Q3 2024 Syros Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Syros Pharmaceuticals Inc (SYRS) is advancing tamibarotene as a potential new standard of care for higher-risk MDS patients with RARA overexpression, targeting a significant unmet medical need.
- The SELECT-MDS-1 Phase III trial is nearing a pivotal data readout, which could be transformative for the company.
- The market opportunity for tamibarotene in the U.S. is projected to be over $800 million by 2029, indicating significant commercial potential.
- The company has reduced R&D and G&A expenses, reflecting a focused approach on tamibarotene and improved financial management.
- Syros Pharmaceuticals Inc (SYRS) has a strong cash position, sufficient to fund operations into the third quarter of 2025, providing financial stability for ongoing projects.
- Syros Pharmaceuticals Inc (SYRS) did not recognize any revenue in the third quarter of 2024, compared to $3.8 million in the same period of 2023, due to the termination of a collaboration agreement with Pfizer.
- The company reported a net loss of $6.4 million for the third quarter of 2024, although this is an improvement from the previous year's loss.
- There is uncertainty surrounding the outcome of the SELECT-MDS-1 trial, which is crucial for the company's future prospects.
- The company is heavily reliant on the success of tamibarotene, which poses a risk if the trial results are not favorable.
- Syros Pharmaceuticals Inc (SYRS) has not yet secured a partner for its CDK7 inhibitor, 5609, which could limit its potential development and commercialization.
Good morning, and welcome to the Syros Pharmaceuticals Third Quarter 2024 Financial Results Conference Call. (Operator Instructions) Note that this call is being webcast live on the Investors and Media section of Syros' website at www.syros.com. Please be advised that today's call is being recorded.
At this time, I would like to turn the call over to Karen Hunady, Director of Investor Relations and Corporate Communications at Syros. Please go ahead.
Thank you. This morning, we issued a press release announcing our third quarter 2024 financial results. The full release is available on the Investors & Media section of Syros' website at www.syros.com. We will begin the call with prepared remarks by Conley Chee, our Chief Executive Officer; Dr. David Roth, our Chief Medical Officer; and Jason Haas, our Chief Financial Officer.
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