Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Spyre Therapeutics, Inc. (SYRE)
A forensic read on Spyre Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
11.5
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-31.2%
ROE
$7.6B
Market cap
Spyre Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 11.5, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+38.0%Accruals ratio.Net operating assets grew +38.0% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by +3% of net operating assets.
-26%Return on invested capital.Return on invested capital is -26% and rising from -310% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
Key fundamentals
Free Cash Flow$-169.3M
Return on Equity-21.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Spyre Therapeutics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SYRE's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown