Syros(US:SYRS)2024-07-31 15:10Financial Data and Key Metrics Changes - The company did not recognize revenue in Q2 2024, compared to $2.8 million in Q2 2023, reflecting the termination of a collaboration agreement with Pfizer [36] - R&D expenses decreased to $22 million in Q2 2024 from $29.6 million in Q2 2023, primarily due to reduced external R&D consulting and headcount [37] - G&A expenses were $5.5 million in Q2 2024, down from $7.2 million in Q2 2023, attributed to headcount reductions and lower consulting expenses [38] - The net loss for Q2 2024 was $23.3 million or $0.59 per share, compared to a net loss of $36.3 million or $1.30 per share in the same period of 2023 [38] - Cash, cash equivalents, and marketable securities as of June 30, 2024, were $79 million, down from $108.3 million as of March 31, 2024, expected to fund operations into Q3 2025 [39] Business Line Data and Key Metrics Changes - The company is focusing on the advancement of tamibarotene for higher-risk MDS and AML patients, with ongoing trials showing promising results [44][45] - SELECT-MDS-1 trial is evaluating tamibarotene in combination with azacitidine, with a primary efficacy endpoint of complete response in the first 190 enrolled patients [28] Market Data and Key Metrics Changes - Approximately 50% of MDS and 30% of AML patients are positive for RARA overexpression, representing significant market opportunities for tamibarotene [19] - The company plans to commercialize tamibarotene in the U.S. through its own efforts, while considering partnerships for European markets due to fragmentation [61] Company Strategy and Development Direction - The company aims to establish tamibarotene as a new standard of care for higher-risk MDS and AML patients, addressing significant unmet needs in these diseases [43] - The focus is on preparing for NDA filing and launch, with a strong emphasis on commercialization plans and launch readiness activities [18][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming data readouts for tamibarotene in AML and higher-risk MDS patients, with pivotal data expected in Q4 [27][80] - The company is being judicious with expenses, indicating a new run rate relative to previous years [53] Other Important Information - The SELECT-AML-1 trial is evaluating tamibarotene in newly diagnosed unfit AML patients, with initial data showing a 100% CR/CRi rate in a small cohort [34] - The company hosted a webinar with medical experts discussing the potential of tamibarotene to transform the standard of care for higher-risk MDS patients [31] Q&A Session Summary Question: What is the timeline for advancing tamibarotene into pivotal studies in AML? - Management indicated that the data from 40 patients in September will be crucial for decision-making, but full data from all 80 patients will provide a clearer picture [40][60] Question: What are the commercialization plans for Europe? - The company plans to license or find a partner in Europe due to the fragmented market, while focusing on U.S. commercialization [61] Question: Were the reduced expenses in Q2 due to timing or cost-cutting initiatives? - Management confirmed that the reduced expenses reflect a new run rate, with minor cost-cutting initiatives contributing to the decrease [62]