Spyre Therapeutics, Inc. (Nasdaq: SYRE) has priced a public offering of 4,117,648 shares of common stock at $85.00 per share, according to a press release from the clinical-stage biotechnology company.

The offering is expected to generate approximately $350.0 million in gross proceeds before underwriting discounts, commissions, and other expenses. The underwriters have been granted a 30-day option to purchase up to an additional approximately $52.5 million in shares under the same terms.

The offering is expected to close on or about October 7, 2026, subject to customary closing conditions.

Spyre stated it intends to use the net proceeds to advance programs in gastroenterology, rheumatology, and dermatology, including preclinical studies, clinical trials, manufacturing, and Phase 3 readiness. The company also plans to use a portion of the funds to advance SPY072 into late-stage development for hidradenitis suppurativa. Remaining proceeds are designated for research and development, working capital, and general corporate purposes.

Jefferies, TD Cowen, Leerink Partners, and Stifel are acting as joint book-running managers for the offering. LifeSci Capital is acting as passive bookrunner.