pharmaceutical daily

Syros Reports Fourth Quarter and Full Year 2020 Financial Results and Highlights Key Accomplishments and Upcoming Milestones

Initiated Phase 3 Trial of SY-1425 in Combination with Azacitidine in RARA-Positive Newly Diagnosed Higher-Risk MDS Patients

On Track to Initiate Two Additional Clinical Trials Across Hematology Franchise in 2H 2021

On Track to Report Additional Dose-Escalation Data for SY-5609 in Select Solid Tumors in Q3 2021, with Expansion Phase of Trial Expected to Begin in 2H 2021

Well-funded with Cash Runway into 2023, Through Multiple Potential Value Drivers

Management to Host Conference Call at 8:30 a.m. ET Today

CAMBRIDGE, Mass.–(BUSINESS WIRE)–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, 2020, and provided an update on recent accomplishments and upcoming events.

2021 promises to be a pivotal year for Syros,” said Nancy Simonian, M.D., Chief Executive Officer of Syros. “We moved our lead program into our first registration-enabling study and continue to advance all three of our clinical-stage programs with the aim of setting new standards of care for targeted populations of patients with hematological malignancies and solid tumors. Following our recent financings, we are operating from a position of substantial strength, with capital to advance SY-1425, SY-2101 and SY-5609 through multiple expected data readouts while investing in our gene control platform to fuel our long-term pipeline. We are focused on executing with excellence as we accelerate toward our goal of bringing medicines to market that provide profound benefits for patients.”

Upcoming Milestones

SY-1425: Oral RARα agonist

SY-2101: Oral arsenic trioxide (ATO)

SY-5609: Oral CDK7 inhibitor

Gene control discovery engine

Recent Pipeline Highlights

Recent Corporate Highlights

Fourth Quarter and Full Year 2020 Financial Results

Cash and Financial Guidance

Cash, cash equivalents and marketable securities as of December 31, 2020 were $174.0 million, as compared with $91.4 million on December 31, 2019. This increase reflects the $20 million upfront payment received in January 2020 in connection with Syros’ collaboration with GBT, $40.0 million in total that Syros drew from its senior secured loan facility with Oxford Finance, $12.3 million from the sale of common stock under Syros’ at-the-market sales facility in the first quarter of 2020 and the $90.5 million that Syros received from its December private placement, partially offset by the $12.0 million paid for the acquisition of SY-2101 from Orsenix, LLC and cash used to fund its operations. Cash, cash equivalents and marketable securities as of December 31, 2020 do not include gross proceeds of $75.6 million from the January 2021 public offering.

Based on its current plans, Syros believes that its existing cash, cash equivalents and marketable securities, including proceeds from its January 2021 public offering, will be sufficient to fund its planned operating expenses and capital expenditure requirements into 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 2020 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 4472467. 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: SY-1425, 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. 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’s clinical development plans, including with respect to SY-1425, SY-2101 and SY-5609, the timing of anticipated data readouts from its clinical trials, the timing of nomination of Syros’s next development candidate, Syros’s estimates regarding its balance of cash, cash equivalents and marketable securities for the year ended December 31, 2020, and the sufficiency of Syros’ capital resources to fund its operating expenses and capital expenditure requirements into 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 SY-1425, 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, 2020, 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 outbreak 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 outbreak, 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,

2020

 

December 31,

2019

Cash, cash equivalents and marketable securities

 

$

173,984

 

$

91,416

Working capital1

 

 

149,933

 

 

90,997

Total assets

 

 

213,250

 

 

149,978

Total stockholders’ equity

 

 

90,553

 

 

79,184

(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

 

Year Ended

 

December 31,

 

December 31,

 

2020

 

2019

 

2020

 

2019

Revenue

$

5,698

 

$

508

 

$

15,093

 

$

1,982

 

Operating expenses:

 

 

Research and development

 

29,026

 

 

14,277

 

 

76,065

 

 

58,245

 

General and administrative

 

5,892

 

 

6,402

 

 

21,325

 

 

21,478

 

Total operating expenses

 

34,918

 

 

20,679

 

 

97,390

 

 

79,723

 

Loss from operation

 

(29,220

)

 

(20,171

)

 

(82,297

)

 

(77,741

)

Interest income

 

6

 

 

462

 

 

426

 

 

2,375

 

Interest expense

 

(541

)

 

(20

)

 

(1,792

)

 

(72

)

Change in fair value of warrant liability

 

(375

)

 

 

 

(375

)

 

 

Net loss applicable to common stockholders

$

(30,130

)

$

(19,729

)

$

(84,038

)

$

(75,438

)

 

 

 

Net loss per share – basic and diluted applicable to common stockholders

$

(0.62

)

$

(0.46

)

$

(1.82

)

$

(1.88

)

 

 

Weighted-average number of common shares used in net loss per share – basic and diluted

48,774,598

42,885,208

46,051,617

40,222,182

 

 

Contacts

Media Contact
Naomi Aoki

Syros Pharmaceuticals

617-283-4298

naoki@syros.com

Investor Contact
Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

hannah.deresiewicz@sternir.com

Exit mobile version