$SYRS
Syros Pharmaceuticals, Inc.

2019 Q1 Form 10-K Financial Statement

#000156459019006610 Filed on March 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018
Revenue $454.0K $893.0K $2.050M
YoY Change 22.7% 86.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.870M $4.370M $16.16M
YoY Change 19.36% 16.84% 16.34%
% of Gross Profit
Research & Development $12.56M $15.13M $50.18M
YoY Change 13.01% 28.42% 19.78%
% of Gross Profit
Depreciation & Amortization $517.0K $430.0K $1.600M
YoY Change 33.25% 10.26% 4.78%
% of Gross Profit
Operating Expenses $17.43M $19.50M $66.35M
YoY Change 14.72% 25.64% 18.93%
Operating Profit -$16.97M -$18.61M -$64.30M
YoY Change 14.52% 19.89% 17.57%
Interest Expense $8.000K
YoY Change
% of Operating Profit
Other Income/Expense, Net $512.0K $575.0K $2.017M
YoY Change 43.02% 163.76% 198.37%
Pretax Income -$16.46M -$18.03M -$62.28M
YoY Change 13.83% 17.84% 15.31%
Income Tax $24.00K
% Of Pretax Income
Net Earnings -$16.46M -$18.03M -$62.30M
YoY Change 13.81% 17.84% 15.37%
Net Earnings / Revenue -3625.77% -2019.04% -3039.02%
Basic Earnings Per Share
Diluted Earnings Per Share -$487.4K -$534.9K -$1.907M
COMMON SHARES
Basic Shares Outstanding 32.77M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.90M $99.70M $99.70M
YoY Change -37.63% 38.47% 38.47%
Cash & Equivalents $22.13M $49.89M $49.90M
Short-Term Investments $53.70M $49.80M $49.80M
Other Short-Term Assets $1.900M $2.000M $2.000M
YoY Change 18.75% 81.82% 81.82%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $77.76M $101.7M $101.7M
YoY Change -36.98% 39.06% 38.93%
LONG-TERM ASSETS
Property, Plant & Equipment $3.897M $3.861M $3.900M
YoY Change 8.25% -1.96% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.103M $881.0K $1.200M
YoY Change -8.08% -19.98% -14.29%
Total Long-Term Assets $10.67M $5.032M $5.100M
YoY Change 126.91% -5.57% -3.77%
TOTAL ASSETS
Total Short-Term Assets $77.76M $101.7M $101.7M
Total Long-Term Assets $10.67M $5.032M $5.100M
Total Assets $88.43M $106.8M $106.8M
YoY Change -30.97% 36.03% 36.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.632M $3.309M $3.300M
YoY Change 54.82% 44.94% 43.48%
Accrued Expenses $10.30M $13.90M $13.90M
YoY Change 14.44% 43.3% 43.3%
Deferred Revenue $1.800M $1.900M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $0.00 $0.00
YoY Change
Total Short-Term Liabilities $14.98M $19.53M $19.50M
YoY Change -29.68% 57.33% 57.26%
LONG-TERM LIABILITIES
Long-Term Debt $800.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.700M $8.600M $8.600M
YoY Change 278.26% 1128.57% 1128.57%
Total Long-Term Liabilities $9.500M $8.600M $8.600M
YoY Change 313.04% 1128.57% 1128.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.98M $19.53M $19.50M
Total Long-Term Liabilities $9.500M $8.600M $8.600M
Total Liabilities $24.40M $28.20M $28.20M
YoY Change 3.39% 113.64% 113.64%
SHAREHOLDERS EQUITY
Retained Earnings -$234.0M -$217.5M
YoY Change 40.11%
Common Stock $298.0M $296.1M
YoY Change 34.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.02M $78.59M $78.60M
YoY Change
Total Liabilities & Shareholders Equity $88.43M $106.8M $106.8M
YoY Change -30.97% 36.03% 36.05%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$16.46M -$18.03M -$62.30M
YoY Change 13.81% 17.84% 15.37%
Depreciation, Depletion And Amortization $517.0K $430.0K $1.600M
YoY Change 33.25% 10.26% 4.78%
Cash From Operating Activities -$20.33M -$13.82M -$40.32M
YoY Change 746.96% 30.75% -9.87%
INVESTING ACTIVITIES
Capital Expenditures $591.0K -$190.0K $1.384M
YoY Change 288.82% 171.43% 68.57%
Acquisitions
YoY Change
Other Investing Activities -$3.640M $20.23M -$9.260M
YoY Change -129.1% -37.31%
Cash From Investing Activities -$4.229M $20.04M -$10.64M
YoY Change -134.21% -28728.57% -31.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.54M
YoY Change -48.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -115.0K 130.0K 69.08M
YoY Change -100.22% -81.16% 103.57%
NET CHANGE
Cash From Operating Activities -20.33M -13.82M -40.32M
Cash From Investing Activities -4.229M 20.04M -10.64M
Cash From Financing Activities -115.0K 130.0K 69.08M
Net Change In Cash -24.67M 6.350M 18.13M
YoY Change -139.71% -163.82% -168.7%
FREE CASH FLOW
Cash From Operating Activities -$20.33M -$13.82M -$40.32M
Capital Expenditures $591.0K -$190.0K $1.384M
Free Cash Flow -$20.92M -$13.63M -$41.70M
YoY Change 719.67% 29.81% -8.45%

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of Business</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.33%;font-size:6pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Syros Pharmaceuticals,&#160;Inc. (the "Company"), a Delaware corporation formed in November 2011, is a biopharmaceutical company&#160;pioneering an understanding of the non-coding regulatory region of the genome to advance a new wave of medicines that control the expression of genes.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.33%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 and discovery activities. 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.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.33%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the year ended December&#160;31,&#160;2018, the Company issued and sold an aggregate of 1,373,677 shares of its common stock to the public pursuant to its at-the-market sales facility, resulting in aggregate proceeds of $16.6 million. 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As of December&#160;31,&#160;2018, the Company had an accumulated deficit of $217.5&#160;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 the sale of equity securities. The Company has devoted substantially all of its financial resources and efforts to research and development and general and administrative expense to support such research and development. The Company&#8217;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&#8217;s stockholders' equity and working&#160;capital.&#160;<font style="color:#000000;">The Company believes that its cash, cash equivalents and marketable securities of $99.7 million as of December&#160;31,&#160;2018 will be sufficient to allow the Company to fund its current operating plan for a period of at least 12 months past the issuance date of these consolidated financial statements.</font> </p>
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CY2018 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S.&#160;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&#8217;s estimation process often 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&#8217;s management evaluates its estimates, which include, but are not limited to, estimates related to revenue recognition, stock-based compensation expense, accrued expenses and income taxes. Actual results may differ from those estimates or assumptions.</p>
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1.00
CY2017 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.01
CY2017 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.50
CY2018 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000
CY2017 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
300000
CY2018Q1 us-gaap Revenues
Revenues
370000
CY2018Q2 us-gaap Revenues
Revenues
375000
CY2018Q3 us-gaap Revenues
Revenues
412000
CY2018Q4 us-gaap Revenues
Revenues
893000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11116000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11082000
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12856000
CY2018Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15128000
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4075000
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3841000
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3876000
CY2018Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4372000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
15191000
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
14923000
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
16732000
CY2018Q4 us-gaap Operating Expenses
OperatingExpenses
19500000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-14821000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-14548000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-16320000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-18607000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
358000
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
501000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
583000
CY2018Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
575000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14463000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14047000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15737000
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18032000
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.48
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.43
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.47
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.54
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30335164
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32892712
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33653479
CY2018Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33694756
CY2017Q1 us-gaap Revenues
Revenues
1101000
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9628000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10041000
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10447000
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11780000
CY2017Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3086000
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3472000
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3593000
CY2017Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3740000
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
12714000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
13513000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
14040000
CY2017Q4 us-gaap Operating Expenses
OperatingExpenses
15520000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-11613000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-13513000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-14040000
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-15520000
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
98000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
145000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
215000
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
218000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11515000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13368000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13825000
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15302000
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.49
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.52
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.53
CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.58
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23393448
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25584147
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26259216
CY2017Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26316550

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