SCHEDULE: Fairmount Funds Enters Lock-Up for Spyre Therapeutics

Fairmount Funds Management LLC and its principals have entered into a 60-day lock-up agreement following Spyre Therapeutics' recent underwritten public offering.

Summary

• Fairmount Funds Management LLC, Fairmount Healthcare Fund II L.P., Peter Harwin, and Tomas Kiselak filed Amendment No. 6 to their Schedule 13D.
• The filing confirms the reporting persons entered into a 60-day lock-up agreement with underwriters Jefferies LLC, Goldman Sachs & Co. LLC, Evercore Group L.L.C., and Guggenheim Securities, LLC.
• The lock-up is in connection with the company's underwritten public offering that closed on April 16, 2026.
• The reporting persons maintain beneficial ownership of 9,016,702 shares (9.99% of the class) for individual principals and 8,184,941 shares (9.09%) for the fund entity.
• No changes to the actual number of shares held were reported compared to the previous amendment.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing confirming standard lock-up compliance following a previously announced capital raise.

Positives

• The reporting persons have demonstrated long-term commitment by entering into a standard 60-day lock-up agreement, signaling stability following the recent public offering.

Negatives

• The lock-up agreement restricts the liquidity of the reporting persons' significant holdings for the duration of the 60-day period.

Risks

• The holdings are subject to a 9.99% beneficial ownership limitation, which restricts the conversion of preferred stock into common stock if it exceeds this threshold.
• Market volatility following the recent public offering could impact the value of the significant stake held by the reporting persons.

Future Outlook

The reporting persons are restricted from selling shares for 60 days from April 14, 2026, pending underwriter consent.

Management Comments

• The reporting persons certify that the information set forth in the statement is true, complete, and correct.

Industry Context

StockSavvy.ai notes that lock-up agreements are standard practice following public offerings to ensure market stability and prevent immediate sell-offs by major institutional shareholders.

Comparison to Industry Standards

• The 60-day lock-up period is consistent with standard market practices for institutional investors following an underwritten public offering in the biotechnology sector.

Stakeholder Impact

• Shareholders benefit from the stability provided by the lock-up agreement, which prevents major holders from liquidating positions immediately after the offering.

Next Steps

• Expiration of the 60-day lock-up period approximately mid-June 2026.

Key Dates

Keywords

Spyre Therapeutics, Fairmount Funds, Schedule 13D, Lock-up Agreement, Biotech, SEC Filing