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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Syros Pharmaceuticals Inc | NASDAQ:SYRS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.06 | -1.18% | 5.04 | 4.95 | 5.33 | 5.1203 | 4.99 | 5.03 | 44,534 | 22:59:00 |
On Track to Report PK and Safety Data from Ongoing Dose Confirmation Study of SY-2101 in Mid-2022
Expect to Report Clinical Activity from the Safety Lead-In Portions of the Ongoing SELECT-AML-1 Trial of Tamibarotene and the Expansion Cohort of SY-5609 in Pancreatic Cancer in 2H 2022
Expect to Initiate Phase 1 Trial of SY-5609 in Hematologic Malignancies in 2H 2022
New Preclinical Data on CDK12 Inhibitor to be Presented at AACR; On Track to Name Next Development Candidate in 2H 2022
Management to Host Conference Call at 8:30 a.m. ET Today
Syros Pharmaceuticals (NASDAQ:SYRS), a leader in the development of medicines that control the expression of genes, today reported financial results for the quarter and full-year ended December 31, 2021, and provided an update on recent accomplishments and upcoming events.
“2021 was a pivotal year for Syros, marked by the initiations of three clinical trials and one expansion cohort across our targeted hematology and CDK inhibitor portfolios, promising data from our SY-5609 program, as well as the appointments of two key leadership team members,” said Nancy Simonian, M.D., Chief Executive Officer of Syros. “We believe we are well-positioned to build on this momentum in 2022. We expect three data readouts this year, including pharmacokinetic and safety data from our dose confirmation trial of SY-2101 in APL as well as clinical activity data from the safety lead-in portions of the SELECT-AML-1 Phase 2 trial and the expansion cohort of SY-5609 in pancreatic cancer. These results have the potential to deliver important insights into each of our investigational medicines as we continue to advance towards becoming a fully integrated biopharmaceutical company with the aim to make a profound difference for patients.”
UPCOMING MILESTONES
Targeted Hematology
Tamibarotene: Oral RARα agonist
SY-2101: Oral arsenic trioxide (ATO)
CDK Inhibition
SY-5609: Oral Selective CDK7 Inhibitor
Gene Control Discovery Engine
RECENT PIPELINE HIGHLIGHTS
CORPORATE
FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL RESULTS
Cash and Financial Guidance
Cash, cash equivalents and marketable securities as of December 31, 2021 were $143.4 million, as compared with $174.0 million on December 31, 2020. This change reflects cash used to fund Syros’ operations during the full year ended December 31, 2021, partially offset by gross proceeds of $75.6 million that Syros received from its January 2021 public offering.
Based on its current plans, Syros believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its planned operating expenses and capital expenditure requirements into the first quarter of 2023.
Conference Call and Webcast
Syros will host a conference call today at 8:30 a.m. ET to discuss these fourth quarter and full year 2021 financial results and provide a corporate update.
To access the live conference call, please dial (866) 595-4538 (domestic) or (636) 812-6496 (international) and refer to conference ID 9682507. 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 redefining the power of small molecules to control the expression of genes. Based on its unique ability to elucidate regulatory regions of the genome, Syros aims to develop medicines that provide a profound benefit for patients with diseases that have eluded other genomics-based approaches. Syros is advancing a robust clinical-stage pipeline, including: tamibarotene, a first-in-class oral selective RARα agonist in RARA-positive patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia; SY-2101, a novel oral form of arsenic trioxide in patients with acute promyelocytic leukemia; and SY-5609, a highly selective and potent oral CDK7 inhibitor in patients with select solid tumors and blood cancers. Syros also has multiple preclinical and discovery programs in oncology and monogenic diseases. 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, including with respect to tamibarotene, SY-2101 and SY-5609, Syros’ ability to advance towards becoming a fully integrated biopharmaceutical company and to make a profound difference for patients, the timing and impact of upcoming clinical and preclinical data readouts, the timing of nomination of Syros’ next development candidate, the timing for submitting a new drug application to the FDA, the benefits of receiving an orphan drug designation, and the sufficiency of Syros’ capital resources to fund its operating expenses and capital expenditure requirements into the first quarter of 2023. 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, including tamibarotene, SY-2101 and SY-5609, 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, 2021 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. In addition, the extent to which the COVID-19 pandemic continues to impact Syros’ workforce and its clinical trial operations activities, and the operations of the third parties on which Syros relies, will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the pandemic, additional or modified government actions, and the actions that may be required to contain the virus or treat its impact. Any forward-looking statements contained in this press release speak only as of the date hereof, and Syros expressly disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise.
Syros Pharmaceuticals, Inc. Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited)
December 31, 2021
December 31, 2020
Cash, cash equivalents and marketable securities (current and noncurrent)
$
143,407
$
173,984
Working capital1
105,077
149,933
Total assets
182,935
213,250
Total stockholders’ equity
85,218
90,553
(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 December 31,
Year Ended December 31,
2021
2020
2021
2020
Revenue
$
7,802
$
5,698
$
23,488
$
15,093
Operating expenses:
Research and development
26,796
29,026
99,872
76,065
General and administrative
6,429
5,892
23,036
21,325
Total operating expenses
33,225
34,918
122,908
97,390
Loss from operations
(25,423
)
(29,220
)
(99,420
)
(82,297
)
Interest income
31
6
87
426
Interest expense
(986
)
(541
)
(3,907
)
(1,792
)
Change in fair value of warrant liability
2,565
(375
)
16,682
(375
)
Net loss applicable to common stockholders
$
(23,813
)
$
(30,130
)
$
(86,558
)
$
(84,038
)
Net loss per share applicable to common stockholders - basic and diluted
$
(0.38
)
$
(0.62
)
$
(1.38
)
$
(1.82
)
Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted
62,950,885
48,774,598
65,534,978
46,051,617
View source version on businesswire.com: https://www.businesswire.com/news/home/20220315005288/en/
Media Contact Courtney Solberg Syros Pharmaceuticals 917-698-9253 csolberg@syros.com
Investor Contact Hannah Deresiewicz Stern Investor Relations, Inc. 212-362-1200 hannah.deresiewicz@sternir.com
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