Q1 2024 Syros Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Syros Pharmaceuticals Inc (SYRS) reported passing the prespecified interim futility analysis for the Phase 3 SELECT-MDS-1 trial, indicating continued potential for Tamibarotene as a treatment for hematologic malignancies.
- The FDA granted Fast Track designation for Tamibarotene in combination with venetoclax and azacitidine for the treatment of newly diagnosed unfit AML, reflecting the unmet medical need and strength of initial data.
- Syros Pharmaceuticals Inc (SYRS) has successfully completed enrollment for the necessary patient count in the SELECT-MDS-1 trial, staying on track for pivotal data readout by mid Q4.
- The company has demonstrated a well-tolerated safety profile for Tamibarotene, which is crucial for its target demographic of elderly patients with high-risk MDS.
- Syros Pharmaceuticals Inc (SYRS) has a strong cash position, with sufficient funds to cover anticipated operating expenses and capital expenditure requirements into the third quarter of 2025.
- Syros Pharmaceuticals Inc (SYRS) did not recognize any revenue in the first quarter of 2024, reflecting a decrease from the previous year due to the termination of a collaboration agreement with Pfizer.
- Research and Development (R&D) expenses, although reduced from the previous year, remain high at $24.7 million, focusing primarily on the advancement of Tamibarotene.
- General and Administrative (G&A) expenses, while reduced, still amounted to $6.3 million in the first quarter of 2024.
- The company reported a net loss of $3.7 million for the first quarter of 2024, indicating ongoing financial challenges despite reduced losses compared to the previous year.
- The competitive landscape for higher risk MDS treatments is narrowing, with several compounds failing due to efficacy or safety issues, which could pose risks for Syros Pharmaceuticals Inc (SYRS)'s ongoing trials.
Good morning, and welcome to Syros Pharmaceuticals; first quarter 2024 financial results conference call. (Operator Instructions) 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.
This morning, we issued a press release announcing our first quarter 2024 financial results. The full release is available on the Investor & 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. We will then open the call for questions.
Kristin Stevens, our Chief Development Officer is
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
