$SYRS
Syros Pharmaceuticals, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024059068 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.463M $6.266M
YoY Change -24.39% -15.38%
% of Gross Profit
Research & Development $21.95M $24.66M
YoY Change -25.85% -14.28%
% of Gross Profit
Depreciation & Amortization $331.0K $334.0K
YoY Change -49.31% -47.65%
% of Gross Profit
Operating Expenses $27.42M $30.92M
YoY Change -25.57% -14.5%
Operating Profit -$27.42M -$30.92M
YoY Change -19.36% -6.9%
Interest Expense $1.382M $1.307M
YoY Change -161.2% 7.4%
% of Operating Profit
Other Income/Expense, Net $4.386M $26.97M
YoY Change -241.03% 204.1%
Pretax Income -$23.33M -$3.708M
YoY Change -35.66% -84.41%
Income Tax
% Of Pretax Income
Net Earnings -$23.33M -$3.708M
YoY Change -35.66% -84.41%
Net Earnings / Revenue
Basic Earnings Per Share -$0.59 -$0.10
Diluted Earnings Per Share -$0.59 -$0.10
COMMON SHARES
Basic Shares Outstanding 26.73M 26.45M
Diluted Shares Outstanding 39.27M 38.98M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.96M $83.52M
YoY Change -45.16% -49.63%
Cash & Equivalents $78.96M $83.52M
Short-Term Investments $0.00
Other Short-Term Assets $5.957M $3.898M
YoY Change -13.57% -35.85%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $84.92M $112.2M
YoY Change -44.36% -35.38%
LONG-TERM ASSETS
Property, Plant & Equipment $6.633M $6.964M
YoY Change -71.21% -36.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.460M $1.550M
YoY Change -72.53% -66.65%
Total Long-Term Assets $21.80M $22.53M
YoY Change -23.11% -28.89%
TOTAL ASSETS
Total Short-Term Assets $84.92M $112.2M
Total Long-Term Assets $21.80M $22.53M
Total Assets $106.7M $134.7M
YoY Change -41.03% -34.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.469M $11.35M
YoY Change 11.59% 305.94%
Accrued Expenses $17.05M $14.29M
YoY Change -12.5% -9.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $11.67M
YoY Change -100.0% 599.88%
Total Short-Term Liabilities $24.52M $37.30M
YoY Change -13.58% 58.39%
LONG-TERM LIABILITIES
Long-Term Debt $40.93M $29.71M
YoY Change 0.01% -24.05%
Other Long-Term Liabilities $47.62M $52.66M
YoY Change 23.89% 46.68%
Total Long-Term Liabilities $40.93M $29.71M
YoY Change -48.43% -24.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.52M $37.30M
Total Long-Term Liabilities $40.93M $29.71M
Total Liabilities $65.46M $67.01M
YoY Change -39.25% 6.93%
SHAREHOLDERS EQUITY
Retained Earnings -$749.8M -$726.5M
YoY Change 21.27% 24.83%
Common Stock $743.5M $741.6M
YoY Change 7.52% 7.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.352M $15.06M
YoY Change
Total Liabilities & Shareholders Equity $106.7M $134.7M
YoY Change -41.03% -34.38%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$23.33M -$3.708M
YoY Change -35.66% -84.41%
Depreciation, Depletion And Amortization $331.0K $334.0K
YoY Change -49.31% -47.65%
Cash From Operating Activities -$29.67M -$31.10M
YoY Change 32.52% -15.73%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $25.07M -$24.64M
YoY Change -23.86% -3.42%
Cash From Investing Activities $25.07M -$24.64M
YoY Change -23.86% -4.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 41.00K -265.0K
YoY Change -70.71% 400.0%
NET CHANGE
Cash From Operating Activities -29.67M -31.10M
Cash From Investing Activities 25.07M -24.64M
Cash From Financing Activities 41.00K -265.0K
Net Change In Cash -4.559M -56.00M
YoY Change -142.7% -10.68%
FREE CASH FLOW
Cash From Operating Activities -$29.67M -$31.10M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$29.67M -$31.10M
YoY Change 32.53% -16.26%

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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of Business</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Syros Pharmaceuticals, Inc. (the “Company”), a Delaware corporation formed in November 2011, is a biopharmaceutical company committed to developing new standards of care for the frontline treatment of patients with hematologic malignancies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to a number of risks similar to those of other early stage companies, including dependence on key individuals; risks inherent in the development and commercialization of medicines to treat human disease; competition from other companies, many of which are larger and better capitalized; risks relating to obtaining and maintaining necessary intellectual property protection; and the need to obtain adequate additional financing to fund the development of its product candidates. If the Company is unable to raise capital when needed or on favorable terms, it would be forced to delay, reduce, eliminate or out-license certain of its research and development programs or future commercialization rights to its product candidates.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company has incurred significant net operating losses in every year since its inception. It expects to continue to incur significant and increasing net operating losses for at least the next several years. As of March 31, 2024, the Company had cash, cash equivalents and marketable securities of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">108.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and an accumulated deficit of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;white-space:pre-wrap;min-width:fit-content;color:#000000;">726.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. The Company has not generated any revenues from product sales, has not completed the development of any product candidate and may never have a product candidate approved for commercialization. The Company has financed its operations to date primarily through a credit facility, the sale of equity securities and through license and collaboration agreements. The Company has devoted substantially all of its financial resources and efforts to research and development and general and administrative activities to support such research and development. The Company’s net losses may fluctuate significantly from quarter to quarter and year to year. Net losses and negative cash flows have had, and will continue to have, an adverse effect on the Company’s stockholders’ equity and working capital.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On April 6, 2023, the Company filed a universal shelf registration statement on Form S-3 (the “2023 Registration Statement”), with the Securities and Exchange Commission (the “SEC”</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">) to register for sale from time to time up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">250.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of common stock, preferred stock, debt securities, warrants and/or units in one or more registered offerings. The 2023 Registration Statement was declared effective on April 28, 2023. Further, in April 2023, the Company entered into an at-the-market sales agreement (the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">“2023 Sales Agreement”) with Cowen and Company, LLC (“Cowen”</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">) pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">50.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million through Cowen pursuant to the 2023 Registration Statement.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On October 2, 2023, the Company announced a strategic realignment to prioritize key development and pre-launch activities to advance tamibarotene for the treatment of newly diagnosed higher-risk myelodysplastic syndrome and newly diagnosed acute myeloid leukemia, and to stop further investment in the clinical development of SY-2101 (oral arsenic trioxide) for the treatment of newly diagnosed acute promyelocytic leukemia, as well as in the Company’s preclinical and discovery-stage programs. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In connection with these decisions, the Company instituted certain expense reduction measures (the “Restructuring”), including a reduction of approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">35</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of the Company’s employee base excluding members of the Company’s drug discovery organization whose employment ended concurrently with the termination, effective October 16, 2023, of its collaboration with Pfizer, Inc. (“Pfizer”) related to the discovery, development and commercialization of novel therapies for sickle cell disease and beta thalassemia. The Restructuring was completed by February 2024.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Based on its current operating plan, the Company’s management believes that as of March 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company will meet its liquidity requirements for a period of at least 12 months from the issuance date of this Quarterly Report on Form 10-Q.</span></p>
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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Management considers many factors in selecting appropriate financial accounting policies and in developing the estimates and assumptions that are used in the preparation of the financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, which include, but are not limited to, expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates and whether historical trends are expected to be representative of future trends. Management’s estimation process may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, estimates related to revenue recognition, valuation of warrant liabilities, stock-based compensation expense, accrued expenses, and income taxes. Actual results may differ from those estimates or assumptions.</span></p>
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CY2024Q1 ecd Trd Arr Ind Name
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Richard A. Young
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Director
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March 29, 2024
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July 30, 2025
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