\nSyros 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 March 31, 2023 and provided a corporate update.<\/p>\n
\n\u201cIn 2023, we are focusing on clinical execution, with the goal of delivering tamibarotene and SY-2101 as new standards of care for the frontline treatment of hematologic malignancies,\u201d said Nancy Simonian, M.D., Chief Executive Officer of Syros. \u201cWe are pleased that recent feedback from the FDA on our SELECT-MDS-1 trial continues to support the CR rate as an appropriate primary endpoint for either full or accelerated approval with supporting data on the durability of remission. We have amended our existing trial to add overall survival as a key secondary endpoint, allowing this single trial to efficiently serve as a confirmatory study if needed for full approval.\u201d<\/p>\n
\nDr. Simonian continued, \u201cIn addition, we commenced the randomized portion of the SELECT-AML-1 Phase 2 trial and remain on track to report initial data in the fourth quarter, as well as to provide an update on the development path for SY-2101 in APL in the second half of this year. We are fortunate to operate from a robust financial position, with sufficient capital to fund our efforts into 2025, beyond pivotal CR data from the SELECT-MDS-1 trial and initial data from the randomized portion of SELECT-AML-1.\u201d<\/p>\n
UPCOMING MILESTONES<\/b><\/p>\n
Tamibarotene: Higher-Risk Myelodysplastic Syndrome (HR-MDS)<\/b><\/p>\n Tamibarotene: Acute Myeloid Leukemia (AML)<\/b><\/p>\n SY-2101: Acute Promyelocytic Leukemia (APL)<\/b><\/p>\n RECENT PIPELINE HIGHLIGHTS<\/b><\/p>\n First Quarter 2023 Financial Results<\/b><\/p>\n Cash and Financial Guidance<\/b><\/p>\n \nCash, cash equivalents and marketable securities as of March 31, 2023 were $166 million, as compared with $202 million on December 31, 2022.<\/p>\n \nBased 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 initial data from the randomized portion of the SELECT-AML-1 trial.<\/p>\n Conference Call and Webcast<\/b><\/p>\n \nSyros will host a conference call today at 8:30 a.m. ET to discuss these first quarter 2023 financial results and provide a corporate update.<\/p>\n \nTo access the live conference call, please dial (888) 886-7786 (domestic) or (416) 764-8658 (international) and refer to conference ID 19706685. A webcast of the call will also be available on the Investors & Media section of the Syros website at www.syros.com<\/a>. An archived replay of the webcast will be available for approximately 30 days following the presentation.<\/p>\n About Syros Pharmaceuticals<\/b><\/p>\n \nSyros 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 advancing a robust late-stage clinical pipeline, including tamibarotene, an oral selective RAR\u03b1 agonist in patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia with RARA <\/i>gene overexpression, and SY-2101, a novel oral form of arsenic trioxide in patients with acute promyelocytic leukemia. Syros is also seeking partnerships for SY-5609, a highly selective and potent CDK7 inhibitor in clinical development for the treatment of select solid tumors, and multiple preclinical programs in oncology. For more information, visit www.syros.com<\/a> and follow us on Twitter (@SyrosPharma) and LinkedIn.<\/p>\n Cautionary Note Regarding Forward-Looking Statements<\/b><\/p>\n \nThis press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including without limitation statements regarding Syros\u2019 clinical development plans, including with respect to the progression of its clinical trials, the timing and impact of enrolling study participants and reporting clinical data, the ability to deliver benefit to patients, and the sufficiency of Syros\u2019 capital resources to fund its operating expenses and capital expenditure requirements into 2025. The words \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201chope,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201ctarget,\u201d \u201cshould,\u201d \u201cwould,\u201d 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\u2019 ability to: advance the development of its programs, including tamibarotene and SY-2101, 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 <\/i>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 \u201cRisk Factors\u201d in Syros\u2019 Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarter ended March 31, 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.<\/p>\n Syros Pharmaceuticals, Inc.<\/b><\/p>\n Selected Condensed Consolidated Balance Sheet Data<\/b><\/p>\n (in thousands)<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n March 31, December 31, \nCash, cash equivalents and marketable securities (current and noncurrent)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n165,803<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n202,304<\/p>\n<\/td>\n<\/tr>\n \nWorking capital1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n150,093<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n180,614<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n205,323<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n244,486<\/p>\n<\/td>\n<\/tr>\n \nTotal stockholders\u2019 equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n106,753<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n127,736<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nThe Company defines working capital as current assets less current liabilities. See the Company\u2019s condensed consolidated financial statements for further details regarding its current assets and current liabilities.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Syros Pharmaceuticals, Inc.<\/b><\/p>\n Condensed Consolidated Statement of Operations<\/b><\/p>\n (in thousands, except share and per share data)<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n March 31,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \nRevenue<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,954<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5,467<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating expenses:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nResearch and development<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,761<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25,171<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,405<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,949<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36,166<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,120<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoss from operations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(33,212<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(26,653<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nInterest income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,775<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,217<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(976<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nChange in fair value of warrant liability<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,865<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,448<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet loss applicable to common stockholders<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(23,789<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(25,146<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet loss per share applicable to common stockholders – basic and diluted<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.85<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(3.99<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nWeighted-average number of common shares used in net loss per share applicable to common stockholders – basic and diluted<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27,842,218<\/p>\n<\/td>\n \n6,306,142<\/p>\n<\/td>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230510005199\/en\/<\/a><\/span><\/p>\n Syros Media Relations Investor Relations KEYWORDS:<\/b> Massachusetts United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Science Biotechnology Research Pharmaceutical Oncology Health Clinical Trials Other Health<\/p>\n\n
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2023<\/b><\/p>\n<\/td>\n\n \n \n
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\n<\/b>
Karen Hunady
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Director of Corporate Communications & Investor Relations
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1-857-327-7321
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khunady@syros.com
\n<\/a><\/p>\n
\n<\/b>
Brittany Leigh, Ph.D.
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LifeSci Communications, LLC
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+1-813-767-7801
\n
bleigh@lifescicomms.com
\n<\/a><\/p>\n
\n<\/b>
Hannah Deresiewicz
\n
Stern Investor Relations, Inc.
\n
212-362-1200
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hannah.deresiewicz@sternir.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230510005199\/en\/1788709\/3\/Syros_Logo.jpg\"){kind=logo}
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