Spyre Therapeutics shares climbed nearly 10% on Friday after the biotechnology firm reported a fourth-quarter loss that was narrower than Wall Street expectations. The Waltham, Massachusetts-based company beat analyst estimates even as it remains in a pre-revenue stage, focusing instead on its upcoming clinical trial milestones.
The company reported a net loss of $62.5 million, or 70 cents per share, for the final quarter of the year. This performance slightly edged out the 71-cent loss predicted by analysts surveyed by FactSet. While the total net loss grew from $52.3 million in the same period last year, the per-share loss narrowed from 81 cents, reflecting a shift in the company's capital structure.
Investors responded by driving the stock up 9.9% to $41.54 during midday Friday trading. The gain contributes to a robust year for the biotech firm, which has seen its market valuation increase by 27% over the past twelve months.
Clinical Milestones Ahead
Spyre is currently dedicated to the development of therapies for inflammatory bowel disease and rheumatic conditions. Although the firm did not generate sales during the quarter, management highlighted a busy schedule for its pipeline. The company stated it expects data readouts from two Phase 2 trials before the end of the year, which will serve as critical indicators for its long-term commercial viability.
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