SYRS - Earnings call transcript Q2 2019 | Syros Pharmaceuticals, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Naomi Aoki

Thank you. This morning, we issued a press release with our second quarter 2019 financial results along with anticipated future milestones and recent accomplishments. This release is available on the Investors & Media section of Syros’ website at www.syros.com.

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

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

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

to like over now to would turn I Nancy. call the

Nancy Simonian

potential Thanks, quarter that good review the The and achieving integrated the genome the platform that term a to diseases largely to evolution our build all has chances company Because the is benefit for with elucidate medicines of today over regions platform, to those genes to best expression fueling patients great over fully us diseases, our for regulatory of support transformative gene patients biopharmaceutical Syros, the how progress you as medicines of modulate severe second in fundamental Thank Naomi a which for home morning to XXXX. of to vision the cells, is which across genes function maximize into profound we that our long control gene expression a on for At eluded sustainable providing a enduring foundation other control, company. leading which our to have which to and pipeline is our delivers of create joining approaches. cells, of a patients. range for to and vision allows the everyone. us in

make population in progress in have and than programs drugs monogenic we Today, discovery preclinical programs cancer and collectively trials X experienced ongoing has for and We toward more and that significant dozen multiple brought clinical two diseases team cancer leadership continue to vision. an to market. a that clinical-stage research

to ongoing growing building leadership are and We on advancing investment key through three year our focused our programs our our readouts pipeline on discovery-stage in strategic and inhibition CDKX next, this priorities: efforts. clinical-stage data in

quarter, past that the data Over we cancer population. our in the X made support of proof-of-concept aim fast-to-market XXXX XXXX ongoing clinical and XXXX with for could patient strategies announcing on distinct AML progress trials ovarian and in

the evolving population treatment and believe path Despite bring AML patients. development, study, market advances, medical Having MDS to exists landscape unmet refractory graveyard current the AML for AML XXXX Once now need evaluated most rapidly highest significant landscape, to efficient relapsed drug unmet continue in patients this provides the or for and the the and these needs. evolving. is we to the face

disease overall patients. are Overall, curing for significant to there patients provide not continue this continues the front of are need clinical be disease. treatments setting, unfit poor elderly, While novel we progress that to from or refractory the to a relapsed the new starting benefit. well-tolerated line in and Patients remains for benefit in therapies survival heterogeneous particularly

for or of patients who have combination in we We our cohort are activation. patients refractory azacitidine RARA started our biomarkers II enrolling to announce a that Phase positive in with new in relapsed trial evaluating excited are XXXX in pathway AML

profile, an we refractory data XXXX active relapsed we and believe forward is in we look the year cohort data potential from favorable azacitidine or plus tolerability proof-of-concept ASH, the at reporting XXXX. to a reported last on combination Based with

to updated overall the to and patients suitable unfit expect insights cohorts patients. of strategy the we in provide diagnosed from report are clinical in the plan the who to to development cohort patients the week, in activity diagnosed the not year. azacitidine biomarker-positive newly updated second enrolled and in candidates biomarker-positive planned for data as in newly in We additional tolerability XX both the complete fourth have the XXXX unfit into biomarker-positive quarter biomarker-negative and safety, Turning cohorts support should combination the half XX our AML patients. enrollment of These standard this of data of chemotherapy,

X the early Turning CDKX distinct next potentially franchise, we potent selective highly a and molecules: and year. Today, development enter our includes first-in-class transformative, cancers. inhibitor now currently I selective we franchise difficult-to-treat inhibitor for a is targeted focused CDKX that CDKX Phase XXXX, to on expected been CDKX have selective our our to which XXXX, company, represents approach clinical in believe trial; since our inception CDKX the oral of inhibition,

have quarter, serous the As by I cancer portion next patients. the in for from followed we Phase discussed trial data year cell cancer ovarian patients XXXX and proof-of-concept heavily data in pretreated, potential we clear agent initial our expansion in of single ovarian from expect before, high-grade cohorts the fourth

initial lines carboplatinum cohort as therapy, with heavily with patients of as cohort HR-positive in patients of combination evaluating initial to initial from evaluating expect in well the resistant CDKX/X updated data one mechanistic that single data agent more in tumors ovarian who XXXX these data or as metastatic PK cohort from In breast Specifically fourth who data agent a patients XXXX safety, safety and advanced lines X serous from inhibitors. cancer from combination cohorts with we XXXX safety and XXXX, had solid high-grade the have serous fulvestrant high-grade patients efficacy therapy the have cohort a in who prior in efficacy prior of in more in accessible biopsy. the to or and evaluating single and expect had cancer for initial are have XXXX are ovarian we assessments pretreated, the from as quarter, cancer

cancer unmet there in patient need ovarian opportunities are agent we pursuing single the high we where XXXX. are for the Given development for believe accelerated development, population,

proud franchise where of we transformative difficult-to-treat range detailed which done discovery potentially XXXX work are work CDKX it for today. its of cancers. in approach highlighted the our to as Cancer May, a In our of promise is Journal, Research, We advance have to targeted highlighted a AACR’s was our and

ongoing highly is in efforts novel chemical inhibitor on CDKX is our therapies. leadership entity and a inhibition which from is that from by with orally of available, builds addressed for approach CDKX our of XXXX, robust to It external It underscores cancer our This needs not unrelenting non-covalent activity commitment potent our an inhibition promise fuels selective on anti-tumor delivering validation models. are a CDKX in adequately existing XXXX. preclinical leadership XXXX. whose as patients treating for XXXX multiple distinct this

early We a We expect PDX the in of the complete tumors. we to further insight and to PK, solid provide to initiate data Phase of present in on in XXXX quarter, PD will XXXX XXXX fourth into in preclinical preclinical studies XXXX. on several believe remain and IND-enabling track oncology models trial new expect I which anti-tumor activity

as happy important Cancers a of is quarter. the to Massachusetts Directors this Alice clinical to be at the for and therapies. invaluable Dr. targeted of She Her Thoracic addition is at Dr. oncologist welcome Director advance translational were our General pipeline School. will cancer in of contributions. a Medicine Harvard of developments, respected her and expertise we Medical Center forward Shaw these Hospital to and our medicine Shaw we look Professor highly leader In a the the to we Board to development continue and

exciting an Syros. is this for closing, In time

with important landscape the our validate we potential readouts dire on to benefit approach development, in has it forward of believe for that the We We that in change is By our we closer cancer will step to more XXXX, one our for and targeted high unmet to treatment therapies data better needs. are treatment fundamental progress. provide keeping delivering ultimate medical patients broadly, catalyze drug of hope look patients achieving need updated a you to goal that our be approaching options.

Ferra With our to review that, Joe quarter. the results for I’ll turn it to financial over

Joe Ferra

Thank you, Nancy.

cash equivalents of and quarter support has requirements expenses was We December will past capital with million financial We securities in gene strong beyond in our XXXX in milestones our the continuing first for quarter operating recognized cash, $XX.X marketable cash and existing data million invest in on Over Based with XXXX compared financing $XXX.X of in to our in our to on control million April. equivalents our programs for entirely quarter, earned ended maintained and a second $XX also with XXXX. of the we the while second XX, cash, current marketable $X.X position, expected collaboration the from believe securities compared that our second million platform. reinforced Revenue by $X.X closed of quarter periods clinical multiple quarter XXXX. the end revenue the Syros to million the we both Incyte. plans,

our quarter of R&D of compared progress to XXXX expenses a This programs, existing including studies. for $XX.X same into million our the the for result million primarily of were preclinical advancement XXXX. trials period second of the was the increase IND-enabling $XX.X XXXX clinical and in

increase million were This period million increase primarily $X.X for same $X.X of to for an the was XXXX. in employee-related expenses. compared quarter expenses due to second G&A XXXX in the

we in or of same second share Finally, period per $XX reported a net compared for for net the $X.XX share to quarter of $X.XX per loss or million loss a $XX.X XXXX. the million

the With that, over Thank to you. the turn questions. I operator for will call

Operator

Thank Cowen question you. first & [Operator from Instructions] Nadeau Company. And Phil our with comes

is line open. Your

Phil Nadeau

thanks questions. on Congrats and morning. my Good for taking progress the

Just on releases. upcoming a data the couple

help was X? set as would you from you for on curious Phase see in in be data, if First, combination would a encouraging I think to single what agent could and XXXX that XXXX, expectations

Nancy Simonian

Hi, question. Phil. Thanks for the

and cohorts, of in agent from of As be the all robust to presenting the quarter cohorts data including single then proof-of-concepts XXXX. to in relapsed expect the potential are going we cohorts said, across in fourth initial more the data cancer some have ovarian we

readouts, ultimately proof-of-concept terms in really the care ovarian serous standard as you high-grade and populations, the the current rates. both of activity poor, are relapsed low the in know, cell of for ovarian response I very cancer populations clear the think cancer

in this better those So, opportunity has very we care be settings population the would of in what think patient that really sick. something seeing is that standard than

the In we questions settings. one combine those safely can the the there on agents in other with I terms early XXXX combination, important of mean is data of

Phil Nadeau

Great.

newly that’s Okay, from XXXX, cohort diagnosed the helpful. second, the data in And you mentioned on some fourth then quarter.

or be enrolled that data QX how XX XX approximately that for today, patients many evaluable would are Given release?

Nancy Simonian

the expect, compared the patients about to and of we more present azacitidine, suggested that XX think important no but were to highly haven’t help the have, And to patients, have the able a the with increased because number I data seeing validate being further that durability early can we to other We patients we data oral early explicit be will supported combination data the which really the I already, XXXX toxicity to greater many and the been that we’re profile, have really data you enrolled active increased before, tolerability presented fact ideally think of combination. we not neutropenia. thing

combination this of active study. combination in really that So the an as validating

Phil Nadeau

taking for questions. Thanks Perfect. my

Operator

Thank you.

Our Ted next Jaffray. from Piper with comes question Tenthoff

open. is Your line

Ted Tenthoff

Great, question, very update. may, CDKX. Quick on for I the the you and thank thanks much if

Tell can or sense. us of guys intend you provide So, you envision there’s mean, can then and but develop one I the to combine might I see compounds sort play the really early some where little where target. on than be of the like us down sort detail, you IV how a it you these to short-route some be better, being together? make I preliminary indications get on may or this imagine and better are that developed how maybe and thoughts. of X give Can may other? preliminary thoughts more oral others kind doubling you where may into

Nancy Simonian

Hi thanks question. for the Ted

along. program. moving said, we Joe that really the excited potential therefore, the about as really molecule inhibition. been we about excited I’m CDKX oral know, you for And are we’ve As

are of the the on we process as evaluating really XXXX. in develop think developing and the optimal We’re places preclinical data where based to we XXXX also

kind molecule. all the in of distinct really that’s The XXXX a process So of is evaluating.

really need, data develop biologically CDKX unmet commercially While sense they’re and we analyzing selective so think makes where the most both but the to also inhibitors, it. both

Ted Tenthoff

we thinking just could yes. Okay, and oral. I’m IV

you very thank much. So,

Operator

Jason comes Instructions] Butler [Operator Our next question with Securities. JMP from

Your line is open.

Jason Butler

on Congrats progress. the

new looking one to frontline Is cohort? relapsed/refractory Just on for overlap you cohort. there sites XXX% add the of sites AML a this Are additional versus cohort? the the

David Roth

for the Thanks question...

Nancy Simonian

is This David Roth.

David Roth

Yes, this is David. Yes.

ongoing, focused azacitidine, of relapsed/refractory United in AML both same we’re investigation study cohort, is the combining Europe. States operating And as enrolling, plus currently the on the obviously, sites. well as clinical backdrop So, in is the SY-XXXX and in actively

Jason Butler

for then translate point about into and we And us profile might that Great. how just the XXXX, preclinical think should PK/PD how human? that can might Thanks. to data you translate

Eric Olson

Yes, relationship. Yes. models, and Olson. This extensively Eric efficacy in XXXX we’ve well, been is preclinical PK/PD evaluating the XXXX profiling,

know, you molecule, there’s a a nature. between and As given PK for disconnect XXXX, covalent covalent the PD,

So, XXXX more of being noncovalent standard is and efficacy. a PK/PD analysis

we look like be into preclinical different driving the the So, in the models Cmax, clinical Cmin, could then paradigm. and at AUC, translate parameters things all efficacy that potential that

what animals, and the understanding we the of those clinic. molecule, PD the understanding to regulation and measuring be in make of effects in then in see the a also course, Of of the translation were genes our we’ll tumors using we platform

Jason Butler

taking Great. Thanks for questions.

Operator

Thank you.

Breidenbach comes Our Oppenheimer. Mark next question with from

open. is line Your

Matt Biegler

This is the on had in from a Mark. XXXX Congrats question on for XQ. anticipated just I the on progress. Matt data quick

the guys from you in biomarker you’re parsing the So, data cohort planning the forward. RB have expansion of other maybe status, be wondering the past, strategy by using based RB just status a or on on like I’m used if possibility and biomarker-focused about out going might that some talked

Nancy Simonian

going I’m that David answer question. to Matt. Thanks, to ask

David Roth

Thanks. Yes.

to described we in evaluating associated associations drug to to we and previously regulation that had preclinical RB we in So, cycle the pathway are cell sensitivity abnormalities of between And abnormalities our models. all in relate and that as patients like tumor things how circulating tissue looking efforts the in performs. the to we’re obviously, both at clinical our going And some DNA. by understand targeting impact make drug trial, of and

that what fourth with available We haven’t for reporting however. in indicated the be specifically specificity would yet quarter

Matt Biegler

Great, thanks.

Operator

comes Zegbeh ROTH Thank Jallah next Capital from our you. And Partners. with question

open. line is Your

Zegbeh Jallah

regulatory feed in diagnosed my was or itself. in I initial from taking readout the patients going be to the to newly in will on XQ of AML pathway wondering, I just the follow-up. that provide would cohort on questions. sure the enrollment in AML Thanks ‘XX, south? a part? relapsed/refractory have able see before XXXX for And wait Or track. But you I’m Nancy for is kind results glad I’m for some guidance you that’s David,

Nancy Simonian

Thanks, much your Zegbeh. question. Thanks, so for

multiple of second be landscape to we market, we X have and reviewing the where the decided to kind in path were you and of thinking combination As focus earlier the on very this both the and beyond would relapsed/refractory line azacitidine know, despite what year, about remains the or that, development most about less with there survival we announced thinking front-line and that to months. as in poor, therapies relapsed, overall available, efficient competitive combination than and XXXX overall basically new the AML, the bring

the we action combination new XXXX-azacitidine there’s mean a need. tolerated. also of there. the medical believe high need therapies a that that we supports a think I are different so focus mechanism well really very So, very unmet for There’s can with data

an a market. all in opportunity that standpoint regulatory that path in precedence from the drugs in We to has setting We bring know XXXX for diagnosed. that of to there’s efficient think the more lines also including therapy, a really newly the

forward we So, newly get is basis an have would to determine key kind cohort, look as then broader the And to the data in us accelerated data from best cohorts proof-of-concept that for generate serve we the relapsed/refractory expect landscape, path path. now pursue the which for the XXXX newly the in as in of in considering right we to the and further data, there But continue diagnosed. here at we’ll diagnosed. and we the

Zegbeh Jallah

without the in arm. in the responses here, patient of slightly there your patients, broader Or be biomarker-positive with a a different for are And then patient a thoughts biomarker-positive forward population? do azacitidine expect just control in data past any at what looking you this to azacitidine, to follow-up looking see terms expect do as has regarding, you perform just it quick like

Nancy Simonian

answer to ask to question. David going that I’m

David Roth

patients, mid-teens with high enrolled that the it in XX mid-XX% has biomarker-positive sense results range and And biomarker-negative a rate rate just distinct we that observed the in all majority at last response have patients to known response those with swiftly just days benchmarking results to about right to versus responding after saw had of And biomarker-negative, the that ASH Yes. or reported majority the appear the half a we the the of treatment. respect responding at we months. should quite be least year patients, X by when

demonstrated And own with XX% of approximate of we’ve has that our an from cohort. relapsed So, a in distinction as short consistency even single-agent we in relatively the think a our duration. that a to single with there’s terms aza hands, population, aza responses, response then rate agent biomarker-positive

differentiate anticipating be that in And combination that we’re able so, effect a we’ll to population.

Zegbeh Jallah

it That’s David. for Thanks me guys.

Operator

questions. Thank further you. would this turn the to closing for back no At to And time, any Nancy I’m remarks. showing I Simonian Ms. call like

Nancy Simonian

for operator, joining day. continued Syros. for us you and support you, Thank of all today and thank a great Have your

Operator

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

all disconnect. have may great You Everyone, a day.

Syros Pharmaceuticals (SYRS) 4 Aug 192019 Q2 Earnings call transcript