Q1 2024 Syros Pharmaceuticals Inc Earnings Call
Good morning, and welcome to Sirius pardon Machete, Kohl's first quarter 'twenty 'twenty four financial results conference call. At this time all participants are in a listen only mode. This call is being webcast live on the investors and media section of serious website at truthful W. Dot C.
Operator: Good morning, and welcome to Syros Pharmaceuticals' first quarter 2024 financial results conference call. At this time, all participants are in a listen-only mode. 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.
Chris Dot com.
Car Unity: Please be advised that today's call is being recorded at this time I would like to turn the call over to car unity director of Investor Relations and corporate communications at Sirius.
Car Unity: Thank you.
Karen Hunady: Thank you. This morning, we issued a press release announcing our first quarter 2024 financial results. The full release is available on the Investor and Media section of 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 for questions. Kristen Stephens, our Chief Development Officer, is also on the call and will be available for Q&A.
Car Unity: This morning, we issued a press release announcing our first quarter 'twenty 'twenty four financial results. The full release is available on the investors and media section of cirrhosis web site at Www Dot zeros dotcom.
Car Unity: We will begin the call with prepared remarks, Vitale Qi, our Chief Executive Officer, Dr. David Roth, Our Chief Medical Officer, and Jason Haas, Our Chief Financial Officer.
Vitale Qi: I now open the call for questions.
Christian Stephens: Christian Stephens, our Chief Development Officer is also on the call and will be available for Q&A.
Karen Hunady: 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 quarterly report on Form 10-Q that we filed this morning, our annual report on Form 10-K that we filed earlier in the year, and any other filings that we may make with the SEC in the future.
Christian Stephens: 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 than those expressed or implied by any forward looking statements as a result of various risks uncertainties and other factors, including.
ICC: As set forth in the risk factors section of our quarterly report on Form 10-Q, we filed this morning, our annual report on Form 10-K that we filed earlier in the year and any other filings that we may make with the ICC in the future.
Karen Hunady: 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. We specifically disclaim any obligation to update or revise any forward-looking statements.
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, we specifically disclaim any obligation to update or revise any forward looking statements I would now like to turn the call over to kindly pardon me. Thank you.
Conley Chee: Thanks, Karen, and thank you everyone for joining us this morning. 2024 marks an important year for Syros. We are acutely focused on execution across our clinical development programs and pre-commercial activities as we continue to advance Tamibaratine, a potential new standard of care for the frontline treatment of hematologic malignancies. We are very encouraged by recent progress in our programs in higher-risk MDS and unfit AML. As David will discuss shortly, our Phase 3 Select MDS-1 trial recently passed a pre-specified interim futility analysis.
ICC: Karen.
Karen: Thank you everyone for joining this morning.
Karen: 'twenty 'twenty four marks an important year for zeros.
Karen: We're acutely focused on execution across our clinical development programs and pre commercial activities as we continue to advance Tammy therapy, the potential new standard of care for the frontline treatment of hematologic malignancies.
Speaker Change: We are very encouraged by recent progress of our programs and higher risk Mds and AML.
David A. Roth: As David will discuss shortly our phase three select M. D. S. One trial recently passed a prespecified interim futility analysis.
Conley Chee: This is a meaningful milestone for our program. The Interim Utility Analysis was designed to evaluate the primary endpoint of complete response. And as a reminder, we remain blinded to the data that was reviewed by the Independent Data Monitoring Committee.
David: This is a meaningful milestone for our program.
David: The insurance utility analysis was designed to evaluate the primary endpoint is complete response.
David: As a reminder, we remain blinded to the data that was reviewed by the independent data monitoring Committee.
David: They recommended that our study continue without modification and well that result, with the anticipated. This is an important step to pass as we look forward to reporting our pivotal data by mid Q4 of this year.
Conley Chee: They recommended that our study continue without modification, and while that result was anticipated, this is an important step to pass as we look forward to reporting our pivotal data by mid-Q4 of this year. Also in April, the FDA granted fast-track designation for tamibaricaine in combination with venetoclax and azacitidine for the treatment of newly diagnosed unfit AML with RARA overexpression. As you know, Fast-Track designation is granted to compounds that are intended to treat serious conditions and for which non-clinical or clinical data demonstrate the potential to address unmet medical needs.
David: Also in April the FDA granted fast track designation for <unk> in combination with spend at a clock that they decided in the <unk>.
FDA: Treatment of newly diagnosed unfit AML with Rob.
Speaker Change: The over expression.
FDA: As you know fast track designation is granted the compounds that are intended to treat serious conditions and for which non clinical or clinical data demonstrated the potential to address unmet medical needs.
Speaker Change: We believe that this designation not only reflects the need for a new therapeutic option in AML, which speaks to the strength of our initial data from select AML, one, which we reported at the end of last year.
Conley Chee: We believe that this designation not only reflects the need for a new therapeutic option in AML but speaks to the strength of our initial data from Select AML-1, which we reported at the end of last year. This is the second FDA Fast-Track designation that we have received for Tamibaratine. Previously, the FDA granted this designation to tamivirotine in combination with azacitidine for the treatment of higher-risk MDS with rheumatoid overexpression. (Inaudible) The progress that I described continues to reinforce our confidence in the potential for tamibaritaine to provide a safe and efficacious therapy for MDS and AML patients with rah-rah overexpression.
Speaker Change: This is the second FDA fast track designation that we received for Gummy bear team.
Speaker Change: Previously the FDA granted this designation that Tammy Barracuda combination would be decided in the treatment of higher risk Mds with rubber overexpression.
FDA: Together.
Tammy Barracuda: The progress that I described continues to reinforce our confidence in the potential for <unk> to provide a safe and efficacious therapy for Mds and AML patients with Rob Rob over expression.
Conley Chee: We look forward to important data readouts ahead, including additional data from our Phase 2 Select AML-1 trial expected in the third quarter of this year, and, as I mentioned before, pivotal data from our Phase 3 Select MDS-1 trial expected by mid Q4. As we approach these readouts, I'm also really pleased by our progress in advancing our launch readiness activities, so we can effectively deliver tamivirotine to patients in the U.S.
Tammy Barracuda: We look forward to important data Readouts ahead, including additional data from our phase two select ammo one trial expected in the third quarter of this year and as I mentioned before pivotal data from our phase III Mds, one trials expected by mid Q4.
Speaker Change: As we approach. These readouts I'm also really pleased by our progress in advancing our launch readiness activities. So we can effectively deliver county therapy to patients in the U S. Following approval.
Tammy Barracuda: We look forward to sharing details of our launch preparations as it moves closer to a potential NDA filing.
Conley Chee: We look forward to sharing details of our launch preparations as we move closer to a potential NGA pilot. With that, I'll now turn it over to David to review our programs and upcoming milestones in more detail.
Tammy Barracuda: With that I'll now.
Tammy Barracuda: I'll turn it over to David.
David: Our programs and upcoming milestones in more detail.
David: David.
David: Thank you Connolly.
David A. Roth: We're excited with the continued progress in advancing Tamivarotene through late-stage development. As we announced in March, we completed enrollment of the 190 patients necessary to support the complete response rate primary endpoint analysis, and we remain on track to report pivotal CR data by the middle of the fourth quarter of this year. And, as Conley mentioned, we are highly encouraged by the recently completed pre-specified SelectMDS1 Interim Futility Analysis, which was conducted by an independent data monitoring committee who recommended that the trial continue without modification. The analysis looked at CR data across the two arms of the trial, data that remains blinded to Syros, and it passed. In addition, no concerning safety signals were noted.
David: We're excited with the continued progress in advancing <unk> through late stage development.
David: As we announced in March we completed enrollment of the 190 patients necessary to support the complete response rate primary endpoint analysis and we remain on track to report pivotal CR data by the middle of the fourth quarter of this year.
David: And as Tony mentioned, we are highly encouraged by the recently completed pre specified select Mds, one interim futility analysis, which was conducted by an independent data monitoring committee recommended that the trial continue without modification.
G analysis: G analysis looked at CR data across the two arms of the trial remains blinded to Cmos and <unk>.
G analysis: First.
Speaker Change: In addition, no concerning safety signals were noted.
David A. Roth: This is a meaningful milestone, particularly in a higher risk MDS setting where passing a futility analysis in a pivotal registration trial cannot be taken for granted. Over the past several years, the competitive landscape in higher risk MDS has become narrower and narrower as compounds have failed interim futility analyses or primary analyses for reasons related to efficacy and or safety. This encouraging outcome, based on an evaluation of half of the enrolled patients needed for our primary analysis, underscores the potential for tamibarotene to provide profound benefits to patients, and we look forward to pivotal data later this year.
Tony: This is a meaningful milestone, particularly in higher risk Mds study, we're passing futility analysis pivotal registration trial cannot be taken for granted.
Speaker Change: Over the past several years to complete.
Speaker Change: The landscape in higher risk Mds has become narrower and narrower as compounds have failed interim futility analyses or primary analyses for reasons related to efficacy or safety.
Speaker Change: This encouraging outcome based on evaluation of half of the enrolled patients needed for our primary analysis underscores the potential for Tony Blair. Our teams provide profound benefit to patients and we look forward to pivotal data later this year.
Tony Blair: As a reminder, the ongoing select MBS one trial is a randomized double blind placebo controlled trial evaluating the combination of <unk> and <unk> versus placebo in Asia strategy and newly diagnosed higher risk Mds patients with RARA overexpression.
David A. Roth: As a reminder, the ongoing 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. The existing standard of care for higher-risk MDS patients provides limited efficacy with a 17% complete response rate and a median overall survival of just 18.6 months.
Tony Blair: The existing standard of care for higher risk Mds patients provides limited efficacy with a 17% complete response rate and a median overall survival of just $18 six months.
Speaker Change: The only therapies beyond HEICO modulating agents have been approved in newly diagnosed higher risk Mds in well over a decade, which provides the opportunity for our biologically targeted approach with <unk> to improve the care and treatment of patients with <unk> over expression and can be readily identified using a simple.
David A. Roth: No new therapies beyond hypomethylating agents have been approved in newly diagnosed high-risk MDS for well over a decade, which provides the opportunity for our biologically targeted approach with tamubarotene to improve the care and treatment of patients with RARA overexpression who can be readily identified using a simple blood test. To date, studies of tamibarotene have demonstrated a generally well-tolerated safety profile, which is particularly important in patients with higher-risk MDS, who are commonly elderly and have underlying comorbidities that preclude intensive treatment options.
Speaker Change: Blood test.
Speaker Change: To date studies Etame Barrick team have demonstrated a generally well tolerated safety profile, which is particularly important in patients with higher risk Mds, who are commonly elderly and with underlying comorbidities.
Speaker Change: Preclude intensive treatment options.
Speaker Change: To provide additional perspective on our higher risk Mds program, we will be hosting a webcast event on June 25th to discuss MTS disease biology, and the current treatment landscape and higher risk Mds as well as the design of the ongoing pivotal phase III select MTS, one trial and.
David A. Roth: To provide additional perspective on our higher-risk MDS program, we will be hosting a webcast event on June 25th to discuss MDS disease biology and the current treatment landscape in higher-risk MDS, as well as the design of the ongoing Pivotal Phase III SelectMDS1 trial and the opportunity for TAMI Baratee. We're excited to have medical experts and disease specialists join Syros to discuss and present on these topics.
Speaker Change: The opportunity for Chinese parity.
Speaker Change: We're excited to have medical experts and disease specialists joined zeros to discuss and present on these topics.
Speaker Change: Now turning to AML, we continue to advance <unk> T. In the randomized select and no one phase II clinical trial in unfit AML patients with RARA overexpression.
David A. Roth: Now, turning to AML, we continue to advance tamibarotene in the randomized select AML-1 phase 2 clinical trial in unfit AML patients with RARA overexpression. In April, we were pleased to announce the FDA decision to grant fast-track designation for tamibarotene in combination with venetoclax and azacitidine for the treatment of newly diagnosed unfit AML patients with rarogene overexpression as detected by This designation reflects the tremendous need for safe and effective therapy for AML patients, many of whom are unable to tolerate intensive treatment.
Speaker Change: In April we were pleased to announce the FDA decision to grant fast track designation for <unk> in combination with <unk> and <unk> for the treatment of newly diagnosed unfit AML patients with <unk> over expression as detected by an FDA approved test.
Company Representative: This designation reflects the tremendous need for a safe and effective therapy for AML patients many of whom are unable to tolerate intensive treatment.
FDA: We are especially encouraged that this designation was given based on an FDA review that included the initial interim data from a prespecified analysis of the randomized portion of the select and one study in which we saw encouraging CR and <unk> rates in the triplet with Xiaomi parakeet compared to the standard of care.
David A. Roth: We are especially encouraged that this designation was given based on an FDA review that included the initial interim data from a pre-specified analysis of the randomized portion of the SELECT-AN01 study, in which we saw encouraging CR and CR-CRI rates in the triplet with tamibaritine compared to the standard of care. These results were also bolstered by safety data that demonstrated no additive toxicity.
FDA: Sure.
Speaker Change: These results were also bolstered by safety data demonstrated no additive toxicity.
Speaker Change: Overall, the data continue to support the potential for <unk> in combination with standard of care in the frontline treatment of AML patients with Wawa overexpression.
David A. Roth: Overall, the data continue to support the potential for tamibarotene in combination with standard of care in the frontline treatment of AML patients with LARA overexpression. We also believe these results in AML increase our confidence in the ongoing evaluation of tamibarotene in combination with azacitidine in higher-risk MDS. Based on data to date, we believe Tamibaratine is uniquely positioned to improve upon the standard of care in higher-risk MDS and in AML, and we look forward to reporting clinical activity and tolerability data from a pre-specified analysis of over 40 patients from the randomized portion of the SELECT-AML-1 trial in the third quarter of this year, and the pivotal data readout from the Phase III SELECT-MDS [inaudible]
Speaker Change: We also believe these results in AML increase our confidence in the ongoing evaluation of <unk> in combination with <unk> in higher risk Mds.
Speaker Change: Based on the data to date, we believe <unk> is uniquely positioned to improve upon the standard of care in higher risk Mds and AML and we look forward to reporting clinical activity and Tolerability data from pre specified analysis of over 40 patients from the randomized portion of the select.
Speaker Change: <unk> one trial in the third quarter of this year and the pivotal data readout from the phase III select Mds one trial by the middle of Q4 of this year.
Jason Haas: I would now like to turn the call over to Jason <unk>, Our Chief Financial Officer to review, our first quarter financial results.
Jason Haas: Jason.
Jason Haas: Thank you David now ill turn to our first quarter financial results, we do not recognize any revenue in the first quarter of 2024 as compared to $3 million for the first quarter of 2023.
Jason Haas: Thank you, David. Now we'll turn to our first quarter financial results. We did not recognize any revenue in the first quarter of 2024 as compared to $3 million in the first quarter of 2023. The decrease reflects the termination of Syros' collaboration agreement with Pfizer late last year. R&D expenses were $24.7 million this quarter compared to $28.8 million for the first quarter of 2023. The decrease was primarily due to a reduction in external R&D consulting, contract manufacturing, and a reduction in headcounts and related expenses. Our R&D expenditures are now principally focused on the advancement of Tamoveritine.
Jason Haas: The decrease reflects the termination of cirrhosis collaboration agreement with Pfizer late last year.
David: R&D expenses were $24 $7 million this quarter compared to $28 8 million for the first quarter of 2023.
David: The decrease was primarily due to the reduction in external R&D consulting contract manufacturing and a reduction in head count and related expenses.
Speaker Change: Our R&D expenditures are now principally focused on the advancement of <unk>.
Jason Haas: G&A expenses were $6.3 million in the first quarter of 2024 as compared to $7.4 million in the same quarter last year. The decrease was primarily due to a reduction in headcount and related expenses, consulting, and facilities expenses. We reported a net loss for the first quarter of $3.7 million, or $0.10 per share, compared to a net loss of $23.8 million, or $0.85 per share, for the same period in 2023. Cash, cash equivalents, and marketable securities as of March 31st, 2024 were $108.3 million as compared with $139.5 million on December 31st, 2023.
Speaker Change: G&A expenses were $6 3 million in the first quarter of 2024 as compared to $7 $4 million on the same quarter last year.
Speaker Change: The decrease was primarily due to a reduction in head count and related expenses consulting and facilities expenses.
Speaker Change: We reported a net loss for the first quarter of $3 7 million or <unk> 10 per share.
Speaker Change: Compared to a net loss of $23 8 million or <unk> <unk> per share for the same period in 2023.
Speaker Change: Cash cash equivalents in marketable securities as of March 31, 2024, or $108 $3 million as compared with $139 5 million on December 31 2023.
Speaker Change: On May 9th we agreed to amend our loan agreement with Oxford.
Jason Haas: On May 9th, we agreed to amend our loan agreement with Oxford. The amendment will provide us with more financial flexibility by extending the interest-only period from September 1st, 2024 to November 1st, 2025, with further extensions to as late as November 1st, 2026, upon the achievement of certain milestones. In addition, the amendment will allow us to increase the amount of term loans available to us from $40 million to $100 million, with two tranches totaling $40 million becoming available upon the achievement of certain milestones, and an additional $20 million becoming available at Oxford's discretion.
Oxford: The amendment will provide us with more financial flexibility by extending the interest only period from September one 2024 to November one 2025 with further extensions to as late as November one 2026 upon the achievement of certain milestones.
Oxford: In addition, the amendment will allow us to increase the amount of term loans available to us from $40 million to $100 million with two tranches totaling $40 million, becoming available upon the achievement of certain milestones and an additional $20 million, becoming available at Oxford discretion.
Jason Haas: With the Oxford Amendment, which extends our interest-only period to November 2025, we believe our current cash position will be sufficient to fund our anticipated operating expenses and capital expenditure requirements into the third quarter of 2025, beyond pivotal Phase III data from the SelectMDS-1 trial and additional data from the randomized portion of the SelectAML-1 trial. With that, I will turn the call over to the operator for questions.
Oxford: With the Oxford, a moment, which extends our interest only periods in November 2025, we believe that our current cash position will be sufficient to fund our anticipated operating expenses and capital expenditure requirements into the third quarter of 2025.
Oxford: <unk> pivotal phase III data from the select Mds, one trial and additional data from the randomized portion of the select AML one trial.
Operator: With that I will turn the call over to the operator for questions.
Jason Haas: We will now begin the question and answer session should you have a question. Please press star followed by one on your Touchtone phone you will hear prompt that your hand has been raised should you wish to decline from the polling process. Please press star followed by two if you're using a speaker phone.
Operator: We will now begin the question and answer session. Should you have a question, please press star, followed by one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star, followed by two. If you're using a speakerphone, please lift the handset before pressing any.
Operator: Ron please lift the handset before pressing entities.
Operator: Your first question comes from the line of Phil niches from TD Cowen Your line is open.
Operator: Your first question comes from the line of Phil Nadeau from TD Cowen. Your line is open.
Philip M. Nadeau: Good morning. Congratulations on the progress. Thanks for taking our questions. Two from us.
David: Good morning, Congrats on the progress thanks for taking our questions two from US first on the interim analysis is fucked Mds, one I think you said.
Philip M. Nadeau: First, on the interim analysis in select MDS-1, I think you said the analysis looked at 50 percent of the patients who will be involved in the primary endpoint. Is that correct? And could you give us any additional information on the statistical bar for the futility analysis? And then, second question, on AML: Do you think you'll have enough information post that Q3 update to make a go, no-go decision on a pivotal development in AML? If not, when could that decision ultimately come?
Philip M. Nadeau: The analysis looked at 50% of the patients who will be involved in the primary endpoint is that correct and could you give us any additional information on the statistical bar for the futility analysis.
Speaker Change: And then second question in AML.
Speaker Change: Do you think you have enough information post that Q3 update to make a go no go decision on pivotal development.
Philip M. Nadeau: In AML.
Philip M. Nadeau: When could that decision ultimately come.
Philip M. Nadeau: Okay.
David: Thanks, Phil It's David here, we appreciate the questions.
Philip M. Nadeau: Thank you.
Speaker Change: So the interim you did hear correctly. The interim analysis was a pre specified futility analysis and the futility analysis was triggered based on when 50% of the patients who are going to be contributing to the the final primary analysis.
Philip M. Nadeau: It had a sufficient time on study.
unknown: <unk> were reviewed in a blinded fashion by an independent data monitoring committee. They looked at the complete response rates across the two arms, we remain blinded to that information. So we have no information specifically about what those results showed however, we were told that.
Philip M. Nadeau: We passed.
Philip M. Nadeau: And we were also told that there were no new safety signals or anything of concern that we should continue the trial without any modifications. So of course, we were very excited about that we have.
Philip M. Nadeau: Specifically shared the details on the statistical bars of not one out to achieve.
Philip M. Nadeau: I just think it's an important point too.
Philip M. Nadeau: Let's take home that it's very encouraging that we passed.
Philip M. Nadeau: And it's an important requisite milestones to achieve such that we can now look forward to reporting the final data on the primary endpoint.
Philip M. Nadeau: By the middle of the fourth quarter of this year. So so that's exciting.
Philip M. Nadeau: And then with the request.
Philip M. Nadeau: Hard to your AML question.
Philip M. Nadeau: At this point, we're anticipating reporting out another pre specified analysis from that study in the third quarter.
Philip M. Nadeau: That will be.
Speaker Change: Based on including at least 40 of the patient so that would be at least half the trial.
Philip M. Nadeau: The outcomes.
Philip M. Nadeau: And.
Philip M. Nadeau: I think it would be important to realize that without having seen the data. The actual analysis that we're going to be sharing hasnt been seen yet.
Philip M. Nadeau: It's hard to project when we would have a go no go in.
Philip M. Nadeau: That's the kind of thing where we could provide you with an update in the future.
Philip M. Nadeau: That's very helpful. Thanks for taking our questions.
Philip M. Nadeau: Okay.
Philip M. Nadeau: Okay.
Philip M. Nadeau: Again, if you wish to ask a question. Please press star one on your Touchtone phone.
Philip M. Nadeau: There are no further questions at this time I will turn the call to call.
Philip M. Nadeau: D G forgiving closing remarks.
Philip M. Nadeau: Great. Thanks, operator, and thanks, everyone for joining us today.
David A. Roth: Thanks, Phil. It's David here.
David A. Roth: We appreciate the questions. So, you did hear correctly, the interim analysis was a pre-specified futility analysis, and the futility analysis was triggered based on when 50% of the patients who were going to be contributing to the final primary analysis had a sufficient time on study. The data were reviewed in a blinded fashion by an independent data monitoring committee. They looked at the complete response rates across the two arms. We remain blinded to that information, so we have no information specifically about what those results showed.
David A. Roth: However, we were told that we passed, and we were also told that there were no new safety signals or anything of concern and that we should continue the trial without any modification. So, of course, we were very excited about that.
David A. Roth: We haven't specifically shared the details on the statistical bars that one had to achieve. I just think it's an important point to take home that it's very encouraging that we passed, and it's an important and requisite milestone to achieve such that we can now look forward to reporting the final data on the primary endpoint by the middle of the fourth quarter of this year. So, that's exciting. And then, with regard to your AML question, at this point, we're anticipating reporting out another pre-specified analysis from that study in the third quarter.
David A. Roth: And for your continued support of zeros. Please reach out to the team if you have further questions.
David A. Roth: That will be based on including at least 40 of the patients, so that will be at least half the trial will have outcomes. And I think it would be important to realize that without having seen the data, the actual analysis that we're going to be sharing hasn't been seen yet. It's hard to project when we will have a go-no-go, and that's the kind of thing where we could provide you with an update in the future. That's very helpful.
Conley Chee: Great. Thanks, Operator, and thanks, everyone, for joining us today and for your continued support of Syros. Please reach out to the team if you have further questions.
David A. Roth: That's very helpful. Thanks for taking our question.
Operator: Again, if you wish to ask a question, please press star 1 on your touch-down phone. There are no further questions at this time. I will turn the call over to Conley Chee to give closing remarks.
Conley Chee: Have a great day.
Operator: Okay.
Operator: Ladies and gentlemen, thank you for participating. You may now disconnect.
Conley Chee: Ladies and gentlemen, thank you for participating you may now disconnect.
Operator: Okay.
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