SYRS - Earnings call transcript Q1 2019 | Syros Pharmaceuticals, Inc.

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Operator

Good morning and welcome to Syros Pharmaceuticals First Quarter 2019 Financial Results Conference Call. At this time, all participants are in a listen-only mode. This call is being webcast live on the Investor and Media section of Syros' website at www.syros.com. Please be advised that today's call is being recorded.

Following the formal remarks, we will open the call for your question. would Vice turn and President at I to call Investor time, Syros. Aoki, Naomi of this like the to over Relations At Corporate Communications

Naomi Aoki

first a This at future anticipated www.syros.com. Syros' Investors recent is release we and you. release and financial issued This on Thank with along morning milestones our website available quarter accomplishments. with Media XXXX results, of press the section

remarks our Officer; on Chief Chief Business our David available by Officer; call Olson, Roth, will Financial our Dr. and also are Simonian, We be Medical with the our Officer; begin will Chief Q&A. Scientific Executive Ferra, Officer, call our Springhorn, and Eric Jeremy for Dr. we will and Dr. Then for prepared Joe call questions. Chief the Officer. Chief the Nancy open Dr.

expressed we and conference events Before on results materially make remind I statements. with to future. forward-looking Actual risks, forward-looking other those like implied of forth begin, section statements set the differ of on or everyone in we that statements in various SEC may those including Factors as would other annual or call could we make XX-K that factors, by and a include any will Risk filings report this from Form any the the our result uncertainties

to subsequent would today over the any should forward-looking statements. be of relied any not In to addition, representing now Nancy. to We any only views update forward-looking like turn statements any made obligation as on and revise views as upon this call specifically I represent call of or our our disclaim as date.

Nancy Simonian

has Syros progress. joining to happy for share and gotten off for recent great you, Thank a and Naomi, everyone our us to I'm start today. to XXXX

ongoing are inhibition, continue company As we priorities our vision profound to as keeping bringing to control in leading in first patients, CDKX patients pipeline the platforms. programs, our we priorities, to much continue benefit and XXXX work possible. investment for achieve of building advance XXXX the medicines and our the therapies our quickly needed enduring in of In strategic Advance for build our through market aim on with to: our leadership during provide great as gene that with and quarter, a with these clinical-stage a to fuel clinic

our clear both in In biomarker-positive on for data programs for executing our relapsed addition relapse cell us our quarter giving and to AML strategy ovarian on XXXX patient three and call, we've trials, in as cancer serous heavily XXXX. population, ovarian for clinical outlined or relapsed development for fourth pretreated opportunities refined proof-of-concept cancer XXXX refractory high-grade

CDKX CDKX antitumor selective CDKX in which cancer our development our SY-XXXX, mechanistic Meeting, breast oral inhibitor, we preclinical Annual Given of with and that the unmet selectivity activity presented need demonstrating our and XXXX of AACR data, for inhibition. ovarian the supported potency rationale for populations, highlighted inhibitor, there development. Cancer In Association data in Research are high or April the our on at believe opportunities American the in these positive new ongoing leadership for further accelerated we and

next. quarter of from all XXXX, completed successfully readouts gene end our year priorities, significant our eight XXXX We to data allowing mark in for control strategic this while on Together, in for track to against cohorts in proof-of-concept sheet, beyond expected runway also accomplishments our report investing these clinical platform. this and data our we continue the trials balance remain us potential April. a XXXX also and progress $XX and XXXX the strengthen to financing proceeds The our financing of from extending first both is XXXX, and million the which of

early XXXX. advance remain in I oncology to track study XXXX a We Phase on into also

newly evaluating with proof-of-concept third XXXX in positioning quarter cohort For XXXX for azacitidine or we AML II in azac expect biomarker-positive population potential relapse AML in combination to biomarker-positive we SY-XXXX year, plan in report unfit data the and patients in us this to complete this enrollment to data this updated midyear refractory half in the Phase diagnosed cohorts on evaluating the Meanwhile combination of XXXX. in year. of in ongoing trial combo this open patients second the the

data safety XXXX high-grade prior in tumors who lines had patients or have report efficacy, carboplatinum more more our or three-plus of cancer ovarian lines had mechanistic of quarter the serous For had combination expansion more in Phase lines single these We high-grade lines initial a prior of data XXXX, proof-of-concept initial from data of patients cohorts potential I carboplatinum initial have from XXXX in evaluating of efficacy the initial from agent including therapy; who cancer cohort and have biopsy. in therapy; fourth to the we with XXXX evaluating PK prior agent high-grade expect evaluating and data prior trial, more safety in cancer with additional one efficacy had and XXXX or for initial lines had therapy; ovarian single and plan agent solid cohort cohort have prior XXXX the three evaluating of therapy. PK of and safety portion data a patients who in with single cancer serous the data have accessible the serous ovarian patients, serous or from cohort of cancer safety, one XXXX report initial ovarian high-grade patients safety, in as from the of each cohort three the mechanistic from from as patients and to who advanced and evaluating as in cohort therapy; in combination data who XXXX from including a data ovarian

the ovarian track in cohort XXXX. agent putting relapsed cell in in XXXX evaluating with In proof-of-concept this population addition, we for cancer a us recently as have patients opened clear single on potential

CDKX development establishing for half These predictive our focused for metastatic XXXX patients franchise clear as who ovarian xenograft of at support data for XX% promise on our XXXX the evaluation XXXX. pathway RB XXXX. initial responding to for a of the in and of serous CDKX/X in alterations share in cancer XXXX demonstrating alterations. selective in cancer approach first to that of two rationale with resistant us call, potential key the to XXXX posters; in models realizing second defined with response to populations cell patient-derived the report mechanistic All-in, all to cancers. inhibitors. biomarker-positive from from multiple for And with XXXX on the inhibition RARA transformative that data prospectively care ovarian of the high-grade HR-positive These alterations and pathway these CDKX/X the We XXXX and patients AACR. models are to targeted of pathway patients, are with fulvestrant treat and data patients of vision presented cancer XXXX response cancer our support I assessing we RB plan we data earlier treatment difficult breast rich and as as biomarkers pursue the also we this of CDKX inhibitor-resistant ongoing of foundation positions readouts HR-positive new as also alterations RB breast preclinical excited cohort are Finally, in our were in mentioned as IRFX combination

XXXX. in-vivo orally of profile for non-covalent is the in-vitro chemical focused our poster candidate observed antitumor that a detailing inhibitor and and activity CDKX. XXXX XX,XXX-fold XX of than first entity models. data substantial is nine and on time the shows over XXXX development CDKX selective a with and second available greater newest The cancer distinct breast more in The is ovarian for CDKX triple-negative is

Additionally, multiple CDKX tissue. decreases were protein in and markers tumor including observed treated downstream MCLX

both years, by emergence made in options. patient how outcomes. from agents, complex doctors resistance unmet on more advances cancers. our Last new two underserved In existing the KOL the genomic opportunity spoke newer from the a mechanisms about week, at The the the physicians York leading General University comment Breakfast Center we Juric Now, Targeted cancer featured franchise hosted treatment recent for diseases, novel in breast Termeer remain overcome with of from highlighting presentations on and on used Massachusetts limitations ovarian ovarian cancer an also inhibitors action and patients commented many a the need our breast and on Medical let Trey moment alone resistance me speakers for the targeted broadly. Hospital, just of that event focus CDKX in can need of landscape, specialist. a Both emphasizing of the improve combination in Alabama but take to Symposium to the Dejan advanced CDKX Center, New their the landscape of current for the a and specialist; agents Therapies therapies, with Leath the be or existing

treatment cell that unclear women Additionally, have is for options. only cancer particularly the more clinical clear Leath limited Dr. optimal disease development in these Not very and for paradigm there their chemo-resistant, but emphasized them. little patients ovarian with is

mechanism underscored cancer. potentially For a gap us, living in our CDKX real targeted women They ovarian opportunity HR-positive reinforce also urgency fill novel with the our of landscape to work. with presentations a for breast existing for these effective inhibitors medicine the operate metastatic and the an

our XXXX the In execution on in an through had strategic a of closing, interested website. more, available hearing we anyone is focused to our start priorities. webcast For against archived event strong a

incorporate multiple flexibility over becoming financing on three integrated quarter. programs, to for us a patients Joe new we With financial closer our provide the fully successful of and bring potential CDKX refinement patients. clinical our medicines us two for preclinical these to options, our our results and with for inhibitors the promise invest a long-term dire to it near-term market to to our Building Ferra that XXXX to with paths supporting new vision the clinical a data-rich milestones profound clinical strategy for across data benefit need growth. review of to the With of potential allows I'll expect turn that of that, company, and accomplishments, that a opportunities in XXXX

Joe Ferra

our resulting planned underwriting for April, path you, proceeds expenses In through opportunities, expenditures while that and discount of funded end capital our approximately of our and market XXXX, million. investing three commissions platform. of before successful proof-of-concept position to to in approximately quarter gene anticipated Thank control of and $X.X beyond readouts we with we the fortified each support Nancy. sufficiently our first also operations gross deducting this the we believe million, in operating capital, $XX are of financial With financing,

high-quality the We Syros. our new existing by and excited are to welcome to investors humbled continued shareholders support of

in results. April, $XX.X advancement for expenses of into in closed December of a on the were We million recognized expenses. the and XX, the million equivalents Now G&A for the to were million $X.X from in same net our expenses a quarter first first include We $X.X R&D of of was first were million result was to quarter million quarter of $XX.X both This clinical first that same studies. with $X.X marketable of increase of primarily for XXXX. XXXX Incyte. ended XXXX. our This increase of with and collaboration with compared of not of financing $XX.X compared the for in $XX.X period the including cash cash, first XXXX financial increase XXXX million $XX.X existing proceeds securities, primarily the compared compared quarter our million XXXX. to XXXX. $X.X result quarter programs the million entirely for This employee-related million the XXXX XXXX for for the XXXX. IND-enabling trials Revenues periods in revenue first the progress earned in in does preclinical quarter period

quarter per of $XX.X turn Finally, call we questions. over XXXX. With net of per first to for or net a loss share I share, for same or $X.XX operator million period will compared reported that, a $X.XX Thank for you. the million, to the loss in the $XX.X

Operator

and Thank of from Instructions] you. Company. comes Nadeau [Operator first Phil Our question Cowen

Your line now is open.

Phil Nadeau

Good morning. Thanks for on pipeline. the A taking couple my questions.

the by year data that next to pretty proof-of-concept to year, of some from but going been clear come we you've XXXX, expect you a end on get are XXXX. this data First

for what different So I'm doses year later about curious, we data couldn't the of quality this proof-of-concept get what later and what Why amount kind going is follow-up, the be versus or to year? we're the of year this see of the XXXX? data, next

Nancy Simonian

have to answer question. David going I'm Phil. Roth Hey, that

David Roth

the question. for Thanks okay. Yes,

So -- yes, David. is this

us of data conviction quarter mean, registrational So then to to robust the XXXX. data give is that would plan present this fourth what into data followed of we be some more we PoC, forward set that initial our call, by, the or that a and year proof-of-concept be a And in will trial. by in moving

in a set see XXXX. you'll So data fuller

Phil Nadeau

short? what and it QX? patient -- -- Is guess, in number I or relatively relatively be small should short numbers is patient that And and follow-up will Good. we follow-up

David Roth

a Yes. It will in more initial I set data, terms so duration. be information and have likely numbers fuller of will think that data

Phil Nadeau

it. Got

Okay. the cohort other currently has on And you're Or was AML then, newly refractory diagnosed in QX. that Is that to end given that rise on XXXX, to there what biomarker-positive starting optimism you've from relapsed I'm enrolling? new based some curious, cohort? that cohort reason cohort? decided that the

Nancy Simonian

Hi, Phil.

as landscape the, to as think, XXXX setting. shifting in the ASH. at newly that relapsed be thought bring the combination the of, possible the sort presented and as to the that setting the what about competitive was in get and we know, felt between you we I diagnosed we're market, We way optimal excited most azacitidine data approach newly And patients, combination about to given saw was synergy XXXX we the as to landscape going patients. treatment to rapid the overall diagnosed combination quickly that

we the high believe, unmet still that's opportunity rate selecting really we diagnosed the year, efficient the well. for also combination with biomarker strong we We're with -- in in given about updated newly data the but and that rate, we based think -- a if that very So synergy select population. overall the excited with high a most ASH, relapsed need we'll there's And we at response relapsed biomarker, such that as the path. the very be the exciting population, again, that's drug CR data presented opportunity important that this seeing and believe later we on

Phil Nadeau

step-up then, last qualitatively Should And Joe. Got it. your XXXX. slow for into through cash expenses? R&D a expect new of be gradual the is expense, where appreciating remainder Joe, sense. relatively are just Or for the because R&D just year there there'll in points makes one and guidance question a the we That basically any flow increase that XXXX? in on of

Joe Ferra

yes. Yes,

this increase to expenses that development expense as programs as you note gradual clinical move increase. a that -- also general items our to and we we expenses moving cash that periods. in were with though and rather that are One to burn see to cash year as you advance some QX, to you'll the in were and those it some seasonal would QX related expenses related did restricted on the said, So R&D include in in onetime some related to operating restricted cash accrued more move prior later that on for continue expect in

you on the the as is XX for have the we did March of as A key cash end that part until forward. looking in noted financing cash April, in the of are hand first XXXX. with quarter So we us

Phil Nadeau

question. Thanks Perfect. my for taking

Operator

Jaffray. And comes with Piper you. Tenthoff Thank our next Ted from question

line Your open. now is

Ted Tenthoff

early Quick has respect the to the done question KOL Great. program. efforts. CDKX really versus for for clinic Thank for that to do and see you just into how you on the prep advancement in Thank there, the be year? What oral update next to oral you of oral much. recent very clinic? and or very And IV much using the sort breakfast IV the with

Nancy Simonian

Thanks second. and going Eric the answer the then to David have Ted. part first I'm

Eric Olson

Yes. This Eric is Olson.

a by into molecules have IND-enabling the And go of have the studies. and CMC all know as manufacture are and It's release small all which clinical So to to study. for the series through we drug clinic, preclinical data. the order these protocol get have supported and you in preclinical to -- we then studies

Nancy Simonian

end part all complete those remain of to the those into year move for on the the track to XXXX. -- things we in clinic the of and early we by And

David Roth

David then here. And this is

IV preclinical nicely Just see terms the as other where types significant in combined to terms the in where itself a we're may more may an the with lend very like for opportunities clear populations, a And of and we of treatment and and are oral of of therapies of broad that be the in may maintenance long-term on. opportunities agent route currently compelling opportunity setting. used be obviously CDKX, the an the unmet the there administration given preferred need data that therapy focused the

think key approaches settings. we both so using various for opportunity there's treatment And in

Ted Tenthoff

Makes you lot much. a Thank so of sense.

Operator

And question our Thank Securities. Butler comes next you. from of Jason JMP

Your line is now open.

Jason Butler

Hi, thanks congrats on for taking the and progress. questions the

the you speak of how First on some one -- obvious can could a a oral that the attributes that just difference just follow other question on can little bit presented the RB could IV logistically? how thinking than of versus second at you AACR up perspective to science differ? and question the XXXX you're approach And from on the at biomarker Ted's of talk data the two touched more you XXXX, both about molecules to But you alterations about Thanks. somewhat and this breakfast. how pathway and

Nancy Simonian

Jason. first of Eric the question going Thanks part on to XXXX. to over turn I'm the

Eric Olson

question. the for Thanks

both and you IV And besides whereas said attaches CDKX, XXXX XXXX highly-selective patient-derived some being efficacy to a there we a oral. just CDKX is XXXX and line non-covalent data at XXXX xenograft preclinical ovarian is cancer covalent xenograft inhibitor features cell So so are in as as and both in is inhibitors. other are models molecule. showing models cancer The in both vivo breast of activity AACR models. well presented as covalently

not show that we cells see in apoptosis we SY-XXXX. also with normal induced also that XXXX in with cells, but We tumor and

the much molecules of due what each those CDKX preclinical largely is on we've based So setting of seen to think we in activity the to-date, of inhibition.

preclinical we highlight we some each eventually both further differences that in as for expect we explore opportunities see some think really in molecule. will the more will I go clinic,

Nancy Simonian

pathway. on question will answer And the RB the David

David Roth

Yes.

and the rationale some issues implement asked So of logistical scientific pathway around and that RB how to you the the in it. about

a are in one types types. mutations. treatment high there Obviously also breast because on progression obviously that that are and RB to related of there prevalence And CDKX/X involving there's this pathway. selected tumor is fairly tumor them and a cancer, known are cell core And of also inhibitor metastatic So also them many we're considered focusing with those. one following after abnormalities together regulated HR-positive pathway and of pathway defines ovarian, represents inhibitor genes that CDKX/X just in have cycle

a at of looking our we're abnormalities. with So patients for testing these having enriching And background we're this. then patients

identify prevalence. We number using that we'll help given these expect are fair standard a identify tests we're the to known And readily fairly patients. available

expression these plasma, sequencing, at a us you DNA or DNA when looking involve tissue simply And themselves, circulating biopsies So which looking evaluate sequencing. mutations the that a sample. also gives opportunity to or tumor an are can RNA We're at blood available, changes. tube tumor through we're obtain DNA amplifications for then biopsies the

implement that So relatively demonstrating I would think translate we data as anticipate. we our it's into this, straightforward up preclinical clinic to end if the

Jason Butler

Okay. taking questions. Thank That��s for you great.

David Roth

Thanks, Jason.

Operator

comes Capital. And our Marango question Jotin from ROTH next you. Thank of

now Your line open. is

Anna Vorobyeva

Hi, line the on for two have Jotin questions. Vorobyeva I Marango. good Anna morning. This is

So, regarding starting with the follow first question I'm going Phil's on up to XXXX.

now cohort in refractory combo new have the So to newly diagnosed. this relapsed you addition

words one may do from take path? are one a registrational think a assuming both successful And faster registrational In so be could you path other point, faster?

Nancy Simonian

Yeah.

relapsed not the that rationales, cohort add In longer hurdles, it likely the think, diagnosed to makes the we be pathway addition new and years believe agents quicker with one agents the by believe the I precedents multiple of just over other that. of setting that as of couple probably straightforward. will refractory newly pathway was and last on which and with I that that based

pathway And precedents be yes to rationale. we other based will the was registration drugs So that historical with quicker. that on major likely refractory a believe relapsed

Anna Vorobyeva

diseases? Thank thank a about direction? compound mechanisms that regarding possibly retinoid Okay. you. XXXX mediated literature And of potential you in in inflammation? that about AML extensively. Or building Yeah, retinoid second you. There’s an opportunity also Are XXXX, or Is thinking thinking other possibly question and in indications? my are terms you studied you inflammatory exploring how supporting

Nancy Simonian

think a it's question. great I

when and vitro. side, in be First of breast also all that the discovery initial found in vivo vitro the of we cancer biomarker, on in we just made the cancer in, studies actually relevant to and

pathway space, biomarker. based on So even cancer we the are that activation that types tumor other the that have rather select we the within could presence believe there of

in now forward on really patients focus our program as trying XXXX get combination to So in is as with possible. the driving the right quickly AML,

beyond is literature are of AML. the really certainly cancer is space diseases We inflammatory and right aware cancer focus now and go in if the initial cancer the interest. that the data But of it our being and

Anna Vorobyeva

Okay. guys. Thank much breakfast and was Thanks you so and the congratulations, outstanding.

Nancy Simonian

Anna. Thanks, Great.

Operator

question [Operator comes Instructions] from Oppenheimer. of Mark you. And Breidenbach Thank next our

open. now line Your is

Mark Breidenbach

Hey, good questions. morning guys. Thanks for taking the

hoping following of patients cohort. relapsed cohort you us First, be in the focusing in have seen intend enroll Is relapsed and the give open patients I Thanks. on more who could on who this new cohort to the AML. refractory prior a you patients color was have even size the to transplants? to azacitidine little therapy or going this

Nancy Simonian

I'll Roth that. have answer David

David Roth

relapsed. and with Yeah, identifying question any RARA pathway cohort who answer patients open of patients are novel be a size the biomarker good XX AML this have is to positive is thanks. will activation. who It's the our And with patients for the

could they past could in HMA they or following history. relapsed yes relapsed transplant an have So, treatment have their been with prior following

all-inclusive. be will So

Mark Breidenbach

Got it, got it.

David Roth

azacitidine of preclinical unique compelling show rationale including the that a inducing is have with hypomethylating we for a data XXXX And that that synergy mechanistic damage demonstrates that agents part and synergy and doing DNA really with combination apoptosis.

that therapeutic different this in than that effects either hope potential we drug is a alone to see. the believe supporting we So

And make many as possible. available want so opportunity we to to as patients that

Mark Breidenbach

that's expansion to just regard that have information with going biopsies RB Thanks. in assign from be cohorts XXXX Okay. year. the ovarian, to the status enough if these realized later wondering patients. available to to expected we're That's pathway going very aren't I'm this data of I for helpful. in And all

David Roth

good one. another Yeah. Again,

where a patients of So the is analysis tissues. by interrogate the we doing of biopsy cohort, to focus have the direct first all

a so tissue patients, all and the DNA be do robust expect have RB we will DNA. sequencing expect strategy. for to we our set. to identified get do that tumor, lion's share who from But circulating abnormalities of data of And tumor And pathway are samples of biopsies those there direct submitting in through don't we have

hope at have baseline information great all we to patients. in the So

Mark Breidenbach

right. All Perfect. for taking Thanks questions.

David Roth

Thank you, Mark.

Operator

And you. over session. now gentlemen, our and for I Thank ladies would to remarks. like conclude the Nancy back this does any turn call closing to question-and-answer Simonian

Nancy Simonian

thank and continued you operator in you, for interest all your Thank Syros.

We are looking ahead progress. to Have our to the rest And of good XXXX look updated into we on a you day. XXXX with forward excitement. keeping

Operator

gentlemen, thank Ladies participating for program. today's This conference. and in you concludes today's

may You all disconnect.

Syros Pharmaceuticals (SYRS) 1 May 192019 Q1 Earnings call transcript