Spyre Therapeutics Inc. (SYRE) experienced a pronounced premarket decline, with shares slipping 13.7% on Wednesday following multiple insider transactions disclosed to the U.S. Securities and Exchange Commission.
According to a Form 4 filing, Fairmount Healthcare Fund II L.P. - an entity linked to company directors - sold 4,684,781 shares of common stock on June 23 at $85.31 per share. The filing values that block at roughly $399.7 million and notes that the sale reduced the fund's direct holdings of common stock to zero.
The block sale followed the conversion of 16,667 shares of Series B Preferred Stock into 666,680 shares of common stock. The filing reiterates the conversion ratio: each share of Series B Preferred Stock is convertible into 40 shares of common stock, subject to beneficial ownership limitations.
Fairmount Funds Management LLC is identified as the investment manager for Fairmount Healthcare Fund II L.P. The managers of Fairmount are listed as Peter Harwin and Tomas Kiselak. The filing indicates that Tomas Kiselak serves on Spyre's board of directors.
In a separate reported transaction, director Michael Thomas Henderson sold 20,000 shares of common stock at $100 per share on June 22, generating proceeds of $2 million. That sale was carried out pursuant to a Rule 10b5-1 trading plan the director adopted on February 6, 2026. Post-transaction, Henderson is reported to hold 68,606 shares.
The filings also show that Fairmount Healthcare Fund II L.P. continues to hold 346,045 shares of Series A Preferred Stock. Those Series A shares are convertible into common stock under similar terms and beneficial ownership limitations, with the conversion disclosed as equating to 13,841,800 shares of common stock.
The public filings provide the transaction dates, volumes, conversion ratios, and remaining preferred holdings, but do not include commentary from company representatives or additional context about the rationale for the dispositions. The market response was reflected in the reported premarket price movement following the filings.
Key takeaways
- Fairmount Healthcare Fund II L.P. sold 4,684,781 common shares on June 23 at $85.31 per share, reducing its common stock holdings to zero.
- Director Michael Thomas Henderson sold 20,000 shares at $100 per share on June 22 under a Rule 10b5-1 plan and retained 68,606 shares after the sale.
- Fairmount retains 346,045 shares of Series A Preferred Stock, convertible into 13,841,800 common shares under similar conversion rules and beneficial ownership limits.
Context and limitations
The filings detail the sizes, prices, conversion ratios, and remaining preferred holdings. They do not provide statements explaining motivations for the sales or projections of future transactions.