Shares of Spyre Therapeutics fell 12% in pre-market trading Wednesday after the company disclosed that its anti-TL1A antibody candidate SPY072 did not meet internal efficacy thresholds as a monotherapy for rheumatoid arthritis.
The decline followed a 12.8% drop during after-hours trading on Tuesday, extending losses from Tuesday’s session. The stock’s decline was isolated to company-specific news, as broader equity benchmarks showed little movement: the S&P 500 was down 0.02%, the Nasdaq fell 0.2%, and the Dow Jones edged slightly higher.
In the Phase 2 SKYWAY clinical trial, both doses of SPY072 demonstrated statistically significant improvements over placebo in at least one efficacy endpoint. The ACR20 response rate reached 63% for the highest dose, compared with 43% for placebo. However, Spyre stated the overall magnitude of the effect did not meet the company’s internal criteria to prioritize SPY072 as a standalone therapy for rheumatoid arthritis, leading to a decision to halt further development in this indication.
The company maintained an "Outperform" rating with a $130 price target at Wedbush. Spyre did not disclose plans to discontinue SPY072 entirely, focusing instead on other potential indications.
Upcoming clinical readouts include Phase 2 SKYWAY data for psoriatic arthritis and axial spondyloarthritis in the fourth quarter of 2026, as well as additional data from the SKYLINE program for ulcerative colitis expected in September.
The stock’s decline reflects investor reaction to the clinical setback, despite the drug’s potential in other autoimmune conditions.
