CAMBRIDGE, MA—David Roth, the Chief Medical (TASE:PMCN) Officer of Syros Pharmaceuticals, Inc. (NASDAQ:SYRS), recently sold a portion of the company's common stock, according to a regulatory filing. The transaction, which took place on November 18, involved the sale of 12,099 shares at a weighted average price of $0.1969 per share, amounting to a total of $2,382.
The shares were sold in multiple transactions at prices ranging from $0.1968 to $0.1975. Following this sale, Roth no longer holds any shares in the company directly. The sale was documented in a Form 4 filing with the Securities and Exchange Commission, which was signed by Todd Rosenthal as attorney-in-fact for Roth.
In other recent news, Syros Pharmaceuticals has faced significant changes following the failure of its SELECT-MDS-1 Phase 3 trial. The company reported no revenue for Q3 2024 and a net loss of $6.4 million, but maintains cash reserves sufficient to fund operations into Q3 2025. The trial's failure led to the termination of the Master Collaboration Agreement with QIAGEN Manchester Limited and a loan default with Oxford Finance LLC, prompting immediate loan repayments totaling approximately $43.7 million.
Syros Pharmaceuticals also announced a major workforce reduction of 94% as a cost-saving measure. Several directors and officers, including CEO Conley Chee, CFO Jason Haas, and Chief Medical Officer Dr. David Roth, are set to leave their positions, with Gerald Quirk assuming the role of President and CEO.
The trial's failure also led to stock downgrades by H.C. Wainwright, TD Cowen, and JMP Securities. Despite these setbacks, Syros is preparing for the commercial launch of tamibarotene and exploring business development opportunities for the CDK7 inhibitor asset, 5609. These developments are a part of Syros Pharmaceuticals' recent trajectory.
InvestingPro Insights
The recent stock sale by Syros Pharmaceuticals' Chief Medical Officer comes amid challenging times 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 taken a substantial hit, with a 1-year price total return of -90.36% as of the latest data.
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 price falling significantly over various time frames. The company's financial health appears precarious, with revenue for the last twelve months as of Q3 2024 at just $0.39 million, representing a staggering revenue decline of 95.61%.
Despite these challenges, one InvestingPro Tip notes that "liquid assets exceed short term obligations," suggesting some financial flexibility. However, the company is not profitable, with a negative operating income of $111.52 million for the same period.
For investors seeking a more comprehensive analysis, InvestingPro offers 18 additional tips for Syros Pharmaceuticals, providing deeper insights into the company's financial situation and market performance.
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