Syros Pharmaceuticals, Inc. (SYRS) stock prices were up by 17.98% shortly after market trading commenced, bringing the price per share up to USD$6.60 early in the trading day.
Revenues for the first quarter of the fiscal year 2021 were reported at USD$4.8 million of which USD$4 million in revenue being recognized under the company’s collaboration with Global Blood Therapeutics, Inc. USD$0.8 million was recognized under its collaboration with Incyte Corporation. SYRS had recognized USD$4.2 million in revenue for the first quarter of the previous year, which USD$2.2 million being generated from its collaboration with GBT and USD$0.2 million from its collaboration with Incyte.
Research and development costs for the first quarter of the fiscal year 2021 were USD$20 million, up from the USD$14.6 million for the first quarter of 2020. This difference is largely attributable to the continued development of SYRS’s clinical program. One of the newly added programs currently being advanced is SY-201. The difference in R&D costs was also bolstered by an increase in employee-related expense.
G&A and Net Loss Reports
General and Administrative costs were up from USD$5.1 million in the first quarter of the fiscal year 2020, to USD$5.7 million in the first quarter of 2021. This increase was largely attributable to increases in employee-related expenses. Net loss for Q1 2021 came in at USD$14.2 million, representing a net loss of USD$0.23 per share. Net loss reported for the first quarter of the prior year was USD$17.2 million, representing a net loss of USD$0.39 per share.
Solid Liquidity Position
The company reported cash, cash equivalents, and marketable securities as of March 31st 2021 in the amount of USD$222.1 million, up from the USD$174 million on December 31st 2020. This increase is largely attributable to the gross proceeds generated from a public offering of the company’s common shares. Having closed in January of 2021, the offering saw SYRS generate USD$75.6 million. With its current trajectory, SYRS anticipates its solid liquidity position being enough to fund operating expenses and capital expenditures through to 2023.
Future Outlook for SYRS
Armed with a solid liquidity position and improved comparative financial reports, SYRS is poised to capitalize on opportunities presented throughout the rest of the fiscal year. Current and potential investors are hopeful that the company will be able to leverage the resources at its disposal to facilitate significant and sustained increases in shareholder value.