Burrows Scott L 4

What Happened
Scott L. Burrows, Chief Financial Officer of Spyre Therapeutics (SYRE), exercised options to acquire 15,000 shares at $14.50 per share for a cash outlay of $217,500 on June 25, 2026. On the same day he sold 15,000 shares in two open‑market transactions (5,000 and 10,000 shares) for a combined proceeds of approximately $1,307,000 (weighted average sale price reported ~$87.12–$87.14; per-footnote range $86.78–$87.43). The filing also reports a separate 15,000-share derivative conversion/disposition shown at $0.00.

Key Details

• Transaction date: June 25, 2026 (Form 4 filed June 26, 2026).
• Exercise: 15,000 shares @ $14.50 = $217,500 (coded M).
• Sales: 5,000 shares @ weighted avg $87.12 = $435,600; 10,000 shares @ weighted avg $87.14 = $871,400. Total sale proceeds ≈ $1,307,000 (F1 notes sales occurred at prices between $86.78 and $87.43).
• Derivative line: 15,000 shares reported as exercise/conversion at $0.00 (reported as disposed) — see filing footnotes.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes of note: F1 (weighted average sale price and price range details); F2 (Burrows holds 67,476 RSUs vesting in two equal installments on Sept 1, 2026 and 2027); F3 (he has options covering 404,857 shares with staggered vesting starting Sept 1, 2024).
• No late filing indicator provided in the materials reviewed.

Context

• This filing shows an option exercise and same‑day open‑market sales of an equal number of shares, which results in net cash proceeds after paying the exercise cost; filings do not state insider motivations.
• For retail investors: purchases can be interpreted as a stronger signal than routine option exercises and sales; here the activity primarily generated proceeds from sales after an option exercise.
• Derivative/option details in the footnotes describe vesting schedules—these represent standard executive compensation mechanics rather than an open‑market personal purchase.