Burrows Scott L 4

What Happened
Scott L. Burrows, Chief Financial Officer of Spyre Therapeutics (SYRE), exercised 7,500 options on April 1, 2026 at $14.50 per share (cost $108,750) and sold a total of 7,500 shares in open-market transactions the same day for aggregate proceeds of approximately $370,076. The sales were reported in two groups: 6,200 shares at a weighted average price of $49.21 (≈ $305,102) and 1,300 shares at a weighted average price of $49.98 (≈ $64,974). The filing also shows a reported derivative disposition of 7,500 shares at $0.00 (reported separately in the Form 4).

Key Details

• Transaction date: April 1, 2026; Form 4 filed April 3, 2026 (timely filing).
• Option exercise: 7,500 shares acquired at $14.50 each (total cost $108,750) — reported as transaction code M.
• Open-market sales: 6,200 shares at weighted avg $49.21 (sales prices ranged $48.69–$49.63) and 1,300 shares at weighted avg $49.98 (range $49.76–$50.15).
• Total gross proceeds from sales: ≈ $370,076.
• The Form reports a separate derivative disposition of 7,500 shares at $0.00 (purpose not explained in the filing).
• Sales were executed pursuant to a Rule 10b5-1 trading plan adopted November 10, 2025 (footnote F1).
• Reported holdings in the filing include 67,476 RSUs (vesting in two equal installments on Sept 1, 2026 and 2027) and an option to purchase 404,857 shares (adjusted for a prior 1-for-25 reverse split) with customary vesting terms (footnotes F4–F5). The filing excerpt does not state the total shares owned after these transactions.

Context

• Code M denotes exercise/conversion of derivatives (options). Here Burrows acquired 7,500 shares via exercise and sold 7,500 shares the same day — effectively a sell following exercise. The separate zero-dollar derivative disposition reported in the Form 4 is not explained; such entries can reflect share surrender for taxes or broker handling but the filing does not specify the reason.
• Sales by executives are common and, when done under a 10b5-1 plan, are pre-scheduled trades rather than ad-hoc market timing. This filing is factual reporting of those transactions, not an indication of company performance.