CAMBRIDGE, Mass. / Nov 14, 2023 / Business Wire / Syros Pharmaceuticals (NASDAQ: SYRS), a biopharmaceutical company committed to advancing new standards of care for the frontline treatment of hematologic malignancies, today reported financial results for the quarter ended September 30, 2023 and provided a corporate update.
“Syros is entering the fourth quarter well-positioned for its next phase of growth. We are laser-focused on advancing tamibarotene for the frontline treatment of hematologic malignancies and look forward to reporting initial data from the randomized portion of SELECT-AML-1 in early December, as well as pivotal data from SELECT-MDS-1 next year,” said Nancy Simonian, M.D., Chief Executive Officer of Syros. “This is precisely the moment we hoped for when we started Syros over a decade ago: our aim has always been to deliver profound benefit to people living with serious diseases. In transitioning leadership to Conley, Syros is taking a meaningful step toward achieving this vision, installing a CEO with extensive commercial expertise and the skill set necessary to effectively build and implement a successful pre-launch and launch strategy. I look forward to continuing to support Syros as a member of the Board of Directors, and to partnering with Conley and our dedicated team as we progress our clinical trials and, ultimately, work to establish tamibarotene as the standard of care for HR-MDS and AML patients with RARA overexpression.”
UPCOMING MILESTONES
Tamibarotene: Higher-Risk Myelodysplastic Syndrome (HR-MDS)
Tamibarotene: Acute Myeloid Leukemia (AML)
RECENT PIPELINE HIGHLIGHTS
CORPORATE
Third Quarter 2023 Financial Results
Cash and Financial Guidance
Cash, cash equivalents and marketable securities as of September 30, 2023 were $112 million, as compared with $144 million on June 30, 2023.
Based on its current plans, Syros believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its anticipated operating expenses and capital expenditure requirements into 2025, beyond pivotal Phase 3 data from the SELECT-MDS-1 trial and additional data from the randomized portion of the SELECT-AML-1 trial.
Conference Call and Webcast
Syros will host a conference call today at 8:30 a.m. ET to discuss these third quarter 2023 financial results and provide a corporate update.
To access the live conference call, please dial (888) 259-6580 (domestic) or (416) 764-8624 (international) and refer to conference ID 83649711. A webcast of the call will also be available on the Investors & Media section of the Syros website at www.syros.com. An archived replay of the webcast will be available for approximately 30 days following the presentation.
About Syros Pharmaceuticals
Syros is committed to developing new standards of care for the frontline treatment of patients with hematologic malignancies. Driven by the motivation to help patients with blood disorders that have largely eluded other targeted approaches, Syros is developing tamibarotene, an oral selective RARα agonist in frontline patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia with RARA gene overexpression. For more information, visit www.syros.com and follow us on Twitter (@SyrosPharma) and LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including without limitation statements regarding Syros’ clinical development plans, the progression of its clinical trials, the timing and impact of enrolling study participants and reporting clinical data, the ability to commercialize tamibarotene and deliver benefit to patients, and the sufficiency of Syros’ capital resources to fund its operating expenses and capital expenditure requirements into 2025. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “target,” “should,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including Syros’ ability to: advance the development of its programs under the timelines it projects in current and future clinical trials; demonstrate in any current and future clinical trials the requisite safety, efficacy and combinability of its drug candidates; sustain the response rates and durability of response seen to date with its drug candidates; successfully develop a companion diagnostic test to identify patients with the RARA biomarker; obtain and maintain patent protection for its drug candidates and the freedom to operate under third party intellectual property; obtain and maintain necessary regulatory approvals; identify, enter into and maintain collaboration agreements with third parties; manage competition; manage expenses; raise the substantial additional capital needed to achieve its business objectives; attract and retain qualified personnel; and successfully execute on its business strategies; risks described under the caption “Risk Factors” in Syros’ Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, each which is on file with the Securities and Exchange Commission; and risks described in other filings that Syros makes with the Securities and Exchange Commission in the future.
Financial Tables
Syros Pharmaceuticals, Inc. Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited) | ||||||
| September 30, | December 31, | ||||
Cash, cash equivalents and marketable securities (current and noncurrent) |
| $ | 112,219 |
| $ | 202,304 |
Working capital1 |
|
| 94,121 |
|
| 180,614 |
Total assets |
|
| 147,795 |
|
| 244,486 |
Total stockholders’ equity |
|
| 36,302 |
|
| 127,736 |
(1) The Company defines working capital as current assets less current liabilities. See the Company’s condensed consolidated financial statements for further details regarding its current assets and current liabilities. |
Syros Pharmaceuticals, Inc. Condensed Consolidated Statement of Operations (in thousands, except share and per share data) (unaudited) | |||||||||||||||||
|
| Three Months Ended |
|
| Nine Months Ended | ||||||||||||
|
| September 30, |
|
| September 30, | ||||||||||||
|
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
|
| ||||
Revenue |
| $ | 3,762 |
|
| $ | 3,891 |
|
| $ | 9,550 |
|
| $ | 15,634 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Research and development |
|
| 28,280 |
|
|
| 25,759 |
|
|
| 86,650 |
|
|
| 84,030 |
|
|
General and administrative |
|
| 7,764 |
|
|
| 8,076 |
|
|
| 22,394 |
|
|
| 21,970 |
|
|
Transaction related expenses |
|
| — |
|
|
| 9,510 |
|
|
| — |
|
|
| 9,510 |
|
|
Restructuring cost |
|
| 2,354 |
|
|
| — |
|
|
| 2,354 |
|
|
| — |
|
|
Total operating expenses |
|
| 38,398 |
|
|
| 43,345 |
|
|
| 111,398 |
|
|
| 115,510 |
|
|
Loss from operations |
|
| (34,636 | ) |
|
| (39,454 | ) |
|
| (101,848 | ) |
|
| (99,876 | ) |
|
Interest income |
|
| 1,633 |
|
|
| 392 |
|
|
| 5,533 |
|
|
| 539 |
|
|
Interest expense |
|
| (1,303 | ) |
|
| (1,051 | ) |
|
| (3,798 | ) |
|
| (3,008 | ) |
|
Change in fair value of warrant liabilities |
|
| (5,837 | ) |
|
| 9,860 |
|
|
| (77 | ) |
|
| 12,465 |
|
|
Net loss applicable to common stockholders |
| $ | (40,143 | ) |
| $ | (30,253 | ) |
| $ | (100,190 | ) |
| $ | (89,880 | ) |
|
Net loss per share applicable to common stockholders - basic and diluted |
| $ | (1.43 | ) |
| $ | (3.21 | ) |
| $ | (3.59 | ) |
| $ | (11.93 | ) |
|
Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted |
| 27,990,558 |
|
| 9,417,069 |
|
| 27,915,951 |
|
| 7,536,149 |
|
|
Last Trade: | US$0.21 |
Daily Change: | 0.0061 2.99 |
Daily Volume: | 935,307 |
Market Cap: | US$5.630M |
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