CAMBRIDGE, MA—Kristin Stephens, the Chief Development Officer of Syros Pharmaceuticals, Inc. (NASDAQ:SYRS), recently sold 36,133 shares of the company's common stock. The transaction, dated November 18, 2024, was executed at a price of $0.22 per share, totaling $7,949. Following this sale, Stephens holds no shares in the company.
This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, underscoring the ongoing financial activities of insiders within the company. The sale was conducted directly by Stephens, as indicated in the filing.
In other recent news, Syros Pharmaceuticals has undergone significant shifts following the failure of its Phase 3 SELECT-MDS-1 trial. The trial, which was testing tamibarotene combined with azacitidine, did not meet its primary endpoint. This led to a series of stock downgrades by H.C. Wainwright, TD Cowen, and JMP Securities. The company has also faced substantial corporate changes, including the termination of a key agreement, a default notice on a loan, and a major workforce reduction.
Syros Pharmaceuticals announced the termination of its Master Collaboration Agreement with QIAGEN Manchester Limited and a default under a Loan Agreement with Oxford Finance LLC, totaling approximately $43.7 million. Additionally, the company is reducing its workforce by 94% and has seen the departure of several directors and officers.
Despite the setbacks, Syros Pharmaceuticals reported sufficient cash reserves to fund operations into Q3 2025, even while reporting no revenue for Q3 2024 and a net loss of $6.4 million. The company is preparing for the commercial launch of tamibarotene and exploring business development opportunities for the CDK7 inhibitor asset, 5609. These updates represent recent developments impacting Syros Pharmaceuticals.
InvestingPro Insights
The recent insider sale by Kristin Stephens at Syros Pharmaceuticals (NASDAQ:SYRS) 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 stock has 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 have contributed to the insider's decision to sell shares. The company's financial health is further strained, as evidenced by its negative gross profit of -$88.25 million in the last twelve months.
Moreover, the stock's volatility is noteworthy, with InvestingPro Tips indicating that SYRS generally trades with high price volatility. This is reflected in the stock's recent performance, showing a 1-month price total return of -85.88%.
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 position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.