A month has gone by since the last earnings report for Spyre Therapeutics (SYRE Quick QuoteSYRE - Free Report) . Shares have lost about 16.6% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Spyre Therapeutics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.

Q2 Loss Narrower than Expected, Pipeline Progresses

Spyre incurred a loss of 36 cents per share in the second quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 71 cents. In the year-ago quarter, the company reported a loss of 49 cents per share.

Spyre has no marketed products in its portfolio and hence did not generate any revenues in the quarter.

Total operating expenses were $41.6 million in the second quarter, slightly below $41.9 million in the year-ago period. The latest figure reflected a $40 million gain related to the previously completed sale of an in-process research and development asset, pegzilarginase. The gain was triggered by Immedica Pharma’s sale of a priority review voucher.

The gain reduced the impact of elevated clinical development spending on quarterly results. It followed a $30 million gain recognized in the first quarter of 2026 from milestones connected with the same legacy asset.

Research and development expenses totaled $65.5 million in the second quarter, up 63.2% year over year. The increase was primarily due to higher manufacturing and clinical study expenses, along with increased headcount costs.

General and administrative expenses increased 36.9% year over year to $16.1 million, driven by higher headcount costs.

Spyre ended the quarter with cash, cash equivalents and marketable securities of $1.15 billion compared with $741.5 million as of March 31, 2026. In April 2026, the company raised $435.2 million in net proceeds through a public offering of common stock. Management expects the current cash position to fund operations into the second half of 2029.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -10.44% due to these changes.

VGM Scores

Currently, Spyre Therapeutics has a poor Growth Score of F, however its Momentum Score is doing a lot better with an A. However, the stock has a grade of F on the value side, putting it in the lowest quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Spyre Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Spyre Therapeutics belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, uniQure (QURE Quick QuoteQURE - Free Report) , has gained 4.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

uniQure reported revenues of $5.84 million in the last reported quarter, representing a year-over-year change of +11%. EPS of -$1.22 for the same period compares with -$0.69 a year ago.

uniQure is expected to post a loss of $0.87 per share for the current quarter, representing a year-over-year change of +37%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

uniQure has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.