Syros Pharmaceuticals, Inc. (SYRS) stock was going high in the intraday trading session after the release of second-quarter 2021 financial results. SYRS stock price saw a push of 1.48% to reach $4.58 a share as of this writing. The stock was red in the previous trading session and went low by 1.53% at closing. Let’s take a closer look at this stock.
Second Quarter 2021 Financial Results:
- Syros stock reported $5.2 million in revenue for the second quarter of 2021. This includes $3.3 million and $1.9 million under its collaboration with Global Blood Therapeutics, Inc. (GBT) and Incyte Corporation (Incyte)
- SYRS stock spent $25.8 million in research and development expenses in the second quarter of 2021 as compared to $14.8 million for the same tenure of the previous year. The increase is attributable to clinical programs and staff-related expenses.
- SYRS stock spent $5.5 million for general and administrative expenses in the second quarter of 2021. The previous year same quarter’s G&A expenses were $5.1 million for the stock.
- Net loss of the stock increased to $22.5 million, or $0.36 per share in Q2 2021 from $17.2 million, or $0.38 per share in Q2 2020.
Balance Sheet of the SYRS stock:
Syros stock as of June 30, 2021, reported $195.3 million cash, cash equivalents, and marketable securities, higher than $174 million on December 31, 2020. $75.6 million gross proceeds from the public offering in January contributed to this increase. However, this increase is partially offset by cash for funding stock operations. The management is optimistic that the current balance sheet is enough to fund operations till 2023
SYRS stock’s Pipeline Update:
Syros stock signed an agreement with Roche today in order to provide SY-5609 for a combination dosing cohort with atezolizumab in Roche’s Phase 1/1b INTRINSIC trial. The trial will combine SY-5609 with atezolizumab to evaluate its effectiveness in patients suffering from BRAF-mutant disease.
Furthermore, Syros stock will not evaluate a combination of SY-5609 and fulvestrant in patients with CDK4/6 inhibitor-resistant HR-positive breast cancer. This is due to change in the development landscape as well as the emergence of oral selective estrogen receptor degrader.
Conclusion:
Syros Pharmaceuticals stock is now enjoying the bullish sentiment after positive Q2 2021 financial results. The balance sheet is strong enough to fund operations for approximately the next two years. The stock is progressing with Tamibarotene, SY-2101 for APL, and SY-5609 for Select Solid Tumors, programs. Hence investors should keep an eye on this stock.
