CAMBRIDGE, MA—Chee Conley, the President and CEO of Syros Pharmaceuticals, Inc. (NASDAQ:SYRS), recently sold a significant portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Conley sold 134,797 shares of common stock on November 18, 2024. The shares were sold at a weighted average price of $0.1998, resulting in a total transaction value of approximately $26,932.
The sale was executed in multiple transactions, with prices ranging from $0.1836 to $0.2071 per share. Following this transaction, Conley no longer holds any shares of the company's stock directly.
Syros Pharmaceuticals, based in Cambridge, Massachusetts, is known for its work in the field of pharmaceutical preparations. The company continues to focus on its mission to develop targeted therapies for patients with serious diseases.
In other recent news, Syros Pharmaceuticals announced significant corporate developments following the failure of its SELECT-MDS-1 Phase 3 trial. The unsuccessful trial led to the termination of a key agreement with QIAGEN Manchester Limited and resulted in a default under a loan agreement with Oxford Finance LLC, with all loan obligations, totaling approximately $43.7 million, being declared immediately due and payable. The company also disclosed a major workforce reduction of 94% as a cost-saving measure.
Syros Pharmaceuticals saw a shift in its leadership team with 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.
On the financial front, Syros Pharmaceuticals reported no revenue for Q3 2024 and a net loss of $6.4 million. Despite this, the company maintains sufficient cash reserves to fund operations into Q3 2025. The company's stock was downgraded by H.C. Wainwright, TD (TSX:TD) Cowen, and JMP Securities following the trial failure. Despite these challenges, Syros is preparing for the commercial launch of tamibarotene and exploring business development opportunities for the CDK7 inhibitor asset, 5609.
InvestingPro Insights
The recent sale of shares by Syros Pharmaceuticals' CEO Chee Conley comes at a challenging time for the company. According to InvestingPro data, Syros has experienced significant financial headwinds, with its stock price falling 85.88% over the past month and 90.36% over the last year. This steep decline aligns with an InvestingPro Tip indicating that the stock has "taken a big hit over the last week."
The company's financial health appears precarious, with revenue for the last twelve months as of Q3 2024 standing at just $0.39 million, representing a staggering 95.61% decline. An InvestingPro Tip warns that Syros is "quickly burning through cash," which is particularly concerning given its negative gross profit of $88.25 million for the same period.
Despite these challenges, it's worth noting that Syros' liquid assets exceed its short-term obligations, potentially providing some financial flexibility. However, with a market capitalization of only $7.61 million, the company faces significant hurdles in its mission to develop targeted therapies.
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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