Key Takeaways from "Dinner with Spyre Therapeutics and a Leading Inflammatory Bowel Disease KOL"

Research evidence excerpt

Key Takeaways from "Dinner with Spyre Therapeutics and a Leading Inflammatory Bowel Disease KOL"

June 9, 2026 Key Takeaways from "Dinner with Spyre

Therapeutics and a Leading Inflammatory

Bowel Disease KOL" Julian(617) 345-4055Harrisonjharrison@btig.com

Andrew Kassin

Combination Regimens Likely Future Standard of Care in Ulcerative (617) 345-4042 akassin@btig.com

Colitis and Crohn's DiseaseBIOTECHNOLOGY

WHAT YOU SHOULD KNOW: We hosted an investor dinner with Cameron Turtle, Scott

Burrows, Dr. Sheldon Sloan, Eric McIntyre (SYRE's CEO, CFO, CMO, and SVP Finance

and IR, respectively), and Dr. Marla Dubinsky, Co-Director of the Susan and Leonard

Feinstein Inflammatory Bowel Disease Clinical Center at Mount Sinai and Chief of the

Division of Pediatric Gastroenterology at Mount Sinai. The discussion covered SYRE’sINDUSTRY (Buy, $98 PT) pipeline, including mono/combination therapy programs in UC (SPY002/3

monotherapy PoC Phase 2 data expected in mid-2026/3Q26; combination induction

data expected in 2027), opportunities in rheumatoid diseases (SPY072 Phase 2 data

in RA expected in 3Q26, and PsA & axSpA data expected in 4Q26), and other IBD

trends. We left more positive on SYRE’s clinical and commercial development withinREPORT

an increasingly competitive landscape. Our most important takeaways:

■ Combination regimens are well positioned to break through the current efficacy

ceiling in IBD. Despite two decades of development and ~half a dozen approved

classes, advanced IBD therapies remain plateaued at ~25% pbo-adjusted clinical

remission in induction - a ceiling Dr. Dubinsky and SYRE's CEO agreed can only be

broken by targeting non-overlapping pathways simultaneously. The JNJ VEGA study

validated this thesis, more than doubling remission rates vs. either monotherapy in