Syros Reports Third Quarter 2024 Financial Results and Provides a Business Update
Syros Pharmaceuticals reported Q3 2024 financial results, highlighting zero revenue compared to $3.8M in Q3 2023 due to Pfizer collaboration termination. R&D expenses decreased to $20.5M from $28.3M, while G&A expenses reduced to $5.7M from $7.8M. The company reported a net loss of $6.4M ($0.16 per share) versus $40.1M ($1.43 per share) in Q3 2023. Cash position stands at $58.3M, expected to fund operations into Q3 2025. Pivotal Complete Response data from SELECT-MDS-1 Phase 3 trial for tamibarotene in HR-MDS patients is expected mid-November 2024.
Syros Pharmaceuticals ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando entrate pari a zero rispetto ai 3,8 milioni di dollari nel terzo trimestre 2023, a causa della terminazione della collaborazione con Pfizer. Le spese per ricerca e sviluppo sono diminuite a 20,5 milioni di dollari, rispetto ai 28,3 milioni di dollari, mentre le spese generali e amministrative sono scese a 5,7 milioni di dollari dai 7,8 milioni di dollari. L'azienda ha registrato una perdita netta di 6,4 milioni di dollari (0,16 dollari per azione) rispetto ai 40,1 milioni di dollari (1,43 dollari per azione) nel terzo trimestre 2023. La posizione di cassa è di 58,3 milioni di dollari, prevista per finanziare le operazioni fino al terzo trimestre 2025. I dati clinici decisivi della Complete Response dal trial di fase 3 SELECT-MDS-1 per il tamibarotene nei pazienti con HR-MDS saranno disponibili a metà novembre 2024.
Syros Pharmaceuticals reportó los resultados financieros del tercer trimestre de 2024, destacando ingresos de cero en comparación con 3,8 millones de dólares en el tercer trimestre de 2023 debido a la finalización de la colaboración con Pfizer. Los gastos de I+D disminuyeron a 20,5 millones de dólares de 28,3 millones de dólares, mientras que los gastos generales y administrativos se redujeron a 5,7 millones de dólares de 7,8 millones de dólares. La empresa reportó una pérdida neta de 6,4 millones de dólares (0,16 dólares por acción) en comparación con 40,1 millones de dólares (1,43 dólares por acción) en el tercer trimestre de 2023. La posición de caja se sitúa en 58,3 millones de dólares, se espera que financie las operaciones hasta el tercer trimestre de 2025. Se esperan datos Complete Response decisivos del ensayo de fase 3 SELECT-MDS-1 para tamibarotene en pacientes con HR-MDS a mediados de noviembre de 2024.
Syros Pharmaceuticals는 2024년 3분기 재무 결과를 발표하며, 2023년 3분기의 3.8백만 달러와 비교해 수익이 제로임을 강조했습니다. 이는 화이자와의 협력 종료로 인한 것입니다. 연구개발 비용은 28.3백만 달러에서 20.5백만 달러로 감소했으며, 총 운영비용은 7.8백만 달러에서 5.7백만 달러로 줄었습니다. 이 회사는 2023년 3분기에 비해 6.4백만 달러(주당 0.16달러)의 순손실을 보고했으며, 이전 연도의 손실은 40.1백만 달러(주당 1.43달러)였습니다. 현금 보유액은 58.3백만 달러로, 2025년 3분기까지 운영 자금을 지원할 것으로 예상됩니다. Complete Response의 중요한 데이터는 HR-MDS 환자를 위한 tamibarotene에 대한 SELECT-MDS-1 3상 시험에서 2024년 11월 중순에 발표될 예정입니다.
Syros Pharmaceuticals a annoncé les résultats financiers du troisième trimestre 2024, soulignant des revenus nuls par rapport à 3,8 millions de dollars au troisième trimestre 2023 en raison de la résiliation de la collaboration avec Pfizer. Les dépenses de R&D ont diminué à 20,5 millions de dollars contre 28,3 millions de dollars, tandis que les dépenses générales et administratives ont été réduites à 5,7 millions de dollars contre 7,8 millions de dollars. L'entreprise a enregistré une perte nette de 6,4 millions de dollars (0,16 dollar par action) contre 40,1 millions de dollars (1,43 dollar par action) au troisième trimestre 2023. La position de liquidités s'élève à 58,3 millions de dollars, prévue pour financer les opérations jusqu'au troisième trimestre 2025. Des données clés de la Complete Response de l'essai de phase 3 SELECT-MDS-1 pour le tamibarotène chez les patients MDS-HR sont attendues à la mi-novembre 2024.
Syros Pharmaceuticals berichtete über die Finanzergebnisse für das dritte Quartal 2024 und hob hervor, dass die Einnahmen aufgrund der Beendigung der Zusammenarbeit mit Pfizer bei null lagen, im Vergleich zu 3,8 Millionen Dollar im dritten Quartal 2023. Die F&E-Ausgaben sanken auf 20,5 Millionen Dollar von 28,3 Millionen Dollar, während die allgemeinen und Verwaltungskosten auf 5,7 Millionen Dollar von 7,8 Millionen Dollar reduziert wurden. Das Unternehmen verzeichnete einen Nettoverlust von 6,4 Millionen Dollar (0,16 Dollar pro Aktie) im Vergleich zu 40,1 Millionen Dollar (1,43 Dollar pro Aktie) im dritten Quartal 2023. Die Liquiditätsposition beträgt 58,3 Millionen Dollar, die voraussichtlich die Betriebe bis ins dritte Quartal 2025 finanzieren wird. Wichtige Complete Response-Daten aus der SELECT-MDS-1 Phase-3-Studie zu Tamibaroten bei HR-MDS-Patienten werden Mitte November 2024 erwartet.
- Significant reduction in net loss to $6.4M from $40.1M year-over-year
- Decreased R&D expenses by 27.6% to $20.5M
- Reduced G&A expenses by 26.9% to $5.7M
- Potential market opportunity with 9,000 newly diagnosed HR-MDS patients annually in U.S.
- Revenue dropped to $0 from $3.8M in Q3 2023
- Cash position decreased to $58.3M from $79.0M in previous quarter
- Termination of Pfizer collaboration agreement
- cash runway only into Q3 2025
Insights
The Q3 2024 results reveal significant financial headwinds with
The upcoming pivotal CR data from SELECT-MDS-1 Phase 3 trial in mid-November represents a critical inflection point. With
The SELECT-MDS-1 Phase 3 trial results for tamibarotene in HR-MDS patients represent a important development in a therapeutic area that has seen innovation. The focus on RARA gene overexpression demonstrates a precision medicine approach in a field where no new treatments beyond HMAs have been approved in over a decade.
The targeted population of RARA-overexpressing HR-MDS patients represents a well-defined market segment with clear unmet needs. The biomarker-driven strategy could potentially improve treatment outcomes compared to current standards. However, the success hinges entirely on the upcoming complete response data, making this a binary event for the company's near-term prospects.
-- Pivotal Complete Response (CR) Data from SELECT-MDS-1 Phase 3 Trial Expected in Mid-November --
-- Management to Host Conference Call at 8:30 AM ET Today --
“It is a very exciting time at Syros, as we approach a significant milestone in our efforts to establish tamibarotene as a potential new standard of care for higher-risk myelodysplastic syndrome (HR-MDS) patients with RARA gene overexpression. We expect to announce topline results from the pivotal SELECT-MDS-1 Phase 3 trial in mid-November, and if successful, we plan to file our first New Drug Application (NDA) and to launch tamibarotene in the U.S.,” said Conley Chee, Chief Executive Officer of Syros.
“We believe there is a tremendous opportunity for tamibarotene in the HR-MDS frontline setting. With approximately 9,000 newly diagnosed HR-MDS patients annually in the
UPCOMING MILESTONES
- Report pivotal CR data from the SELECT-MDS-1 Phase 3 trial in newly diagnosed HR-MDS patients with RARA gene overexpression in mid-November 2024.
Third Quarter 2024 Financial Results
-
Syros did not recognize revenue in the third quarter of 2024, as compared to
$3.8 million -
Research and development (R&D) expenses were
$20.5 million $28.3 million -
General and administrative (G&A) expenses were
$5.7 million $7.8 million -
For the third quarter of 2024, Syros reported a net loss of
$6.4 million $0.16 $40.1 million $1.43
Cash and Financial Guidance
Cash and cash equivalents as of September 30, 2024, were
Based on its current plans, Syros believes that its existing cash and cash equivalents will be sufficient to fund its anticipated operating expenses and capital expenditure requirements into the third quarter of 2025.
Conference Call and Webcast
Syros will host a conference call today at 8:30 a.m. ET to discuss the third quarter 2024 financial results and provide a corporate update.
To access the live conference call, please dial (800) 549-8228 (domestic) or (289) 819-1520 (international) and refer to conference ID 07454. 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 with RARA gene overexpression. For more information, visit www.syros.com and follow us on X (@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 the SELECT-MDS-1 trial, the timing to report clinical data, the ability to commercialize tamibarotene and deliver benefit to patients, the market opportunity for tamibarotene, and the sufficiency of Syros’ capital resources to fund its operating expenses and capital expenditure requirements into the third quarter of 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 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, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, each of 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, 2023 |
|||||
Cash and cash equivalents |
$ |
58,275 |
$ |
139,526 |
|||
Working capital1 |
|
35,539 |
|
108,299 |
|||
Total assets |
|
84,995 |
|
168,174 |
|||
Total stockholders’ (deficit) equity |
|
(11,123) |
|
16,662 |
|||
| (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, |
|
|||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue |
|
$ |
— |
|
$ |
3,762 |
|
|
$ |
— |
|
|
$ |
9,550 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
20,527 |
|
|
28,280 |
|
|
|
67,134 |
|
|
|
86,650 |
|
General and administrative |
|
|
5,655 |
|
|
7,764 |
|
|
|
17,383 |
|
|
|
22,394 |
|
Restructuring |
|
|
— |
|
|
2,354 |
|
|
|
— |
|
|
|
2,354 |
|
Total operating expenses |
|
|
26,182 |
|
|
38,398 |
|
|
|
84,517 |
|
|
|
111,398 |
|
Loss from operations |
|
|
(26,182 |
) |
|
(34,636 |
) |
|
|
(84,517 |
) |
|
|
(101,848 |
) |
Interest income |
|
|
793 |
|
|
1,633 |
|
|
|
3,424 |
|
|
|
5,533 |
|
Interest expense |
|
|
(1,312 |
) |
|
(1,303 |
) |
|
|
(4,001 |
) |
|
|
(3,798 |
) |
Change in fair value of warrant liabilities |
|
|
20,305 |
|
|
(5,837 |
) |
|
|
51,663 |
|
|
|
(77 |
) |
Net loss applicable to common stockholders |
|
$ |
(6,396 |
) |
$ |
(40,143 |
) |
|
$ |
(33,431 |
) |
|
$ |
(100,190 |
) |
Net loss per share applicable to common stockholders - basic and diluted |
|
$ |
(0.16 |
) |
$ |
(1.43 |
) |
|
$ |
(0.85 |
) |
|
$ |
(3.59 |
) |
Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted |
|
39,335,772 |
|
27,990,558 |
|
39,194,933 |
27,915,951 |
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031698831/en/
Syros Contact
Karen Hunady
Director of Corporate Communications & Investor Relations
1-857-327-7321
khunady@syros.com
Investor Relations
Amanda Isacoff
Precision AQ
1-212-362-1200
amanda.isacoff@precisionaq.com
Source: Syros Pharmaceuticals
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