Syros Announces Q2 2024 Financial Results and Business Update

Syros Pharmaceuticals, a biopharmaceutical company based in Cambridge, Massachusetts, is advancing innovative treatments for hematologic malignancies. The company recently announced its financial results for the quarter ending June 30, 2024, and provided key corporate updates.

CEO Conley Chee expressed confidence about the company's direction, emphasizing upcoming clinical data releases expected in late 2024. By mid-fourth quarter, Syros anticipates pivotal complete response data from the Phase 3 SELECT-MDS-1 trial. Additionally, clinical activity and tolerability data from over 40 patients in the SELECT-AML-1 Phase 2 trial will be presented at the SOHO annual meeting in September 2024.

Chee highlighted the company's commitment to developing tamibarotene as a new standard-of-care for patients with RARA overexpression in higher-risk myelodysplastic syndrome (MDS) and acute myeloid leukemia (AML). Syros' approach targets approximately 50% of higher-risk MDS and 30% of AML patients with RARA overexpression, addressing a significant unmet need. The focus remains on delivering effective, convenient, and well-tolerated treatment options to improve patient outcomes and quality of life.

Upcoming milestones include the pivotal CR data from the SELECT-MDS-1 Phase 3 trial and clinical activity data from the SELECT-AML-1 Phase 2 trial. Syros aims to file its first New Drug Application (NDA) and is preparing for a potential launch to deliver tamibarotene to those in need.

In June, Syros hosted a webinar discussing the disease biology and current treatment landscape in HR-MDS. The event, which featured presentations from medical experts, is available as an archived replay on Syros' website.

For the second quarter of 2024, Syros did not recognize any revenue, a decrease from $2.8 million in the same period last year, due to the termination of a collaboration agreement with Pfizer. Research and development expenses were $22.0 million, down from $29.6 million in the previous year, primarily due to reduced consulting, manufacturing costs, and headcount. General and administrative expenses also decreased to $5.5 million from $7.2 million, reflecting reduced headcount, consulting fees, and facilities costs. Net loss for the quarter was $23.3 million, or $0.59 per share, compared to $36.3 million, or $1.30 per share, in the same period of 2023.

As of June 30, 2024, Syros held $79.0 million in cash, cash equivalents, and marketable securities, a decrease from $108.3 million at the end of March 2024. The company believes its current financial resources are sufficient to fund operations and capital expenditures into the third quarter of 2025, beyond forthcoming pivotal trial data.

Driven by the mission to set new care standards for hematologic malignancies, Syros is developing tamibarotene for frontline patients with higher-risk MDS and AML with RARA overexpression. The company remains focused on delivering significant benefits to patients in need.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!