Commodore Capital announced the purchase of 400,161 shares of Spyre Therapeutics (NASDAQ:SYRE)an estimated trade of $10.46 million based on quarterly average price, according to an SEC filing dated February 17, 2026.
According to an SEC filing dated February 17, 2026, Commodore Capital increased its position in Spyre Therapeutics by 400,161 shares during the fourth quarter. The estimated value of the transaction is $10.46 million, based on the unadjusted average closing price for the period. The share value at the end of the quarter increased by $44.92 million, a figure that includes both share accumulation and share price appreciation.
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Main participations after the presentation:
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NASDAQ:RLAY: $143.82 million (9.6% of assets under management)
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NASDAQ:ALKS: $99.33 million (6.6% of assets under management)
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NASDAQ:TYRA: $88.73 million (5.9% of assets under management)
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NASDAQ:XENE: $80.68 million (5.4% of assets under management)
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NASDAQ:SYRE: $78.24 million (5.21% of assets under management)
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As of February 17, 2026, Spyre Therapeutics shares were priced at $35.95, up 62.9% over the past year and far outperforming the S&P 500’s gain of about 13% over the same period.
|
Metric |
Worth |
|---|---|
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Market capitalization |
$2.17 billion |
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Price (at market close 02/17/26) |
$35.95 |
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Net income (TTM) |
($148.97 million) |
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One year price change |
63% |
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Spyre Therapeutics develops preclinical-stage monoclonal antibody therapies targeting inflammatory bowel disease, with leading programs including SPY001 (anti-a4ß7), SPY002 (anti-TL1A), and multiple combination therapies in early-stage development.
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The company operates as a preclinical-stage biotechnology company and invests in R&D to advance proprietary biologic candidates for inflammatory bowel disease.
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Spyre Therapeutics’ primary focus is on patients with ulcerative colitis and Crohn’s disease, with the goal of addressing 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 portfolio of differentiated preclinical assets, the company leverages advanced biological platforms to address unmet needs in ulcerative colitis and Crohn’s disease. Its strategy focuses on scientific innovation and targeted therapeutic development to establish a competitive position in the IBD treatment landscape.
Clinical-stage biotechnology only works if you can fund the science long enough to carry it out, and Spyre appears ready for that moment. The company ended 2025 with approximately $757 million in cash, cash equivalents and marketable securities and expects its runway to extend into the second half of 2028. That’s important, with six Phase 2 proof-of-concept readouts expected this year.
Still, this is not yet an income story. The fourth quarter net loss was $62.5 million, with R&D spending of $44.6 million as programs progress. But the balance sheet was bolstered by a $316 million offering in October, giving management room to run SKYLINE in ulcerative colitis and SKYWAY in rheumatic diseases.
Within the portfolio, the position is now around $78 million, or just over 5% of assets, smaller than larger holdings like Relay Therapeutics at 9.6%, but significant alongside other names like Xenon. Shares at $35.95 are up nearly 63% over the past year, handily outperforming the S&P 500.
Ultimately, this is a capital-intensive bet on differentiated antibodies and combined biology. The real inflection could likely come in 2026 data, with strong signals justifying concentration and weak data quickly testing conviction.