Q4 2023 Syros Pharmaceuticals Inc Earnings Call

Operator: Good morning, and welcome to Syros Pharmaceuticals' fourth quarter and full year 2023 financial results conference call. At this time, all participants are in a listen-only mode.

Good morning, and welcome to <unk> Pharmaceuticals, fourth quarter and full year Chinese journey FIFA last one results conference call. At this time all participants are in a listen only mode. This call is being webcast live on it.

Operator: This call is being webcast live on the Investors and Media section of Syros's website at www.syros.com. Please be advised that today's call is being recorded. At this time, I would like to turn the call over to Karen Hunady, Director of Investor Relations and Corporate Communications at Syros. Thank you.

Investors and media section of <unk> website at Www, that's U S Dot com.

Please be advised that today's call is being recorded.

At this time I would like to turn the call over to Kevin who Ngati <unk> director of Investor Relations and corporate Communications That's U S.

Kevin: Thank you.

Karen Hunady: This morning we issued a press release announcing our fourth quarter and full year 2023 financial results. The full release is available on the Investor & Media section of the Syros website at www.syros.com. We will begin the call with prepared remarks by Conley Chee, our Chief Executive Officer, Dr. David Roth, our Chief Medical Officer, and Jason Haas, our Chief Financial Officer. We will then open the call to questions. Kristen Stevens, our Chief Development Officer, is also here on the call and will be available for Q&A. Before we begin, I would like to remind everyone that the statements we make on this conference call will include forward-looking statements. Actual events or results could differ materially from those expressed or implied by any forward-looking statements as a result of various risks, uncertainties, and other factors, including those set forth in the risk factors section of our annual report on Form 10-K that we filed this morning and any other filings that we may make with the SEC in the future. Such forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date With that said, I would now like to turn the call over to Conley. Conley?

Kevin: This morning, we issued a press release announcing our fourth quarter and full year 2023 financial results.

Kevin: Full release is available on the Investor and media section of the Sheriff's web site at Www Dot zero Dot com.

Kevin: We will begin the call with prepared remarks by Connolly Qi, our Chief Executive Officer, Dr. David Roth, Our Chief Medical Officer, and Jason Haas, Our Chief Financial Officer.

Speaker Change: We'll then open the call for questions Kristen Stephens, Our Chief Development Officer is also here on the call and will be available for Q&A.

Speaker Change: Before we begin I would like to remind everyone that the statements. We make on this conference call will include forward looking statements.

Speaker Change: Cool events or results could differ materially from those expressed or implied by any forward looking statements. As a result of various risks uncertainties and other factors, including those set forth in the risk factors section of our annual report on Form 10-K that we filed this morning and any other filings that we may.

Speaker Change: With the SEC in the future.

Speaker Change: Any forward looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date.

Speaker Change: We specifically disclaim any obligation to update or revise any forward looking statements with that I would now like to turn the call over to Kelly Conway.

Conley Chee: Thank you, Karen. Good morning, everyone, and thank you for joining us. Late last year, we announced the initial data from our SELECT-AML-1 trial, and since then, we've continued to make great progress in our effort to become a commercial-stage biotech company. Following our initial AML data, we completed an equity financing of approximately $45 million, reinforcing our cash position and providing us ample resources as we enter into 2024. This year will be a critical one in our evolution, with expected pivotal data from our select MDS-1 trial, as well as additional randomized data from our select AML-1 trial. And we're excited to share with you that we've completed enrollment of the 190 patients necessary for our primary endpoint analysis in our SelectMDS1 Phase 3 trial.

Kelly Conway: Thank you Karen.

Kelly Conway: Good morning, everyone.

Thank you for joining us.

Kelly Conway: Late last year, we announced the initial data from our select AML one trial and.

Kelly Conway: Since then we've continued to make great progress in our effort to become a commercial stage biotech company.

Following our initial AML data, we completed an equity financing of approximately $45 million.

Kelly Conway: Reinforcing our cash position and providing us ample resources as we enter into 2024.

Kelly Conway: This year will be a critical one in our evolution.

Kelly Conway: With expected pivotal data from our select Mds, one trial as well as additional randomized data from a select AML one trial.

Kelly Conway: And we're excited to share with you.

Kelly Conway: That we've completed enrollment of the 190 patients necessary for primary endpoint analysis, and our select Mds, one phase III trial.

Conley Chee: And we remain on track to report pivotal CR data by the middle of Q4 this year. If successful, these data will allow us to file our first NDA and ultimately deliver tamibaritine to the approximately 50% of higher-risk MDS patients with RARA overexpression in need of better options. Just as a reminder, our strategy is to launch Tamibaratine in the U.S. with our own specialty sales force, and we continue to make great progress against our launch plan.

Kelly Conway: And we remain on track to report pivotal CR data by the Middle of Q4 this year.

Kelly Conway: If successful these data will allow us to file our first NDA and ultimately to deliver Tammy barracuda to be approximately 50% of higher risk Mds patients with Robert overexpression in need of better options.

Kelly Conway: Just as a reminder, our strategy is to launch <unk> in the U S with our own specialty sales force.

Kelly Conway: And we continue to make great progress against our launch plan.

Conley Chee: We look forward to sharing more details on our commercial plan as we get closer to our pivotal data readout. As we've discussed previously, we believe tamibaritine has the potential to bring about a transformational change for these patients by offering a unique and targeted new standard of care for the frontline treatment of hematologic malignancies. Our growing body of evidence indicates that Tamibaratine consistently produces impressive response rates with a rapid time-to-response, and it's generally well-tolerated. We're excited to push forward with our program, and we'll be sure to keep you up to date as we progress throughout the year. With that, I now turn the call over to David to review our programs and upcoming milestones in more detail.

Kelly Conway: We look forward to sharing more details on our commercial plan as we get closer to our pivotal data readout.

Kelly Conway: As we've discussed previously we believe <unk> has the potential to bring about a transformational change for these patients.

Kelly Conway: Offering a unique and targeted new standard of care.

Kelly Conway: For the frontline treatment of hematologic malignancies.

Kelly Conway: Our growing body of evidence indicates etame Barrick team consistently produces impressive response rates with a rapid time to response.

Kelly Conway: And it is generally well tolerated.

Speaker Change: We're excited to push forward with our program and we'll be sure to keep you up to date.

Speaker Change: We progressed throughout the year.

Speaker Change: With that I'll now turn the call over to David to review, our programs and upcoming milestones in more detail.

Speaker Change: David.

David A. Roth: Thank you, Conley. We are very encouraged by the development of Tammy Barrett and the potential for our targeted agent to improve the frontline treatment of higher risk MDS and AML patients with RARA overexpression. As Conley mentioned, in December of last year, we got our first look at the initial data from the ongoing randomized portion of the Select AML-1 Phase 2 study. The objective of this study is to evaluate the safety and efficacy of the triplic regimen of tamibarotene in combination with venetoclax and azacitidine compared to venetoclax and azacitidine in approximately 80 patients randomized one-to-one

David A. Roth: Thank you Connolly.

David A. Roth: We are very encouraged by the development of Tami Barrick team and the potential for our targeted agent to improve the frontline treatment of higher risk Mds and AML patients with <unk> over expression.

David A. Roth: As Connie mentioned in December of last year, we got our first look at the initial data from the ongoing randomized portion of the select AML one phase II study.

David A. Roth: The objective of this study is to evaluate the safety and efficacy of the triplet regimen of Tami Barron team in combination with <unk> compared to <unk> <unk> and <unk> in approximately 80 patients randomized one to one.

David A. Roth: The initial data included 23 patients with 19 response evaluable and demonstrated a 100% CR-CRI rate in patients treated with the triplet regimen of tamibaritine, phenetoclax, and azacitidine, as compared to 70% among patients treated with venetoclax and azacitidine alone. Importantly, 78% of the responses among patients treated with the triplet were complete responses, or CRs, The time to response was rapid across both arms, with 100% of patients in the triplet arm responding by the end of cycle one, compared with 60% of patients in the triplet arm. In the doublet arm, not only was the AML data encouraging from an efficacy standpoint, but the safety profile was compelling as well.

David A. Roth: The initial data included 23 patients with 19 response, Evaluable and demonstrated a 100% CR cri rate in patients treated with the triplet regimen of <unk> <unk>.

David A. Roth: As compared to 70% among patients treated with <unk> alone.

Importantly, 78% of the responses among patients treated with the triplet were complete responses or crs compared to only 30% among patients treated with the vet Asia combination alone.

David A. Roth: The time to response was rapid across both arms with 100% of patients in the triplet arm responding by the end of cycle, one compared with 60% in the doublet arm.

David A. Roth: Not only was the AML data encouraging from an efficacy standpoint, but the safety profile was compelling as well <unk>.

David A. Roth: Consistent with prior clinical experience, tamibarotene in combination with approved doses of venetoclax and azacitidine was generally well-tolerated, and the overall safety profile demonstrated no additive toxicities or new safety. Importantly, we also saw no evidence of increased myelosuppression in the triplet arm compared to the double.

David A. Roth: Consistent with prior clinical experience.

David A. Roth: <unk> in combination with approved doses and Eric.

David A. Roth: <unk> and <unk> was generally well tolerated and the overall safety profile demonstrated no additive toxicities were new safety signals.

David A. Roth: Importantly, we also saw no evidence of increased Milo suppression in the triplet arm compared to the doublet.

David A. Roth: We're very encouraged by these initial results, which strongly support the potential of tamibarazine in combination with standard of care in the frontline treatment of AML patients with RARA overexpression, and we look forward to sharing additional data later this year. We also believe the high CR rates in our AML study support the potential for tamibaritine to deliver complete responses in our ongoing SELECT-MDS-1 trial, which has a primary Turning to MDS, our Phase 3 Select MDS 1 trial is a randomized double-blind placebo-controlled trial evaluating the combination of tamibaritine and azacitidine versus placebo and azacitidine in newly diagnosed, higher-risk MDS patients with RARA overexpression.

We're very encouraged by these initial results, which strongly support the potential of <unk> in combination with standard of care in the frontline treatment of AML patients with <unk> over expression and we look forward to sharing additional data later this year.

David A. Roth: We also believe the high CR rates in our AML study support the potential for <unk> to deliver complete responses in our ongoing select Mds, one trial, which has a primary endpoint based on CR.

David A. Roth: Turning to Mds are phase III select Mdx, one trial is a randomized double blind placebo controlled trial evaluating the combination of Tami Barrick team and <unk> versus placebo in Asia <unk> in newly diagnosed higher risk Mds patients with Rockwell for expression.

David A. Roth: As Conley mentioned, we recently completed enrollment of the 190 patients necessary to support the complete response rate primary endpoint analysis, and we are on target to report pivotal data by mid-fourth quarter of this year. As a reminder, we're continuing to enroll patients in the trial to support the key secondary endpoint of overall survival. This approach allows us to potentially secure accelerated approval and subsequent conversion to full approval if needed. By integrating both primary and confirmatory endpoints into a single trial, we ensure we execute more efficiently, and believe this increases the probability of success of the overall solution. We believe Tammy Baratin has the potential to be the first novel agent approved for the treatment of higher-risk MDS in over a decade.

David A. Roth: As Kelly mentioned, we recently completed enrollment of the 190 patients necessary to support the complete response rate primary endpoint analysis and we are on target to report pivotal data by mid fourth quarter of this year.

David A. Roth: As a reminder, we're continuing to enroll patients in the trial to support the key secondary endpoint of overall survival.

David A. Roth: This approach allows us to potentially secure accelerated approval and subsequent conversion to full approval if needed.

David A. Roth: By integrating both primary and confirmatory endpoints into a single trial, we ensure we execute more efficiently and believe this increases the probability of success of the overall study.

David A. Roth: We believe <unk> has the potential to be the first novel agent approved for the treatment of higher risk Mds in over a decade.

Jason Haas: In that time, the only approved therapies are hypomethylating agents, or HMAs, which provide limited efficacy with a 17% CR rate and a median overall survival of just 18.6%, highlighting the critical need for new treatment options for this patient population. We look forward to delivering pivotal CR data by the mid-fourth quarter of this year and evaluating the potential of tamibaritine to meaningfully improve upon the standard of care and deliver improved treatment outcomes for patients with higher risk. I would now like to turn the call over to Jason to review our fourth quarter and full year financial results. Jason

David A. Roth: In that time, the only approved therapies are HEICO misleading agents or Hma's, which provide limited efficacy of a 17% CR rate and a median overall survival of just $18 six months highlighting the critical need for new treatment options for this patient population.

David A. Roth: We look forward to delivering pivotal CR data by the mid fourth quarter of this year and evaluating the potential of <unk> to meaningfully improve upon the standard of care and deliver improved treatment outcomes for patients with higher risk Mds.

David A. Roth: I would now like to turn the call over to Jason to review, our fourth quarter and full year financial results.

Jason.

Jason Haas: Thank you, David. We continue to be well capitalized to fund the ongoing development of tamibericine. In December 2023, we completed an equity financing, which resulted in gross proceeds to Syros of approximately $45 million before underwriting discounts, commissions, and offering expenses. The financing included new and existing investors, including Bain Capital Life Sciences, Syros Co-Founder and Founding Investor Flagship Pioneering, Adage Capital Partners, Invis, Samsara Biocapital, DeepTrack Capital, Blue Owl Healthcare Opportunities, Daphne Capital Management, as well as a life sciences-focused investment fund.

Jason Haas: Thank you David.

Jason Haas: We continue to be well capitalized to fund the ongoing development of Teva bearish.

Jason Haas: In December 2023, we completed an equity financing, which resulted in gross proceeds to <unk> of approximately $45 million.

Speaker Change: Before underwriting discounts commissions and offering expenses.

Speaker Change: The financing included new and existing investors, including Bain capital Life Sciences.

Speaker Change: <unk> co founder and founding Investor flagship pioneering adage capital partners in this <unk> capital deep track capital blew our health care opportunities Daphne capital management as well as our life Sciences focused investment fund we are grateful to our investors for their continued support.

Jason Haas: We are grateful to our investors for their continued support. We believe our current cash position will be sufficient to fund our anticipated operating expenses and capital expenditure requirements into the second quarter of 2025 beyond our pivotal phase three data from the SelectMVS1 trial and additional data from the randomized portion of the SelectAML1 trial. Now turning to our fourth quarter and full year 2023 financial results. Revenues were $400,000 for the fourth quarter of 2023 and $9.9 million for the year ended December 31, 2023, as compared to negative $800,000 in the fourth quarter of 2022 and $14.9 million for the year ended December 31, 2022. The increase for the fourth quarter of 2023 compared to the same period of 22 was driven primarily by the negative cumulative catch-up adjustments recognized in the fourth quarter of 2022.

Speaker Change: We believe our current cash position will be sufficient to fund our anticipated operating expenses and capital expenditure requirements into the second quarter of 2025 beyond our pivotal phase III data from the select MBS, one trial and additional data from the randomized portion of the select one trial.

Speaker Change: Now turning to our fourth quarter and full year 2023 financial results.

Speaker Change: Revenues were $400000 for the fourth quarter of 2023 and $9 $9 million for the year ended December 31, 2023, as compared to negative $800000 in the fourth quarter of 2022 and $14 $9 million for the year ended December 31 2022.

Speaker Change: The increase for the fourth quarter of 2023 compared to the same period of 22 was driven primarily by the negative cumulative catch up adjustments recognized in the fourth quarter of 2022.

Jason Haas: The decrease for the year reflects the termination of the collaboration agreement with Pfizer-GBT in October 2023. R&D expenses were $21.5 million for the fourth quarter of 2023 and 108.2 million dollars for the full year 2023 as compared to $27.9 million for the fourth quarter of 22 and 111.9 million dollars for the full year 2022. The decrease for the fourth quarter of 2023 compared to the same period in 22 and the decrease for the year were primarily due to a reduction in employee-related expenses, consulting and professional fees, and other facilities-related costs. The decrease in these costs was driven by the restructuring of our operations to prioritize key development and pre-launch activities to advance Tamivarotene. G&A expenses were $5.9 million for the fourth quarter of 2023 and $28.3 million for the full year of 2023, as compared to $7.3 million for the fourth quarter of 2022 and $29.3 million for the full year of 2022.

Speaker Change: The decrease for the year reflects the termination of the collaboration agreement.

Speaker Change: With Pfizer GBT in October 2023.

Speaker Change: R&D expenses were $21 5 million for the fourth quarter of 2023, and $108 $2 million for the full year 2023, as compared to $27 9 million for the fourth quarter of 2002, and $111 9 million for the full year 2022.

Speaker Change: The decrease for the fourth quarter of 2023 compared to the same period in 2002 and the decrease for the year were primarily due to a reduction in employee related expenses consulting and professional fees and other facilities related costs.

Speaker Change: The decrease in these costs were driven by the restructuring of our operations to prioritize key development and prelaunch activities to advance <unk>.

Speaker Change: G&A expenses were $5 $9 million for the fourth quarter of 2023, and $28 $3 million for the full year of 2023 as compared to $7 $3 million for the fourth quarter of 2002 and $29 $3 million for the full year 2022.

Jason Haas: The decrease for the fourth quarter of 2023 compared to the same period in 22 and the decrease for the year were primarily due to consulting and other professional fees and facility costs. We reported a net loss for the fourth quarter of $64.4 million, or $2.18 per share, compared to a net loss of $4.8 million, or $0.17 per share, for the same period in 2022. For the full year ended December 31st, 2023, Syros reported a net loss of $164.6 million, or $5.81 per share, compared to a net loss of $94.7 million, or $7.49 per share, for the same period in 2022.

Speaker Change: The decrease from the fourth quarter of 2023 compared to the same period in 2002 and a decrease for the year were primarily due to consulting and other professional fees and facility costs.

Speaker Change: We reported a net loss for the fourth quarter of $64 4 million.

Speaker Change: Or $2 18 per share compared to a net loss of $4 8 million or <unk> 17 per share for the same period in 2022.

Speaker Change: For the full year ended December 31, 2023, <unk> reported a net loss of $164 6 million.

Speaker Change: Or $5 81 per share compared to a net loss of $94 7 million or $7 49 per share for the same period in 2022.

Operator: Cash and cash equivalents as of December 31st, 2023 were $139.5 million as compared with cash, cash equivalents, and marketable securities of $202.3 million at the end of 2022. With that, I will turn the call over to the operator for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touchtone phone. You will hear a three-tone prompt acknowledging your request. Should you wish to decline from the polling process, please press star followed by the number 2. If you are using a speakerphone, please lift your hands up before pressing it.

Speaker Change: Cash and cash equivalents as of December 31, 2023 were $139 5 million.

Speaker Change: As compared with cash cash equivalents in marketable securities of $202 3 million at the end of 2022.

Speaker Change: With that I will turn the call over to the operator for questions.

Speaker Change: Thank you ladies and gentlemen, you will now begin the question and answer session. So do you have a question. Please press star followed by the number one on your Touchtone sorry.

Speaker Change: I think telecom acknowledging your request.

Speaker Change: The decline from the polling process. Please press star followed by the number Tim.

Speaker Change: If you are using a speaker phone please lift your handset before pressing Amy.

Operator: Our first question comes from the line of Phil Nadeau from TD Kallen. Please go ahead. Good morning. Congratulations on the completion of enrollment, and thanks for taking our questions. A couple from us.

Speaker Change: Our first question comes from the line of field Adele from TD Cowen. Please go ahead.

Adele: Good morning, Congratulations on completion of enrollment and thanks for taking our questions a couple from us first.

David A. Roth: First, in terms of the data that we're going to see in Q4, could you discuss, maybe in a bit more detail, your discussions with the regulatory agencies about how that could support an FDA filing and how duration of response factors into the regulatory authority's evaluation of the CR data? Thanks, Phil, for that question. It's David here.

Adele: In terms of the data that we're going to see in Q4 can.

Adele: Can you discuss on the.

Adele: Complete response endpoint.

Adele: Maybe in a bit more detail your discussions with regulatory agencies about how that could support an FDA filing.

Adele: And how.

Adele: How does the duration of response factor into the regulatory authorities evaluation of the CR data.

Speaker Change: Thanks, Phil for that question.

David A. Roth: David here.

David A. Roth: What I can say is that complete response is a very important clinically meaningful end point because it's associated with hematologic improvement. And heme improvement is really the clinical outcome that reverses a lot of the side effects and complications of higher-risk MDS. And that's why clinical complete responses are an important surrogate for clinical benefit and a well-understood correlate to overall survival. So, in that context, we chose the CR as the primary.

David A. Roth: What I can say is that.

David A. Roth: The complete response is a very important clinically meaningful endpoint, because it's associated with hematologic improvement and heme improvement is really the.

David A. Roth: Clinical outcome that reverses a lot of the side effects and complications of higher risk Mds and Thats why clinical.

David A. Roth: Complete responses are an important surrogate for clinical benefit and a well understood carlitz overall survival. So in that context, we chose to CRM as the primary endpoint, we've had discussions with the FDA on more than one occasion, where the nature of our primary endpoint was.

David A. Roth: We've had discussions with the FDA on more than one occasion where the nature of our primary input was part of the dialogue, and we have received confirmation that the CR can support a regulatory decision as a primary endpoint for either a full approval or an accelerated approval. And, of course, the durability of that remission is considered when they make that call.

David A. Roth: Part of the dialogue and we have received confirmation that the CR.

David A. Roth: Can support a regulatory decision as a primary endpoint for either a full approval or an accelerated approval and of course, the durability of that remission is considered when they make that that call. So.

David A. Roth: So, you know, we feel very confident that this is an important endpoint for us to focus on, and it enables us to deliver an approval in a meaningful timeframe. You know, so here we are; we've enrolled our 190 patients. We're continuing the study, as you all know, toward our key secondary endpoint, which requires 550, and we're well on our way to delivering the top-line data, in the middle of the floor. In other trials in MDS or AML, the bar for duration of response seems to be somewhere in the five to six month range. Is that reasonable? Expectation MDS and Select MDS 1 as well, or not?

David A. Roth: We feel very confident that this is an important.

David A. Roth: Endpoint for us to focus on and it enables us to deliver an approval in a meaningful timeframe. So here. We are we've enrolled our 190 patients.

David A. Roth: Continuing the study as you all know toward our key secondary endpoint, which requires $5 50, and we're well on our way to delivering that.

David A. Roth: Topline data in the middle of the fourth quarter.

David A. Roth: In other.

David A. Roth: Trials in Mds or AML the bar for duration of response seems to be somewhere in the five to six month range is that is.

David A. Roth: Is that a reasonable expectation MTS and select Mds, one as well or.

David A. Roth: Are there other data points that we should be considering? So you're correct about the duration of response. Some of the more recent approvals have been in the five and a half month range.

Are there other data points that we should consider.

Speaker Change: So you are correct.

Speaker Change: The duration of response.

Speaker Change: And some of the more recent approvals has been like in the five five month range.

David A. Roth: Over time, that can increase with additional data and longer-term follow-up. And I think really what determines a meaningful duration is one of those assessments that requires looking at the total data package. So obviously, a fleeting response that, you know, you can only measure once, and it doesn't last, would probably not be considered clinically important. Whereas one that lasts over time, which provides the opportunity for benefit to the patient, would. And so I'm sure the agency will look at not only the duration but the time to respond, and the quality of the response. You know, again, how durable it is and then all of that in the context of safety.

Speaker Change: Over time that can increase with additional data in a longer term follow up.

Speaker Change: And I think really what determines.

Speaker Change: A meaningful duration is one of those.

Speaker Change: Assessments that requires looking at the total data package so.

Speaker Change: Obviously, a fleeting response that you can only measure once and it doesn't last would probably not be considered clinically important whereas one that lasts over time, which provides the opportunity for benefit to the patient would be and so I'm sure. The agency will look at not only the duration, but the time to response.

Speaker Change: Quality of the response.

Speaker Change: Again, how durable it is and then all of that in the context of.

Speaker Change: The safety.

David A. Roth: So, you know, you need to really appreciate how much, you know, the safety signals could contribute or detract from that quality of the response. And that's where we also have a benefit, in our opinion, because tamibaritine has a generally well-tolerated safety profile. It's orally administered.

Speaker Change: So you need to.

Speaker Change: Appreciate how much.

Speaker Change: The safety signals could contribute or detract from that quality of the response and that's where we also have a benefit in our opinion because <unk> has a generally well tolerated safety profile, it's orally administered and over many years and many different studies looking at it in different ways.

Jason Haas: And over many years, in many different studies, looking at it in different ways, we've really, I've seen nothing of consequence with respect to the overall safety profile, and I believe that's, you know, where we hold a very special opportunity. That's very helpful. Then there is one last question for Jason. Jason, based on your guidance for the cash runway into Q2 of 2025, it seems like Q4 23 expenses in R&D and SG&A are a reasonable run rate for future quarters at least through 2020. Is that a fair assessment, or is there any lumpiness that I'm... Yeah, I think it's fair. We've been, you know, kind of spending a little bit less on SG&A and R&D over the last couple of quarters as we've really prioritized and focused the programs on Tannabaritene for MDS and AML. There's certainly some lumpiness, you know, depending upon and some payables due to vendors along the way, but generally speaking, I think it's fair to say that when you look at the Q4 numbers and you look at the cash that we spent, that allows us to get into the second quarter.

Speaker Change: We've really.

Speaker Change: <unk> seen nothing of consequence with respect to the overall safety profile and I believe that's where we hold a very special advantage.

Speaker Change: For the opportunity for patients.

Speaker Change: That's very helpful. And then one last question for Jason Jason based on your guidance for the cash runway into Q2 of $2025. It seems like.

Speaker Change: Q4, 'twenty three expenses in R&D and SG&A are reasonable.

Speaker Change: Run rate for future quarters at least through 2024 is that a fair assessment or is there any lumpiness that I'm missing.

Jason Haas: Yes, I think it's fair, we've been kind of spending a little bit less on SG&A and in.

Jason Haas: R&D over the last couple of quarters is we've really prioritize and focus the programs on <unk> for Mds and AML. There is certainly some lumpiness depending upon.

Jason Haas: Some payables due to vendors along the way, but generally speaking I think it's fair to say.

Jason Haas: When you look at the Q4 numbers and you look at the cash that we spent.

Jason Haas: That allows us to get into the second quarter 'twenty five.

Jason Haas: That's very helpful. Thanks for taking our questions and congrats again on completion of enrollment. Thank you. Ladies and gentlemen, just a reminder, should you have a question, please press the star followed by the number one on your touchstone. We have our next question coming from the line of Jason Butler from Citizens J&P. Please go ahead. Hi, thanks for taking the question and congrats on the product. It's in progress. I'm wondering if you could just talk about some of the medical affairs work and commercial preparation that you're starting to do both for MDS and AML and just what your focus will be for the rest of 2024. Sure, why don't I start off? Yeah, let me just start off by saying some of the medical affairs work that we're doing is really focused in the short term on Key Opinion Leader engagement, meeting with various health care organizations, making sure that the physicians who ultimately will be prescribing the drug truly understand how it works. They need to understand a thorough grounding in biology and the data.

Speaker Change: That's very helpful. Thanks for taking my questions and congrats again on completion of enrollment.

Speaker Change: Okay.

Speaker Change: Thank you ladies and gentlemen, just a reminder, so do you have a question. Please press star followed by the number one on your Touchtone phone.

Speaker Change: You have our next question coming from the line of Jason Butler from citizens JMP. Please go ahead.

Jason Nicholas Butler: Hi, Thanks for taking my question and congrats on the product as progress I'm wondering if you could just talk about some of the medical affairs work and commercial prep that you're starting to do both for for Mds and AML and just what your focus will be for the rest of 2024.

Speaker Change: Sure why don't I start off.

Speaker Change: Oh, Okay. Yeah, let me just start off by saying some of the medical affairs work that we're doing.

Speaker Change: It is really focused in the short term on.

Key opinion leader engagement.

Speaker Change: Meeting with various health care organizations, and making sure that the physicians, who ultimately will be prescribing the drug truly understand how it works they need to understand the starwood grounding in the biology and the data. So we're basically setting the stage for for an appreciation of the importance of agenda.

David A. Roth: So we're basically setting the stage for an appreciation of the importance of identifying patients who have raw overexpression and then being receptive to prescribing the drug. And Jason, this is Conley here. I can add to that in terms of our launch prep. As David said, the first phase of this is really around education about raw rubber expression and some awareness of County Baratheon. But also, the launch team has done a great job in terms of laying the path, if you will, to launch, which includes investments in infrastructure and starting to look at the types of investments we'll need, most of which will be dated post data. But I think we're in great shape in terms of envisioning what we're going to need to make it a really great launch for County Baratheon.

Speaker Change: <unk> patients who have <unk> over expression, and then being receptive to prescribing the drug upon success of the trial.

Speaker Change: Okay.

Speaker Change: And Jason it's kind of like Eric can add.

Eric: Add to that in terms of our launch prep.

Eric: David said, the first phase of business really around education of Rob over expression and some awareness. This is Tony Barrett team, but also the launch team has done a great job in terms of laying them.

Eric: The path if you will to launch which includes investments in infrastructure.

Eric: Turning to look at.

Eric: The types of investments will need most of which will be key to post data.

Eric: We're in great shape in terms of envisioning, what we're going to need to make it a really great launch for <unk>.

Conley Chee: Great, thanks for taking the question. There are no further questions at this time. I'd now like to turn the call back over to Mr. Chee for final closing. Thank you, operators, and thank you, everyone, for joining us today. We're looking forward to an exciting and productive year ahead and appreciate your continued support of Syros. Please reach out to us if you have any further questions, and have a great day! Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day. [inaudible]

Speaker Change: Great. Thanks for taking my question.

Mr. Qi: Thank you there are no further questions at this time I would now like to turn the call back over to Mr. Qi for final closing comments.

Qi: Thank you operator, and thank you everyone for joining us today.

Qi: Looking forward to an exciting and productive year ahead and I. Appreciate your continued support of zeros.

Speaker Change: Please reach out to us if you have any further questions and have a great day.

Speaker Change: Thank you, Sir ladies and gentlemen. This concludes your conference call for today, we thank you for participating in Africa. Please disconnect your lines have a lovely day.

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Speaker Change: Yes.