The following is a summary of the Syros Pharmaceuticals, Inc. (SYRS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Syros reported no revenue in Q1 2024 due to the termination of its collaboration with Pfizer, down from $3 million in Q1 2023.
Syros' R&D expenses fell to $24.7 million in Q1 2024 from $28.8 million the previous year.
Syros' G&A expenses declined to $6.3 million in Q1 2024 from $7.4 million in Q1 2023.
Net loss for Q1 2024 reduced to $3.7 million or $0.10 per share, compared to a net loss of $23.8 million or $0.85 per share in Q1 2023.
Cash position at end of Q1 stood at $108.3 million.
Business Progress:
Syros' Phase 3 SELECT-MDS-1 trial achieved a key milestone as it passed a pre-specified interim futility analysis.
FDA granted fast-track designation for tamibarotene for treating Unfit AML with RARA overexpression.
Syros expects to have Phase 2 SELECT-AML-1 trial data by Q3 and pivotal data from the Phase 3 SELECT-MDS-1 trial by Q4.
Syros extended a loan agreement with Oxford that will cover its operational and capital costs into the third quarter of 2025.
More details: Syros Pharmaceuticals IR
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