Syros Pharmaceuticals, Inc. Q2 FY2023 earnings call

Clinical Trials Progress - Tamibarotene is being evaluated in SELECT-AML-1 Phase II trial (newly diagnosed unfit AML) and SELECT-MDS-1 Phase III trial (higher-risk MDS). Enrollment ongoing with data readouts expected in Q4 2023 (SELECT-AML-1) and Q3 2024 (SELECT-MDS-1). - 2101 is in a dose confirmation study with PK data update planned for H2 2023. - 5609 Phase Ib clinical trial data presented at ASCO Annual Meeting in June, supporting further development and out-licensing exploration.### Financial Focus - R&D expenditures principally focused on late-stage clinical programs. - Current cash position sufficient to fund operating expenses and capital expenditure requirements into 2025, including Phase III data from SELECT-MDS-1 and data from SELECT-AML-1 randomized portion.

In the second quarter of 2023, Syros recognized $2.8 million in revenue, entirely from the Pfizer collaboration. R&D expenses were $29.6 million, down from $33.1 million in the second quarter of 2022. G&A expenses were $7.2 million, up from $6.9 million in the second quarter of 2022. The net loss for the second quarter of 2023 was $36.3 million ($1.30 per share) compared to a net loss of $34.5 million ($5.40 per share) in the same period of 2022. Cash, cash equivalents, and marketable securities as of June 30, 2023, were $144 million.

Clinical Milestones - Data readout from SELECT-AML-1 Phase II study (tamibarotene in newly diagnosed unfit AML) expected in Q4 2023. - Pivotal Phase III trial of tamibarotene in higher-risk MDS (SELECT-MDS-1) data expected in Q3 2024. - Update on PK data and registration plans for 2101 in APL expected in H2 2023.### Financial - Current cash position expected to fund operations into 2025, beyond key clinical milestones.

Q: Ted Tenthoff from Piper Sandler asked about evaluating or considering new partnerships, especially for 5609.

A: Conley Chee responded that Syros is focusing resources on late-stage programs but continues to discuss 5609 and discovery efforts, with updates to be provided when available.

Q: Phil Nadeau from TD Cowen asked about go/no-go decision for AML program, data in Q4, and SELECT-MDS-1 futility analysis.

A: David Roth said initial data from SELECT-AML-1 Phase II randomized portion expected in Q4, with Q4 data being initial insights. No specific futility analysis details for SELECT-MDS-1 beyond primary endpoint, and no direct learnings from magrolimab's failure due to different mechanism of action.

Q: Phil Nadeau also asked about 2101 updates.

A: David Roth stated 2101 is in a dose confirmation study with an update on development plan and timelines expected in H2 2023.