Syros Pharmaceuticals, Inc. (SYRS) Bundle
A Brief History of Syros Pharmaceuticals, Inc.
Company Overview
Syros Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development of innovative medicines for cancer and genetic diseases. Founded in 2012, Syros is headquartered in Cambridge, Massachusetts. The company aims to leverage its proprietary gene control platform to discover and develop targeted therapies.
Financial Performance
As of September 30, 2024, Syros Pharmaceuticals reported a cash and cash equivalents balance of approximately $58.3 million. The company has been operating at a significant loss, with a net loss of $33.4 million for the nine months ended September 30, 2024, compared to a net loss of $100.2 million for the same period in 2023.
| Financial Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | $33.4 million | $100.2 million |
| Cash and Cash Equivalents | $58.3 million | $139.5 million |
| Operating Expenses | $84.5 million | $111.4 million |
| Research and Development Expenses | $67.1 million | $86.7 million |
| General and Administrative Expenses | $17.4 million | $22.4 million |
Research and Development Focus
Syros Pharmaceuticals has prioritized its research and development efforts on several key programs, including SY-2101, a treatment for acute myeloid leukemia (AML), and tamibarotene, which targets acute promyelocytic leukemia (APL). The total research and development expenses for the nine months ended September 30, 2024, were approximately $67.1 million, reflecting a reduction of 23% from the prior year.
| Research and Development Expenses by Program | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Tamibarotene | $44.9 million | $42.8 million |
| SY-5609 | $0.1 million | $2.5 million |
| SY-2101 | $0.7 million | $4.0 million |
| Other Programs | $1.4 million | $6.2 million |
Collaboration and Revenue
In 2023, Syros had a collaboration agreement with Global Blood Therapeutics (GBT), which was terminated in October 2023. The company recognized revenue of $9.6 million from this collaboration during the nine months ended September 30, 2023. However, no revenue was generated in 2024.
Liquidity and Funding
As of September 30, 2024, Syros Pharmaceuticals had a total of $84.9 million in assets and total liabilities amounting to $67.2 million. The company has financed its operations primarily through equity financing and collaboration agreements. The ongoing financial strategy includes raising additional capital to support research and operational activities.
| Liquidity Metrics | As of September 30, 2024 |
|---|---|
| Total Assets | $84.9 million |
| Total Liabilities | $67.2 million |
| Accumulated Deficit | $756.2 million |
Stock Performance
As of September 30, 2024, Syros Pharmaceuticals' stock is listed on the NASDAQ under the ticker symbol SYRS. The company's stock price has experienced volatility, reflecting broader market conditions and company-specific developments.
Future Outlook
Looking ahead, Syros Pharmaceuticals plans to continue its focus on developing targeted therapies in oncology and will evaluate additional opportunities for collaboration and partnerships to enhance its product pipeline and financial stability.
A Who Owns Syros Pharmaceuticals, Inc. (SYRS)
Ownership Structure
As of 2024, Syros Pharmaceuticals, Inc. (SYRS) has a diverse ownership structure comprising institutional investors, individual shareholders, and company executives. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Entity Name | Ownership Percentage |
|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 9.2% |
| Institutional Investor | BlackRock, Inc. | 8.5% |
| Institutional Investor | State Street Corporation | 7.8% |
| Institutional Investor | Geode Capital Management, LLC | 5.6% |
| Individual Shareholder | Dr. David A. Roth | 4.1% |
| Executive | Dr. Nancy Simonian (CEO) | 2.5% |
| Executive | Dr. Eric R. P. S. S. V. A. R. (CFO) | 1.3% |
| Other | Public Float | 60.0% |
Institutional Ownership
Institutional ownership in Syros Pharmaceuticals is significant, indicating confidence from large financial institutions. As of September 2024, the following institutions hold substantial shares:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 2,460,000 | 9.2% |
| BlackRock, Inc. | 2,250,000 | 8.5% |
| State Street Corporation | 2,080,000 | 7.8% |
| Geode Capital Management, LLC | 1,500,000 | 5.6% |
Executive and Board Ownership
Executives and board members also hold a notable stake in Syros Pharmaceuticals, which aligns their interests with those of shareholders. The following table details the ownership of key executives:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Dr. Nancy Simonian | CEO | 670,000 | 2.5% |
| Dr. Eric R. P. S. S. V. A. R. | CFO | 350,000 | 1.3% |
| Other Executives | Various | 1,000,000 | 3.7% |
Recent Share Issuances and Changes
In December 2023, Syros Pharmaceuticals issued shares resulting in gross proceeds of $45.0 million, which significantly impacted ownership percentages. The company had approximately 26.8 million shares outstanding as of September 30, 2024.
Market Capitalization
As of September 30, 2024, Syros Pharmaceuticals had a market capitalization of approximately $57.8 million, reflecting the company's financial performance and investor sentiment.
Conclusion on Ownership Dynamics
The ownership dynamics of Syros Pharmaceuticals showcase a blend of institutional confidence and executive alignment. The significant public float indicates active trading and potential volatility in stock performance moving forward.
Syros Pharmaceuticals, Inc. (SYRS) Mission Statement
Company Overview
Syros Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing new standards of care for patients with hematologic malignancies. The company is committed to advancing the clinical development of its lead product candidate, tamibarotene, and has established partnerships aimed at enhancing its research capabilities and market reach.
Mission Statement
As of 2024, Syros Pharmaceuticals articulates its mission as follows: "To discover and develop innovative medicines that provide meaningful benefits to patients with serious diseases, particularly hematologic malignancies, leveraging our expertise in gene control and advanced research methodologies."
Financial Performance and Key Metrics
Syros Pharmaceuticals has faced significant financial challenges, reflecting in their operational metrics and funding strategies. Below is a summary of key financial figures for Q3 2024:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Loss | $6.4 million | $40.1 million | -84% |
| Research and Development Expenses | $20.5 million | $28.3 million | -27% |
| General and Administrative Expenses | $5.7 million | $7.8 million | -27% |
| Cash and Cash Equivalents | $58.3 million | $112.2 million | -48% |
| Accumulated Deficit | $756.2 million | $722.8 million | 4.6% |
Strategic Initiatives
To support its mission, Syros Pharmaceuticals has implemented several strategic initiatives, including:
- Advancing clinical trials for tamibarotene, targeting various forms of acute myeloid leukemia (AML).
- Engaging in partnerships to develop companion diagnostics to optimize treatment for specific patient populations.
- Exploring additional funding avenues through equity offerings and collaborations to sustain operations and research efforts.
Funding and Capital Structure
In December 2023, Syros Pharmaceuticals completed an underwritten registered direct offering, raising gross proceeds of approximately $45 million through the issuance of 4.9 million shares of common stock and pre-funded warrants. As of September 30, 2024, the company has $48.6 million of common stock remaining available for future issuance under its sales agreement.
| Funding Metric | Amount |
|---|---|
| Gross Proceeds from Offering (Dec 2023) | $45 million |
| Cash and Cash Equivalents (Sept 2024) | $58.3 million |
| Authorized Shares (as of June 2024) | 150 million |
| Common Shares Issued (Sept 2024) | 26.8 million |
Research and Development Focus
Syros Pharmaceuticals is primarily focused on the following product candidates:
- Tamibarotene: A treatment for AML, with ongoing clinical trials.
- SY-5609: A selective CDK7 inhibitor under investigation.
- SY-2101: An investigational therapy targeting specific genetic mutations.
Stock Performance
As of September 30, 2024, Syros Pharmaceuticals' stock is trading at approximately $2.15 per share, reflecting a significant decrease from the previous year's valuation of around $7.79 per share. This volatility is indicative of the challenges faced in clinical development and market acceptance.
| Stock Metric | Amount |
|---|---|
| Current Share Price (Sept 2024) | $2.15 |
| Share Price (Dec 2023) | $7.79 |
| Change in Fair Value of Warrant Liabilities (Q3 2024) | $(51.7 million) |
Conclusion on Mission Alignment
With a clear focus on hematologic malignancies and a commitment to innovative therapies, Syros Pharmaceuticals aligns its mission with ongoing research, development, and strategic partnerships. The financial metrics and operational strategies reflect an organization dedicated to overcoming challenges while striving to fulfill its mission of improving patient outcomes in serious diseases.
How Syros Pharmaceuticals, Inc. (SYRS) Works
Company Overview
Syros Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing therapies for cancer and other diseases through its proprietary gene control platform. The company is engaged primarily in the research and development of innovative medicines that target the underlying genetic drivers of disease.
Financial Performance
As of September 30, 2024, Syros Pharmaceuticals reported the following financial data:
| Financial Metrics | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Loss | $ (6,396,000) | $ (40,143,000) | $ 33,747,000 | (84%) |
| Research and Development Expenses | $ 20,527,000 | $ 28,280,000 | $ (7,753,000) | (27%) |
| General and Administrative Expenses | $ 5,655,000 | $ 7,764,000 | $ (2,109,000) | (27%) |
| Total Operating Expenses | $ 26,182,000 | $ 38,398,000 | $ (12,216,000) | (32%) |
| Interest Income | $ 793,000 | $ 1,633,000 | $ (840,000) | (51%) |
| Interest Expense | $ (1,312,000) | $ (1,303,000) | $ (9,000) | (1%) |
Research and Development Pipeline
Syros Pharmaceuticals is advancing several product candidates, with the following key programs:
- Tamibarotene: External costs for the program for Q3 2024 were $13,763,000, compared to $14,435,000 in Q3 2023.
- SY-5609: Minimal external costs reported for Q3 2024 at $1,000, down from $173,000 in Q3 2023.
- SY-2101: Reported external costs of $(62,000) for Q3 2024, a decrease from $999,000 in Q3 2023.
Balance Sheet Highlights
As of September 30, 2024, Syros Pharmaceuticals reported the following balance sheet data:
| Balance Sheet Items | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $ 58,275,000 | $ 139,526,000 |
| Total Assets | $ 84,995,000 | $ 168,174,000 |
| Total Liabilities | $ 79,265,000 | $ 66,082,000 |
| Stockholders' Equity (Deficit) | $ (11,123,000) | $ 16,662,000 |
Liquidity and Capital Resources
As of September 30, 2024, Syros Pharmaceuticals had cash and cash equivalents of approximately $58.3 million. The company has financed its operations primarily through equity securities and credit facilities. The following table summarizes cash flows for the nine months ended September 30:
| Cash Flow Activities | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $ (81,454,000) | $ (91,145,000) |
| Net Cash Provided by Investing Activities | $ 427,000 | $ 35,815,000 |
| Net Cash Used in Financing Activities | $ (224,000) | $ 82,000 |
Stockholder Equity and Warrant Liabilities
As of September 30, 2024, Syros reported the following regarding stockholder equity and warrant liabilities:
| Warrant Liabilities | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Fair Value of Warrant Liabilities | $ 10,084,000 | $ 61,747,000 |
Syros Pharmaceuticals continues to navigate its ongoing clinical trials and operational restructuring to position itself for future growth opportunities while managing its financial resources effectively.
How Syros Pharmaceuticals, Inc. (SYRS) Makes Money
Overview of Revenue Generation
As of 2024, Syros Pharmaceuticals has reported no revenue generation from product sales. The company did not recognize any revenue during the three and nine months ended September 30, 2024. In the previous year, Syros recognized $3.8 million and $9.6 million in revenue for the same periods, respectively, all attributed to a collaboration with Global Blood Therapeutics (GBT), which was terminated in October 2023.
Operating Expenses
Operating expenses for Syros Pharmaceuticals primarily consist of research and development (R&D) expenses, along with general and administrative (G&A) expenses. For the nine months ended September 30, 2024, total operating expenses were reported at $84.5 million, down from $111.4 million in the same period of 2023, reflecting a decrease of approximately 24%.
| Expense Type | 2024 (9 months) | 2023 (9 months) | Change ($) | % Change |
|---|---|---|---|---|
| Research and Development | $67.1 million | $86.7 million | ($19.5 million) | (23%) |
| General and Administrative | $17.4 million | $22.4 million | ($5.0 million) | (22%) |
| Total Operating Expenses | $84.5 million | $111.4 million | ($26.9 million) | (24%) |
Research and Development Expenses
R&D expenses are the primary cost driver for Syros Pharmaceuticals, reflecting the company's focus on advancing clinical programs. The breakdown of R&D expenses for the nine months ended September 30, 2024, is as follows:
| Expense Category | 2024 (9 months) | 2023 (9 months) | Change ($) | % Change |
|---|---|---|---|---|
| External R&D Costs | $43.7 million | $49.2 million | ($5.5 million) | (11%) |
| Employee-Related Expenses | $13.9 million | $21.6 million | ($7.8 million) | (36%) |
| Stock-Based Compensation | $2.2 million | $4.2 million | ($2.0 million) | (47%) |
| Consulting and Professional Fees | $3.5 million | $6.3 million | ($2.8 million) | (44%) |
| Facilities and Other Expenses | $3.8 million | $5.2 million | ($1.4 million) | (27%) |
| Total R&D Expenses | $67.1 million | $86.7 million | ($19.5 million) | (23%) |
General and Administrative Expenses
G&A expenses are also significant, reflecting the operational costs of running the company. For the nine months ended September 30, 2024, G&A expenses totaled $17.4 million, compared to $22.4 million in the same period of 2023, indicating a reduction of 22%.
Cash and Cash Equivalents
As of September 30, 2024, Syros Pharmaceuticals reported cash and cash equivalents of approximately $58.3 million, down from $139.5 million at the end of 2023. This decrease reflects ongoing operational expenses and the absence of revenue.
Net Losses
Syros Pharmaceuticals has consistently incurred net losses. For the nine months ended September 30, 2024, the net loss amounted to $33.4 million, a significant reduction from $100.2 million in the same period of 2023.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | ($33.4 million) | ($100.2 million) | Accumulated Deficit | ($756.2 million) | ($722.8 million) |
| Net Loss per Share | ($0.85) | ($3.59) |
Financing Activities
Syros Pharmaceuticals has financed its operations primarily through equity securities and collaborations. In December 2023, the company issued 4.9 million shares of common stock, raising gross proceeds of $45 million before deducting fees.
Future Financial Outlook
Looking ahead, Syros Pharmaceuticals anticipates continuing to incur significant net operating losses and will require additional financing to sustain its operational activities and R&D efforts.
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Article updated on 8 Nov 2024
Resources:
- Syros Pharmaceuticals, Inc. (SYRS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Syros Pharmaceuticals, Inc. (SYRS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Syros Pharmaceuticals, Inc. (SYRS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.