Spyre Therapeutics is a clinical-stage biotech developing long-acting antibody therapies for inflammatory bowel disease (IBD) and rheumatic diseases. Spyre has no approved products and generates no revenue; its entire business is R&D. Spyre's pipeline centers on three engineered monoclonal antibodies: SPY001 (targeting α4β7 integrin), SPY002 (targeting TL1A), and SPY003 (targeting IL-23). Each is designed to enable quarterly or twice-annual subcutaneous dosing, versus the biweekly or monthly injections required by most approved biologics — which Spyre argues will improve patient adherence. Beyond monotherapies, Spyre's core strategic bet is on fixed-dose combination therapies pairing these antibodies (SPY120, SPY130, SPY230), designed to deliver additive or synergistic efficacy in IBD. Spyre is also developing SPY072, a TL1A-targeting variant, for rheumatoid arthritis, psoriatic arthritis, and axial spondyloarthritis. All programs are in Phase 1 or Phase 2. The SKYLINE Phase 2 platform trial in ulcerative colitis began in May 2025, with monotherapy induction data expected Q2 2026 and combination data in 2027. The SKYWAY Phase 2 basket trial in rheumatic diseases began September 2025, with proof-of-concept data expected Q4 2026. Spyre funds operations entirely through capital raises, outsources manufacturing to WuXi Biologics, and owes milestone payments and royalties to Paragon, the antibody discovery firm that originated these programs.