Q2 2024 Syros Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Syros Pharmaceuticals Inc (SYRS) is preparing for upcoming data readouts for tamibarotene in AML and higher-risk MDS patients, with plans for NDA filing and launch readiness.
- The company is well-positioned to execute on the commercial opportunity for tamibarotene in the U.S., leveraging its team's successful track record.
- Tamibarotene has shown high complete response rates, rapid time to response, and a favorable tolerability profile in trials, indicating potential as a new standard of care.
- The SELECT-MDS-1 trial is powered to over 90% to show a difference in CR rates, with pivotal data expected by mid-Q4 2024.
- Syros Pharmaceuticals Inc (SYRS) has reduced R&D and G&A expenses, reflecting a focused approach on advancing tamibarotene, and has sufficient cash to fund operations into Q3 2025.
- Syros Pharmaceuticals Inc (SYRS) did not recognize revenue in Q2 2024, compared to $2.8 million in Q2 2023, due to the termination of a collaboration agreement with Pfizer.
- The company reported a net loss of $23.3 million for Q2 2024, although this is an improvement from the $36.3 million loss in Q2 2023.
- There is uncertainty regarding the go/no-go decision for advancing tamibarotene into a pivotal study in AML, pending further data analysis.
- The European commercialization strategy for tamibarotene is not yet fully defined, with plans to seek a partner for execution.
- Cash, cash equivalents, and marketable securities decreased from $108.3 million as of March 31, 2024, to $79 million as of June 30, 2024.
Good morning, and welcome to Syros Pharmaceuticals Second Quarter 2024 financial results conference call. At this time, all participants are in listen only mode. 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 second quarter 2024 financial results. The full release is available on in the (technical difficulty) 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
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