Syros Pharmaceuticals (SYRS) Q2 2024 earnings summary

Executive summary

• Advancing tamibarotene as a potential new standard of care for higher-risk MDS and AML patients with RARA overexpression, with pivotal SELECT-MDS-1 Phase 3 data expected by mid-Q4 2024 and SELECT-AML-1 Phase 2 data in September 2024.

• Completed enrollment for SELECT-MDS-1 trial; SELECT-AML-1 continues to enroll, with updated data to be presented at SOHO 2024.

• Company restructured in late 2023, reducing headcount and focusing resources on tamibarotene, discontinuing other programs.

• Launch readiness and commercialization plans are progressing, with U.S. commercialization to be handled directly and European strategy involving partnerships.

• Tamibarotene targets significant unmet needs in hematologic malignancies, aiming to improve outcomes for a substantial patient population.

Financial highlights

• No revenue recognized in Q2 2024, compared to $2.8M in Q2 2023, due to the prior termination of a collaboration agreement.

• R&D expenses decreased to $22.0M from $29.6M year-over-year, reflecting reduced consulting, manufacturing, and headcount.

• G&A expenses fell to $5.5M from $7.2M year-over-year, mainly due to cost-cutting and lower headcount.

• Net loss for Q2 2024 was $23.3M ($0.59/share), improved from $36.3M ($1.30/share) in Q2 2023.

• Cash, cash equivalents, and marketable securities were $79.0M as of June 30, 2024.

Outlook and guidance

• Current cash position expected to fund operations into Q3 2025, covering key upcoming data milestones.

• Pivotal SELECT-MDS-1 Phase 3 data expected by mid-Q4 2024; SELECT-AML-1 Phase 2 data to be presented in September 2024.

• Plans to raise additional capital through equity, debt, or business development transactions; failure to secure funding may force further reductions or program delays.

• Focused expense management and resource allocation to support clinical and commercial objectives.

• Substantial additional funding will be required to continue operations beyond Q3 2025.