Spyre Therapeutics, Inc. ("Spyre" or the "Company") (NASDAQ:SYRE), a clinical-stage biotechnology company utilizing best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches to target improved efficacy and convenience in the treatment of inflammatory bowel disease ("IBD"), today announced that it has commenced an underwritten public offering of up to $200.0 million of shares of its common stock or, in lieu of issuing common stock to certain investors, pre-funded warrants to purchase shares of its common stock. In addition, the Company is expected to grant the underwriters of the offering an option for a period of 30 days to purchase up to an additional $30.0 million of shares of common stock at the public offering price, less the underwriting discount. All of the shares of common stock and pre-funded warrants in the offering will be sold by Spyre.

The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Jefferies LLC, Goldman Sachs & Co. LLC, Evercore Group L.L.C., and Guggenheim Securities, LLC are acting as the joint book-running managers for the proposed offering. LifeSci Capital LLC is acting as lead manager for the proposed offering.