Syros Pharmaceuticals (NASDAQ: SYRS) reported Q1 EPS of ($0.23), $0.23 better than the analyst estimate of ($0.46). Revenue for the quarter came in at $4.83 million versus the consensus estimate of $2.67 million.

First Quarter 2021 Financial Results

• Revenues were $4.8 million for the first quarter of 2021, consisting of $4.0 million in revenue recognized under Syros’ collaboration with Global Blood Therapeutics, Inc. (GBT) and $0.8 million recognized under its collaboration with Incyte Corporation (Incyte). Syros recognized $2.4 million in revenue in the first quarter of 2020, including $2.2 million under its collaboration with GBT and $0.2 million under its collaboration with Incyte.
• Research and development expenses were $20.0 million for the first quarter of 2021, as compared to $14.6 million for the first quarter of 2020. This increase was primarily attributable to the continued advancement of Syros’ clinical programs, including the addition of SY-2101, and an increase in employee-related expenses.
• General and administrative (G&A) expenses were $5.7 million for the first quarter of 2021, as compared to $5.1 million for the first quarter of 2020. This increase was primarily attributable to an increase in employee-related expenses.
• For the first quarter of 2021, Syros reported a net loss of $14.2 million, or $0.23 per share, compared to a net loss of $17.2 million, or $0.39 per share, for the same period in 2020.

“We continue to make substantial progress toward our vision of building Syros into a fully integrated company, with leading portfolios in targeted hematology and selective CDK inhibition and a robust gene control discovery engine,” said Nancy Simonian, M.D., Chief Executive Officer of Syros. “We began enrolling patients in our Phase 3 clinical trial of SY-1425 in RARA-positive higher-risk MDS, marking the start of our first registration-enabling trial and an important step toward our goal of setting new standards of care in the treatment of hematologic malignancies. Looking ahead, we are poised to continue building on this momentum. We look forward to initiating additional clinical trials with SY-1425 and SY-2101 in the second half of the year and reporting new dose-escalation data, including clinical activity, from our Phase 1 trial of SY-5609 in the third quarter, while continuing to invest in our earlier-stage programs in cancer and monogenic diseases.”

Cash and Financial Guidance
Cash, cash equivalents and marketable securities as of March 31, 2021 were $222.1 million, as compared with $174.0M million on December 31, 2020. This increase reflects the gross proceeds of $75.6 million that Syros received from its January 2021 public offering, partially offset by cash used to fund its operations.

Based on its current plans, Syros believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its planned operating expenses and capital expenditure requirements into 2023.

For earnings history and earnings-related data on Syros Pharmaceuticals (SYRS) click here.