Best Smidcap Ideas: Better Ingredients = Better IBD Combos, + $30B Rheum Upside

Research evidence excerpt

Best Smidcap Ideas: Better Ingredients = Better IBD Combos, + $30B Rheum Upside

TD Cowen Biotechnology

Global Research

Spyre

TD SECURITIES (USA) LLC BEST SMIDCAP IDEAS 2026

Price: $100.32 (06/22/2026) Best Smidcap Ideas: Better Ingredients =

Price Target: NA Better IBD Combos, + $30B Rheum Upside

BUY (1)

ESG SCORE: 60/100

Tyler Van Buren THE TD COWEN INSIGHT

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With 2 great readouts down and 4 more IBD/rheum readouts by YE to drive a continued

tyler.vanburen@tdsecurities.com

inflection, Spyre is our Best Smidcap Idea. The SPY001 (α4β7) 40% and SPY002 (TL1A) 33%

Ikenna Okafor, Ph.D. remission rates support best-in-class IBD combos, with SPY003 (IL-23, Q3) data likely to be

646 562 1395 impressive too. SPY072 (TL1A) expands into a first-in-class $30B+ rheum opportunity with RA

ikenna.okafor@tdsecurities.com

(Q3), PsA (Q4), and axSpA (Q4) data by YE.

Nicholas Lorusso

646 562 1390 Summary Of Our Thesis

nick.lorusso@tdsecurities.com

Spyre is building a leading IBD and rheum platform anchored by long-acting mAbs targeting

Sam Rollenhagen validated pathways, with SPY001 (α4β7), SPY002 (TL1A), and SPY003 (IL-23p19) positioned to

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compete both as best-in-class monotherapies and as components of optimized combinations

samuel.rollenhagen@tdsecurities.com

in IBD. Across the portfolio, the core innovation is half-life extended, rationally-designed mAbs

Greg W. Torres, Ph.D. at enhanced exposures, with each asset designed to deliver competitive or better efficacy

646 562 1351 versus first generation agents while enabling Q3-Q6M dosing. We believe this combination of

gregory.wiessner@tdsecurities.com efficacy and convenience is underappreciated and positions Spyre to capture a large share of

Key Data the ~$30B+ IBD market.

Symbol NASDAQ: SYRE