0001636282False00016362822024-11-122024-11-12
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 12, 2024
SPYRE THERAPEUTICS, INC.
(Exact name of Registrant as Specified in Its Charter)
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001-37722 |
46-4312787 |
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(State or Other Jurisdiction
of Incorporation)
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(IRS Employer
Identification No.)
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221 Crescent Street |
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Suite 105 |
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Building 23 |
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Waltham, |
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02453 |
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Registrant’s Telephone Number, Including Area Code: 617 651-5940
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Trading
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Name of each exchange on which registered |
| Common Stock, $0.0001 Par Value Per Share |
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SYRE |
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The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On November 12, 2024, Spyre Therapeutics, Inc. (“Spyre” or the “Company”) issued a press release announcing positive interim Phase 1 data from its first-in-human trial of SPY001, an investigational novel, extended half-life monoclonal antibody targeting α4β7, Phase 2 trial plans and updated portfolio guidance for maintenance dosing. The Company will host a conference call and webcast today, Tuesday, November 12, 2024 at 8:00 a.m., Eastern Time, to discuss the SPY001 Phase 1 interim results.
A copy of the press release and data presentation that will be referenced during the conference call are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
On November 12, 2024, the Company announced positive interim Phase 1 data from its first-in-human trial of SPY001. SPY001 was well-tolerated. Pharmacokinetic (“PK”) data observations included a half-life of >90 days and pharmacodynamic (“PD”) data observations included complete target engagement at all time points available.
The Company believes that that these PK and PD results support potential for optimized Phase 2 dosing including (i) increased induction exposures with the potential to improve or accelerate efficacy compared to other anti-α4β7 treatments and (ii) maintenance dosing on a potential Q3M and Q6M frequency via a single subcutaneous injection. Across single doses of up to 1000 mg and multiple doses of up to 600 mg, SPY001 was well-tolerated with no serious adverse events reported and all adverse events being mild in severity. Based on these data, and subject to regulatory feedback, the Company plans to initiate a Phase 2 platform trial in mid-2025 that is expected to ultimately include SPY001, SPY002 (TL1A), SPY003 (IL-23) and combinations thereof.
Key SPY001 Phase 1 Interim Findings
The SPY001 Phase 1 trial is a first-in-human, randomized, double-blind, placebo-controlled trial designed to evaluate safety and PK of SPY001 in healthy volunteers. To date, the trial has enrolled 56 healthy adult participants into five single-ascending dose (“SAD”) and two multiple-ascending dose (“MAD”) cohorts. Doses of SPY001 evaluated in the trial included single doses of 100 mg SC, 300 mg SC, 600 mg SC, 1,000 mg SC, and 1,000 mg IV and multiple doses of 300 mg SC and 600 mg IV. Findings from the interim SAD and MAD portions of the Phase 1 trial are as follows:
•Safety – well-tolerated across all dose groups
◦Single doses of SPY001 up to 1,000 mg and multiple doses of 600 mg were well tolerated with a favorable safety profile consistent with existing third-party data of the anti-α4β7 class
◦The most common (i.e., occurring in more than one subject) treatment-emergent adverse events (“TEAEs”) were headache and nasopharyngitis
◦There were no Grade 2 or above TEAEs or serious adverse events (“SAEs”). No adverse events led to trial discontinuation
•PK – observed meaningfully differentiated profile relative to vedolizumab
◦Half-life estimate was >90 days in the 300mg SC cohort and >100 days in the 600mg SC cohort, ~4-fold greater than vedolizumab’s 25-day human half-life
▪SPY001 half-life supports potential for maintenance dosing via a single subcutaneous injection on a Q3M and Q6M basis using a high-concentration, citrate-free formulation
◦Dose-proportionality and limited intrasubject variability observed across key parameters (e.g., Cmax, AUC) support planned Phase 2 induction dosing to evaluate exposures of SPY001 in 4th quartile of vedolizumab’s exposures to potentially achieve greater clinical remission rates and/or more rapid clinical effect
◦No apparent impact of anti-drug antibodies observed on pharmacokinetic exposures
•PD – observed complete saturation of α4β7 receptor occupancy to latest time point available
◦Single 300 mg dose of SPY001 observed to saturate α4β7 receptor occupancy up to Day 57 (longest follow-up available with pharmacodynamic data)
◦Exploratory immunophenotyping in progress, expected to be shared at upcoming academic conferences
Spyre expects to share data from additional cohorts and longer follow-up from existing cohorts at future medical meetings.
Platform Phase 2 trial in Ulcerative Colitis
Pending regulatory feedback, Spyre plans to advance SPY001 into a double-blind, randomized, placebo-controlled, Phase 2 platform trial with a master protocol in patients with moderately-to-severely active ulcerative colitis. The platform trial is designed to efficiently evaluate each of Spyre’s monotherapy and combination therapies against a common placebo control. The trial is also intended to evaluate the contribution of each monotherapy component to the safety and efficacy of Spyre’s combination therapies.
This Phase 2 ulcerative colitis trial is expected to initiate in mid-2025 with SPY001 and placebo arms, with SPY002, SPY003, and combination arms to be added following clinical data, nonclinical data, and regulatory feedback. The trial is expected to enroll approximately 500 subjects across treatment arms and consist of a 12-week, placebo-controlled induction period followed by a 38-week maintenance period.
Portfolio Maintenance Dosing Updates
Given the PK results of SPY001, the Company expects maintenance dosing across the portfolio to be Q3M-Q6M for monotherapies and combinations.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K, other than statements of historical fact are forward-looking statements. These forward-looking statements include statements regarding the Company’s business strategy, including the Company’s ability to develop best-in-class therapeutics for IBD that meaningfully improve both efficacy and convenience compared to today’s standard of care, the SPY001 phase 1 trial final data readout, the efficacy, safety and tolerability of SPY001 and its other product candidates, the planned induction and maintenance dosing regimen for SPY001 and its other product candidates, the potential for increased or accelerated efficacy, the therapeutic benefits of its product candidates as monotherapies or in combinations and their extended half-life, the expected design and timing of the platform Phase 2 trial, and that the human PK data is not based on head-to-head clinical trials and differences exist between trial design and patient populations which could confound the results.
The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “predict,” “target,” “intend,” “could,” “would,” “should,” “project,” “plan,” “expect,” the negatives of these terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance, final clinical trial data readouts and clinically trial designs, including the planned Phase 2 trial to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited, to the final SPY001 Phase I trial data readouts not being consistent with or being different than the interim Phase I SPY001 results reported in this Current Report on Form 8-K; regulatory feedback including potential disagreement by regulatory authorities with the Company’s interpretation of data and the Company’s planned clinical trials for its product candidates, including the Company’s planned Phase 2 clinical trial design; and those uncertainties and factors described under the heading “Risk Factors” and “Note about Forward-Looking Statements” in Spyre’s most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, as well as discussions of potential risks, uncertainties, and other important factors included in other filings by Spyre from time to time. Should one or more of these risks or uncertainties materialize, or should any of Spyre’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this Current Report on Form 8-K should be regarded as a representation by any person that the forward-looking statements set forth therein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this Current Report on Form 8-K, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Spyre does not undertake or accept any duty to make any updates or revisions to any forward-looking statements. This Current Report on Form 8-K does not purport to summarize all of the conditions, risks and other attributes of an investment in Spyre.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SPYRE THERAPEUTICS, INC. |
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Date: |
November 12, 2024 |
By: |
/s/ Cameron Turtle |
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Cameron Turtle
Chief Executive Officer
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EX-99.1
2
exhibit991-8xkdatarelease.htm
EX-99.1
Document
Spyre Therapeutics Announces Positive Interim Results from Phase 1 Healthy Volunteer Trial for SPY001, Its Novel Half-Life Extended anti-α4β7 Antibody for the Treatment of Inflammatory Bowel Disease, with a Half-Life of >90 Days Supporting the Potential for Both Q3M & Q6M Maintenance Dosing
SPY001 was well tolerated with a favorable safety profile consistent with the anti-α4β7 class
SPY001 pharmacokinetics exceeded expectations with a ~4-fold increase relative to vedolizumab, supporting potential Q6M maintenance dosing with a single subcutaneous (SC) injection
Planned Phase 2 induction regimen targets drug concentrations in quartile 4 of vedolizumab’s exposure-response relationship, which has the potential to increase or accelerate efficacy
Single, lowest dose of SPY001 led to complete saturation of α4β7 receptors through Week 12 (longest follow-up available for pharmacodynamic data)
Company plans to initiate a platform Phase 2 trial in mid-2025 that will include SPY001, followed by SPY002 (TL1A), SPY003 (IL-23), and combinations thereof, providing three optimized monotherapy readouts and three potentially paradigm-changing combination readouts under an efficient single master protocol
Management will host a webcast and conference call today at 8:00 a.m. ET
WALTHAM, Mass., November 12, 2024 (PR NEWSWIRE) – Spyre Therapeutics, Inc. (NASDAQ: SYRE) (the “Company” or “Spyre”), a clinical-stage biotechnology company utilizing best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches to target improved efficacy and convenience in the treatment of inflammatory bowel disease ("IBD"), today announced positive interim Phase 1 data from its first-in-human trial of SPY001, an investigational novel, extended half-life monoclonal antibody targeting α4β7. SPY001 was well tolerated with pharmacokinetic (“PK”) data demonstrating a half-life of >90 days and pharmacodynamic (“PD”) data demonstrating complete target engagement at all time points available.
Interim results from the trial, with data as of October 30, 2024, exceeded the Company’s expectations and support the potential for SPY001 to become a next-generation anti-α4β7 therapy and backbone for paradigm-changing combination therapies in IBD. The PK and PD results support optimized Phase 2 dosing including (i) increased induction exposures with the potential to improve or accelerate efficacy compared to other anti-α4β7 treatments and (ii) maintenance dosing on a potential Q3M and Q6M frequency via a single subcutaneous injection. Across single doses of up to 1000 mg and multiple doses of up to 600 mg, SPY001 was well-tolerated with no serious adverse events reported and all adverse events being mild in severity. Based on these data, and subject to regulatory feedback, the Company plans to initiate a Phase 2 platform trial in mid-2025 that will ultimately include SPY001, SPY002 (TL1A), SPY003 (IL-23) and combinations thereof, providing three optimized monotherapy readouts and three potentially paradigm-changing combination readouts under an efficient single master protocol.
“These interim data exceeded our expectations for SPY001 and support its potential to become both a differentiated monotherapy and an ideal backbone for combination therapy in IBD,” said Cameron Turtle, DPhil, Chief Executive Officer of Spyre. “We look forward to initiating Phase 2 trials next year that explore SPY001’s safety and efficacy in IBD patients. Alongside our half-life-extended antibodies targeting TL1A and IL-23, we believe the Spyre portfolio is uniquely positioned to develop products that could substantially improve upon today’s standard of care in IBD.”
Key SPY001 Phase 1 Interim Findings
The SPY001 Phase 1 trial is a first-in-human, randomized, double-blind, placebo-controlled trial designed to evaluate safety and PK of SPY001 in healthy volunteers. To date, the trial has enrolled 56 healthy adult participants into five single-ascending dose (SAD) and two multiple-ascending dose (MAD) cohorts. Doses of SPY001 evaluated in the trial included single doses of 100 mg SC, 300 mg SC, 600 mg SC, 1,000 mg SC, and 1,000 mg IV and multiple doses of 300 mg SC and 600 mg IV. Findings from the interim SAD and MAD portions of the Phase 1 trial are as follows:
•Safety – well-tolerated across all dose groups
◦Single doses of SPY001 up to 1,000 mg and multiple doses of 600 mg were well tolerated with a favorable safety profile consistent with existing third-party data of the anti-α4β7 class
◦The most common (i.e., occurring in more than one subject) treatment-emergent adverse events (“TEAEs”) were headache and nasopharyngitis.
◦There were no Grade 2 or above TEAEs or serious adverse events (“SAEs”). No AEs led to trial discontinuation
•PK – meaningfully differentiated profile relative to vedolizumab
◦Half-life estimate is >90 days in the 300mg SC cohort and >100 days in the 600mg SC cohort, ~4-fold greater than vedolizumab’s 25-day human half-life
■SPY001 half-life supports potential for maintenance dosing via a single subcutaneous injection on a Q3M and Q6M basis using a high-concentration, citrate-free formulation
◦Dose-proportionality and limited intrasubject variability observed across key parameters (e.g., Cmax, AUC), support planned Phase 2 induction dosing to evaluate exposures of SPY001 in 4th quartile of vedolizumab’s exposures to potentially achieve greater clinical remission rates and/or more rapid clinical effect
◦No apparent impact of anti-drug antibodies observed on pharmacokinetic exposures
•PD – complete saturation of α4β7 receptor occupancy to latest time point available
◦Single 300 mg dose of SPY001 saturated α4β7 receptor occupancy up to Day 57 (longest follow-up available with pharmacodynamic data)
◦Exploratory immunophenotyping in progress, expected to be shared at upcoming academic conferences
Spyre expects to share data from additional cohorts and longer follow-up from existing cohorts at future medical meetings.
Platform Phase 2 trial in Ulcerative Colitis
Pending regulatory feedback, Spyre plans to advance SPY001 into a double-blind, randomized, placebo-controlled, Phase 2 platform trial with a master protocol in patients with moderately-to-severely active ulcerative colitis. The platform trial is designed to efficiently evaluate each of Spyre’s monotherapy and combination therapies against a common placebo control. The trial is also intended to evaluate the contribution of each monotherapy component to the safety and efficacy of Spyre’s combination therapies.
This Phase 2 ulcerative colitis trial is expected to initiate in mid-2025 with SPY001 and placebo arms, with SPY002, SPY003, and combination arms to be added following clinical data, nonclinical data, and regulatory feedback. The trial is expected to enroll approximately 500 subjects across treatment arms and consist of a 12-week, placebo-controlled induction period followed by a 38-week maintenance period.
Updated portfolio guidance for maintenance dosing
Given the PK results of SPY001, the Company is updating its guidance for maintenance dosing across the portfolio to Q3M-Q6M for monotherapies and combinations. Updated guidance highlights Spyre’s unique ability to target a product profile with potentially best-in-indication efficacy and convenience.
Conference Call and Webcast
Spyre will host a conference call and webcast today, November 12, 2024, at 8:00 a.m. ET to discuss the SPY001 Phase 1 interim results. A live webcast of the call will be available on the Investor Relations website at https://ir.spyre.com/events-and-presentations. The webcast will be made available for replay on the company’s website following completion of the event.
About SPY001
SPY001 is an investigational novel, extended half-life monoclonal antibody targeting α4β7 for the potential treatment of IBD. IBD is a chronic condition characterized by inflammation in the gastrointestinal tract and encompasses two main disorders: ulcerative colitis and Crohn’s disease.
In the United States, it is estimated that approximately 2.4 million individuals currently have IBD. SPY001 targets the same epitope as vedolizumab and demonstrates equivalent potency and selectivity as vedolizumab in head-to-head preclinical studies. Interim data from a Phase 1 trial demonstrated that SPY001 was well tolerated and exhibited a human half-life of >90 days, a ~4-fold increase relative to vedolizumab. This half-life supports potential for both Q3M and Q6M SC maintenance dosing in a single autoinjector compared to vedolizumab’s Q2W SC profile. Based on initial Phase 1 clinical data, the company plans to initiate a Phase 2 platform trial in ulcerative colitis in mid-2025.
About Spyre Therapeutics
Spyre Therapeutics is a clinical-stage biotechnology company that aims to create next-generation of inflammatory bowel disease (IBD) products by combining best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches. Spyre's pipeline includes investigational extended half-life antibodies targeting α4β7, TL1A, and IL-23.
For more information, please visit http://spyre.com.
Forward-Looking Statements
This press release contains "forward-looking" statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release, other than statements of historical fact are forward-looking statements. These forward-looking statements include statements regarding the Company's business strategy, including the Company's ability to develop best-in-class therapeutics for IBD that meaningfully improve both efficacy and convenience compared to today’s standard of care, the SPY001 phase 1 trial final data readout, the efficacy, safety and tolerability of SPY001 and its other product candidates, the planned induction and maintenance dosing regimen for SPY001 and its other product candidates, the potential for increased or accelerated efficacy, the therapeutic benefits of its product candidates as monotherapies or in combinations and their extended half-life, the expected design and timing of the platform Phase 2 trial, and that the human PK data is not based on head-to-head clinical trials and differences exist between trial design and patient populations which could confound the results. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "predict," "target," "intend," "could," "would," "should," "project," "plan," "expect," the negatives of these terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Spyre's control) or other assumptions that may cause actual results or performance, final clinical trial data readouts and clinically trial designs, including the planned Phase 2 trial to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to the final SPY001 Phase I trial data readouts not being consistent with or being different than the interim Phase I SPY001 results reported in this press release, regulatory feedback including potential disagreement by regulatory authorities with the Company’s interpretation of data and the Company’s planned clinical trials for its product candidates, including the Company’s planned Phase 2 clinical trial design and those uncertainties and factors described under the heading "Risk Factors" and "Note about Forward-Looking Statements" in Spyre's most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, as well as discussions of potential risks, uncertainties, and other important factors included in other filings by Spyre from time to time. Should one or more of these risks or uncertainties materialize, or should any of Spyre's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth therein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Spyre does not undertake or accept any duty to make any updates or revisions to any forward-looking statements. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in Spyre.
For Investors :
Eric McIntyre
VP of Finance and Investor Relations
Spyre Therapeutics
Eric.mcintyre@spyre.com
For Media :
Peg Rusconi
peg.rusconi@deerfieldgroup.com
EX-99.2
3
exhibit992-8xkdatareleas.htm
EX-99.2
exhibit992-8xkdatareleas
SPY001 Phase 1 Results & Corporate Updates November 2024
2 Disclosures The information contained in this presentation has been prepared by Spyre Therapeutics, Inc. and its affiliates (“Spyre” or the “Company”) and contains information pertaining to the business and operations of the Company. The information contained in this presentation: (a) is provided as at the date hereof, is subject to change without notice, and is based on publicly available information, internally developed data as well as third party information from other sources; (b) does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in the Company; (c) is not to be considered as a recommendation by the Company that any person make an investment in the Company; (d) is for information purposes only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful. Where any opinion or belief is expressed in this presentation, it is based on certain assumptions and limitations and is an expression of present opinion or belief only. This presentation should not be construed as legal, financial or tax advice to any individual, as each individual’s circumstances are different. This document is for informational purposes only and should not be considered a solicitation or recommendation to purchase, sell or hold a security. Forward-Looking Information Certain information set forth in this presentation contains “forward-looking statements” within the meaning of applicable United States securities legislation. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include but are not limited to statements regarding: our business strategy, including our ability to develop best-in-class therapeutics for IBD that meaningfully improve both efficacy and convenience compared to today’s standard of care, the SPY001 phase 1 trial final data readouts not being consistent with or being different than the interim Phase 1 results, the efficacy, safety and tolerability of SPY001 and our other product candidates, the planned induction and maintenance dosing regimen for SPY001 and our other product candidates, the potential for increased or accelerated efficacy, the therapeutic benefits of our product candidates as monotherapies or in combinations and their extended half-life, the expected design and timing of the platform Phase 2 trial, potential cost savings from the Phase 2 trial design, expected timing for regulatory feedback, estimated market size, the potential for a derisked dosing profile, expectations regarding our potential therapeutic combinations and the potential benefits thereof, and management’s assessment of future plans and operations which are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements can often be identified by the use of words such as “may”, “will”, “could”, “would”, “anticipate”, ‘believe”, expect”, “intend”, “potential”, “estimate”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions or the negatives thereof. Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided, and forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements, including those uncertainties and factors described under the heading “Risk Factors,” “Risk Factor Summary” and “Note about Forward-Looking Statements” in the Company’s most recent Annual Report on Form 10-K, as supplemented and updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that the Company has filed or will file with the SEC, as well as discussions of potential risks, uncertainties, and other filings by the Company from time to time, as well as risk factors associated with companies that operate in the biopharma industry, including those associated with the uncertainties of drug development. All of the forward-looking statements made in this presentation are qualified by these cautionary statements and other cautionary statements or other factors contained herein. Although management believes that the expectations conveyed by forward-looking statements herein are reasonable based on information available on the date such forward-looking statements are made, there can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting readers in understanding the Company’s plan, objectives and goals and may not be appropriate for other purposes. The reader is cautioned not to place undue reliance on forward-looking statements. Industry Information This presentation also contains or references certain industry data that is based upon information from independent industry publications, market research, and surveys and other publicly available sources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. The Company has not independently verified any of the data from third party sources referred to in this presentation and accordingly, the Company makes no representation or warranty as to the origin, validity, accuracy, completeness, currency or reliability of the information in this presentation.
3 Agenda Introduction and Executive Summary Cameron Turtle, DPhil Chief Executive Officer SPY001 Phase 1 Interim Results Deanna Nguyen, MD SVP, Clinical Development Phase 2 Platform Trial in UC Sheldon Sloan, MD, MBE Chief Medical Officer Building the Leading IBD Portfolio Cameron Turtle, DPhil Chief Executive Officer Analyst Q&A Cameron Turtle, CEO Deanna Nguyen, SVP Sheldon Sloan, CMO Scott Burrows, CFO
4 Engineering for new heights in the treatment of IBD 1Spyre holds exclusive worldwide licensed rights for SPY001, SPY002, and SPY003 from Paragon Therapeutics, Inc. SPY003 license is restricted to IBD, all other program licenses are unrestricted as to indication. TARGET PROGRAM1 PRECLINICAL PHASE 1 PHASE 2 PHASE 3 α4β7 SPY001 TL1A SPY002 IL-23 SPY003 α4β7 + TL1A SPY120 α4β7 + IL-23 SPY130 TL1A + IL-23 SPY230 Phase 1 interim data delivered YE24 Phase 1 interim data expected 1H25 Phase 1 interim data expected 2H25 Next-generation monotherapies Paradigm-changing combinations Our approach Our pipeline
5 Spyre’s portfolio uniquely enables product profiles with potential superior efficacy and convenience Note: 1VEGA trial was not pbo-controlled. 0 1 2 3 4 5 6 20 40 60 80 Maintenance dosing interval (months) Pb o- ad ju st ed c lin ic al re m is si on (% ) Potential for Q3M & Q6M dosing profiles ILLUSTRATIVE SPY001 SPY002 SPY003 Potential to break the efficacy ceiling with combinationsSPY120 SPY130 SPY230 Potential for best-in- class efficacy with higher exposures Standard of care IBD biologics JNJ’4804 TNF+IL-23 combo (VEGA1)
6 Entyvio (vedolizumab) is the #1 product in IBD by share and is forecast to exceed $8B in sales by 2030 Source: 1EvaluatePharma consensus sales forecast October 2024; 2Takeda Full-year 2023 Earnings announcement; 3Casteele, N. V. et al. Aliment. Pharmacol. Ther. 56, 463–476 (2022); IV=Intravenous. SC=Subcutaneous. 0 2 4 6 8 10 Entyvio® Global sales (2014-30F)1 $B 2014 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Entyvio's sustained remission and unique gut-selective profile drives #1 U.S. brand share in IBD overall and in bio-naïve starts2 Entyvio’s leading safety and efficacy profile continues to be the benchmark in IBD × Sub-optimal profile with Q8W IV or Q2W SC maintenance dosing × Potential under-dosing in induction setting based on published exposure-response analysis3 IBD is a ~$20B market today, expected to grow to more than $30B by 20301
7 SPY001 is designed to be a next-generation α4β7 inhibitor Source: Data on file. Vedolizumab comparator refers to a mAb identical in sequence to vedolizumab synthesized by Spyre for research purposes. In NHP PK study, initial group size n=6 in NHP. Animals with suspected ADAs were excluded from half-life analysis; this did not impact the mouse study but resulted in n=5/cohort for SPY001 and n=3/cohort for vedolizumab at Day 49 of the NHP study. SPY001 and vedolizumab bind the same epitope of the α4β7 integrin SPY001 and vedolizumab potently inhibit MAdCAM-1 (gut) cellular adhesion SPY001 exhibits >3x the half-life of vedolizumab in NHPs SPY001 Vedolizumab 0.01 0.1 1 10 0 10 20 30 40 50 60 mAb Concentration (nM) % In hi bi tio n SPY001 t1/2 = ~22 days Vedolizumab t1/2 = ~6 days 0 7 14 21 28 35 42 49 1 10 100 1000 Days Se ru m C on c. ( μ g/ m L)α4 Subunit β7 Subunit SPY001 Epitope SPY001 is designed to match the validated biology of vedolizumab while optimizing its product profile
8 SPY001 Phase 1 objectives ≥35-day half-life enables ≥Q8W-12W SC maintenance dosing based on PK model1 Potential to address vedo’s slow onset of action with higher induction exposures2 Establish SPY001 has favorable safety profile and is well-tolerated3 Minimal to no impact on ADA rates vs vedolizumab4
9 SPY001 met or exceeded all Phase 1 objectives Note: 1ADA analysis pending, but no individual PK or PD profiles have been removed from the analysis due to apparent ADAs PK supports a planned Ph2 induction regimen with higher exposures vs vedo (targets all patients in quartile 4), potentially increasing induction efficacy SPY001 demonstrated a favorable safety profile and was well-tolerated No apparent impact of ADAs on PK or PD observed1 >90-day half-life far exceeds expectations and supports potential for both Q3M and Q6M SC maintenance dosing with a single injection SPY001 saturated α4β7 receptors after a single dose through ~12 weeks of available follow up, confirming expected target engagement+ SPY001 drug product improvements achieved with 180 mg/mL citrate free formulation, supporting infrequent dosing in a low volume injector+
Interim SPY001 Phase 1 results Deanna Nguyen, SVP of Clinical Development
11 SPY001 interim data includes up to 4 months of follow up from ongoing Phase 1 trial (10/30/24 data cutoff) Trial design elements Single ascending dose follow up Multiple ascending dose follow up Design • Double-blind, pbo-controlled, first-in-human trial • Nested SAD and MAD cohorts Population • Healthy adult volunteers • N=8/cohort (3:1 randomization) Endpoints • Primary: Safety • Secondary: Pharmacokinetics, anti-drug antibodies (ADAs) • Exploratory: Pharmacodynamic markers 300mg SC 600 mg SC 1000 mg SC 1000 mg IV 100 mg SC 300 mg SC 600 mg IV ~1 month ~1 month ~2 months ~3 months ~4 months ~1 month ~2 months
12 Baseline demographics were well balanced across cohorts SD=standard deviation. 100 mg 300 mg 600 mg 1000 mg 1000 mg SAD Pooled 300 mg 600 mg MAD Pooled N= 8 8 8 8 8 40 8 8 16 Age, years Mean (SD) 52 (9) 46 (14) 54 (7) 40 (6) 36 (9) 46 (11) 45 (10) 38 (8) 41 (10) Female Percent 0% 13% 38% 25% 50% 25% 25% 13% 19% Weight, kg Mean (SD) 77 (8) 87 (17) 72 (17) 75 (9) 81 (9) 79 (13) 71 (12) 84 (10) 78 (13) BMI, kg/m2 Mean (SD) 26 (3) 27 (5) 25 (4) 26 (3) 28 (3) 26 (4) 24 (3) 28 (4) 26 (4)
13 Interim data show SPY001 was well tolerated with a favorable safety profile TEAE=treatment-emergent adverse events. TESAE=treatment-emergent serious adverse events. 1Injection site discomfort starting 6 hours after 4 SC injections and resolved 2 hours later without intervention. N (%) 100 mg 300 mg 600 mg 1000 mg 1000 mg SAD Pooled 300 mg 600 mg MAD Pooled N= 8 8 8 8 8 40 8 8 16 At least one TEAE 1 (13%) 3 (38%) 2 (25%) 3 (38%) 0 9 (23%) 2 (25%) 3 (38%) 5 (31%) At least one TESAE 0 0 0 0 0 0 0 0 0 At least one Drug-related AE1 0 0 0 1 (13%) 0 1 (3%) 0 0 0 At least one ≥Grade 2 TEAE 0 0 0 0 0 0 0 0 0
14 Interim data showed >90-day half-life, which far exceeds expectations (~4-fold vs published vedo half-life) Note: Human PK data in this presentation are derived from different clinical trials at different points in time, with differences in trial design and patient populations. No head-to-head clinical trials have been conducted. Vedolizumab PopPK simulation based on published PK parameters of vedolizumab, Rosario, M, et. al. (2015). >90 days ~25 days SPY001 simulated concentration-time profile Human half-life ~4-fold Se ru m C on c. (µ g/ m L) SPY001 300mg SC Vedolizumab 300mg SC SPY001 VEDO Median +/- IQR
15 SPY001 exhibits dose-proportional pharmacokinetics Note: 1Cohorts with sufficient follow up for dose proportionality assessment. SAD mean PK profiles MAD mean PK profiles Dose proportionality observed between 300 - 1000 mg1 Initial MAD PK consistent with SAD PK M ea n Se ru m C on c. (µ g/ m L) t1/2 = 91 days t1/2 > 100 days M ea n Se ru m C on c. (µ g/ m L)
16 Modeled Phase 2 induction exposures exceeded those of vedolizumab with all patients anticipated in quartile 4 Source: 1Casteele, N. V. et al. Aliment. Pharmacol. Ther. 56, 463–476 (2022); 2Vedolizumab FDA Clinical Pharmacology Review; PK simulation for comparator molecules based on published clinical data. Potential upside: Greater remission w/ higher exposure Phase 2 Induction human PK simulations 37% 31% 20% 12% Quartile 4 (41-100 µg/mL) Quartile 3 (32-41 µg/mL) Quartile 2 (25-32 µg/mL) Quartile 1 (2-25 µg/mL) +25% Vedolizumab Week 14 Deep Remission Rates in UC (%)1 By Week 6 trough concentration quartile Se ru m C on c. (µ g/ m L) Targeting all patients with W6 concentration in Quartile 4 SPY001 Vedolizumab 0 50 100 % p at ie nt s in Q 4 Vedo SPY001 ~25% ~100% FDA pharmacology review recommended testing higher vedo doses post-marketing with the aim to improve induction efficacy2 W6 Quartile 4 Median +/- IQR
17 Se ru m C on c. (µ g/ m L) SPY001 Q3M SC SPY001 Q6M SC Vedolizumab Q2W SC Population PK modeling for SPY001 supports potential for both Q3M and Q6M maintenance dosing regimens Data on file, simulations represent median +/- interquartile range. Maintenance human PK simulations MaintenanceInduction 2-4x SC maintenance injections per year
18 SPY001 saturated α4β7 receptors through ~12-weeks of follow up after a single dose Notes: Data shown are Mean +/- SD for each cohort at each visit; pooled placebo. (n): Placebo (2-6), SPY001 300 mg SC (5-6), SPY001 600 mg SC (6), SPY001 1000 mg SC (6). Data have been slightly offset for visualization. % MAdCAM-1 Bound on CD4+ Memory T cells
19 SPY001 Phase 1 interim results summary (10/30/24 cutoff) Potential for increased or accelerated induction efficacy by targeting all patients in the 4th quartile of vedo’s reported E-R relationship Ph2 induction dosing to test higher exposures Potential for as little as twice-yearly maintenance dosing in a single SC injection compared to 26 yearly SC injections for vedo Half-life of >90 days, far exceeding expectations Favorable safety profile across all dose levelsSPY001 was well tolerated Single dose of SPY001 saturated α4β7 receptors through available 12 weeks of follow up (inhibition still ongoing) PD markers demonstrated target engagement
Platform Phase 2 trial in ulcerative colitis Sheldon Sloan, CMO
21 A platform study provides an efficient mechanism to test multiple therapeutics in a single indication Source: Park, Jay JH, et al. JAMA 327.1 (2022): 67-74. Platform trial primer Key benefits Placebo (common control) Treatment 1 Treatment 2 Treatment 3 Treatment 4 Treatment 5 Randomization of new intervention Stopping of new intervention Common control / comparators reduces sample size and cost Avoids multiple site startups and shutdowns Highly attractive to investigators and patients given favorable active-to-placebo ratios Multiple ways to win in a single trialPlatform trials are built with a master protocol to allow multiple therapies to be investigated in a single trial with shared infrastructure and a common control
22 Spyre’s planned platform trial enables 6 placebo- controlled topline readouts of Spyre monos and combos Notes: 1Randomization among active arms; all arms may not start and finish simultaneously Design elements Illustrative schematic Design • Master protocol platform trial • Double blind, placebo-controlled Population • Moderately-to-severely active ulcerative colitis • N=~500 Key endpoints • Primary: Clinical remission (W12) • Secondary: Endoscopic improvement (W12), Clinical response (W12), Histological improvement (W12), Histologic-endoscopic improvement (W12) R1 Placebo SPY001 (α4β7) SPY002 (TL1A) SPY003 (IL-23) SPY120 (α4β7 + TL1A) SPY130 (α4β7 + IL-23) SPY230 (TL1A + IL-23) Pending regulatory feedback Platform design allows cohorts to be added over time. Anticipate initiating trial with Placebo and SPY001 arms in mid-2025 with subsequent arms to be added following clinical data, nonclinical data, and regulatory feedback
23 Comparison to other trials highlights potential advantage of designing a portfolio from the ground up w/ unified dosing Trial arm Induction (12W) Maintenance (through 26W) Placebo Q3M SPY001 Q3M SPY002 Q3M SPY003 Q3M SPY120 Q3M SPY130 Q3M SPY230 Q3M Unified dosing intervals and formats enables blinded trial Two IV induction doses Q3M-Q6M SC chronic dosing Clear approach to advance coformulation for Ph3 Trial arm Induction (12W) Maintenance (through 24W) Mono 1 Q4W Mono 2 Q2W Mono 3 Q8W Combo 1 Q2W Combo 2 Q4W × Unblinded, open label trial × Mix of IV, SC, and OBI routes of administration × Combos default to highest dosing frequency (Q2W or Q4W) × Unclear strategy to single product combination for Ph3 Example 3rd party platform trial2Planned platform trial1 Note: 1Pending regulator feedback; 2Inferred dosing regimen based on Clinicaltrials.gov posting and dosing regimens of individual agents in commercial or prior monotherapy clinical trial settings. OBI=on body injector
24 Platform design is attractive to patients and investigators with 6 ways to win at up to 40% lower cost 6 ways to win Including 3 optimized monotherapies & 3 paradigm-changing combinations Operational efficiency Up to 40% lower cost vs. individual Ph2 trials High enthusiasm With 3 combination arms and low placebo randomization rate 6 Startup activities underway with FPI anticipated in mid-2025, pending regulatory feedback
Building the Leading IBD Portfolio Cameron Turtle, CEO
26 SPY001 is our lead program given its potential for combination therapy & derisks portfolio dosing profile Note: TMDD=target mediated drug disposition. Data on file for NHP half-lives. SPY001 is an ideal backbone for combinations SPY001 human t1/2 derisks dosing profile for portfolio Gut-selective MOA potentially limits combination immunosuppression safety risks Orthogonal MOA of two targeted agents may lead to enhanced efficacy SPY001 has the lowest NHP half-life among Spyre’s portfolio of half-life extended mAbs α4β7 is a fully cell bound target with potential TMDD impact on half-life extension SPY001 SPY002 SPY003 + SPY001 SPY002 SPY001 SPY003 + Anti-cytokineAnti-trafficking Anti-cytokineAnti-trafficking NHP t1/2 Cell bound Cell bound & soluble Soluble SPY120 SPY130 α4β7 α4β7TL1A IL-23 Expected lower human t1/2 Expected higher human t1/2 22 days 24 days 30 days
27 We are revising our dosing guidance across the portfolio to Q3M-Q6M maintenance dosing SPY001 (α4β7) Maintenance Profile SPY002 (TL1A) Maintenance Profile SPY003 (IL-23) Maintenance Profile 22 NHP Human >90 ~4-fold 24 NHP Human targets 30 NHP Human targets Q8W-Q12W Q3M-Q6M Q8W-Q12W Q3M-Q6M Maintained Q3M-Q6M Q3M Q6M Q3M Q6M ~45 ~65 ~45 ~60t1/2 (days) New guidance Prior guidance
28 Spyre monotherapies and combinations have potential best-in-indication Q3M & Q6M dosing profile Source: Product labels and disclosed clinical trials. 1Annual injections after induction doses; 2JNJ’4804 is Johnson and Johnson’s combination of Simponi (anti-TNF) and Tremfya (anti-IL-23) Expected Annual Maintenance DosingCategory Benchmark Annual injections1 Portfolio SPY001 2 - 4x SC Q3M-Q6M SPY002 2 - 4x SC Q3M-Q6M SPY003 2 - 4x SC Q3M-Q6M SPY120/130/230 2 - 4x SC Q3M-Q6M α4β7 Mono Entyvio 26x SC Q2W TL1A Mono Tulisokibart 13 - 26x SC Q2-Q4W IL-23 Mono Skyrizi 6x OBI Q8W TNF Mono Simponi Black box 12x SC Q4W Combos JNJ’48042 Probable black box 12x SC Q4W
29 Spyre’s portfolio uniquely enables product profiles with potential superior efficacy and convenience Note: 1VEGA trial was not pbo-controlled. 0 1 2 3 4 5 6 20 40 60 80 Maintenance dosing interval (months) Pb o- ad ju st ed c lin ic al re m is si on (% ) Potential for Q3M & Q6M dosing profiles ILLUSTRATIVE SPY001 SPY002 SPY003 Potential to break the efficacy ceiling with combinationsSPY120 SPY130 SPY230 Potential for best-in- class efficacy with higher exposures Standard of care IBD biologics JNJ’4804 TNF+IL-23 combo (VEGA1)
30 Catalyst rich 2025 planned with expected Ph1 readouts on TL1A and IL-23 programs and Ph2 platform initiation 20252024 SPY001 (α4β7) Ph1 Interim data SPY002 (TL1A) Ph1 Initiation Ph1 Interim data SPY003 (IL-23) Ph1 Initiation (1Q) Ph1 Interim data Platform Phase 2 Ph2 Initiation External events DUET-UC/CD Ph2b JNJ TNF + IL-23 combo trial Anticipated milestones as of November 12, 2024.
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