2021 Q4 Form 10-K Financial Statement

#000156459022010214 Filed on March 15, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $7.802M $23.49M $5.698M
YoY Change 36.93% 55.55% 1021.65%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.430M $23.04M $5.890M
YoY Change 9.17% 8.0% -7.97%
% of Gross Profit
Research & Development $26.80M $99.87M $29.03M
YoY Change -7.69% 31.3% 103.31%
% of Gross Profit
Depreciation & Amortization $773.0K $2.800M $770.0K
YoY Change 0.39% 0.0% -14.44%
% of Gross Profit
Operating Expenses $33.23M $122.9M $34.92M
YoY Change -4.85% 61.58% 68.86%
Operating Profit -$99.42M -$29.22M
YoY Change 20.81% 44.86%
Interest Expense $1.610M $12.86M $541.0K
YoY Change 197.6% 617.75% 2605.0%
% of Operating Profit
Other Income/Expense, Net $2.570M $16.68M -$910.0K
YoY Change -382.42% -4489.47% -305.88%
Pretax Income -$23.81M -$86.56M -$30.13M
YoY Change -20.97% 3.0% 52.71%
Income Tax $1.000K
% Of Pretax Income
Net Earnings -$23.81M -$86.60M -$30.13M
YoY Change -20.97% 3.1% 52.71%
Net Earnings / Revenue -305.22% -368.7% -528.78%
Basic Earnings Per Share -$13.84
Diluted Earnings Per Share -$378.3K -$1.384M -$617.5K
COMMON SHARES
Basic Shares Outstanding 6.253M
Diluted Shares Outstanding 6.253M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.4M $130.4M $174.0M
YoY Change -25.08% -25.08% 90.37%
Cash & Equivalents $92.30M $92.30M $174.0M
Short-Term Investments $38.07M $38.07M $0.00
Other Short-Term Assets $3.237M $3.237M $2.200M
YoY Change 47.14% 47.14% -24.14%
Inventory
Prepaid Expenses
Receivables $2.979M $2.979M $7.000K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $136.6M $136.6M $178.6M
YoY Change -23.51% -23.52% 55.93%
LONG-TERM ASSETS
Property, Plant & Equipment $12.84M $27.29M $14.21M
YoY Change -9.63% -7.82% -6.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.04M $13.04M
YoY Change
Other Assets $2.941M $6.027M $1.966M
YoY Change 49.59% 18.18% 301.22%
Total Long-Term Assets $46.35M $46.35M $34.69M
YoY Change 33.6% 33.57% -2.18%
TOTAL ASSETS
Total Short-Term Assets $136.6M $136.6M $178.6M
Total Long-Term Assets $46.35M $46.35M $34.69M
Total Assets $182.9M $182.9M $213.3M
YoY Change -14.22% -14.24% 42.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.692M $3.692M $3.603M
YoY Change 2.47% 2.56% -38.44%
Accrued Expenses $17.34M $17.34M $12.50M
YoY Change 38.75% 38.75% 6.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $291.0K $291.0K $300.0K
YoY Change -3.0% -3.0% 50.0%
Total Short-Term Liabilities $31.51M $31.51M $28.62M
YoY Change 10.08% 10.17% 21.72%
LONG-TERM LIABILITIES
Long-Term Debt $40.26M $40.32M $39.55M
YoY Change 1.79% 1.06% 6491.83%
Other Long-Term Liabilities $25.89M $25.89M $54.20M
YoY Change -52.24% -52.24% 16.06%
Total Long-Term Liabilities $40.26M $66.21M $39.55M
YoY Change 1.79% -29.64% -16.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.51M $31.51M $28.62M
Total Long-Term Liabilities $40.26M $66.21M $39.55M
Total Liabilities $71.77M $97.72M $68.18M
YoY Change 5.27% -20.36% -3.71%
SHAREHOLDERS EQUITY
Retained Earnings -$463.6M -$377.0M
YoY Change 22.96% 28.68%
Common Stock $548.9M $467.6M
YoY Change 17.39% 25.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $85.22M $85.22M $90.55M
YoY Change
Total Liabilities & Shareholders Equity $182.9M $182.9M $213.3M
YoY Change -14.22% -14.24% 42.19%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$23.81M -$86.60M -$30.13M
YoY Change -20.97% 3.1% 52.71%
Depreciation, Depletion And Amortization $773.0K $2.800M $770.0K
YoY Change 0.39% 0.0% -14.44%
Cash From Operating Activities -$22.97M -$99.54M -$29.92M
YoY Change -23.23% 73.54% 182.26%
INVESTING ACTIVITIES
Capital Expenditures -$245.0K -$1.245M -$30.00K
YoY Change 716.67% -62.72% -99.63%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$51.41M $0.00
YoY Change -202.82% -100.0%
Cash From Investing Activities -$245.0K -$52.65M -$30.00K
YoY Change 716.67% -212.83% -100.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 96.00K 70.51M 110.8M
YoY Change -99.91% -50.68% 10065.14%
NET CHANGE
Cash From Operating Activities -22.97M -99.54M -29.92M
Cash From Investing Activities -245.0K -52.65M -30.00K
Cash From Financing Activities 96.00K 70.51M 110.8M
Net Change In Cash -23.12M -81.68M 80.85M
YoY Change -128.59% -161.76% 985.23%
FREE CASH FLOW
Cash From Operating Activities -$22.97M -$99.54M -$29.92M
Capital Expenditures -$245.0K -$1.245M -$30.00K
Free Cash Flow -$22.72M -$98.30M -$29.89M
YoY Change -23.97% 81.96% 1125.0%

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CY2019 syrs Finance And Capital Lease Obligations Incurred
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1059000
CY2021 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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CY2020 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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CY2019 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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58000
CY2021 syrs Offering Cost Incurred But Not Yet Paid
OfferingCostIncurredButNotYetPaid
10000
CY2020 syrs Offering Cost Incurred But Not Yet Paid
OfferingCostIncurredButNotYetPaid
298000
CY2019 syrs Offering Cost Incurred But Not Yet Paid
OfferingCostIncurredButNotYetPaid
23000
CY2021 us-gaap Nature Of Operations
NatureOfOperations
<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:3.71%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Syros Pharmaceuticals, Inc. (the "Company"), a Delaware corporation formed in November 2011, is a biopharmaceutical company 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:3.71%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;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:7.42%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2021, the Company issued and sold an aggregate of 5,400,000 shares of the Company’s common stock in an underwritten public offering at a public offering price of $14.00 per share, resulting in gross proceeds of $75.6 million before deducting underwriting discounts and commissions and other transaction expenses of approximately $5.1 million. </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:7.42%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On December 8, 2020, through a private placement, the Company issued 10,312,500 shares of the Company’s common stock, par value $0.001 per share, and, in lieu of such shares of common stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 1,000,000 shares of common stock, and, in each case, accompanying warrants (the “Warrants”) to purchase an aggregate of up to 2,828,125 additional shares of common stock (or Pre-Funded Warrants to purchase common stock in lieu thereof) at a price of $8.00 per share and accompanying Warrant (or $7.99 per Pre-Funded Warrant and accompanying Warrant). The private placement resulted in gross proceeds of $90.5 million, before $0.4 million of transaction costs.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On December 4, 2020, the Company entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Orsenix, LLC (“Orsenix”), pursuant to which the Company acquired all of Orsenix’s assets related to a novel oral form of arsenic trioxide, which the Company refers to as SY-2101 (the “Product”). Under the terms of the Asset Purchase Agreement, the Company was required to pay to Orsenix an upfront fee of $12.0 million, which was paid with cash on hand upon the closing of the transaction. In addition the Company is required to pay single-digit million dollar milestone payments related to the development of the Product in indications other than APL; $6.0 million following the achievement of a regulatory milestone related to the development of the Product in APL; and up to $10.0 million upon the achievement of certain commercial milestones with respect to the Product.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In April 2019, the Company completed two concurrent underwritten public offerings of the Company’s equity securities, which together resulted in gross proceeds to the Company of $70.0 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 A warrants (the “2019 Warrants”) to purchase 1,951,844 shares of the Company’s common stock, at a combined price to the public of $7.50 per common share and accompanying 2019 Warrant. In the other public offering, the Company sold 666 shares of its Series A convertible preferred stock (the “Series A Stock”), and accompanying 2019 Warrants to purchase 166,500 shares of the Company’s common stock, at a combined public offering price of $7,500 per share and accompanying 2019 Warrant. Each 2019 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. </span>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:3.71%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;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’s net losses were $86.6 million, $84.0 million and $75.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the Company had an accumulated deficit of $463.6 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 expense to support such research and development. The Company’s net losses may fluctuate significantly </p> <p style="margin-bottom:0pt;margin-top:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under ASC Topic 205-40, <span style="font-style:italic;">Presentation of Financial Statements - Going Concern</span>, management is required at each reporting period to evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates the substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (i) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued and (ii) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans must have been approved by the Company’s board of directors before the date that the financial statements are issued.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing to support the Company’s cost structure and operating plan. Management’s plans to alleviate its financing requirements include, among other things, pursuing one or more of the following steps to raise additional capital, none of which can be guaranteed or are entirely within the Company’s control:</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•<span style="margin-left:36pt;">raise funding through the sale of the Company’s common or preferred stock;</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•<span style="margin-left:36pt;">raise funding through debt financing; and</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•<span style="margin-left:36pt;">establish collaborations with potential partners to advance the Company’s product pipeline.</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on the Company’s current operating plan, <span style="color:#000000;">its cash, cash equivalents and marketable securities of $143.4 million as of December 31, 2021 </span>will allow the Company to meet its liquidity requirements into the first quarter of 2023. The Company’s history of significant losses, its negative cash flows from operations, its limited liquidity resources currently on hand, and its dependence on its ability to obtain additional financing to fund its operations after the current resources are exhausted, about which there can be no certainty, have resulted in management’s assessment that there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least twelve months from the issuance date of this Annual Report on Form 10-K. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments that may result from the outcome of this uncertainty.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If the Company is unable to raise capital when needed or on acceptable terms, or if it is unable to procure collaboration arrangements to advance its programs, the Company would be forced to discontinue some of its operations or develop and implement a plan to further extend payables, reduce overhead or scale back its current operating plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan would be successful.</p>
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CY2021 us-gaap Use Of Estimates
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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;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.42%;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. 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 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’s management evaluates its estimates, which include, but are not limited to, estimates related to revenue recognition, warrant liability, stock-based compensation expense, accrued expenses, income taxes<span style="font-size:12pt;color:#000000;"> </span>and the evaluation of the existence of conditions and events that raise substantial doubt regarding the Company’s ability to continue as a going concern. Actual results may differ from those estimates or assumptions.</p>
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70000000.0
CY2019Q2 syrs Underwriting Discounts And Commissions And Estimated Offering Expenses Payable
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5000000.0
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5468605
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.90
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
13124000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2417600
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.69
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
20134
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.77
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1208803
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
10.00
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6657268
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.27
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
494000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3736652
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.86
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
494000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
800000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200000
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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12800000
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y11M19D
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
200000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1100000
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
200000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10354000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10939000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9839000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1000
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
4000
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
28000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28000
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0726
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0612
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0656
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.0360
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0068
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0089
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0579
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0389
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0479
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0141
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0088
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0077
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.3624
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2945
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.3073
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0004
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
109166000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
80658000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
22446000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
17442000
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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3000000
CY2020Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
3219000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
5700000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
5117000
CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
2810000
CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
6034000
CY2021Q4 syrs Deferred Tax Assets Capital Lease
DeferredTaxAssetsCapitalLease
6812000
CY2020Q4 syrs Deferred Tax Assets Capital Lease
DeferredTaxAssetsCapitalLease
7284000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2395000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1725000
CY2021Q4 us-gaap Deferred Tax Assets Gross
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152329000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
121479000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
146285000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
114946000
CY2021Q4 us-gaap Deferred Tax Assets Net
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6044000
CY2020Q4 us-gaap Deferred Tax Assets Net
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6533000
CY2021Q4 syrs Deferred Tax Liabilities Right Of Use Asset
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3946000
CY2020Q4 syrs Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
4215000
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
2098000
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
2318000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
6044000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
6533000
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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31300000
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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24700000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2020Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2017Q3 syrs Defined Contribution Plan Employer Matching Contribution Percent Of Match One
DefinedContributionPlanEmployerMatchingContributionPercentOfMatchOne
1
CY2017Q3 syrs Defined Contribution Plan Employer Hundred Percent Matching Contribution Percent
DefinedContributionPlanEmployerHundredPercentMatchingContributionPercent
0.01
CY2017Q3 syrs Defined Contribution Plan Employer Matching Contribution Percent Of Match Two
DefinedContributionPlanEmployerMatchingContributionPercentOfMatchTwo
0.50
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
500000
CY2021 syrs Defined Contribution Plan Employer Matching Contribution Percent Of Match One
DefinedContributionPlanEmployerMatchingContributionPercentOfMatchOne
1
CY2021 syrs Defined Contribution Plan Employer Hundred Percent Matching Contribution Percent
DefinedContributionPlanEmployerHundredPercentMatchingContributionPercent
0.02
CY2021 syrs Defined Contribution Plan Employer Matching Contribution Percent Of Match Two
DefinedContributionPlanEmployerMatchingContributionPercentOfMatchTwo
0.50
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
800000
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
500000

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