SYRS - Earnings call transcript Q1 2020 | Syros Pharmaceuticals, Inc.

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Operator

Good morning, and welcome to Syros Pharmaceuticals' First Quarter 2020 Financial Results Conference Call. [Operator Instructions].

At this time, I would like to turn the call over to Naomi Aoki, Vice President of Corporate Communications and Investor Relations at Syros.

Naomi Aoki

Thank you. This morning, we issued a press release with our first quarter 2020 financial results, along with anticipated future milestones and recent accomplishments. on www.syros.com. and available Syros' section is at website release the Media Investors of This

begin call Joe will our Financial We the Chief Nancy by Officer. Executive Simonian, Dr. Officer; and Ferra, Chief with our prepared remarks

call will for Chief David our Dr. also Business Olson, Chief Officer, Chief for Dr. Q&A. and the Eric Roth, Scientific Dr. are then Officer; open and Officer; Jeremy We available call our questions. will the be Medical Springhorn, on our

forward-looking update obligation of views Any as any subsequent any our future today made uncertain the impact of predicted relied disclaim represent statements like SEC to to on which as which by revise COVID-XX would as from everyone that will Before rely of forward-looking the result particular, make which confidence. the I we the XX-K, section depend to our on representing we or events the filed on extent highly be any materially We filings risks, annual report parties remind statements forward-looking may we as the continues we a and could of quarterly our will our on this this include implied only begin, In those Risk statements those other expressed with are on operations differ be outbreak call views third Factors various conference XX-Q forward-looking uncertainties call factors, and this upon or should and not morning or our statements. dates. forth and Actual other that Form of cannot future. that make on including of report statements. Form developments, specifically with in those any we and in set results

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

Nancy Simonian

The team broader everyone, during and by tremendous has begin thank our at you their professional Thanks, also our have COVID-XX disruption novel to control and reminded personal patients want my creativity, of commitment the other, morning, couple medicines and team Naomi. have thanking support to our together months come I the joining communities daily inspiring. ingenuity delivering Despite us. with to today and I challenging lives, Good of and each but for the gene Syros our been continued foundational pandemic. collaboration to colleagues monogenic to last been cancer underserved and to Syros. of incredibly diseases. patients

is employees and dedication clinical measures to It were to with to SY-XXXX and colleagues SY-XXXX our able studies progress of implement thanks that both minimal involved impact well-being and rapidly of in those health and date. our work the protect the we and our hard my to trials,

importance biopharmaceutical has to act coronavirus us urgency serious of medical to diseases. ability innovation new deliver of and tremendous industry the of the reminded with highlighted the novel all global to and collaboratively options The critical with people

as our near-term Syros of is we this an the our reflect foundational and importance the trials opportunity those at involved and values. our and enabling mission our on clinical focus well-being safety, also are of the While employees health continuity on and research, our earlier-stage in to on of taking ensuring

that the As challenges as and of embrace acting medicines and a to by good, team made harnessing big, benefit is efforts globe service unified to disciplines profound the abundantly provide even possible the deliver around patients. one multiple unsurmountable new have power greater in clear, it of seemingly

operations. we've the our business to turn Let impact taken COVID-XX's me now manage to and at Syros on steps

both remain year. report we as of that seen studies enrollment data on to XXXX, have our this to no fortunate significant XXXX from in today, or impact are we ongoing of We trials and track

AML quarter. patients data the all escalation we in a data RARA-positive fourth standard AML; mature or not newly relapsed XXXX, dose candidates are XXXX for more for As data in who refractory diagnosed suitable for reminder, initial potential proof-of-concept share chemotherapy; XXXX expect for to and in

testament share I is or in AML. to in we completed with am of a of to Phase team facing trial RARA-positive II the particularly cohort combination accomplishment the trial refractory pleased recently azacitidine This our that relapsed enrollment evaluating XXXX our of who studies. also patients dedication in in the the flexibility enrolled and Syros significant and and clinical reflective burden sites disease are

face is significant and cannot so we until power is in our to to potential everything trials, over morbidity. and They are solid tumor patients a foe in including life-threatening, wait disruptions. the mortality treatments with intractable doing Cancer pandemic AML advanced our prevent and and act potential patients,

To that end, site the the we clinical the patients as personnel involved of the well well-being as our and health have in of clinical protect made some trials adjustments integrity trial. to and

visits relatively taken our been are we telehealth support engaged both working that XXXX be both oral are XXXX increasing local home. For assessments and can and also are XXXX remote in whenever and transition This our laboratory possible. straightforward, nurse monitoring, that now at studies, has XXXX and clinical trial to study at-home given sites agents with

steps we sufficient support ensure ongoing both continues we for Together, plans clinical disruption to studies, the Finally, are trials clinical contingency as our XXXX. into us believe advancing of demand we persist navigate clinical that supply have pandemic the ongoing allow ahead. uncertainties are hopeful continue to these we we will should our forecasted minimal while to with case to be trial implementing materials that the

now, operating positioned well in that ever-evolving aware an are are we landscape. we are we So

our those we necessary involved. to stay best in trials, to investigators of interest to will with are our the continuing are clinical update We understand our the we always of operating as ensure close contact procedures implications ongoing the for study in and pandemic

with from during we the we trials. continue to to will the the FDA regulatory and trials authorities operate integrity accordance our ensure in EU maintain guidance forward, pandemic conduct Going the to of of clinical related

We are earlier continuing research. also stage critical to advance

to focus operations lab-based basis a support efforts to have clinical a discovery monogenic for While our the future identify ongoing and cancer drug working limited development and activities are employees on maintained with majority of diseases. candidates development medicine translational our we remotely, on

health and to safety with federal We our from have the adopted employees. authorities measures lab-based consistent local maintain guidance of

also keeping activities these discovery It benefits the are additional will us patients longer-term translational that efforts. can steps deliver be and through We mid- discovery enable and that going is out on our to increased hope our to outsourcing. of borne drug

colorectal Looking beyond Virtual at for ASCO the quarter. the an forward for year marked looking trial in near poster continued Meeting Syros, readouts detailed new of cancer, other In COVID-XX, XXXX term, ongoing XXXX data execution we on and XXXX and I fourth X the models XXXX in ongoing month. remains later decision anticipation the to colorectal of this the and One of our XXXX describes important design our the posters trial. activity the clinical data both of antitumor are of preclinical presenting to by patients include supporting Phase in

focus me unchanged, altered. In our here Syros that operating as which closing, been at in so even reiterate the dramatically reality let are is has we

by that a the to Phase our We monogenic expand diseases our continue which dedication profound XXXX; efforts of executing has programs our by committed difference leadership II strength believe And selective are in medicines and potential abundantly and cancer. in weeks. on control the our and excellence platform CDKX inhibition of We been build XXXX; to have evident recent preclinical discovery gene advance to of and make encouraged with and the made in our trial lives. in we patients' as are we our with people,

will quarter turn review that, of Joe our I to for the With over XXXX. the first call to financial results

Joseph Ferra

securities common received with the capital on on million into first Global strong the believe the initial Thank on we $XX $XX.X used a we upfront Oxford Therapeutics; sufficient cash, Based operating you, the to quarter. million This we requirements compared in partially reflects under entering the December million ATM $XXX.X our to expenses support the quarter business XXXX. Blood and our through into We marketable ended collaboration equivalents XX, fund is all payment cash Nancy. increase cash of current facility, under footing of offset million and our facility; in drew with down by upon $XX stock our million that plans, to first XXXX. $XX.X financial the and position our loan tranche cash sale

are positioned ever-evolving through landscape in invest and discovery. while this operate continuing key as programs to through SY-XXXX clinical to advance we both SY-XXXX readouts, We in and well our preclinical

and million the the with revenue of $X.X XXXX. revenues our with $X.X first first under our XXXX under Incyte. collaboration $X.X million XXXX were under million consisted in in with collaboration recognized of million to recognized compared our Incyte. GBT first the of million of $X.X quarter collaboration All of quarter We This quarter in $X.X

primarily was programs. $XX.X to first preclinical same R&D This of the our expenses increase the XXXX. advancement compared trials to million were clinical quarter of period $XX.X in for the continued in million XXXX due and

expenses the same of $X.X XXXX. in to headcount. for first the XXXX period salary, to due increase million due million including benefits was in employee-related were and an This primarily G&A in costs, compensation stock-based to increase increased quarter $X.X compared

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

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

Operator

Instructions]. [Operator

a from question coming have Nadeau Phil and of We Cowen from line Company. the

Philip Nadeau

through visits done done visits. to guess, comments Congrats in home scans or that's to done to and just one can visits be in home? what would first, studies? be physicians' or at I hospitals, through blood that at does happen what seem in telemedicine often the have have And but versus require offices that like can be your on nurse draws home or telemedicine hospitals? certainly whatever does progress. It about guess how I

Nancy Simonian

have Phil, David I I'm the you're thanks doing well. and your hope answer for going question, Yes. Roth question. to

David Roth

Okay. Yes.

So the in having leukemia biopsy for in XXXX tumors. patients trial solid procedures visits, scans marrow you question. surveillance with do having of in Several out, good rightly a point trial as such involve it's CAT the our bone or a as

and not those So however, visitation that assessments. significant There circumstances, we these occur not the the important check-ins in and medications make the sure to where and quick the any just of usage in are date, To those patients their diaries schedules need some other an report provide information have opportunity there and had meds visits, order symptoms. very to visit have to their are changes And around types to are have be clinic. just in would an feeling well fine may doing on-site essential. are of to the and

of team implemented procedures our some across bunch And whole also to adjustments all data our safety in and of trials possible. the we've of where effect. to participating done that the has of the integrity trial help achieve to So our protect the to the safeguard a things and to patients health programs

things including local be than having treatment those, the telemedicine may There center. that laboratories a where of of like that mentioned places So into you that to things the nature. that is one be patient to might go rather closer are easier, lives

have been our And so no readily easily far, studies. we implemented to these impact really and significant see

our the well-tolerated with a with forward have to for Nancy that think, telling. goes I And relapsed/refractory conviction thing, the difficult-to-treat I one and generally opportunity this But treatment long we in a that of program the move point just helping which providing patients And enrollment arm about really, in and think to way diseases. to mentioned, our will I out the XXXX speaking completed it's trial. combination really as azacitidine recently investigators

Philip Nadeau

little guess then track our as It That's a is other maybe a I was question helpful. XXXX. I impression really Phase am that data on actually that bit speak confidence that a companies there And a about you'll you on well. from like of surprised second, fourth Can what more you sufficient were quarter? to trials COVID. I things being delayed present the in because just have typically gives all

David Roth

potency To and multifactorial. interfering processes, CDKX. know like inhibiting XXXX abnormal a has for CDKX that with its potential transcription. cell-cycle plays it's best-in-class with, based very start central And it So gene control we by believe selectivity on in we role processes and with

way ongoing think that making we for the novel seeing progress of that a action. deal great helping long And we're are think enrollment sustain to to into goes I I mechanism enthusiasm of with a the So trial. this

is these alternatives. factor no patients other with The are who advanced that cancer really have

with aside. to associated morbidities, are which they -- diseases, pandemic wait their so for things the or just don't mortality move like significant And

dedicated on focusing oncology I conduct impact moving treatment and them. trials we by minimal centers, units to the specialized so into the And also have of which within found centers, by Phase

type COVID-related which be oncology Phase tertiary setting. some their even research, they're So slowdowns for research, having in that. the I to are its doing addition seeing large for care of referral may obviously still clinical And to hospitals, what efforts prioritizing we're

very that impact our So yes, pleased progress. we're had minimal we've to

Philip Nadeau

your again progress. Congrats on

David Roth

you. Thank

Nancy Simonian

Phil. Thanks,

Joseph Ferra

more Operator, any are there questions?

Operator

Instructions]. [Operator

comes from comment or Roth question Jallah of line Zegbeh next Capital. the from Our

Zegbeh Jallah

follow-up to the of wanted of asked. were kind Just questions some on that

for kind is that mentioned hospitals? I were sense Or XXXX are treated are these a but patients you of these question being another centers? that XXXX. dosed So of azacitidine they general treated sick, to want being especially patients with patients primarily know isn't. particularly get then I follow-up And at just treated there. at cancer

these patients? are hospitalized are clinic? making to So regular patients Or these the visits

David Roth

Okay.

So maybe I'll that take response.

thanks again for that question. So

who Just we patients to And have leaders Centers which start diseases. either are a there who leukemia, with, myeloid specialized of have the identify to with is those treatment to Excellence, their care sites trial, in they treated where managing often in context the clinical these field tended in expertise. sophisticated are seeking are of acute centers, in specialized Cancer approaches

that not these the clinical necessarily So conducting are community trial. are on centers

treatments. respect required in patients certain their disease to then leukemias, I be Those are when supposed it's procedures those oral status. are dispensed come that ongoing being things we dependent to and the assess be are And up on that spoke to come they -- the with how all quantity And nurses, and patients given set think to arrange in intravenously up. showing for can medicine And -- is The at subcutaneously. those for can administer for daily XXXX a that to about is Azacitidine typically basis taken administered was the in their or setting. have visiting the clinic home -- who and practices depending homes on administered. something obviously the of for one clinic, things earlier are institutional potentially which that that's to when patients' help outside that

their our we've of reiterate, interpret and of the in that's seen to impact to generated trial, treatments really our the we significant the can patients appropriate no follow-up the ability studies. our conduct data just take But that provide to to being so

Zegbeh Jallah

you approach. another not this promising then if to able here, was of would general I'm for now. that you wanted wondering And follow-up XXXX, to of pursuing, know are plan indications assuming I be basket indications just pursue a unique for would that just question. more studies? you're multiple things pursue Or to you sure But I in the individual kind a answer

David Roth

good that's again, So really a question.

also that eligibility. of also identified, provided cancer, types. with could lung a but provide demonstrated obviously preclinical aberrations group selected pathway specifically problems RB of identified prevalence by a those So them on cancer. And tumor see And entry pathway activity for a before preclinical have activity our based range ovarian we as in would breast have also and high we've cancer to shown, their some they wide data breadth tumors. study of of supported tumor of has those have clinical signals across XXXX cancer, But an we provide include histologies, data, of and different really the RB which patients opportunity colorectal purposefully have types, are who early which that with our

So we're those that now. right are approaches taking the

DNA. getting is be archival activity Part will assessments everyone correlating have going over obviously, of intensively with what is tumor with the will that us types tumor to looking either to be we providing observed of circulating we patients tissue doing, and mutations. see all be or We -- and do time, of

to to specific an So or focus. with not be us and to responses we're see can going give them the what that correlate characterizing may may abnormalities really intensively opportunity

or inform going right that. basket So can take we're now truly approach our speculate to some to data on but not premature help of a it's to a bit whether

point drugs developing philosophy to drug. fact, last with the make we know our with the activity for in in our support single-agent would that And have for I'd potential our is consistent drugs And general, activity. models like that may single-agent preclinical

combination However, context. drugs are, even used in more is there when that not, often than opportunity

in parallel place strategy have as as combinations well move well we as so agents. forward And a single with to in

into some as be plan been as haven't research to discussed we our opportunities possible. incorporating yet, early And but expect broad those details publicly of do

Zegbeh Jallah

I'm looking decisional forward ASCO. to at updates the

David Roth

Thank you. Yes.

Nancy Simonian

Zegbeh, for the Thanks, questions.

Operator

in over this the remarks. conference showing closing additional the I'm at for turn I'd questions to you. any Thank like time. back Nancy Ms. queue no Simonian to

Nancy Simonian

you profound safe. Have that closing, small medicines benefit a patients. continued waters for today stay your to forward the you, and molecules and day. of healthy these for hope and redefine continue In Thank thank interest for to I provide we continue a your power Operator. I updated Syros. work want us you develop all families uncharted look good and We to you keeping navigate joining in to as to to

Operator

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

You wonderful safe. day. a may now disconnect. Everyone, Stay have

Syros Pharmaceuticals (SYRS) 9 May 202020 Q1 Earnings call transcript