Commodore Capital disclosed a buy of 400,161 shares of Spyre Therapeutics (SYRE 2.05%), an estimated $10.46 million trade based on quarterly average pricing, per a February 17, 2026, SEC filing.
What happened
According to a February 17, 2026, SEC filing, Commodore Capital increased its position in Spyre Therapeutics by 400,161 shares during the fourth quarter. The estimated transaction value is $10.46 million, based on the mean unadjusted closing price for the period. The quarter-end value of the stake rose by $44.92 million, a figure that includes both share accumulation and stock price appreciation.
What else to know
- Top holdings after the filing:
- NASDAQ:RLAY: $143.82 million (9.6% of AUM)
- NASDAQ:ALKS: $99.33 million (6.6% of AUM)
- NASDAQ:TYRA: $88.73 million (5.9% of AUM)
- NASDAQ:XENE: $80.68 million (5.4% of AUM)
- NASDAQ:SYRE: $78.24 million (5.21% of AUM)
- As of February 17, 2026, shares of Spyre Therapeutics were priced at $35.95, up 62.9% over the past year and well outperforming the S&P 500’s roughly 13% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $2.17 billion |
| Price (as of market close 2/17/26) | $35.95 |
| Net income (TTM) | ($148.97 million) |
| One-year price change | 63% |
Company snapshot
- Spyre Therapeutics develops preclinical-stage monoclonal antibody therapeutics targeting inflammatory bowel disease, with lead programs including SPY001 (anti-a4ß7), SPY002 (anti-TL1A), and multiple combination therapies in early-stage development.
- The company operates as a preclinical stage biotechnology company, investing in R&D to advance proprietary biologic candidates for inflammatory bowel disease.
- Spyre Therapeutics’ primary focus is on patients with ulcerative colitis and Crohn's disease, aiming to address unmet needs in the inflammatory bowel disease market.
Spyre Therapeutics, Inc. is a biotechnology company focused on innovative antibody-based therapies for inflammatory bowel disease. With a pipeline of differentiated preclinical assets, the company leverages advanced biologic platforms to address unmet needs in ulcerative colitis and Crohn's disease. Its strategy centers on scientific innovation and targeted therapeutic development to establish a competitive position in the IBD treatment landscape.
What this transaction means for investors
Clinical-stage biotech only works if you can fund the science long enough to see it through, and Spyre looks built for that moment. The company ended 2025 with roughly $757 million in cash, cash equivalents and marketable securities and expects its runway to stretch into the second half of 2028. That matters with six proof-of-concept Phase 2 readouts expected this year.
Still, this is not a revenue story yet. Fourth quarter net loss came in at $62.5 million, with R&D spending of $44.6 million as programs advance. But the balance sheet was bolstered by a $316 million October offering, giving management room to execute on SKYLINE in ulcerative colitis and SKYWAY in rheumatic diseases.
Within the portfolio, the position now sits around $78 million, or just over 5% of assets, smaller than the biggest holdings like Relay Therapeutics at 9.6% but meaningful alongside other names such as Xenon. Shares at $35.95 are up nearly 63% over the past year, handily beating the S&P 500.
Ultimately, this is a capital-intensive bet on differentiated antibodies and combination biology. The real inflection could likely come from 2026 data, with strong signals justifying the concentration, and weak data testing conviction quickly.
