SYRS - Earnings call transcript Q1 2022 | Syros Pharmaceuticals, Inc.

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Operator

Good morning and welcome to Syros Pharmaceuticals First Quarter 2022 Financial Results Conference Call. At this time, all participants are in 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 conference is being recorded. At this time, I would like to turn the call over to Courtney Solberg, Manager of Corporate Communications and Investor Relations at Syros.

Courtney Solberg

you. Thank issued and announcing a we XXXX first press results financial broader a morning, our release quarter This business update. available www.syros.com. is Syros' release on Media & The section website at Investors of

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

Commercial our for Chee, then Stephens Officer, Development our call David are Chief Officer our Conley questions. Officer Olson, and Scientific will Chief the Q&A. We will the Chief on Roth, our Chief available Dr. Dr. be open call Medical Kristin also Eric Officer, and for

would today our other only filed forward-looking made upon any I in any represent now date. views morning like obligation this call and the other Before we to relied should report of those first include by as and statements XX-Q that be statements turn to we forward-looking statements I of our any result as disclaim that those Nancy. we statements. various our to could subsequent we will including events any in make call with Risk forward-looking Actual XX-K We from begin, to revise specifically quarter and implied Form on results quarterly or on uncertainties representing future. would remind risks, of and any forward-looking update make Factors everyone factors, of the this or Any a statements. our call differ as Form like over not filings on on annual section SEC this or forth set materially the the that views as for report expressed

Nancy Simonian

morning, joining us. Courtney. everyone for you and thank Good you, Thank

and team XXXX and small for The diseases. developing monogenic cancer goal was continued molecule discovering of very our productive first executive for medicines with against quarter patients our to as Syros of

behind Phase we existing a forward cancers convenient III in has about MDS or high be care can have that readouts. oral and tamibarotene XXXX, new to start therapy clinical agents, to advancements drug our drug SELECT-MDS-X HMAs, in remain XXXX higher-risk excited or the track, reporting safety data lagged important a MDS pivotal months Hypomethylating trial has response as deliver in Despite continues more rates blood sacrificing the while to offering To successful early complete approximately MDS development. broadly, potential look XX% largely providing them very without has and of off to tolerability. standard aside change a paradigm set are and And data FDA clinical by decade. RARA-positive been no opportunity be our MDS the efficacy. tamibarotene targeted the application of in has first We upcoming population to have care. potential a we the for the expect and over XXXX. new higher-risk in high-risk or us a late limited approved standard treatment of the therapies to for believe We HMAs, therapy to from the file Tamibarotene the with new of giving the patients on potential

the with approximately to care. potential of and lead-in are patients tamibarotene of and We benefit newly The RARA-positive. year. believe unfit forward of the AML be deliver looking the II the are venetoclax We venetoclax from compared standard data trial will Phase sELECT-AML-X safety significant azacitidine activity who providing trial tamibarotene half this the safety portion also be is which to XX% second a in clinical azacitiinalone, evaluating and of of to diagnosed to has combined tamibarotene

for for patients respond be more standard Our biomarker suboptimal. to for translational and RARA potential and to tamibarotene may of clinical data the support the enrich whom the care likely to

safety, the trial SELECT-AML-X potential excited and about insights are of efficacy and and tamibarotene and will combinability expected data our we from provide tamibarotene's venetoclax. into So azacitidine key

Additionally, we of APL. our from XXXX expect confirmation study midyear to and in data dose safety pharmacokinetic provide

current market have not advance given do additional a today, announced conditions, intend secured As we Phase the capital. trial III to XXXX until we into

remain We for the access has program. a believe confident it burden standard of and reduced by replace to the patients in the benefit. APL we sacrificing without However, treatment significantly XXXX care therapy to offering increase potential clinical

XXXX exploring will deepen and believe XXXX, as from of a the By XXXX pancreatic designed combination activity in concept clinical regimen tolerability of plus also cancer we We gemcitabine safety difference chemotherapy portion has potential offers leucovorin, represents with and make profile and the the cancer to survival X-FU triplet pancreatic XXXX. cancer in second to for and understanding just opportunity a in an high market of proof opportunity these while of Currently, clinical XXXX gemcitabine in second-line regimens, the X as the of lead-in doublet to a announce of maximizing big half triplet our plan the using need. relapsed combination only which large Anavid doublet in agent pancreatic establish of in expansions a months. regimen the both Abraxane. lives. and area data this well and pancreatic believe activity approved are the trial is XXXX of We patients' unmet safety The progression-free

agent notably and activity in believe tumor trial. current and XXXX chemotherapy. the important with EHA readout. with promising gemcitabine shrinkage mutations, the trial initial cancer, KRAS-mutant of of data, time clinical along trial At our our We trial SELECT-AML-X Phase detailing of the looking XXXX of combination our this preclinical and trial including abstracts a coupled pancreatic disease tolerability sharing the look safety we and in dose activity with stable to We from tumor single-agent designs models pretreated activity, evaluating the conferences, showed data upcoming with for our with ASCO clinically I KRAS SELECT-MDS-X is with reductions. progress potentiation heavily data patients stage forward to marketed prolonged sharing As and the in at clinical antitumor which cancer are a single regressions XXXX approach in pancreatic as sets forward data patients, the in activity our showed in and in reminder, and good escalation, most the

announced development this hematologic the of current XXXX deep environment, given time. prioritizing market morning, at we in are the this malignancies As

We a continue to believe patients that has XXXX potential transformative many on tumors. to impact the difficult-to-treat make with

patients of work we agreement Roche with agreement, on of study cohort colorectal Beyond CRC. of development in in we beyond terms in inform in the steps are is a atezolizumab trial. last we of the August change the XXXX in to for for patients. BRAF-mutant year XXXX the will This BRAF-mutant programs combination the enrollment in provide next CRC. Under being our each is entered standard of insights for expected or also milestones dosing the arm supplying into investigational and INTRINSIC the Roche-sponsored the half the year, Based ongoing of medicines are pancreatic the are cancer, be in to help of will first doing care this pursuing of cancer, our XXXX and XXXX. combination with we for open with Phase I/Ib potential expected The on explored

discovery a DNA our repair, genomic lead CDKXX one inhibitor to and our apoptosis and agent engine. control potency, poster to and This models. cell-cycle impaired detailing the April antitumor instability, activity growth program, as selected compounds. CDKXX we inhibitor of a preclinical In caused on turning selectivity our Finally, at inhibition dysregulation gene leading AACR, presented of single tumor in

well demonstrated and and cancer activity in PARP resistant CDKXX cell lurbinectidin small in olaparib, vivo as with activity inhibitor induced inhibitor models model small antitumor model lung of cancer. this as Additionally, and breast patient-derived tumor xenograft in showing a regressions ovarian lung in combination a cell

program a role lung belief in and look data the of could the year. inhibition a cancer. the half in development second play forward candidate these to that key ovarian breast, treatment Taken CDKXX our together, from naming We support our of CDKXX

and are pancreatic clinical our AML as in II allow trial and of to as respectively, provide that pipeline, We to continuing I will which value our executing III APL ongoing in our shareholders. of Jason trial in trials XXXX patients achieving of to mission tamibarotene difference our company our on We and look over turn our the focused MDS, confirmation advancing value dose is cancer review and profound for financial on will towards near-term benefit our now lives. patients' work maximize and a Phase well for drivers confident our to XXXX to making us results. forward to our call

Jason Haas

we second quarter our sufficient have of current into needs Thank fund expenses planned and the to Based capital on Nancy. we XXXX. plans, you, capital believe our operating

million in of our to collaboration and in from fees. with primarily primarily Now first in in from preclinical consisting the In I'll our G&A first was in collaboration employee-related and with compared the patent the first total quarter increase $X.X GBT advancement as of $XX of of quarter we our and Incyte. costs XXXX. of $XXX,XXX first was an compared revenue XXXX, This $X.X growth. the in to financial recognized as of clinical million prosecution XXXX were the expenses due turn first to $X.X expenses under quarter programs $X.X increase XXXX. million the due XXXX, of We with and a increase employee-related our to and GBT for expenses in million results. for to the million This R&D XXXX expenses first collaboration million increases the to $X.X quarter quarter recognized consulting and million were Incyte. of quarter $XX.X in increases due headcount of revenues

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

Operator

Our Piper question Ted from Sandler. first Instructions] comes Tenthoff with [Operator

Ted Tenthoff

comes looking that XXXX, thank I wondering the you developing I'm yourselves? this drug data Good multiple forward is committed you that a year. morning. was there to -- potential when you alternatives Or to guys remain strategic this it I'm And for are to wondering considering? readouts are update.

Nancy Simonian

the for thanks Ted, question.

have. to excited forward. we going incredibly we as different we're turnover necessary some to sure decisions always, of make programs about and programs are opportunities a strategic as moving have capital that making that of cards. be to the We And about we these we're all the approaches data-driven variety data these And of thinking

are on these decisions say would data-driven we'll sort strategic just of how of sort progress I everything. So

Ted Tenthoff

forward data Excellent. to of lots this year. Well, look

Nancy Simonian

Ted. Thanks Great.

Operator

Our with comes from next Previtera question Eva Cowen.

Eva Previtera

our for Thanks taking question. morning. Good Hi.

maybe So terms expect detail data to trial, the be for give can we see? Is SELECT-AML-X in breakdown can of lead-in CRH, you bit more clinical there see to of that from little Will activity? expect MLFS? CRI, a a the what CR, we can safety something on

Nancy Simonian

to Roth Great. I'm David going have that question. answer

David Roth

Sure.

unfit a diagnosed evaluating newly to just yes, the trial, this intent that who's tamibarotene and of And venetoclax into listening to a combination in, in patients. with versus SELECT-AML-X doublet randomized And azacitidine. even move everybody as AML patients. we're So triplet those trial to in remind is the compare is the

excited don't supplementing RARA-positive respond, know ven/aza So get an because patients with this And particular tamibarotene. to XX% we're response. or lose when do often very opportunity, opportunity in who improve will the think upon their of would patients respond, we of there's by we standard about they that

for, our tolerability, have trial see we're into safety those And it lead-in who responses in and and move will we'll So portion then and a with in obviously, randomized enrolled. the looking the start safety future. will patients then what is

asked composite breaking you consists But We'll course, CRI the at plus who that. also as have the the patients and we'll that that the response the the certainly, is measures into CRs CRIs. And rate question, be be we'll the of looking we'll And efficacy. So of proportion of of the endpoint, complete CR down other that. in -- rate. have primary

to remind degree our transfusion you, prior in a So very study. had of just independence high we've

response at of that, to and features all and sorts So we'll parameters, molecular patients be looking of certainly time the so on. the

forward year. very So this and about the second the data we're of sharing that in looking to excited half with you

Eva Previtera

tend of previously, monocytic population follow-up, can aza described the for should phenotype? you your the the helpful. patients we the a efficacy have, who for That's of you've about as to doublet just bar in Perfect. How expectations be RARA-positive thinking really this efficacy discuss And here?

David Roth

of involves question. monocytic of only tami, where those what ASH presented to having they And pattern showed patients possibly that thinking monocytes. features case important of RARA-positive, not So include but and with led it, it's venetoclax, XXXX AML It that in emerging molecular we patients response making to very high a may a show RARA-positive patients standard to to se, have don't as in reference respond necessarily to data the who refer we're about indeed you're is And were way which features, response we patients they're we that care, mean at the features. venetoclax. have monocytes have doesn't the increased to per an yes, able what lower to a characteristics which who of would speculate we sensitivity us percentage are this but these to

the as vene rate a low you know the doublet, CR doublet, doublet So range. composite that as the in each has XX% well tami/aza the

we're response so would low XX% that for up And randomized RARA-positive the that's have that. rate if in less trial. range they north a of anticipating when we response looking, hopefully, patients in portion our triplet. a And that of And holds than our somewhere we're with test rate own ven/aza,

sense. a you gives of sort just that So

to we actual We number, know. data haven't specified the need to see an but

Operator

comes JMP Our from with Securities. Butler question next Jason

Jason Butler

quick a from when combo or XXXX us later average the duration this we see triple what see the remind or safety Can lead-in year? follow-up follow-up data. would follow-up on data just Just we period you the this

Nancy Simonian

David?

David Roth

Yes.

right? So we're we're be study. time to patients obviously safety the presenting following data with the through chemotherapy, patients And on for the lead-in their the enrolled on of combination all going

haven't follow emerging. that's combination data said to patients exact it understand of you number to or the the the is available help long the we how us present be. generally specifically we But We as how understand all would

showed we patients stable important Now single-agent you, very enrolled. pancreatic just enough in trial sure to activity which cancer those and at with had clinically rate familiar patients. the the We XX% had presented in ESMO everyone disease just nearly heavily to again, data, patients. pancreatic pretreated remind design, make had And is who were

have biomarkers data pretty single that agent, only stable clinical saw a many were shrinking. observation. was this patients for in significant tumors who a not but of measures. those very CAXX, And we investigators did as were rates, disease relatively us objective general And interpret evidence helping our well. So are also we a tumor who high consensus activity, clinical a of serial had the that's of plummeting

many really this in data. of we case. high a mutations. of KRAS XXXX that was, very of a really preclinical so in where place development And pursue some that evidence just confidence supported remember to in ways, And we've in you combination our that tumor in of And activity pancreatic good inform also thinking. I'll is is is degree And gemcitabine, have cancer. remind we particular with also our synergy, our and chemotherapy posters may a by seen you models And this KRAS which common mutation with backbone the showed strategy

will the combination which relapse. in advancing patients is with a in triplet And gemcitabine we're [indiscernible] doublet, the a doublet doing Abraxane, combination and second So in or gemcitabine that, in and either we're first be with

have treatment. the the each second-line FOLFIRNOX And that to prior So that activity. And for will the really patients contribution be set combination provided in third-line they've will stage who purely the be patients, nicely us had triplet will enrollment. following to understand progressed the activity, that of of for to drugs second- or study FOLFIRNOX

the together looking on like, is be we in obviously, safety collect dependent data looking to tolerability, rates, can the of we'll response. certainly also of things and for and pull The response year. but So half we'll how have be be amount duration at second we of much going at time

So we you. with look forward to sharing that all

Operator

Our Breidenbach Oppenheimer. from with next comes question Mark

Mark Breidenbach

the of are MDS, I'm Phase the a ongoing So And being XXXX that main financial on we're for distribution is cancer? wanted and are and likely you that III as purely result is the wondering closer since considerations. guess that's off hold confirmation just most Probably data-driven confirmation wondering X to the limitations between just other we're question. where how to situation driven no on both then clinical we there and to AML if I'm getting X study of one Nancy. capital the would prioritize close XXXX, a trials bandwidth, still readout reason toward this these in pretty financial I decision pancreatic of directed in dose was as I get there

Nancy Simonian

Great. Thanks, Mark.

in in higher-risk trial data committed our the tamibarotene very we've are reiterated our And XXXX, of from that guidance We to having III MDS. trial of early Phase end XXXX.

the make want relationship -- to sort I difference. current potential make believe around this will it is XXXX. our We and due of decisions that of a And care conditions. and in want opportunity of And decision confidence the just to going commit. that so strictly in over really with resources. later capital way before capital is to decision secured be change we'll state to that. always, on some the we market to think for appropriate I'll have AML Phase move I -- we kind We the it we We XXXX we III with very standard progressing of XXXX, no we're in just the look patients. data necessary how great study, big to And seek make be will to cards once due turning thoughtful capital think into we'll year. to is as the a our have we allocate data-driven to sure the lack additional this forward about program

Operator

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

Zegbeh Jallah

the data a year. seems of quick had X it coming I year second out of So half just half mid- second have or the in of the couple readouts like you to And questions.

will set be of a study, a sense posed to strategy. this next more you how The get the a the question earlier. go-forward for simply to wanted of I data defining is follow-up first one think SELECT-AML-X derisking kind

Nancy Simonian

going safety, looking clinical to for activity to as of X of we're lead-in. safety of into going activity you, the to activity be move forward And David with to rationale but rate said, that's either the from doublets, north only sort kind general at tami, our Zegbeh, to seeing phase. of we're be the think aza the doublet and next ven/aza. know want we we is sort see the part David of not And I the clinical mentioned what as

the we be what's that triplet give is very help an frontline for best activity a that unmet in to this next to the AML and will steps need. important So sense in potential support the it combination. data continue think patients unfit And have will drive derisking large I being going would know medical the of

And there's think so definitely move triplet activity a to with that we Does that room room, to demonstrate combination. Zegbeh? higher help,

Zegbeh Jallah

Yes, study? that wondering well-capitalized a I'm just to capital because was was compelling kind of constraints pancreatic was patients, I it the helpful. some much asking likely XXXX. see the And are that mentioned. only you larger enough wondering, this about And was just you reason kind into we you one, I in data move do forward? next cancer this of just is are to of the that move

Nancy Simonian

Zegbeh. Thanks, Yes.

use it, what's Or to I in move the it similar which we've to from studies best triplet support overall, of the portion said of approximately of data don't And way to we'll what those if the phase, of trial like, doublet that about of them where enable data into or And we'll enrolled, going safety to of expansion or I the the the is have we wouldn't about on kind sort the think decisions XX lead-in other. next look end move readouts based one again, I've think, forward. forward. that either the at we're make each think to think I phase moving data what us patients the the or year.

Zegbeh Jallah

last the the one about just again, then position. capital here, And

your additional a decent to noted of trying of kind to you're of Phase you're began to is largely might trying your of next drop the changes, that additional able Phase like wondering, be position. XXXX Because capital right But get then how of how III can of now? just kind it what sense some the thinking capital. like reprioritization, to you these it Is secure because MDS spend with cash in about driving about get so options be we what's perhaps you large you're based of the balance going was III your looks some to a think just the as relative study? pretty well. a MDS Just on sense I it for And for to how study model raising also example, think peers,

David Roth

Sure.

Nancy Simonian

let I'll Jason answer that.

Jason Haas

end in like the in capital the financing to sure like got of we're make capital, focused continue specifically 'XX. right companies data the strategy. options on Zegbeh, have all we available before, exploring have very capital early But our that on terms our the clearly the try in majority Yes, said, that. making we III quarter right of space, amount that 'XX. obviously the comment That's we're as 'XX, most not Phase program. I'll many resources to the and that take other of on to we we've going trial. of into advanced Nancy of sure kind forward. we said of capitalization proactive And MDS And And we're to then the Syros beyond very have support that. our And spending to readout going I'm company to to as capital second capital to resource

to So capital make various we forward. sure to resourced and have raise options programs all to clinical continuing going at the properly manage incremental are we're look we

Zegbeh Jallah

of BD coming for plans out up. of was data tease to sets hoping you kind all these I of with derisking some

Jason Haas

at lowest But answer, I structure. optimize the capital our what possible we Zegbeh, options. it's that to think raise being to different are cost opportunities we're about say at fair to very my I various will proactive looking say, And capital implied is in

it's say at a now. we're variety think things right looking to fair I So of

Zegbeh Jallah

thinking pivotal kind have especially doing think this reprioritization, of study I that of right to I now going lot we through it's companies process, are mean, and think as And to And guys are ongoing. a go I the conditions. get you're nicely Understood. have a far the about you market

Operator

with Instructions] Alliance from Cross question Partners. Matthew comes Our Global [Operator next

Matthew Cross

A couple me. questions of from

I we're looking some on update second the Following was assumptions up data-driven your curious latest to on as here, interaction with Specific I towards decisions to half. some on the just in kind the themes based of the those familiar get guess, AML, FDA. of of

path we guess, -- lead-in might once like a data, the just far your to Phase safety as options given IIb Phase of our I under have there, as For a the III, full positivity. some approval kind into I know along path some wanted look kind of regulatory the proceeding what sort of accelerated focus

to the look terms based that. then I get there that what the like data options have thinking later of wanted Just one year. next latest follow-up And after could in on in

Nancy Simonian

going I'm Matt, David have answer that. Great. to

David Roth

Sure.

we would give very to we triplet embarking robust us that doublet. would on II the believe Phase quality data versus are a fairly randomized a the compare So study good

randomized may both where get strategy. development in And and space Administration so strategy course, AML complete be the know Europe, really best global And for to the of United single-arm to may nature of on randomized a preferred approvals States what's and are the option. to Food the response. awarded forward. an drugs that be Drug move the have data rate durability also required response data based has But informs the will to then, the opportunity We the there be considerations approvals, data of and data in using what

steps we're moving keep safety in to we'll and say data data as the half forward the and forward, looking lead-in our generating the you second informed to evolve. related just about let's So next

Matthew Cross

randomized I parameters. accelerated of other the the some Fair of I enough. ongoing question an space on appreciate know around FDA approvals tightening in the right. about reigns It's kind the or No, these insight. based data heme

wanted was give curious from could the just a you of kind III to looked that -- kind one against offset savings assumption not the anything the any have led or could scale that say the that maybe malignancies? context a to Phase second required framing against pause a what like? of choosing I maybe for II was generally us the sense for question further pursue to of bit any XXXX to XXXX additional trial compared get related capital cost of there could from Just The was MDS potential that on capital to in Phase from to if you

Jason Haas

Sure, Matt. don't Phase comment relative other It's specific I potential it's expenditures is trials. want I significant in But our clinical a to say to APL some on III think fair Jason costs. of again. on trial to

So we do start we're Nancy we want capital we to right be going at the do to capital once forward to said, trial. so as allocated make the that any capital trial sure, find have the right that have don't start we constraints that And confident the we'll time. able

very different we're terms and of to the the continue So we're excited because in explore the to program. hopefully going to the APL, alternatives about have right capital start trial that

to have we of capital of and 'XX, us, reprioritizations allows the to backdrop capital to make for evaluate terms the announced of continue 'XX of potential continue morning, to results always us kind And sources of head end 'XX. trial of MDS. as the we particularly we're quarter capital have to it our of kind into this some second available the market In we to into early sure going

Operator

question-and-answer That session. I'd call concludes today's to Simonian Nancy like remarks. turn back closing for the to

Nancy Simonian

biopharmaceutical We to joining continued and a Syros. again Please Thank to Thank reach build operator. out forward support into work a you, company. updating us great have if as leading you portfolio our questions, of we to your you, us soon advance and today and have any Syros for look everyone, you for day.

Operator

This concludes participating. today's call. for conference you Thank

now may You disconnect.

Courtney Solberg	Manager, Corporate Communications and IR
Nancy Simonian	CEO
Jason Haas	CFO
David Roth	Chief Medical Officer
Kristin Stephens	Chief Development Office
Eric Olson	Chief Scientific Officer
Conley Chee	Chief Commercial Officer
Ted Tenthoff	Piper Sandler
Eva Previtera	Cowen
Jason Butler	JMP Securities
Mark Breidenbach	Oppenheimer
Zegbeh Jallah	ROTH Capital Partners
Matthew Cross	Alliance Global Partners

Syros Pharmaceuticals (SYRS) 16 May 222022 Q1 Earnings call transcript