On August 6, 2020 Syros Pharmaceuticals (NASDAQ:SYRS), a leader in the development of medicines that control the expression of genes, reported financial results for the quarter ended June 30, 2020 and provided an update on recent accomplishments and upcoming events (Press release, Syros Pharmaceuticals, AUG 6, 2020, View Source [SID1234563176]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"Despite the unforeseen challenges of recent months, our team at Syros has shown remarkable resiliency, continuing to execute with excellence as we advance our product candidates toward key data readouts and progress earlier-stage research," said Nancy Simonian, M.D., Chief Executive Officer of Syros. "We completed enrollment in our Phase 2 trial of SY-1425, opened a new combination cohort in treatment-resistant breast cancer patients in our Phase 1 trial of SY-5609, and presented new preclinical data on SY-5609 in colorectal cancer that further highlights CDK7 inhibition as a potentially transformative targeted approach for difficult-to-treat cancers.

Looking ahead, the second half of 2020 promises to be an exciting time for Syros, with planned data readouts for SY-1425 in two RARA-positive AML patient populations and the first clinical data from the Phase 1 trial of SY-5609 in select solid tumor patients. These data will provide valuable insights that will help inform next steps and, hopefully, bring us closer to our vision of building an enduring company with medicines that provide a profound benefit for patients."

Upcoming Milestones

SY-1425

Report potential proof-of-concept data in the fourth quarter of 2020 from the ongoing, fully enrolled Phase 2 trial cohort evaluating SY-1425 in combination with azacitidine in RARA-positive relapsed or refractory acute myeloid leukemia (AML) patients.
Report mature data in the fourth quarter of 2020 from the ongoing, fully-enrolled Phase 2 trial cohort evaluating SY-1425 in combination with azacitidine in newly diagnosed AML patients who are not suitable candidates for standard chemotherapy.
SY-5609

Report initial safety, tolerability, pharmacokinetic and pharmacodynamic data in the fourth quarter of 2020 from the ongoing Phase 1 dose-escalation trial evaluating SY-5609 in patients with breast, colorectal, lung and ovarian cancers, as well as in patients with solid tumors of any histology that harbor Rb pathway alterations.
Report additional dose-escalation data, including clinical activity data, in mid-2021.
Preclinical Pipeline

Nominate next development candidate by the end of 2021.
Recent Pipeline Highlights

In June 2020, Syros initiated enrollment in a new Phase 1 trial cohort evaluating the safety of escalating doses of SY-5609 in combination with fulvestrant in HR-positive metastatic breast cancer patients who have progressed after treatment with a CDK4/6 inhibitor.
In May 2020, Syros presented new preclinical data for SY-5609 at the 2020 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Virtual Scientific Program (ASCO20). Data showed that SY-5609 inhibits tumor growth, including inducing sustained regressions, at well-tolerated doses in colorectal cancer models, supporting the inclusion of colorectal cancer patients in Syros’ ongoing Phase 1 trial. Also at ASCO (Free ASCO Whitepaper)20, Syros detailed the design of its ongoing Phase 1 trial of SY-5609.
Second Quarter 2020 Financial Results

Cash, cash equivalents and marketable securities as of June 30, 2020 were $108.7 million, compared with $91.4 million of cash, cash equivalents and marketable securities on December 31, 2019. This increase reflects the $20 million upfront payment received in connection with Syros’ entry into a collaboration with Global Blood Therapeutics, Inc. (GBT) in December 2019, the $20 million that Syros drew down from its senior secured loan facility with Oxford Finance, LLC in February 2020, and $12.3 million from the sale of common stock under Syros’ at-the-market sales facility in the first quarter.

For the second quarter of 2020, Syros reported a net loss of $17.2 million, or $0.38 per share, compared to a net loss of $19.5 million, or $0.47 per share, for the same period in 2019.

Revenues were $3.2 million for the second quarter of 2020, compare to $0.5 million for the same period in 2019. In the second quarter of 2020, $2.5 million in revenue was recognized under Syros’ collaboration with GBT and $0.7 million was recognized under its collaboration with Incyte Corporation (Incyte). All revenues recognized in the second quarter of 2019 were under Syros’ collaboration with Incyte.
Research and development (R&D) expenses were $14.8 million for the second quarter of 2020, as compared to $15.5 million for the same period in 2019. This decrease was primarily attributable to the deprioritization of SY-1365.
General and administrative (G&A) expenses were $5.1 million for the second quarter of 2020, as compared to $5.2 million for the same period in 2019.
Financial Guidance

Based on its current plans, Syros believes that its existing cash and cash equivalents will be sufficient to fund its planned operating expenses and capital expenditures requirements into 2022, beyond key milestones expected for both SY-1425 and SY-5609.

Conference Call and Webcast

Syros will host a conference call today at 8:30 a.m. ET to discuss these second quarter 2020 financial results and provide a corporate update.

To access the live conference call, please dial (866) 595-4538 (domestic) or (636) 812-6496 (international) and refer to conference ID 9542188. A webcast of the call will also be available on the Investors & Media section of the Syros website at www.syros.com. An archived replay of the webcast will be available for approximately 30 days following the call.