SYRE: Tidbits on SPY002 Part A Induction Data

Research evidence excerpt

SYRE: Tidbits on SPY002 Part A Induction Data

USA | Biotechnology

Spyre EquityJuneResearch15, 2026

TARGET CHANGESYRE: Tidbits on SPY002 Part A Induction Data

SPY002 Ph2 Part A induction data met primary endpt of stat sig RHI CFB of -10.7 RATING BUY

points at wk12. The 33% clinical remission & 42% endoscopic improvement look PRICE $80.79^

roughly in line w/ other anti-TL1As duvakitug (36-48% and 45-50% at wk14), PRICE TARGET | % TO PT $98.00 ($95.00) | +21%

tulisokibart (26% and 37% at wk12), and afimkibart (30-35% and 38-41% wk14). 52W HIGH-LOW $84.43 - $13.93

We think this bodes well for SYRE's combo approach (data in '27). FLOAT (%) | ADV MM (USD) 76.8% | 87.63

MARKET CAP $8.1B

Bottom line: We got the 2nd dataset from SYRE's Ph2 SKYLINE Part A open-label induction portion TICKER SYRE

in ulcerative colitis (UC) pts -- SPY002 (anti-TL1A) Part A induction data met its primary endpoint ^Prior trading day's closing price unless otherwise

noted.

of stat sig reduction of 10.7 points (p<0.0001) in RHI at wk12 + 33% achieved clinical remission (by

mMS), 42% endoscopic improvement, and CFB in mMS was -3.7 points.

FY (Dec) CHANGE TO JEFe JEF vs CONS

We think the data are roughly comparable to those of other late-stage anti-TL1As:

2026 2027 2026 2027

While other TL1As haven't reported RHI CFB, SPY002's 33% clinical remission and 42% REV NA NA NA NA•

endoscopic improvement look roughly in line w/ duvakitug (36-48% and 45-50% at wk14), EPS NA NA NA NA

tulisokibart (26% and 37% at wk12), and afimkibart (30-35% and 38-41% wk14).

BL char are generally similar btwn studiesre: duration of disease (SPY002 7yrs vs 6.3-9yrs), 2026 ($) Q1A Q2 Q3 Q4 FY•

mayo score (6.9 vs 6.4~7.1), concomitant corticosteroid (40% vs ~35-54%), & EU enrollment EPS (0.88) (0.80) (0.79) (0.37) (2.84)