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Syros Pharmaceuticals
Syros Pharmaceuticals (SYRS) investor relations material
Syros Pharmaceuticals has been delisted
Syros Pharmaceuticals Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary31 Oct, 2024
Executive summary
Advancing tamibarotene as a potential new standard of care for newly diagnosed higher-risk MDS patients with RARA overexpression, representing about 50% of this population.
Pivotal data readout from the SELECT-MDS-1 Phase 3 trial expected in mid-November 2024, a key milestone for the company.
Preparing for first NDA filing and commercial launch of tamibarotene in the U.S., targeting a significant unmet need.
The company discontinued enrollment in SELECT-AML-1 and prioritized tamibarotene after a 2023 restructuring and cost reduction.
No product sales revenue has been generated; operations are funded by equity, debt, and collaborations.
Financial highlights
No revenue recognized in Q3 2024, compared to $3.8 million in Q3 2023, due to the prior termination of a collaboration agreement.
R&D expenses decreased to $20.5 million from $28.3 million year-over-year; G&A expenses fell to $5.7 million from $7.8 million.
Net loss for Q3 2024 was $6.4 million ($0.16 per share), a significant improvement from $40.1 million ($1.43 per share) in Q3 2023.
Cash and cash equivalents were $58.3 million as of September 30, 2024, expected to fund operations into Q3 2025.
Gain from change in fair value of warrant liabilities was $20.3 million in Q3 2024, reflecting a decrease in stock price.
Outlook and guidance
SELECT-MDS-1 Phase 3 trial data to be reported in mid-November 2024, focusing on complete response (CR) rate as the primary endpoint.
NDA submission preparations underway, with routine regulatory steps planned post-data release.
Commercial launch plans for tamibarotene are in place, with accelerated activities expected following positive data.
Cash runway is expected to fund operations into Q3 2025; additional funding will be required beyond that point.
Management is pursuing additional capital through equity, debt, or business development transactions.
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Syros Pharmaceuticals
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Frequently asked questions
Syros Pharmaceuticals Inc. is a biopharmaceutical company focused on developing targeted therapies for cancer and other serious diseases. The company uses its proprietary gene control platform to identify and develop small-molecule drugs that modulate the expression of specific genes associated with disease. Syros's pipeline includes investigational treatments for hematologic cancers, solid tumors, and other genetically defined diseases. The company is headquartered in Cambridge, Massachusetts, and its shares are listed on the NASDAQ.
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