$SYRS
Syros Pharmaceuticals, Inc.

2019 Q4 Form 10-K Financial Statement

#000156459020008795 Filed on March 05, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $508.0K $558.0K $462.0K
YoY Change -43.11% 35.44% 23.2%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.400M $5.020M $5.200M
YoY Change 46.45% 29.38% 35.42%
% of Gross Profit
Research & Development $14.28M $15.93M $15.48M
YoY Change -5.63% 23.92% 39.64%
% of Gross Profit
Depreciation & Amortization $900.0K $640.0K $650.0K
YoY Change 109.3% 56.1% 75.68%
% of Gross Profit
Operating Expenses $20.68M $20.95M $20.67M
YoY Change 6.05% 25.19% 38.51%
Operating Profit -$20.17M -$20.39M -$20.21M
YoY Change 8.41% 24.93% 38.91%
Interest Expense $20.00K $21.00K $23.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $442.0K $596.0K $753.0K
YoY Change -23.13% 2.23% 50.3%
Pretax Income -$19.73M -$19.79M -$19.46M
YoY Change 9.43% 25.73% 38.51%
Income Tax
% Of Pretax Income
Net Earnings -$19.73M -$19.79M -$19.46M
YoY Change 9.43% 25.77% 38.5%
Net Earnings / Revenue -3883.86% -3547.13% -4211.04%
Basic Earnings Per Share
Diluted Earnings Per Share -$459.8K -$466.3K -$467.0K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.40M $108.1M $121.7M
YoY Change -8.32% -4.51% -2.17%
Cash & Equivalents $41.44M $33.36M $101.7M
Short-Term Investments $50.00M $74.80M $20.00M
Other Short-Term Assets $2.900M $2.800M $2.600M
YoY Change 45.0% 21.74% 0.0%
Inventory
Prepaid Expenses
Receivables $20.00M
Other Receivables $0.00
Total Short-Term Assets $114.5M $111.0M $124.4M
YoY Change 12.56% -3.9% -2.07%
LONG-TERM ASSETS
Property, Plant & Equipment $15.21M $28.50M $5.443M
YoY Change 293.94% 630.77% 64.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $490.0K $4.300M $889.0K
YoY Change -44.38% 258.33% -25.92%
Total Long-Term Assets $35.47M $32.83M $27.46M
YoY Change 604.79% 543.75% 524.07%
TOTAL ASSETS
Total Short-Term Assets $114.5M $111.0M $124.4M
Total Long-Term Assets $35.47M $32.83M $27.46M
Total Assets $150.0M $143.8M $151.8M
YoY Change 40.47% 19.26% 15.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.853M $8.043M $1.759M
YoY Change 76.88% 197.89% 35.31%
Accrued Expenses $11.70M $13.20M $11.70M
YoY Change -15.83% 17.86% 31.46%
Deferred Revenue $1.100M $1.700M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K $200.0K
YoY Change
Total Short-Term Liabilities $23.52M $22.57M $15.33M
YoY Change 20.42% 5.96% -13.38%
LONG-TERM LIABILITIES
Long-Term Debt $600.0K $600.0K $700.0K
YoY Change
Other Long-Term Liabilities $46.70M $26.00M $23.90M
YoY Change 443.02% 477.78% 378.0%
Total Long-Term Liabilities $47.30M $26.60M $24.60M
YoY Change 450.0% 491.11% 392.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.52M $22.57M $15.33M
Total Long-Term Liabilities $47.30M $26.60M $24.60M
Total Liabilities $70.80M $49.30M $39.90M
YoY Change 151.06% 91.09% 75.77%
SHAREHOLDERS EQUITY
Retained Earnings -$293.0M -$273.3M -$253.5M
YoY Change 34.68%
Common Stock $372.1M $367.8M $365.4M
YoY Change 25.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.18M $94.57M $111.9M
YoY Change
Total Liabilities & Shareholders Equity $150.0M $143.8M $151.8M
YoY Change 40.47% 19.26% 15.55%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$19.73M -$19.79M -$19.46M
YoY Change 9.43% 25.77% 38.5%
Depreciation, Depletion And Amortization $900.0K $640.0K $650.0K
YoY Change 109.3% 56.1% 75.68%
Cash From Operating Activities -$10.60M -$11.22M -$18.10M
YoY Change -23.3% 11.98% 28.55%
INVESTING ACTIVITIES
Capital Expenditures -$8.160M -$2.570M -$1.320M
YoY Change 4194.74% 151.96% 6500.0%
Acquisitions
YoY Change
Other Investing Activities $25.11M -$54.57M $34.00M
YoY Change 24.12% -8.29% 94.29%
Cash From Investing Activities $16.96M -$57.14M $32.68M
YoY Change -15.37% -5.6% 86.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.090M -10.00K 65.03M
YoY Change 738.46% -103.03% 295.32%
NET CHANGE
Cash From Operating Activities -10.60M -11.22M -18.10M
Cash From Investing Activities 16.96M -57.14M 32.68M
Cash From Financing Activities 1.090M -10.00K 65.03M
Net Change In Cash 7.450M -68.37M 79.61M
YoY Change 17.32% -2.63% 300.86%
FREE CASH FLOW
Cash From Operating Activities -$10.60M -$11.22M -$18.10M
Capital Expenditures -$8.160M -$2.570M -$1.320M
Free Cash Flow -$2.440M -$8.650M -$16.78M
YoY Change -82.1% -3.89% 19.35%

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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:3.57%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.14%;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;seeking to redefine the power of small molecules to control the expression of genes.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.57%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.14%;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:3.57%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.14%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">In April 2019, the Company completed two concurrent underwritten public offerings of the Company&#8217;s equity securities, which together resulted in gross proceeds to the Company of $70.0&#160;million, before underwriting discounts and commissions and offering expenses of approximately $5.0 million. In one of the public offerings, the Company sold 8,667,333 shares of its common stock and accompanying Class&#160;A warrants (the &#8220;Warrants&#8221;) to purchase 1,951,844 shares of the Company&#8217;s common stock, at a combined price to the public of $7.50 per common share and accompanying Warrant. In the other public offering, the Company sold 666 shares of its Series A convertible preferred stock (the &#8220;Series A Stock&#8221;), and accompanying Warrants to purchase 166,500 shares of the Company&#8217;s common stock, at a combined public offering price of $7,500 per share and accompanying Warrant. Each Warrant is immediately exercisable at an exercise price of $8.625 per share, subject to adjustment in certain circumstances, and will expire on October 10, 2022. </font>During November 2019, the Company issued and sold an aggregate of 180,787 shares of its common stock to the public pursuant to its at-the-market sales facility, resulting in aggregate gross proceeds of $0.9 million.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.57%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.14%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred significant annual 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. The Company&#8217;s net losses were $75.4 million, $62.3&#160;million and $54.0 million for the years ended December&#160;31, 2019, 2018 and 2017, respectively. As of December&#160;31,&#160;2019, the Company had an accumulated deficit of $293.0&#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 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 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 $91.4 million as of December&#160;31,&#160;2019 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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<p style="margin-bottom:0pt;margin-top:0pt;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%;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.14%;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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CY2019Q4 syrs Deferred Tax Liabilities Right Of Use Asset
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CY2019Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
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CY2019Q4 us-gaap Deferred Income Tax Liabilities
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CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2019Q4 us-gaap Unrecognized Tax Benefits
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CY2018Q4 us-gaap Unrecognized Tax Benefits
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0
CY2019Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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0
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2017Q3 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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CY2017Q3 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
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CY2017Q3 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
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CY2019 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2018 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2017 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2019Q1 us-gaap Revenues
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CY2019Q2 us-gaap Revenues
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CY2019Q3 us-gaap Revenues
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CY2019Q4 us-gaap Revenues
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CY2019Q1 us-gaap Research And Development Expense
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CY2019Q2 us-gaap Research And Development Expense
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CY2019Q4 us-gaap General And Administrative Expense
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CY2019Q2 us-gaap Operating Expenses
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CY2019Q3 us-gaap Operating Expenses
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CY2019Q4 us-gaap Operating Expenses
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CY2019Q2 us-gaap Other Nonoperating Income Expense
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CY2019Q3 us-gaap Other Nonoperating Income Expense
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CY2019Q4 us-gaap Other Nonoperating Income Expense
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CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q2 us-gaap Revenues
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CY2018Q3 us-gaap Revenues
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CY2018Q4 us-gaap Revenues
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CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2018Q4 us-gaap Research And Development Expense
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CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2018Q2 us-gaap General And Administrative Expense
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CY2018Q3 us-gaap General And Administrative Expense
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CY2018Q4 us-gaap General And Administrative Expense
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CY2018Q1 us-gaap Operating Expenses
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CY2018Q2 us-gaap Operating Expenses
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CY2018Q3 us-gaap Operating Expenses
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CY2018Q4 us-gaap Operating Expenses
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CY2018Q1 us-gaap Operating Income Loss
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CY2018Q2 us-gaap Operating Income Loss
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CY2018Q3 us-gaap Operating Income Loss
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CY2018Q4 us-gaap Operating Income Loss
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CY2018Q1 us-gaap Other Nonoperating Income Expense
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CY2018Q4 us-gaap Other Nonoperating Income Expense
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CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
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CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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