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Syros Pharmaceuticals (SYRS)

Syros is redefining the power of small molecules to control the expression of genes. Based on its unique ability to elucidate regulatory regions of the genome, Syros aims to develop medicines that provide a profound benefit for patients with diseases that have eluded other genomics-based approaches. Syros is advancing a robust clinical-stage pipeline, including: SY-1425, a first-in-class oral selective RARα agonist in RARA-positive patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia; SY-2101, a novel oral form of arsenic trioxide in patients with acute promyelocytic leukemia; and SY-5609, a highly selective and potent oral CDK7 inhibitor in patients with select solid tumors. Syros also has multiple preclinical and discovery programs in oncology and monogenic diseases.

SYRS stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$4.50
Low target
$3.00
High target
$6.00
Oppenheimer
Maintains
Outperform
$3.00
10 Aug 22
HC Wainwright & Co.
Maintains
Buy
$6.00
12 Jul 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

9 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 62.15M 62.15M 62.15M 62.15M 62.15M 62.15M
Cash burn (monthly) 3.5M 8.49M 11.26M 9.4M 8.73M 8.94M
Cash used (since last report) 10.71M 25.95M 34.42M 28.73M 26.68M 27.34M
Cash remaining 51.44M 36.2M 27.73M 33.42M 35.47M 34.81M
Runway (months of cash) 14.7 4.3 2.5 3.6 4.1 3.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Sep 22 Akkaraju Srinivas RSU Common Stock Grant Acquire A No No 0 8,000 0 8,000
16 Sep 22 Akkaraju Srinivas Stock Option Common Stock Grant Acquire A No No 7.349 12,000 88.19K 12,000
16 Sep 22 Alles Mark J RSU Common Stock Grant Acquire A No No 0 8,000 0 8,000
16 Sep 22 Alles Mark J Stock Option Common Stock Grant Acquire A No No 7.349 12,000 88.19K 12,000
16 Sep 22 Sue Gail Eckhardt Common Stock Grant Acquire A No No 0 8,000 0 8,000
16 Sep 22 Sue Gail Eckhardt Stock Option Common Stock Grant Acquire A No No 7.349 12,000 88.19K 12,000
13F holders Current Prev Q Change
Total holders 72 96 -25.0%
Opened positions 12 16 -25.0%
Closed positions 36 11 +227.3%
Increased positions 17 26 -34.6%
Reduced positions 26 31 -16.1%
13F shares Current Prev Q Change
Total value 107.5M 93.05M +15.5%
Total shares 49.26M 58.3M -15.5%
Total puts 10K 11.7K -14.5%
Total calls 0 25.6K EXIT
Total put/call ratio Infinity 0.5 +Infinity%
Largest owners Shares Value Change
Bain Capital Life Sciences Investors 6.26M $6.03M 0.0%
Bain Capital Life Sciences Fund II 6.26M $20.42M 0.0%
Artal 4M $3.85M +14.3%
Ally Bridge MedAlpha Master Fund 3.93M $12.81M 0.0%
Artal International S.C.A. 3.5M $6.76M 0.0%
Ally Bridge 3.36M $3.24M 0.0%
Flagship Pioneering 2.94M $2.82M 0.0%
Vanguard 2.88M $2.78M +27.8%
FMR 2.62M $2.53M -52.5%
Omega Fund Management 2.51M $2.42M 0.0%
Largest transactions Shares Bought/sold Change
FMR 2.62M -2.9M -52.5%
BLK Blackrock 1.52M -2.65M -63.4%
STT State Street 211.82K -927.53K -81.4%
Sio Capital Management 0 -902.91K EXIT
Vanguard 2.88M +627.08K +27.8%
Candriam Luxembourg S.C.A. 0 -584.27K EXIT
Geode Capital Management 483.71K -501.52K -50.9%
Artal 4M +500K +14.3%
Oasis Management 500K +500K NEW
Millennium Management 964.1K +452.27K +88.4%

Financial report summary

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Risks
  • The exchange ratio will be determined in accordance with a formula and is not yet knowable. The actual exchange ratio could be materially different than currently anticipated.
  • The exchange ratio will not be adjusted based on the market price of our common stock so the merger consideration at the closing may have a greater or lesser value than at the time the Merger Agreement was signed.
  • Failure to complete the merger may result in us paying a termination fee to Tyme, which could harm our common stock price of and future business and operations.
  • If the merger or the PIPE Financing is not consummated and we are unable to obtain sufficient additional capital from other sources, there may continue to be substantial doubt about our ability to continue as a going concern.
  • If the conditions to the merger are not satisfied or waived, the merger may not occur.
  • The merger may be completed even though a material adverse effect may result from the announcement of the merger, industry-wide changes or other causes.
  • If the merger is consummated, the combined company may need to raise additional capital by issuing equity securities or additional debt, which may cause significant dilution to the combined company’s stockholders or restrict the combined company’s operations.
  • Some directors and executive officers of us and Tyme have interests in the merger that are different from yours and that may influence them to support or approve the merger without regard to your interests.
  • Our stockholders may not realize a benefit from the merger and PIPE Financing commensurate with the ownership dilution they will experience in connection with the merger and the PIPE Financing.
  • If the merger is not completed, our stock price may fluctuate significantly.
  • Our securityholders will have a reduced ownership and voting interest in, and will exercise less influence over the management of, the combined company following the completion of the merger as compared to their current ownership and voting interests in the respective companies.
  • During the pendency of the merger, we may not be able to enter into a business combination with another party on more favorable terms because of restrictions in the Merger Agreement, which could adversely affect our business prospects.
  • Certain provisions of the Merger Agreement may discourage third parties from submitting competing proposals, including proposals that may be superior to the transactions contemplated by the Merger Agreement.
  • The financial analyses, estimates and forecasts considered by us and Tyme in connection with the merger may not be realized.
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.
  • The terms of our Loan and Security Agreement place restrictions on our operating and financial flexibility.
  • We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • We currently depend on a third-party manufacturer to develop and validate the clinical trial assay being used to select patients with our proprietary RARA biomarker, and if this assay does not perform as designed, our clinical trials of tamibarotene may be adversely affected.
  • We, or any collaborators, may not be able to obtain orphan drug designation or orphan drug exclusivity for our product candidates and, even if we do, that exclusivity may not prevent the FDA or the EMA from approving competing products.
  • We might not be able to utilize a significant portion of our net operating loss carryforwards and research and development tax credit carryforwards.
Management Discussion
  • For the three months ended June 30, 2022, revenue was $6.3 million, of which $5.7 million was attributable to our collaboration with GBT and $0.6 million was attributable to our collaboration with Incyte. For the three months ended June 30, 2021, revenue was $5.2 million, of which $3.3 million was attributable to our collaboration with GBT and $1.9 million was attributable to our collaboration with Incyte.
  • General and administrative expense increased by approximately $1.4 million, or 26%, from $5.5 million for the three months ended June 30, 2021 to $6.9 million for the three months ended June 30, 2022. The change in general and administrative expense was primarily attributable to an increase in employee-related expenses, and an increase in recruiting fees.
  • Interest income was derived generally from our investments in cash, cash equivalents, and marketable securities. The increase in interest income during the three months ended June 30, 2022 as compared to the three months ended June 30, 2021 was due to the higher average balance of investment in marketable securities during the three month period ended June 30, 2022 compared to the same period in 2021.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
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New words: AACR, absence, accredited, adenosine, affirmative, Agency, Aid, attempt, AUC, broad, cease, Certified, Circuit, Cmax, Code, collateral, commensurate, compliance, consummate, consummated, consummation, contemplated, cooperating, correct, coverage, cumulative, customary, damaging, decline, defective, device, disadvantage, discourage, dissolution, DNA, economic, effectuated, EMA, encouraging, exacerbated, exemption, facilitating, feedback, foreclosure, forma, formula, forthcoming, forward, fractional, harm, Hong, illegal, impede, inclined, inclusion, inclusive, indefinitely, indemnification, injunction, issuable, justified, knowable, knowingly, Kong, lien, litigation, lose, lost, member, merge, merger, month, negotiated, negotiation, PARP, partner, pendency, PIPE, poly, polymerase, precluded, precommercial, pro, proposal, proposed, proposing, published, qualification, rare, ratio, recommend, reevaluate, regulation, Relief, renegotiate, repay, request, science, senior, shortfall, software, solicit, soliciting, statute, stay, subsidiary, suffer, Tack, takeover, taxable, terrorism, therefrom, true, Tyme, unavailable, Union, unrelated, unsolicited, unused, vi, vii, viii, volume, waive, waived, waiver, wide, withheld
Removed: environment, notwithstanding, prosecution, twelve

Patents

Utility
Inhibitors of Cyclin Dependent Kinase 7 (CDK7)
29 Sep 22
The present invention provides, inter alia, compounds having the structures of formulas described herein; pharmaceutically acceptable salts, solvates, hydrates, tautomers, and isotopic forms thereof; and compositions (e.g., pharmaceutical compositions and kits) containing one or more of the foregoing.
Utility
Methods of stratifying patients for treatment with retinoic acid receptor-alpha agonists
20 Sep 22
The invention provides methods that define cellular populations that are sensitive to RARA agonists and identify patient subgroups that will benefit from treatment with RARA agonists.
Utility
Inhibitors of cyclin dependent kinase 7 (CDK7)
26 Apr 22
The present invention provides, inter alia, compounds having the structures of formulas described herein; pharmaceutically acceptable salts, solvates, hydrates, tautomers, and isotopic forms thereof; and compositions (e.g., pharmaceutical compositions and kits) containing one or more of the foregoing.
Utility
Compounds for the modulation of MYC activity
15 Mar 22
Inventors: Jason J. Marineau, Kevin Sprott, Stephane Ciblat, Christopher Roberts, Yi Zhang, Francis Beaumier, Luce Lépissier, Boubacar Sow, Peter B. Rahi, Robin Larouche-Gauthier, Lauren Berstler
Utility
Compounds for the Modulation of Myc Activity
17 Feb 22
Inventors: Jason J. Marineau, Peter B Rahl, Kevin Sprott, Stephane Ciblat, Boubacar Sow, Robin Larouche-Gauthier, Lauren Berstler, Christopher Roberts, Yi Zhang, Francis Beaumier, Luce Lépissier