SYRESpyre Therapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- $0
- Operating margin
- —
- EBITDA
- −$210M
- 0.5% YoY
- Market cap
- $8.5B
- Employees
- 102
- Net debt / EBITDA
- —
- AI in 10-K
- 2.9
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo2.9 per 10K words · 68th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$8.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$443M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $19M | $2M | $886K | $0 | $0 | |
| Operating income | −$66M | −$85M | −$242M | −$209M | −$210M | 0.5% |
| Net income | −$66M | −$84M | −$339M | −$208M | −$155M | 25% |
| Operating cash flow | −$54M | −$80M | −$100M | −$157M | −$169M | 7.5% |
| Capex | $573K | $38K | $0 | $0 | — | |
| Stock-based comp | $8M | $7M | $26M | $45M | $38M | 16% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 9, 2026 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 10.0% | Passive |
| Jun 23, 2026 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 9.2% | Passive |
| Apr 20, 2026 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 10.0% | Passive |
| Oct 17, 2025 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 9.0% | Passive |
| Apr 25, 2024 | Fairmount Funds Management LLC | SC 13D/A | 12.3% | Passive |
| Dec 29, 2023 | Fairmount Funds Management LLC | SC 13D/A | 3.6% | Passive |
| Dec 11, 2023 | Fairmount Funds Management LLC | SC 13D/A | 10.6% | Passive |
| Nov 29, 2023 | Fairmount Funds Management LLC | SC 13D/A | 12.7% | Passive |
| Jun 30, 2023 | Fairmount Funds Management LLC | SC 13D | 20.0% | Passive |
| Feb 10, 2022 | BAKER BROS. ADVISORS LP | SC 13D/A | 9.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $443M · 96
- Net
- −$443M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 17 | 125 |
| FY2024 | — | — | 12 | 93 |
| FY2023 | — | — | 11 | 94 |
| FY2022 | — | — | 6 | 90 |
| FY2021 | — | — | 60 | 100 |