Syros Pharmaceuticals, Inc. Q3 FY2023 earnings call

• Nancy Simonian is stepping down as CEO, with Conley Chee taking over.
• Syros is focused on advancing tamibarotene for frontline treatment of hematologic malignancies.
• SELECT-AML-1 trial to have initial data in early December, SELECT-MDS-1 trial to report pivotal data in mid-2024.
• Operations streamlined to focus on tamibarotene program.
• Conley Chee to build commercial infrastructure for tamibarotene.

In the third quarter of 2023, Syros recognized $3.8 million in revenue, entirely from the Pfizer sickle cell disease collaboration. R&D expenses were $28.3 million, compared to $25.8 million in Q3 2022. G&A expenses were $7.8 million in Q3 2023 vs $8.1 million in Q3 2022. Restructuring costs were $2.4 million. Net loss was $40.1 million ($1.43 per share) in Q3 2023 vs $30.3 million ($3.21 per share) in Q3 2022. Cash, cash equivalents, and marketable securities as of September 30, 2023, were $112 million.

• SELECT-AML-1 will have initial data readout in early December.
• SELECT-MDS-1 enrolment expected to complete in Q1 2024, with pivotal data reported in mid-2024.
• Cash position expected to fund operating expenses and capital expenditures into 2025, beyond Phase III data from SELECT-MDS-1 and additional data from SELECT-AML-1.

• Forward-looking statements may differ materially due to various risks, uncertainties, and factors set forth in SEC filings such as the quarterly report on Form 10-Q and annual report on Form 10-K.

Q: Talk about how the landscape is changing in AML and MDS since the SELECT studies were designed.

A: David Roth mentioned that while the unmet need in higher-risk MDS and AML remains significant, some drugs in development have not been successful. Tamibarotene's mechanism is distinct, and they remain hopeful.

Q: Ask about SELECT-AML efficacy and CR/CRI rates in RARA-positive population.

A: David Roth stated that the SELECT-AML trial is the first prospective evaluation of tamibarotene in RARA-positive unfit AML patients. Initial data on ~20 patients will be reported in early December, focusing on composite CR rate and tolerability, with hope for a response rate higher than the prior Phase II trial's 61%.