Syros Pharmaceuticals, Inc. reported significant financial changes in its quarterly filing for the period ending September 30, 2024. The company did not generate any revenue during the three and nine months ended September 30, 2024, a stark decline from $3.8 million and $9.6 million in the same periods of 2023, respectively. This revenue drop is attributed to the termination of a collaboration agreement with Global Blood Therapeutics in October 2023.
Total operating expenses for the three months ended September 30, 2024, were $26.2 million, down 32% from $38.4 million in the prior year. For the nine-month period, operating expenses decreased by 24% to $84.5 million from $111.4 million. The loss from operations improved by 24% for the three months, totaling $26.2 million compared to $34.6 million in 2023, and by 17% for the nine months, with a loss of $84.5 million versus $101.8 million in the previous year.
Net loss applicable to common stockholders for the three months ended September 30, 2024, was $6.4 million, a significant improvement from $40.1 million in the same period of 2023. For the nine months, the net loss was $33.4 million, compared to $100.2 million in the prior year, reflecting a 67% reduction.
The company’s cash and cash equivalents decreased to $58.3 million as of September 30, 2024, from $139.5 million at the end of 2023. This decline in liquidity raises concerns about the company's ability to continue operations, as management expressed substantial doubt regarding its ability to remain a going concern for at least the next 12 months.
Strategically, Syros announced a restructuring plan on October 2, 2023, which included a 35% reduction in its workforce following the termination of its collaboration with Pfizer. The company is now focusing on the development of tamibarotene for higher-risk myelodysplastic syndrome and acute myeloid leukemia. The SELECT-MDS-1 clinical trial for tamibarotene is ongoing, with pivotal data expected in mid-November 2024.
In terms of financing, Syros has entered into a loan agreement with Oxford Finance LLC, which was amended in May 2024 to increase available term loans from $40 million to $100 million, contingent upon achieving specific milestones. The company is also exploring potential asset sales related to SY-2101 to bolster its financial position.
Overall, while Syros has made strides in reducing expenses and improving operational losses, the absence of revenue generation and ongoing liquidity concerns present significant challenges for the company moving forward.
About Syros Pharmaceuticals, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.