Syros Pharmaceuticals, Inc. (SYRS) Bundle
An Overview of Syros Pharmaceuticals, Inc. (SYRS)
General Summary of Syros Pharmaceuticals, Inc. (SYRS)
Syros Pharmaceuticals, Inc. is a biopharmaceutical company founded in 2012, focused on developing innovative medicines for patients with genetically defined diseases. The company's pipeline includes product candidates aimed at treating various cancers and genetic disorders. As of 2024, Syros is primarily known for its lead product, tamibarotene, which is in clinical development for the treatment of acute promyelocytic leukemia (APL).
As of 2024, Syros Pharmaceuticals reported total sales of $0, as the company has not yet generated revenue from product sales and has terminated its collaboration with Global Blood Therapeutics (GBT).
Company's Financial Performance in the Latest Financial Reports
For the three months ended September 30, 2024, Syros Pharmaceuticals reported a net loss of $6.4 million, compared to a net loss of $40.1 million for the same period in 2023. The company did not recognize any revenue during this period, continuing a trend from the nine months ended September 30, 2024, where revenue remained at $0 compared to $9.6 million for the same period in 2023.
The following table summarizes key financial metrics for Syros Pharmaceuticals:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $6.4 million | $40.1 million | $33.7 million improvement |
| Revenue | $0 | $3.8 million | $3.8 million decrease |
| Research and Development Expenses | $20.5 million | $28.3 million | $7.8 million decrease |
| General and Administrative Expenses | $5.7 million | $7.8 million | $2.1 million decrease |
For the nine months ended September 30, 2024, Syros reported a net loss of $33.4 million, compared to a net loss of $100.2 million in the same period in 2023. This demonstrates a significant reduction in losses, attributed to decreased operating expenses, particularly in research and development, which totaled $67.1 million in 2024 compared to $86.7 million in 2023.
Introduction to Syros Pharmaceuticals as a Leader in the Industry
Syros Pharmaceuticals is recognized as a leader in the biopharmaceutical sector, particularly for its innovative approach to developing targeted therapies for genetically defined diseases. The company focuses on understanding the underlying genetic mechanisms of diseases to create effective treatment options. Despite challenges in generating revenue, Syros has made significant advancements in its clinical programs, particularly with tamibarotene, which positions the company for potential future growth and success in the market.
Investors and stakeholders interested in understanding Syros Pharmaceuticals' innovative strategies and market potential are encouraged to explore further the company's developments and clinical advancements.
Mission Statement of Syros Pharmaceuticals, Inc. (SYRS)
Overview of Syros Pharmaceuticals, Inc. Mission Statement
The mission statement of Syros Pharmaceuticals, Inc. (SYRS) serves as a fundamental guide for the company's strategic direction and objectives. It articulates the company's commitment to advancing the field of medicine through the development of innovative therapies that address significant unmet medical needs. This mission is pivotal for aligning the company's operations with its long-term goals, ensuring that every strategic decision contributes to its overarching aim of improving patient outcomes.
Core Components of the Mission Statement
1. Commitment to Innovation
Syros Pharmaceuticals emphasizes a strong commitment to innovation as a core component of its mission. The company focuses on harnessing cutting-edge scientific research and technology to develop novel therapeutic options. For example, Syros is dedicated to the clinical development of tamibarotene, a treatment for acute promyelocytic leukemia (APL), which showcases its innovative approach to tackling complex diseases. As of September 30, 2024, the total research and development expenses amounted to approximately $67.1 million, reflecting the significant investment in advancing its clinical pipeline.
2. Addressing Unmet Medical Needs
Another critical aspect of Syros's mission is its focus on addressing unmet medical needs. The company aims to develop therapies that provide new treatment options for patients suffering from rare and difficult-to-treat conditions. This is underscored by the fact that Syros has not yet generated revenue from product sales, indicating its ongoing commitment to research and development rather than immediate profitability. The collaboration with Global Blood Therapeutics, which generated $9.6 million in revenue in 2023, further illustrates Syros's strategic focus on partnerships to enhance its therapeutic offerings.
3. Improving Patient Outcomes
Improving patient outcomes is at the heart of Syros Pharmaceuticals' mission. The company strives to develop therapies that not only enhance survival rates but also improve the quality of life for patients. This commitment is evident in the data showing that Syros incurred a net loss of $33.4 million for the nine months ended September 30, 2024, as it continues to prioritize patient-centric research and development initiatives over immediate financial returns. The focus on long-term patient benefits aligns with the broader goals of the healthcare industry to deliver effective and transformative treatments.
| Key Financial Metrics | 2024 (as of September 30) | 2023 (for comparison) |
|---|---|---|
| Research and Development Expenses | $67.1 million | $86.7 million |
| Net Loss | $33.4 million | $100.2 million |
| Cash and Cash Equivalents | $58.3 million | $139.5 million |
| Revenue from Collaborations | $0 | $9.6 million |
| Accumulated Deficit | $756.2 million | $722.8 million |
Vision Statement of Syros Pharmaceuticals, Inc. (SYRS)
Vision Statement of Syros Pharmaceuticals, Inc. (SYRS)
As of 2024, Syros Pharmaceuticals, Inc. aims to redefine the treatment landscape for patients with hematologic malignancies by leveraging its innovative therapeutic approaches and cutting-edge technology. The vision statement encapsulates the company's commitment to pioneering advancements in medicine through a deep understanding of the genetic drivers of diseases.
Advancement of Precision MedicineSyros Pharmaceuticals envisions a future where precision medicine is at the forefront of treatment. The company's focus is on developing targeted therapies that specifically address the underlying genetic mutations associated with hematologic cancers. This approach is reflected in their lead product candidate, tamibarotene, which has shown promise in clinical trials.
| Product Candidate | Indication | Status | Clinical Trials |
|---|---|---|---|
| Tamibarotene | Acute Myeloid Leukemia (AML) | Phase 2 | SELECT-AML-1 (discontinued enrollment in August 2024) |
| SY-5609 | Various solid tumors | Phase 1 | Ongoing |
| SY-2101 | Hematologic malignancies | Phase 1 | Ongoing |
Research and development (R&D) is central to Syros Pharmaceuticals' vision. The company has allocated significant resources to advance its clinical programs, with R&D expenses reaching approximately $67.1 million for the nine months ended September 30, 2024, a reduction compared to $86.7 million in the same period of 2023, reflecting a strategic focus on core programs.
Financial Overview of R&D Expenses| Expense Category | 2024 (Nine Months) | 2023 (Nine Months) | Change ($) | % Change |
|---|---|---|---|---|
| External Research and Development | $43,659,000 | $49,186,000 | ($5,527,000) | (11)% |
| Employee-related Expenses | $13,858,000 | $21,644,000 | ($7,786,000) | (36)% |
| Stock-based Compensation | $2,227,000 | $4,236,000 | ($2,009,000) | (47)% |
| Consulting and Professional Fees | $3,541,000 | $6,347,000 | ($2,806,000) | (44)% |
| Total R&D Expenses | $67,134,000 | $86,650,000 | ($19,516,000) | (23)% |
To enhance its R&D capabilities, Syros Pharmaceuticals seeks to establish collaborations with industry partners and academic institutions. The termination of its collaboration with Global Blood Therapeutics in October 2023 has led to a reevaluation of its strategic partnerships, emphasizing the need for synergistic relationships that can accelerate the development of its product candidates.
Financial Position and Future OutlookAs of September 30, 2024, Syros Pharmaceuticals reported cash and cash equivalents of $58.3 million, which is projected to fund operations into the third quarter of 2025. The company’s accumulated deficit stood at approximately $756.2 million, highlighting the need for ongoing capital raises through equity or debt financing to support its ambitious clinical development plans.
| Financial Metric | Amount |
|---|---|
| Cash and Cash Equivalents | $58,275,000 |
| Accumulated Deficit | ($756,238,000) |
| Net Loss (Q3 2024) | ($6,396,000) |
| Net Loss (Q3 2023) | ($40,143,000) |
Syros Pharmaceuticals remains focused on its vision of transforming the treatment of hematologic malignancies through innovative therapies, robust research, and strategic partnerships. The commitment to advancing precision medicine positions the company well for potential growth in the evolving biopharmaceutical landscape.
Core Values of Syros Pharmaceuticals, Inc. (SYRS)
Integrity
Integrity is a core value at Syros Pharmaceuticals, Inc. (SYRS), emphasizing the importance of honesty and ethical behavior in all aspects of the company's operations.
In 2024, Syros has demonstrated its commitment to integrity through transparent communication with stakeholders. For instance, the company provides detailed financial reports, which reflect its ongoing challenges and strategic decisions. In the nine months ended September 30, 2024, Syros reported a net loss of $33.431 million, a significant reduction from a net loss of $100.190 million in the same period in 2023.
Innovation
Innovation drives Syros Pharmaceuticals' mission to develop transformative medicines for patients with cancer and other diseases. The company's investment in research and development is a testament to this value.
For the nine months ended September 30, 2024, Syros incurred $67.134 million in research and development expenses, down from $86.650 million in the previous year, showcasing a focused approach to innovation following strategic restructuring. Moreover, the launch preparation activities for tamibarotene include developing a companion diagnostic test, emphasizing the company’s commitment to innovative solutions.
Collaboration
Collaboration is essential to Syros Pharmaceuticals' operational strategy, enabling partnerships that enhance research capabilities and accelerate drug development.
In 2024, Syros terminated its collaboration with Global Blood Therapeutics, which previously generated $9.550 million in revenue for the nine months ended September 30, 2023. Despite this, Syros continues to seek new partnerships and collaborations to strengthen its pipeline and market position, reflecting its adaptive collaborative strategy in a competitive landscape.
Excellence
Excellence is a guiding principle for Syros, driving the company to maintain high standards in its clinical programs and operations.
As of September 30, 2024, Syros has an accumulated deficit of $756.238 million, reflecting the challenges faced in achieving operational excellence while advancing its clinical trials. The company actively evaluates its performance metrics and operational efficiency, aiming to improve outcomes and reduce costs in its ongoing projects.
Accountability
Accountability at Syros Pharmaceuticals means taking responsibility for decisions and actions that impact stakeholders.
In 2024, the company has shown accountability through its financial disclosures. For instance, the total operating expenses for the nine months ended September 30, 2024, were $84.517 million, down from $111.398 million in the prior year, reflecting responsible financial management. The company’s commitment to transparency reinforces its accountability to investors and patients alike.
| Core Value | 2024 Financial Data | Examples of Commitment |
|---|---|---|
| Integrity | Net loss: $33.431 million | Transparent financial reporting |
| Innovation | R&D Expenses: $67.134 million | Development of companion diagnostics |
| Collaboration | Revenue from collaborations: $0 (terminated) | Seeking new partnership opportunities |
| Excellence | Accumulated deficit: $756.238 million | Performance evaluation and operational efficiency |
| Accountability | Total operating expenses: $84.517 million | Financial management and disclosures |
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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.