diff --git a/pkgs/by-name/py/pyrefly/package.nix b/pkgs/by-name/py/pyrefly/package.nix
index a6466acfa2a1..0ee8ddbfeaf9 100644
--- a/pkgs/by-name/py/pyrefly/package.nix
+++ b/pkgs/by-name/py/pyrefly/package.nix
@@ -10,18 +10,18 @@
 }:
 rustPlatform.buildRustPackage (finalAttrs: {
   pname = "pyrefly";
-  version = "1.1.1";
+  version = "1.2.0-dev.1";
 
   src = fetchFromGitHub {
     owner = "facebook";
     repo = "pyrefly";
     tag = finalAttrs.version;
-    hash = "sha256-GHH+oG3oUEmGNEmtrmra321UIgRD04Eq1Ct0H7VsjxU=";
+    hash = "sha256-qi2ImB2fuaDJWlJpPSlopZZmdGplEGm6+31yNOP+b8g=";
   };
 
   buildAndTestSubdir = "pyrefly";
 
-  cargoHash = "sha256-vOHcmYVKlsxueWjvCCDWwSfJt+2/71b5+NdQyW3jYH4=";
+  cargoHash = "sha256-Q/xB79oR0yvXCT1bCPU82LUDrGpTUMt+uy67Si+mWL8=";
 
   buildInputs = [ rust-jemalloc-sys ];