$SYRS
Syros Pharmaceuticals, Inc.

2022 Q3 Form 10-Q Financial Statement

#000156459022028587 Filed on August 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $3.891M $6.276M $5.467M
YoY Change -31.7% 21.58% 13.26%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.076M $6.945M $6.949M
YoY Change 51.07% 25.82% 21.06%
% of Gross Profit
Research & Development $25.76M $33.10M $25.17M
YoY Change -5.51% 28.36% 25.67%
% of Gross Profit
Depreciation & Amortization $724.0K $726.0K $681.0K
YoY Change -5.36% -3.2% 2.25%
% of Gross Profit
Operating Expenses $43.35M $40.05M $32.12M
YoY Change 32.93% 27.91% 24.64%
Operating Profit -$39.45M -$33.77M -$26.65M
YoY Change 46.61% 29.17% 27.28%
Interest Expense $1.051M $981.0K $976.0K
YoY Change 18.89% 1.24% 0.93%
% of Operating Profit
Other Income/Expense, Net $9.860M $160.0K $2.450M
YoY Change 435.87% -96.53% -68.06%
Pretax Income -$30.25M -$34.48M -$25.15M
YoY Change 16.24% 53.32% 76.71%
Income Tax
% Of Pretax Income
Net Earnings -$30.25M -$34.48M -$25.15M
YoY Change 16.24% 53.32% 76.74%
Net Earnings / Revenue -777.51% -549.41% -459.96%
Basic Earnings Per Share -$3.21 -$0.54 -$3.99
Diluted Earnings Per Share -$3.21 -$0.54 -$398.8K
COMMON SHARES
Basic Shares Outstanding 63.01M 63.82M 6.306M
Diluted Shares Outstanding 9.417M 63.82M 6.306M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.5M $86.28M $110.3M
YoY Change 67.93% -52.6% -50.36%
Cash & Equivalents $171.5M $59.06M $69.58M
Short-Term Investments $72.95M $27.22M $40.69M
Other Short-Term Assets $6.053M $3.369M $3.034M
YoY Change 49.27% 68.37% 59.68%
Inventory
Prepaid Expenses
Receivables $1.771M $2.292M $3.182M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $252.3M $91.95M $116.5M
YoY Change 64.61% -50.62% -48.62%
LONG-TERM ASSETS
Property, Plant & Equipment $12.06M $11.99M $26.73M
YoY Change -57.16% -58.26% -8.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $2.638M
YoY Change -100.0% -100.0%
Other Assets $3.667M $5.316M $6.241M
YoY Change -33.28% -3.84% 258.06%
Total Long-Term Assets $32.42M $34.29M $35.60M
YoY Change -40.81% -27.85% 5.03%
TOTAL ASSETS
Total Short-Term Assets $252.3M $91.95M $116.5M
Total Long-Term Assets $32.42M $34.29M $35.60M
Total Assets $284.7M $126.2M $152.1M
YoY Change 36.86% -45.99% -41.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.02M $6.124M $2.841M
YoY Change 216.87% 66.82% -23.22%
Accrued Expenses $23.65M $22.34M $15.04M
YoY Change 75.25% 93.39% 40.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $137.0K $6.667M $1.667M
YoY Change -51.93% 2298.2% 455.67%
Total Short-Term Liabilities $38.42M $38.93M $27.59M
YoY Change 28.59% 40.92% 0.7%
LONG-TERM LIABILITIES
Long-Term Debt $40.51M $33.97M $38.78M
YoY Change 1.1% -14.85% -2.37%
Other Long-Term Liabilities $76.61M $22.31M $22.96M
YoY Change 140.23% -38.07% -47.1%
Total Long-Term Liabilities $40.51M $33.97M $38.78M
YoY Change 1.1% -14.85% -2.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.42M $38.93M $27.59M
Total Long-Term Liabilities $40.51M $33.97M $38.78M
Total Liabilities $78.94M $72.90M $89.34M
YoY Change -22.6% -29.74% -19.3%
SHAREHOLDERS EQUITY
Retained Earnings -$553.5M -$523.2M -$488.7M
YoY Change 25.85% 26.47% 24.92%
Common Stock $682.9M $554.5M
YoY Change 1.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.2M $31.02M $62.74M
YoY Change
Total Liabilities & Shareholders Equity $284.7M $126.2M $152.1M
YoY Change 36.86% -45.99% -41.65%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$30.25M -$34.48M -$25.15M
YoY Change 16.24% 53.32% 76.74%
Depreciation, Depletion And Amortization $724.0K $726.0K $681.0K
YoY Change -5.36% -3.2% 2.25%
Cash From Operating Activities -$35.79M -$26.18M -$30.02M
YoY Change 27.23% -1.04% 36.5%
INVESTING ACTIVITIES
Capital Expenditures -$328.0K -$111.0K $128.0K
YoY Change 5.81% -74.19% -51.15%
Acquisitions
YoY Change
Other Investing Activities $6.520M $16.00M $7.511M
YoY Change -138.37% -146.49%
Cash From Investing Activities $6.192M $15.89M $7.383M
YoY Change -135.79% -145.6% -2917.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 142.1M -222.0K -93.00K
YoY Change -212134.33% -408.33% -100.13%
NET CHANGE
Cash From Operating Activities -35.79M -26.18M -30.02M
Cash From Investing Activities 6.192M 15.89M 7.383M
Cash From Financing Activities 142.1M -222.0K -93.00K
Net Change In Cash 112.5M -10.51M -22.73M
YoY Change -347.21% -82.83% -147.19%
FREE CASH FLOW
Cash From Operating Activities -$35.79M -$26.18M -$30.02M
Capital Expenditures -$328.0K -$111.0K $128.0K
Free Cash Flow -$35.46M -$26.07M -$30.15M
YoY Change 27.47% 0.17% 35.47%

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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Nature Of Operations
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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;">1. Nature of Business</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:10pt;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:10pt;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:10pt;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 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 June 30, 2022, the Company had an accumulated deficit of $523.2 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 style="color:#000000;"> </span></p> <p style="margin-bottom:10pt;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:10pt;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 programs 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%;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 its current operating plan and without giving effect to the transactions described in Note 12 below, the completion of which cannot be assured, the Company’s management believes that <span style="color:#000000;">its cash, cash equivalents and marketable securities of $86.3 million as of June 30, 2022 </span>will allow the Company to meet its liquidity requirements into the second 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 12 months from the issuance date of this Quarterly Report on Form 10-Q. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of </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;">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.</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:10pt;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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<p style="margin-bottom:0pt;margin-top:10pt;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:7.42%;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 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="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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4287000
CY2022Q2 syrs Lessee Operating Lease Liability Payments Due Year Four And After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFourAndAfterYearFour
19256000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
33735000
CY2022Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
222000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9988000
CY2022Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
8000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
23747000
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
214000
us-gaap Operating Lease Cost
OperatingLeaseCost
1544000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
131000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
14000
syrs Finance Lease Cost
FinanceLeaseCost
145000
us-gaap Operating Lease Payments
OperatingLeasePayments
1958000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
156000
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0930
CY2019Q2 syrs Underwriting Discounts And Commissions And Estimated Offering Expenses Payable
UnderwritingDiscountsAndCommissionsAndEstimatedOfferingExpensesPayable
5000000.0
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1108800
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.48
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
37700
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.04
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
79190
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
10.58
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7649178
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.30
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
29000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4250393
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.94
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
10900000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2689000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2453000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5552000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5383000

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