Spyre Therapeutics’ shares declined 11.7% in pre-market trading after the company disclosed that its anti-TL1A antibody candidate SPY072 did not meet its internal efficacy threshold as a monotherapy for rheumatoid arthritis.
The selloff extended a drop that began in after-hours trading on Tuesday. Spyre said both doses of SPY072 demonstrated statistically significant improvements over placebo on at least one efficacy endpoint in the Phase 2 SKYWAY basket trial’s rheumatoid arthritis sub-study. The high dose achieved a 63% ACR20 response rate, compared with 43% for placebo.
Despite the positive signals, the overall magnitude of effect fell short of the company’s threshold required to prioritize SPY072 as a standalone rheumatoid arthritis therapy. Spyre announced it would not advance the drug for that indication.
Wedbush maintained an Outperform rating and a $130 price target on Spyre Therapeutics. The broader market showed limited movement, with the S&P 500 nearly flat, the Nasdaq down 0.2% and the Dow marginally higher, indicating the stock’s decline was driven by the company-specific clinical update.
Spyre plans additional Phase 2 readouts for SPY072 in psoriatic arthritis and axial spondyloarthritis in the fourth quarter of 2026. Data from the SKYLINE ulcerative colitis program are expected in September.
