In This Article:
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Revenue: No revenue recognized in Q2 2024, compared to $2.8 million in Q2 2023.
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R&D Expenses: $22 million in Q2 2024, down from $29.6 million in Q2 2023.
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G&A Expenses: $5.5 million in Q2 2024, compared to $7.2 million in Q2 2023.
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Net Loss: $23.3 million or $0.59 per share in Q2 2024, compared to $36.3 million or $1.30 per share in Q2 2023.
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Cash Position: $79 million as of June 30, 2024, down from $108.3 million as of March 31, 2024.
Release Date: July 31, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Syros Pharmaceuticals Inc (NASDAQ:SYRS) is preparing for upcoming data readouts for tamibarotene in AML and higher-risk MDS patients, with plans for NDA filing and launch readiness.
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The company is well-positioned to execute on the commercial opportunity for tamibarotene in the U.S., leveraging its team's successful track record.
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Tamibarotene has shown high complete response rates, rapid time to response, and a favorable tolerability profile in trials, indicating potential as a new standard of care.
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The SELECT-MDS-1 trial is powered to over 90% to show a difference in CR rates, with pivotal data expected by mid-Q4 2024.
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Syros Pharmaceuticals Inc (NASDAQ:SYRS) has reduced R&D and G&A expenses, reflecting a focused approach on advancing tamibarotene, and has sufficient cash to fund operations into Q3 2025.
Negative Points
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Syros Pharmaceuticals Inc (NASDAQ:SYRS) did not recognize revenue in Q2 2024, compared to $2.8 million in Q2 2023, due to the termination of a collaboration agreement with Pfizer.
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The company reported a net loss of $23.3 million for Q2 2024, although this is an improvement from the $36.3 million loss in Q2 2023.
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There is uncertainty regarding the go/no-go decision for advancing tamibarotene into a pivotal study in AML, pending further data analysis.
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The European commercialization strategy for tamibarotene is not yet fully defined, with plans to seek a partner for execution.
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Cash, cash equivalents, and marketable securities decreased from $108.3 million as of March 31, 2024, to $79 million as of June 30, 2024.
Q & A Highlights
Q: In AML, when will you decide on advancing tamibarotene into a pivotal study? Will the data from 40 patients in September be sufficient? A: David Roth, Chief Medical Officer: We plan to provide an update on the SELECT-AML-1 trial at the SOHO Annual Meeting in September. The analysis will include at least 40 patients. We need to see the data before making a go/no-go decision. It's premature to specify the criteria for advancement without analyzing the comparative results across the two arms.