SYRS - Earnings call transcript Q1 2021 | Syros Pharmaceuticals, Inc.

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Operator

Good morning. And welcome to Syros Pharmaceuticals First Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. This call is being webcast live on the Investors & Media section of Syros' website at www.syros.com. Please be advised that today's call is being recorded.

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

Naomi Aoki

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

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

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

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

Nancy Simonian

with rooted Naomi. you executing At portfolio people first of fuel we long-term for foundational to for to and Thank for front inhibition disorders, we Advancing difficult-to-treat on to do diseases is to cancers robust pipeline therapies We XXXX our profound of recent provide medicines remain engine the three advancing benefit portfolio our and today new growth. building difficult-to-treat new Syros, dedication and strategy CDK on leveraging review patients focused quarter a year we differentiated laid each are these our standard-of-care. deliver with mission of aim morning, highlights. commercial-stage the into the monogenic potential a to a everything company. with and At set out against is a support That progress believe of leading control And for targeted the discovery hematologic rapidly Thanks, we selected diseases. laser sustainable last joining With Syros that business gene maturing our our and a deserve strategy center, cancer candidates, good everyone. priorities. us with in and heart that product better. a that leadership

hematology our with targeted begin portfolio. me Let

in of and which morbidity limited Besides benefit approved HMA's, people in therapies quality-of-life. the XXXXs as MDS efficacy syndrome, of programs deliver or Fortune SY-XXXX for the this tremendous a new to rate suited trial these ideally disease-related The complete combination need. new with with studies, Fortune XXXX in woefully patients and that our The MDS Together, higher-risk rate clinical is leukemia targeted believe complete for hematologic broadly. over for Fortune is with with We a patients acute drug an Hypomethylating higher-risk RARA-positive promyelocytic with XXXX. Fortune cytopenias. We in and have and MDS options azacitidine. agent X to XX higher-risk additional in remain populations response relapsed which timeframe. patients recently opportunities suffer response refractory low-blast can shown myeloid and are application There to APL provide has standard-of-care beyond for stage azacitidine post need malignancies We placebo If azacitidine higher-risk us filings and MDS filing that composite diagnosed successful, MDS Phase activity of to that's for in azacitidine, no their a of more milestone began clinical two trials, acute AML, registration higher-risk from MDS. advances enable combination dosing In in in and count been clear XX myelodysplastic living patients clinical combination patient the trial and MDS onco XX RARA-positive continuum. existing and HMA's new a programs, XX marks to NDA the the with and newly will could two on and SY-XXXX Fortune position disease azacitidine a potential led trial work Agents Syros to XX the many XX% and is to and first continuing single our enabling study, address or the decade. despite with underserved in patients who compare MDS improving a have mortality leukemia.

relative as the XX azacitidine agent. increased single either no combination with Fortune well-tolerated of Importantly, has and a toxicity been of evidence to

there important MDS. which that is combination with these together, so the in neutropenia Taking Importantly, is highly anemia data patients in for differentiated. suggest or no treatments is increase

to rates agent an targeted is subset cytopenias; oral higher-risk XX related Fortune for without combination MDS remission introducing complete with the of potential has getting of azacitidine deliver high patient. a

This a XXXX triplet the compare venetoclax response azacitidine composite our AML, initiate year. second-half a remain the plus of recent to alone. patients X/Xrd Despite of the trial form the in newly at triplet evaluating study the therapy. and of rate X will randomized refractory patients suggest regimen disease. efforts complete to diagnosed trial And the Turning we to to VenAZA XXXX of on-track of AML, these this aren’t Phase the that as of VenAZA remain the monitoring ad VenAZA emergence for rich standard-of-care topline

patients from triplet Potentially benefitting Our disease VenAZA, leukemia the to with and this heterogeneous flat both who AML. data ulcer. present show most both we in AML XX, including form Fortune is while monocytic believe patients patients have completely initial and target with look have achieved resistant XX for simultaneously leukemia are reducing strategy later cells. initiating refractory employing a monocytic up-front those year reporting We who RARA-positive Fortune XXXX. with a combines is to that By we the many cells non-monocytic this emergence VenAZA trial forward will and data of and the non-monocytic the disease. monocytic

with the We believe Turning XXXX development our hematology a share treatment for with second over of to arsenic XXXX of people burden. the could oral standard-of-care, it ATO, genetically significantly but treatment impact trioxide XX% rate which the the defined program of novel is form is enormously current in heavy in a an APL comes AML. lives APL. its offers portfolio, form of of IV

half initiate study in this that followed XXXX in an XXXX. sacrificing X we a study the As confirmation second this this without If in by burden of study reduce NDA could plan Therapy, dose efficacy. Phase successful, could dramatically Oral filing year believe to enable in treatment XXXX. We

we series the moving that to hematology I moment want our highlight broader Before targeted KOL to portfolio, morning. to announced event a take this

APL. calls Over on of us we In Colorado focused of And next conference June, Medicine, will in Ravandi May, will the University our Polya months, webcast Anderson Dr. Cancer Hopkins of of hematology Center programs. the In Dr. the DeZern course Johns MDS. Amy July, present unfit-AML. who'd hosting join the three School Daniel of speak speak higher-risk will about MD Farhad several of to Dr. an be about

XXXX We to very MDS, join and standards-of-care webinars XXXX and diseases. to forward with these about people new looking the the opportunities for learn us well more in are needs much as unmet you set hope APL these for as AML to for will

details Additional be will each shortly. at announced call

patients inhibition, announce escalation dose we to clinical dose focus, our updated activities on X involve Phase our to of on data remain to including and data Turning track CDKX SY-XXXX, escalation in study quarter. we in continue third the

enrolling advanced colorectal, As with cancer a breast, any is escalation of patients alterations. that ovarian, or pancreatic dose with harbor Rb histology the reminder, lung, solid tumors pathway

And We gene of the various exploring we expect a and is regiments Phase control of of expansion into we trial in in continue engine. agent. the to combination move phase parallel, to In invest XXXX. second the both are half X single our discovery XXXX dosing

cancer, in track our diseases candidate in of additional of in goal our we power the advance development fully remain With to to programs platform the and exploiting name next XXXX. on monogenic

of another for family. most Opening both shared before, combining CDKXX care. with or we've As member between DNA inhibit several are a inhibitors involved other show the CDKXX, CDKXX drugs that visceral advanced transcriptional opportunities as a as program our up damage inhibitor CDK and in damage PARP Preclinical repair. LIPO preclinical PARP relationship synthetic which cause study DNA targets well

disease type our sickle monogenic progress disease good to X; on making in DMX. Therapeutics, Myotonic Global our cell a addition are with dystrophy with also work program: Blood second In we

building industry continue and across opportunities X our advance nucleotide areas need position Huntington modulator copy or of unmet simple can to to potential of which All clinical an DMP can is the in, gleaning here, number believe a disorders expression our than Since or more disease. multiple pipeline and on caused trinucleotide If remained goal cleaned DMX, disease incredibly founding, we portfolio I focused thoughtfully other are our expansion, efforts. synergistic applied has have of forward our in in parallel. expertise well sequences strong repeat repeat are an on in This as program, insights disorders. monogenic we Our wave the toxic program investments to of And in one unlock and advance to to cancer mutation induced as advance XX in could nucleotide apply this leading a as an and next we Fragile genetic insights laser we repeat that syndrome. advance kind caging. to to are strategically of commercial we in be we key key a like DNA develop increase capitalize decrease by Disease the the copy massive

a updating development. continue period month's further first the results. you financial we call and to to let to Syros for look over turn entering Joe as XXXX clinical are forward rich quarter me to through that, move We catalyst review our With

Joe Ferra

Nancy. you, Thank

XXXX. million XXst, position equivalents, million current gross areas our primarily in SY-XXXX expenses. to the increase XXXX. the programs, our were to securities, expenses. of closed This We addition $X.X same of quarter our increase plans, cash This investment used of position $XXX $X.X our with first first strength. to quarter in related This million XXXX. to $X.X was public expenses of under to and business quarter. in due million period in R&D Based fund offset operations believe XXXX employee million million with continue a revenue operate million in was with GBT, three reflects in we collaboration as period cash collaboration financial of $X.X an $X.X first and in quarter our $XX of increase compared with increase from XXXX. each a strategic $X.X from $X.X $XX.X million million $X consists Insight. our XXXX, on million million is offering collaboration the the compared $XX.X January into for with XXXX the fund cash, from We of first to compared G&A marketable first employee Global quarter the compared quarter in million of to XXXX sufficient first our the expenses December same were our XXXX an recognize In aggressive $X.X partially advancement the of from of collaboration first million the to of with in in Insight. due clinical the Blood increase our ended This we We the continued under and enabling the $XXX by to including related for Therapeutics our which million primarily focus. recognized in in cash quarter proceeds our

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

Operator

comes the Nadeau Cowen Our first Company. from & question of Phil line with

now open. is line Your

Phil Nadeau

A on morning. from few questions the progress. Congrats, us. Good

most for experienced related HR recruiting? sites X patients What's First enrolling getting that recent the on the are any open you And and MDS. in and COVID Phase sites have today? count issues

Naomi Aoki

Thanks, to want Phil. David take you that?

David Roth

Sure.

you patients. initiated dosing So, the know we've trial as the recently we're actively and

guided patients or with timeframe. specifically we are, but remind outcome to haven’t at the out tends managing the We number this successful yes NDA we through do it to are as all works relates COVID, we we And guys, in forward, you sites time. to the file an specific of to anticipating the want as XXXX COVID. And look

mitigated we we no that specific remain that challenges and forward feel now. moving we are I think that track can there confronted on be don’t right

Phil Nadeau

patients be give XXXX, sense duration and time? follow-up of also the that us could the is in of efficacy likely the many will some of what that able Maybe how on measures you'll second to to be Great. Then sense at be disclose some update. QX you

Joe Ferra

So, are that data we to safety the for the MPD on and and And quarter reported third have going will the around we've planning year. previously. XXXX, And update information we're of also tolerability, that for more clinical the update include this in PK activity. on focus to a

be to we'll I specifically that report included at of presentation. have or would the can guided to we the available our us data haven’t But the presentation. We in think the patients time numbers you anticipate in

Phil Nadeau

last then, And question.

be form, in itself. For them a with the is to is likely to specific a update, could meeting there be medical conjunction that like or Syros that

Nancy Simonian

Phil. general medical data at our report, in A has Hi, practice to been some trials meeting.

with with taking. of generally on but been questions COVID but So, think I that's the been sort we've our that's that practice. approach year general standard last Obviously we the change

Phil Nadeau

taking for the Got Thanks it. questions.

Nancy Simonian

So, I appreciate it. thanks Phil.

Operator

you. Thank

comes with Our the line Securities. from JMP Butler Jason next question of

is line Your now open.

Jason Butler

the several months for taking for now. start we to thanks Hi, I'd questions. asset the have

had with the the Just and confirm wondering with you've or any to KLO if regulators path. plans dialogue opportunity your development for approval

Nancy Simonian

you sorry, out bit. -- cut little you Jason, a

For which program, cut I out. missed it. We just

Jason Butler

For XXXX.

Nancy Simonian

Oh, the okay. XXXX,

Jason Butler

Yes.

Nancy Simonian

you have Great. and certainly I -- think What shared we we've KOLs. with I discussions many had think with

enthusiasm. say is a I and amount I would there think that just huge of interest

I think the big for given to burdensome which how really need APL therapy an oral just an speaks idea. the

N.D. going one KOLs think lot to input. of an of And in had know, some upcoming -- So, but a at and it's Anderson. as we he you a lot I we're believe That those have speak enthusiasm. there's reminded, event, July, of interest

shared we assumptions it's of I regulatory had we've on terms that with Oral that of plan you In updates current discussions that sort discussions, operating kind agency on a and when developed acquired think we're of the and Arsenic, with that. had our

most any clearly further of forward So, do move if have allow product we we'll updates, fully those. and a

Jason Butler

of that combo, cells monocytic stratifying where And on that basis. how change Are the question Thank from patients necessary. you could you, or great. the screened would today to triple then for Are forward you screening second set with patients then, are And in to monocytic was on - cells you just not typically XXXX, VenAZA. the be care. to envision thinking or that then

wouldn’t in clinical to need You that do practice.

David Roth

know, question. good I

we on that So, maybe are study. unfit focused AMLs diagnosed RARA-positive for

patients were foresee the patients. indeed to R&D'd ASH who those screen are where RARA-positive majority not meeting who we we of since the But the showed the for features features we vast were of at patients. patients majority screening additional those RARA. have so, monocytic specifically for What we're the those don’t need further for And a that type looking monocytic patients RARA-positive was

really do because things newly are that that significantly to majority do could So, And anticipate the patients. us combo. VenAZA really nice. on of patients for created which XXX types which is And a need this that address that these considered we greatly simplifies the of respond

the small expression when as appearances the that certain based in far analysis traditionally surface patient or markers genetic As on levels. classified come just the of more or they their way cells

has make certainly us of done They're workup. helped research these that's not routine connection. part Sometimes, this done. are in been consistently It as setting the the done

Jason Butler

it. appreciate I great. for Okay, taking questions. the Thanks

Nancy Simonian

Thanks, Jason.

Operator

Thank Instructions] Oppenheimer. Our comes of you. on Breidenbach line Mark question the next [Operator with

is now line Your open.

Mark Breidenbach

thanks the also I'm from Hey you by taking rate see X any qualified question. high for IPSS finding just MDS trial. challenges offer good patient criteria. SEs just early observations the morning, Phase guys screening you Thanks. I'm risk guess MDS through who wondering our classification can and patients if for if in any total I RARA-positive wondering in

David Roth

sure And for yes, that thanks question.

time. risk and over RARA-positivity. AML of previously We XX% of patients rate with high over for we or our And patients data consistently screening trend who've eligible the XXX have analyzed In see sometime been to studies. continues our back well MDS a a

So, these are opportunity medicine identify that in managed burden. all who obstacle enrolling to because XX% of and MDS. they're when drug. sort it's patients high have of risk are are patient MDS no It offers in out outpatient trial which you we that really participate in the foresee next you very challenges and in convenient And require to mind typically or is XX% specific keep still are of study. an get And to higher-risk studies the patients i.p. about excited a this. patients Those there

lease lower appealing in space such have where AML targeted data having So, AML is higher closely more higher I that the high is in exciting. And rate blast aligned in given as even kind agent and that's very diagnosis. the risk we high think shown and also a that a of we've which with the count particular response very

direct all profile think support and into our the our sets, for data tolerability enthusiasm I of study. investigators the our So, drug patients the nature

Mark Breidenbach

for Thanks perfect. Alright, the question. taking

Naomi Aoki

[Indiscernible]

Operator

you. Thank

the with from comes Zegbeh ROTH Capital question of line next Partners. Jallah Our

open. is line now Your

Zegbeh Jallah

the question have quick And progress. really I guys. a here. evening, congrats on just Good

about additional but with day may in respond Just and and kind night you're of since not to to on. clinicians for progress then biomarker patients predictive by and There it a completely any particularly effort you're there. are that add you clock at seeing which any especially additional been

Naomi Aoki

to answer Zegbeh, that. I'm have David going Thanks

David Roth

Sure.

that So, and initiate I to the our our helped our would of in a drug the now this don’t us has And there has toward future. say really glob a our we continues the that al think the increasing that important communicating study it's with shared availability I outreach hopefulness deal. great be awareness data study. and in And helping really and results that couple to patients a data we

made caught And I already explaining people's don’t that poster good say looking the of can in select Because the on we how can the biomarker still shared, there for think for work typically attention. we've really but patients. physicians so, be phenotype And venetoclax's option. may we why doesn’t some correlation address those that. other We really like a resistance and are with that progress really data I that them now

the RARA-positivity And has interest in our captured idea one to that study. really the our channel So, participating those imagination. we're can their I in drug patients in that seeing and the think select to

So, we're working job. really hard the we helping do that data to get our that word out us think and are

Zegbeh Jallah

that. for Thanks

Nancy Simonian

And I would stay. just add Zegbeh,

we're know XK we relevance. have this so you As

then one difference in MDS this The with month higher-risk and first June and AML. is on any

be they think think that how not I of this. a you will terms to hear directly great in from the about opportunity for KOLs So,

Joe Ferra

we as quotations coordinately shared is just are we've was reaching that -- making And advantage. just that had study on available you thing one that companion other our the commercial about there that with toward a lobby there and respond. the the itself launch observation that we while had I to the had the such make it's patients anticipated biomarker mean in that a we're The more negative was I indeed I great approval to know then, likely with diagnostic early question And progress Okay. of it's selection drug. operating and And we diagnostic.

Zegbeh Jallah

have all your I look looking for been path, to at the on it event. congrats And

Nancy Simonian

Thanks, Zegbeh.

Operator

Thank you.

Piper Tenthoff of with Our next comes from question Ted the line Sandler.

line is You open. now

Ted Tenthoff

I to discovery Good ask down update. Thanks little guys are that this has efforts. understand chain platform. the moving are the become about And I appreciating wanted I a sort How you a you much, still like to do a But little much feel bit of development part don’t of in that kind here the and with morning, doing? everyone. there's so bit so still company. such bigger for

us maybe and what's on side give some the you. going you can updates partnerships. even Thank on discovery future So, potential

Nancy Simonian

Hi, And Ted. we more. Thanks that. for couldn't agree

years address many just Eric so have other in we drug. eight gene insights to to your just and the this companies think to doing going the somewhat great our just control progress up And exactly tremendous develop I terms I'm same with space important platform. seem have cropping we've today of and seven, think but have gleaned insights been it see new for in But question. I made how

to let Eric So, need the you. of the this over turn me question

Eric Olson

Ted, question. the a away Thanks Obviously, take parts. for of it Sure. couple I'll kind of

turn We us this our such as you said Blood DDR itself. collaboration our really think to DNA Therapeutics kind how our a PARP with opportunity Is has turn capabilities allowed great that molecule other down space. up do target. with in like be do you And early platform as like or Damage pipeline a to combining discovery is Nancy drug looking or really is how gene. in that's agent inhibitors. accelerate a remarks, of Global In First addressing her a CDKXX

of we will As third the early up the doesn’t whole actively thinking is of genome about then, out said of fine over specific specifically few the of just information you as years, designed feel more that that that that and And a molecule all the area At the users. impacts areas gene know brand explosion approaches of of are for this multiple the is new it a gene. of what XX% programs. and genome, doing turn data that's regulation and of that really exploding. several we're looking it's program hemoglobin. a small that's at to different pretty at what diseases the kind across last therapeutic minute What expression how quote is transcription company to linked kind And is of

rich very be it’s So, gene space. control in kind exciting of time the and a the to

So, right of are lot on executing also us. in of future that the but front programs

Ted Tenthoff

thank so Sure, you thanks. much. Well,

You the work. keep up great

Nancy Simonian

Ted. Thanks,

Operator

Thank to Simonian now remarks. the back for Nancy turn call you. There would closing are no further I questions.

Nancy Simonian

you, And for thank Thank this operator. you morning. everyone us joining

are our We biopharmaceutical we support patients. the And forward small execute delivering molecule grateful priority. for pursue to of profoundly continued into medicine and ultimate impacts against you as your three goals of our targeted maturing strategic Syros as updating we look further life's a integrated portfolio company a a that fully

Operator

Ladies and your gentlemen, now conference Thank participation, for this may today's call. you concludes disconnect. you

Syros Pharmaceuticals (SYRS) 9 May 212021 Q1 Earnings call transcript