1)	13,512		9,378		26,318		18,237
Research and development, excluding compensation and stock-based compensation (2) (3)	50,447		30,749		97,340		64,300
Other segment items (4) (5)	(40,621)		(11,530)		(42,758)		(16,158)
Segment net loss	$	36,200	$	36,717	$	105,205	$	81,490

(1) Includes related party expenses of $0.2 million for the three months ended June 30, 2026 and 2025, and $0.5 million for the six months ended June 30, 2026 and 2025.

(2) Includes non-clinical study, clinical trial, and manufacturing expenses.

(4) Includes general and administrative expenses such as audit, legal, and other professional fees, interest income, and other expense, net.