Spyre’s SPY072 Falls Short of Phase 2 Expectations in Rheumatoid Arthritis; $1 Billion in Market Value Erased

Spyre Therapeutics said SPY072 failed to meet the development criteria for monotherapy in a Phase 2 trial involving 143 patients with rheumatoid arthritis. The low-dose group recorded a 1.9-point reduction in disease activity, exceeding the 1.3-point reduction in the placebo group, but the high-dose group failed to meet the primary endpoint. Spyre plans to focus on developing SPY072 for other autoimmune diseases and release data on psoriatic arthritis and axial spondyloarthritis in the fourth quarter. The company’s share price fell 13% that day, erasing more than $1 billion in market capitalization.