CAMBRIDGE, MA—Gerald E. Quirk, the Chief Legal & Compliance Officer at Syros Pharmaceuticals, Inc. (NASDAQ:SYRS), has recently sold a portion of his holdings in the company. According to a recent SEC filing, Quirk disposed of 46,657 shares of common stock on November 19, 2024. The shares were sold at a weighted average price of $0.2212, resulting in a total transaction value of $10,320.
The sale was conducted in multiple transactions, with prices ranging from $0.2211 to $0.2249 per share. Following this transaction, Quirk no longer holds any shares directly in the company.
Syros Pharmaceuticals, headquartered in Cambridge, Massachusetts, is involved in the development of innovative medicines to treat cancer and other serious diseases.
In other recent news, Syros Pharmaceuticals faced significant developments following the failure of its Phase 3 SELECT-MDS-1 trial. The trial, testing tamibarotene combined with azacitidine, did not meet its primary goal, resulting in the termination of a key agreement and a default notice on a loan with Oxford Finance LLC. The company made a partial repayment of $33.5 million and is seeking to negotiate a forbearance agreement with Oxford.
In response to the trial's outcome, Syros Pharmaceuticals is enacting a 94% reduction in its workforce as a cost-saving measure. The company also announced the departure of several directors and officers, including President and CEO Conley Chee, CFO Jason Haas, and Chief Medical (TASE:PMCN) Officer Dr. David Roth. Gerald Quirk, Esq., currently Chief Legal & Compliance Officer and Chief Business Officer, will assume the role of President and CEO.
The trial's failure led to stock downgrades by H.C. Wainwright, TD Cowen, and JMP Securities. Despite the setback, the company reported no revenue for Q3 2024 and a net loss of $6.4 million, but maintains sufficient cash reserves to fund operations into Q3 2025. Syros is preparing for the commercial launch of tamibarotene and exploring business development opportunities for the CDK7 inhibitor asset, 5609. These are the recent developments in Syros Pharmaceuticals' journey.
InvestingPro Insights
The recent sale of shares by Syros Pharmaceuticals' Chief Legal & Compliance Officer comes at a challenging time for the company. According to InvestingPro data, Syros has a market capitalization of just $7.61 million, reflecting the significant decline in its stock price. The company's shares have experienced a dramatic 85.88% drop in the past month alone, with the stock price closing at $0.28 in the most recent session.
InvestingPro Tips highlight that Syros is "quickly burning through cash" and "suffers from weak gross profit margins." These factors may be contributing to the stock's poor performance, with the share price now standing at only 3.48% of its 52-week high. The company's financial health is further underscored by its negative gross profit of $88.25 million for the last twelve months as of Q3 2024, and a staggering gross profit margin of -22,862.95%.
Despite these challenges, one InvestingPro Tip notes that "liquid assets exceed short term obligations," suggesting that Syros maintains some financial flexibility in the near term. However, with revenue of just $0.39 million in the last twelve months and a revenue growth rate of -95.61%, the company faces significant hurdles in its path to profitability.
Investors considering Syros should be aware that InvestingPro lists 18 additional tips for this stock, providing a more comprehensive analysis of the company's financial situation and market position. These insights could be particularly valuable given the volatile nature of biotech stocks and the specific challenges facing Syros Pharmaceuticals.
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