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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -0.80% | 4.97 | 2.70 | 50.00 | 5.10 | 4.90 | 5.02 | 139,504 | 05:00:01 |
-- Completed Enrollment of 190 Patients for Primary Endpoint Analysis in SELECT-MDS-1 Phase 3 Trial; Pivotal CR Data Expected by Mid-4Q 2024 -- -- Additional Data from SELECT-AML-1 Phase 2 Trial Also Expected in 2024 -- -- Completed a $45.0 Million Equity Offering, Extending Cash Runway into 2Q 2025 -- -- Management to Host Conference Call at 8:30 AM ET Today --
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 and full year ended December 31, 2023 and provided a corporate update.
“We are entering 2024 poised for a major transformation,” said Conley Chee, Chief Executive Officer of Syros. “We recently completed enrollment of the 190 patients necessary for our primary endpoint analysis in the SELECT-MDS-1 Phase 3 trial, and we remain on track to report pivotal CR data by the middle of the fourth quarter of this year. We are optimistic about this data, which we believe will further reinforce tamibarotene’s potential as a differentiated, biologically targeted approach for the approximately 50% of HR-MDS patients who are positive for RARA overexpression.”
Mr. Chee continued, “In addition, we expect to report additional data from SELECT-AML-1 this year. In December, we shared initial results from a prespecified analysis of randomized patients, and we were highly encouraged by the 100% CR/CRi rate observed following treatment with the triplet combination of tamibarotene, venetoclax and azacitidine. We believe the triplet combination could alter the treatment paradigm in AML, with the potential to offer a more effective and well-tolerated option. Following our equity offering in the fourth quarter of 2023, we are well-positioned to execute on our upcoming clinical milestones, while beginning to prepare for our first new drug application filing and planned HR-MDS launch in the United States. We look forward to delivering tamibarotene as a new standard-of-care for the frontline treatment of MDS and AML patients with RARA overexpression in need of better treatments.”
UPCOMING MILESTONES
RECENT PIPELINE HIGHLIGHTS
CORPORATE
Fourth Quarter and Full Year 2023 Financial Results
Cash and Financial Guidance
Cash, cash equivalents and marketable securities as of December 31, 2023, were $139.5 million, as compared with $202.3 million on December 31, 2022.
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 the second quarter of 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 the fourth quarter and full-year 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 21905455. 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 to report 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 the second 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 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, 2023, 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, 2023
December 31, 2022
Cash, cash equivalents and marketable securities (current and noncurrent)
$
139,526
$
202,304
Working capital1
108,229
180,614
Total assets
168,174
244,486
Total stockholders’ equity
16,662
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
Years Ended
December 31,
December 31,
2023
2022
2023
2022
Revenue
$
387
$
(754
)
$
$9,936
$
14,880
Operating expenses:
Research and development
21,503
27,914
108,153
111,944
General and administrative
5,893
7,329
28,282
29,299
Transaction related expenses
—
—
—
9,510
Restructuring cost
132
—
2,489
—
Total operating expenses
27,528
35,243
138,924
150,753
Loss from operations
(27,141
)
(35,977
)
(128,288
)
(135,873
)
Interest income
1,283
1,594
6,816
2,132
Interest expense
(1,328
)
(1,126
)
(5,127
)
(4,134
)
Change in fair value of warrant liabilities
(37,198
)
30,756
(37,275
)
43,221
Net loss applicable to common stockholders
$
(64,384
)
$
(4,773
)
$
(164,574
)
$
(94,654
)
Net loss per share applicable to common stockholders - basic and diluted
$
(2.18
)
$
(0.17
)
$
(5.81
)
$
(7.49
)
Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted
29,541,899
27,753,257
28,325,779
12,631,968
View source version on businesswire.com: https://www.businesswire.com/news/home/20240327550024/en/
Syros Contact Karen Hunady Director of Corporate Communications & Investor Relations 1-857-327-7321 khunady@syros.com Investor Relations Hannah Deresiewicz Stern Investor Relations, Inc. 212-362-1200 hannah.deresiewicz@sternir.com
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