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Syros Reports Third Quarter 2019 Financial Results and Highlights Key Accomplishments and Upcoming Milestones

November 12, 2019

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov 12, 2019--

Syros Pharmaceuticals (NASDAQ: SYRS), a leader in the development of medicines that control the expression of genes, today reported financial results for the quarter ended September 30, 2019, and provided an update on recent accomplishments and upcoming events.

“At Syros, we are focused where we believe we have the greatest potential to make a profound difference for patients by developing small-molecule medicines to control the expression of genes,” said Nancy Simonian, M.D., Chief Executive Officer of Syros. “This quarter, we made important strides on that front. We reported strong clinical data from our Phase 2 trial of SY-1425 in RARA-positive newly diagnosed unfit AML patients, showing that our discovery of this novel patient subset is translating into clinical benefit. Building on our leadership in selective CDK7 inhibition, we presented new preclinical data on SY-5609 in models of difficult-to-treat solid tumors, highlighting its best-in-class potential as an oral CDK7 inhibitor. These data inform our clinical development plans for both programs and provide us a clear path to make meaningful progress across our pipeline next year. We look forward to reporting potential proof-of-concept data in 2020 for SY-1425 in relapsed or refractory RARA-positive AML patients and to initiating a Phase 1 study of SY-5609 in select solid tumors in the first quarter of 2020.”

Upcoming Milestones:

SY-1425

SY-5609

Discovery-Stage Pipeline

Recent Pipeline Highlights:

Third Quarter 2019 Financial Results:

Syros had cash, cash equivalents and marketable securities of $108.1 million as of September 30, 2019, as compared with $99.7 million in December 31, 2018. This increase in cash reflects aggregate net proceeds of approximately $65.0 million from Syros’ two concurrent underwritten public offerings, which closed in April 2019.

For the third quarter of 2019, Syros reported a net loss of $19.8 million, or $0.47 per share, compared to a net loss of $15.7 million, or $0.47 per share, for the same period in 2018.

Updated Financial Guidance:
Based on its current plans, Syros believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its planned operating expenses and capital expenditure requirements to the end of the second quarter of 2021.

Conference Call and Webcast:
Syros will host a conference call today at 8:30 a.m. ET to discuss these third quarter 2019 financial results and provide a corporate update.

To access the live conference call, please dial (866) 595-4538 (domestic) or (636) 812-6496 (international), and refer to conference ID 1994858. A webcast of the call will also be available on the Investors & Media section of the Syros website at www.syros.com. An archived replay of the webcast will be available for approximately 30 days following the call.

About Syros Pharmaceuticals:
Syros is redefining the power of small molecules to control the expression of genes. Based on its unique ability to elucidate regulatory regions of the genome, Syros aims to develop medicines that provide a profound benefit for patients with diseases that have eluded other genomics-based approaches. Syros is advancing a robust pipeline of development candidates, including SY-1425, a first-in-class oral selective RARα agonist in a Phase 2 trial in a genomically defined subset of acute myeloid leukemia patients, and SY-5609, a highly selective and potent oral CDK7 inhibitor in investigational new drug application-enabling studies in cancer. Syros also has multiple preclinical and discovery programs in oncology and monogenic diseases, including sickle cell disease. For more information, visit www.syros.com and follow us on Twitter (@SyrosPharma) and LinkedIn.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the Company’s ability to: complete enrollment in the cohort of the ongoing Phase 2 clinical trial of SY-1425 in biomarker-positive newly diagnosed unfit AML patients in the fourth quarter of 2019; achieve clinical proof in the cohort of the ongoing Phase 2 clinical trial of SY-1425 in relapsed or refractory AML patients and present data from such cohort in 2020; demonstrate the predictive value of the Company’s RARA biomarker; complete IND-enabling preclinical studies of SY-5609 by year-end and begin clinical development in the first quarter of 2020; present data on the Company’s sickle cell disase and other discovery programs; and fund its planned operations to the end of the second quarter of 2021. The words ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ “hope,” ‘‘intend,’’ ‘‘may,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘target,’’ ‘‘should,’’ ‘‘would,’’ and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including Syros’ ability to: advance the development of its programs, including SY-1425 and SY-5609, under the timelines it projects in current and future clinical trials; demonstrate in any current and future clinical trials the requisite safety, efficacy and combinability of its drug candidates; successfully progress SY-5609 through IND-enabling preclinical and toxicology studies and file an IND; replicate scientific and non-clinical data in clinical trials; successfully develop a companion diagnostic test to identify patients with the RARA biomarker; obtain and maintain patent protection for its drug candidates and the freedom to operate under third party intellectual property; obtain and maintain necessary regulatory approvals; identify, enter into and maintain collaboration agreements with third parties, including its ability to perform under the collaboration agreement with Incyte; manage competition; manage expenses; raise the substantial additional capital needed to achieve its business objectives; attract and retain qualified personnel; and successfully execute on its business strategies; risks described under the caption “Risk Factors” in Syros’ Annual Report on Form 10-K for the year ended December 31, 2018 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, each of which is on file with the Securities and Exchange Commission; and risks described in other filings that Syros makes with the Securities and Exchange Commission in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and Syros expressly disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise.

 

Syros Pharmaceuticals, Inc.

Selected Condensed Consolidated Balance Sheet Data

(in thousands)

(unaudited)

 

 

September 30, 2019

 

December 31, 2018

Cash, cash equivalents and marketable securities

 

$

108,138

 

$

99,679

Working capital 1

 

 

88,450

 

 

82,205

Total assets

 

 

143,831

 

 

106,766

Total stockholders’ equity

 

 

94,574

 

 

78,586

 

Syros Pharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

Revenue

 

$

558

 

$

412

 

$

1,474

 

$

1,157

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

15,931

 

 

12,856

 

 

43,968

 

 

35,054

 

General and administrative

 

 

5,016

 

 

3,876

 

 

15,077

 

 

11,792

 

Total operating expenses

 

 

20,947

 

 

16,732

 

 

59,045

 

 

46,846

 

Loss from operations

 

 

(20,389)

 

 

(16,320)

 

 

(57,571)

 

 

(45,689)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

 

596

 

 

583

 

 

1,862

 

 

1,442

 

Net loss applicable to common stockholders

 

$

(19,793)

 

$

(15,737

)

$

(55,709)

 

$

(44,247)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic and diluted applicable to common stockholders

 

$

(0.47)

 

$

(0.47)

 

$

(1.42)

 

$

(1.37)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted

 

 

42,439,338

 

 

33,653,479

 

 

39,324,751

 

 

32,306,261

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191112005584/en/

CONTACT: Media Contact:

Naomi Aoki

Syros Pharmaceuticals, Inc.

617-283-4298

naoki@syros.com Investor Contact:

Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

hannah.deresiewicz@sternir.com

KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: FDA HEALTH GENETICS CLINICAL TRIALS PHARMACEUTICAL BIOTECHNOLOGY

SOURCE: Syros Pharmaceuticals

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PUB: 11/12/2019 08:00 AM/DISC: 11/12/2019 08:01 AM

http://www.businesswire.com/news/home/20191112005584/en