Syros Pharmaceuticals, Inc.

Syros reported no revenue in Q3 2024, versus $3.8 million in Q3 2023. R&D expense was $20.5 million, down from $28.3 million year over year, and G&A expense was $5.7 million, down from $7.8 million. Net loss was $6.4 million, or $0.16 per share, compared with a net loss of $40.1 million, or $1.43 per share, in the prior-year quarter. Cash and cash equivalents were $58.3 million as of September 30, 2024, down from $79 million at June 30, 2024. Management said that cash should fund anticipated operating expenses and capital expenditures into the third quarter of 2025. No formal revenue or earnings guidance was provided; the main forward milestone is the mid-November release of pivotal SELECT-MDS-1 primary endpoint data, followed by a planned NDA filing if results are supportive.

Conley Chee framed tamibarotene as a potential new standard of care for newly diagnosed higher-risk MDS patients with RARA overexpression, which the company estimates is about 50% of the higher-risk population. His tone was upbeat and urgent, emphasizing that the company is “nearing” a transformative mid-November data readout and is preparing for an NDA and U.S. launch. He also highlighted the commercial opportunity, saying the U.S. market opportunity for tamibarotene in 2029 could be over $800 million in the RARA-overexpressing subset.

Jason Haas said the quarter reflected a leaner cost structure and a sharper focus on tamibarotene. He reported no Q3 revenue, R&D of $20.5 million, G&A of $5.7 million, and a net loss of $6.4 million, or $0.16 per share, versus a much larger loss in the prior-year quarter. Cash and cash equivalents were $58.3 million at quarter-end, and he said that balance should be sufficient to fund operations into the third quarter of 2025.

Analysts focused on what investors should expect in the mid-November data release, and management said the company plans to report the pivotal CR outcome plus supporting durability, time-to-response, overall response rate, and safety, but not overall survival yet. On the FDA filing, Conley said only routine regulatory steps remain and the team will file as quickly as possible after validating the data. Questions also covered commercialization planning, and management said it has been preparing for launch for about a year, including market education, infrastructure buildout, manufacturing readiness, and diagnostic availability.