Syros Pharmaceuticals, Inc. Q4 FY2022 earnings call

• Dr. Nancy Simonian highlighted 2022 was meaningful with advances in hematologic malignancies programs, including SELECT-AML-1 moving to randomized portion, SELECT-MDS-1 pivotal trial progress, FDA Fast Track Designation for tamibarotene in higher-risk MDS, extended collaboration with Global Blood Therapeutics, and $190 million financing extending cash runway to Q2 2025.
• Dr. David Roth provided clinical updates: SELECT-MDS-1 trial expected to complete enrollment in Q4 2023 and report pivotal data in Q3 2024; SELECT-AML-1 to report initial data in Q4 2023 and additional data in 2024; 2101 dose confirmation study for APL with progress in H2 2023 update.
• Jason Haas reviewed financial results, including revenue from collaborations, R&D and G&A expenses, net loss, and cash position.

In the fourth quarter and full year 2022, Syros Pharmaceuticals' financials showed: Revenue for full year 2022 was $14.9 million, with $13.6 million from the collaboration with Global Blood Therapeutics and $1.3 million from the collaboration with Incyte. R&D expenses were $27.9 million in Q4 2022 and $111.9 million for the full year 2022, up from $26.8 million in Q4 2021 and $99.9 million for full year 2021. G&A expenses were $7.3 million in Q4 2022 and $29.3 million for full year 2022, up from $6.4 million in Q4 2021 and $23 million for full year 2021. Net loss was $4.8 million in Q4 2022 and $94.7 million for full year 2022. Cash, cash equivalents, and marketable securities as of December 31, 2022, were $202.3 million.

• Expect to complete enrollment in the SELECT-MDS-1 Phase III trial in Q4 2023 and announce pivotal data in Q3 2024.
• Share initial data from the randomized portion of the SELECT-AML-1 trial in Q4 2023 and additional data in 2024.
• Share an update on the dose confirmation study of 2101 and next steps on the registration pathway in the second half of 2023.

Statements on the call include forward-looking statements, and actual events or results may differ materially due to various risks and uncertainties set forth in the Risk Factors section of the annual report on Form 10-K and other SEC filings.

Q: About data from SELECT-AML-1 in Q4, details on patient numbers and endpoints A: David Roth mentioned anticipating data from randomized portion, will report response rates, durability, and safety Q: On 2101 registration path efficiencies A: David Roth said no specific details yet, but emerging data supports exploring efficient pathway, update in H2 2023 Q: Futility analyses in SELECT-MDS-1 A: Nancy Simonian said no guidance on futility analyses, focus on Q3 2024 pivotal data Q: Share count stability A: Jason Haas said share count around 27.8 million, relatively stable Q: Stratification in SELECT-AML and FDA interactions for 2101 A: David Roth said SELECT-AML not stratified by monocytic expression, 2101 interactions premature, update in H2 2023