Syros Pharmaceuticals (NASDAQ:SYRS), a leader in the development of medicines that control the expression of genes, today reported financial results for the quarter ended December 31, 2019, and provided an update on recent accomplishments and upcoming events.
“We are entering 2020 in a position of strength,” said Nancy Simonian, M.D., Chief Executive Officer of Syros. “Following the recent initiation of our Phase 1 trial of SY-5609, we are advancing two oral investigational medicines through development in multiple cancer patient populations that we believe are most likely to respond to these targeted agents, both with meaningful data readouts expected in the fourth quarter. Meanwhile, our gene control platform continues to fuel a robust preclinical and discovery pipeline in oncology and monogenic diseases. We are committed to executing with excellence on our ongoing efforts and, longer term, to leveraging our deep understanding of the regulatory genome to deliver much-needed medicines that provide profound benefits for patients.”
Upcoming Milestones:
SY-1425
SY-5609
Preclinical Pipeline
Recent Pipeline Highlights:
Recent Corporate Highlights:
Fourth Quarter 2019 Financial Results:
Cash, cash equivalents and marketable securities as of December 31, 2019 were $91.4 million, compared with $99.7 million on December 31, 2018. This reflects aggregate net proceeds of approximately $65 million from Syros’ two concurrent underwritten public offerings, which closed in April 2019 but does not include the $20 million upfront payment received in connection with entry into collaboration with GBT or the $20 million from the initial tranche of the Oxford loan facility.
For the fourth quarter of 2019, Syros reported a net loss of $19.7 million, or $0.46 per share, compared to a net loss of $18.0 million, or $0.54 per share, for the same period in 2018.
Full Year 2019 Financial Results:
For the full year ended December 31, 2019, Syros reported a net loss of $75.4 million, or $1.88 per share, compared to a net loss of $62.3 million, or $1.91 per share, for the same period in 2018.
Financial Guidance:
Based on its current plans, Syros believes that its existing cash, cash equivalents and marketable securities, including the upfront payment received in connection with the GBT collaboration and the initial tranche of the Oxford loan facility, will be sufficient to fund its planned operating expenses and capital expenditures requirements into 2022, beyond key milestones expected for both SY-1425 and SY-5609.
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 2019 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 2764269. 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 call.
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 pipeline, including SY-1425, a first-in-class oral selective RARα agonist in a Phase 2 trial in a genomically defined subset of acute myeloid leukemia patients, and SY-5609, a highly selective and potent oral CDK7 inhibitor in a Phase 1 trial in patients with select solid tumors. 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 the timing for reporting and the quality of data from the ongoing clinical trial evaluating SY-1425 in combination with azacitidine in AML patients, the timing for reporting data from the Phase 1 clinical trial of SY-5609, the advancement of the Company’s preclinical and discovery programs, the timing for nomination of the Company’s next development candidate, the ability to draw future tranches under the Company’s loan agreement with Oxford, and the sufficiency of the Company’s capital resources to fund operating expense and capital expenditure requirements into 2022 through key clinical milestones. 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 SY-1425 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; replicate scientific and non-clinical data in clinical trials; 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, including its ability to perform under its collaboration agreements with Incyte Corporation and Global Blood Therapeutics; 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, 2019, 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. 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.
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December 31, 2019 |
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December 31, 2018 |
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Cash, cash equivalents and marketable securities |
|
$ |
91,416 |
|
$ |
99,679 |
Working capital1 |
|
|
90,997 |
|
|
82,205 |
Total assets |
|
|
149,978 |
|
|
106,766 |
Total stockholders’ equity |
|
|
79,184 |
|
|
78,586 |
Syros Pharmaceuticals, Inc.
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Three Months Ended |
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Year ended |
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December 31, |
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December 31, |
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2019 |
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2018 |
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2019 |
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2018 |
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Revenue |
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$ |
|
508 |
|
|
$ |
|
893 |
|
|
$ |
|
1,982 |
|
|
$ |
|
2,050 |
|
Operating expenses: |
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|
|
|
|
|
|
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|
|
|
|
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|||||||
Research and development |
|
|
14,277 |
|
|
|
15,128 |
|
|
|
58,245 |
|
|
|
50,182 |
|
||||
General and administrative |
|
|
6,402 |
|
|
|
4,372 |
|
|
|
21,478 |
|
|
|
16,164 |
|
||||
Total operating expenses |
|
|
20,679 |
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|
|
19,500 |
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|
79,723 |
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|
|
66,346 |
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Loss from operations |
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|
(20,171 |
) |
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(18,607 |
) |
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(77,741 |
) |
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|
(64,296 |
) | ||||
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|
|
|
|
|
|
|
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|
|
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|||||||
Other income, net |
|
|
442 |
|
|
|
575 |
|
|
|
2,303 |
|
|
|
2,017 |
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Net loss applicable to common stockholders |
|
$ |
|
(19,729 |
) |
|
$ |
|
(18,032 |
) |
$ |
|
(75,438 |
) |
|
$ |
|
(62,279 |
) |
|
|
|
|
|
|
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|
|
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|
|
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Net loss per share - basic and diluted applicable to common stockholders |
|
$ |
|
(0.46 |
) |
|
$ |
|
(0.54 |
) |
|
$ |
|
(1.88 |
) |
|
$ |
|
(1.91 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200305005105/en/
Media Contact:
Naomi Aoki
Syros Pharmaceuticals, Inc.
617-283-4298
[email protected]
Investor Contact:
Hannah Deresiewicz
Stern Investor Relations, Inc.
212-362-1200
[email protected]