Breaking Down Syros Pharmaceuticals, Inc. (SYRS) Financial Health: Key Insights for Investors

You're looking at Syros Pharmaceuticals, Inc. (SYRS) and trying to map the clinical promise of their pipeline against the cold, hard reality of their balance sheet, and honestly, that's the right way to think about this biotech. The direct takeaway is that the company is a high-stakes, binary bet right now, operating on a tight cash runway while sitting on a potential blockbuster opportunity. Analyst consensus for the 2025 fiscal year projects the company will defintely remain in the red, with an estimated loss per share of around ($2.97), reflecting its clinical-stage status and lack of significant product revenue. This is a burn-rate business, and the clock is ticking: their cash and cash equivalents of $58.3 million as of September 30, 2024, are only expected to fund operations into the third quarter of 2025. But here's the flip side: the success of their lead candidate, tamibarotene, which targets a subset of higher-risk myelodysplastic syndrome (HR-MDS) patients, represents a potential U.S. market opportunity of over $800 million by 2029. So, you have a clear financial cliff approaching, but a massive commercial prize just over the horizon-let's break down what that means for your investment decision.

Revenue Analysis

You need to understand upfront that Syros Pharmaceuticals, Inc. (SYRS) is a clinical-stage biopharmaceutical company, which means its revenue picture is fundamentally different from a company selling a commercial product. The direct takeaway for the 2025 fiscal year is stark: analysts project near-zero revenue, signaling the end of major collaboration income.

The company's revenue streams are not from product sales but almost entirely from Collaboration Revenue and government grants. This is typical for a biotech focused on developing treatments like Tamibarotene for myelodysplastic syndrome. The problem is, this revenue is lumpy and dependent on achieving specific milestones or the terms of a partnership, so it's defintely not a stable source of income.

Here's the quick math on the near-term trend: The consensus analyst forecast for the projected quarterly revenue by December 31, 2025, is effectively $0 MM. This is a massive shift from even a year ago. The latest Trailing Twelve Months (TTM) revenue as of November 2025 was already down to just $0.38 Million USD.

The year-over-year revenue growth rate has been in freefall, reflecting the completion or termination of previous agreements. The forecast is for annual revenue to decline by an astounding 68.8% per annum. That's a huge headwind.

• Revenue is non-existent from commercial product sales.
• Future revenue relies on new collaboration deals.
• The cash burn is the real metric to watch now.

The table below shows the dramatic decline, illustrating why the $0 MM forecast for the end of 2025 is a critical data point for investors. This is the single most significant change in their revenue profile-the shift from having some collaboration revenue to having virtually none, which puts immense pressure on their cash runway.

What this estimate hides is the potential for a new, large-scale partnership announcement, which could instantly inject millions in upfront payments and milestones. But until that happens, the revenue contribution from their core business segments-their drug candidates like Tamibarotene-is zero. For a deeper dive into the company's full financial picture, you can read more at Breaking Down Syros Pharmaceuticals, Inc. (SYRS) Financial Health: Key Insights for Investors.

Profitability Metrics

You're looking for a clear picture of Syros Pharmaceuticals, Inc. (SYRS) financial health, but for a clinical-stage biotech, profitability isn't about positive margins yet; it's about the cash burn rate. The company's profitability ratios for the 2025 fiscal year are, as expected, deeply negative, reflecting intense research and development (R&D) investment before a commercial product launch.

Here's the quick math: Analysts project Syros Pharmaceuticals' annual revenue for the fiscal year ending December 31, 2025, to be around $57 million. However, the estimated Net Income Before Taxes for October 2025 is a loss of approximately -$75.4 million. This massive gap highlights the core financial reality of a company focused on drug development-expenses far outpace early-stage revenue.

Gross, Operating, and Net Profit Margins

Syros Pharmaceuticals' profitability metrics, particularly the trailing twelve months (TTM) margins as of early 2025, are starkly negative. This isn't a surprise for a biopharmaceutical company like Syros Pharmaceuticals, which has historically generated minimal product revenue while incurring significant costs of revenue, often related to manufacturing agreements and clinical trial materials.

The gross profit margin is negative because the company's cost of goods sold (COGS) often exceeds its revenue from collaboration agreements or minimal product sales. Operating and net margins are then further depressed by high R&D and administrative costs. To be fair, this is the business model: spend heavily now to earn blockbuster revenue later.

Trends and Industry Comparison

The trend in profitability for Syros Pharmaceuticals has been consistent: deep losses. For instance, the company reported a net loss of $6.4 million in Q3 2024. This trend is typical but the magnitude is what matters.

When you compare Syros Pharmaceuticals to the industry, the difference is profound. The median Gross Profit Margin for the Biotechnology sector is a healthy 67.6%, which reflects a mix of established, profitable firms and pre-commercial ones. Syros Pharmaceuticals' -228.8% Gross Profit Margin is an extreme outlier, even for a growth-stage company, indicating that its costs of revenue are more than double its actual revenue base. Even the industry's median Operating Income Margin is a loss of (790.7%), which shows that losses are common, but Syros Pharmaceuticals' margin of -25,340.7% is significantly worse, signaling a much higher cash burn relative to revenue.

Analysis of Operational Efficiency

Operational efficiency is currently defined by cost management in R&D and General & Administrative (G&A) expenses, not by sales volume. The company's focus on its lead product candidate, Tamibarotene, which is in a Phase III clinical trial, means R&D costs are the primary driver of the negative operating profit. This is simply the cost of doing business in this highly regulated space. The key risk here is runway.

• High R&D spend is necessary to advance pipeline assets like Tamibarotene.
• Cash reserves were estimated to fund operations into Q3 2025, a very tight window.
• The company faced significant financial struggles, including a voluntary delisting from Nasdaq and plans to wind down operations in March 2025, which shows extreme operational stress.

The sale of Tamibarotene-related assets in April 2025 is a clear action to manage this cash crunch and extend the financial runway, even if it means sacrificing future revenue potential. You should defintely read the Mission Statement, Vision, & Core Values of Syros Pharmaceuticals, Inc. (SYRS) to understand the strategic pivot behind these moves.

Debt vs. Equity Structure

You're looking at Syros Pharmaceuticals, Inc. (SYRS) and wondering how they finance their operations, especially given the volatility common in clinical-stage biotech. The direct takeaway is that Syros Pharmaceuticals is currently leaning heavily on equity-but not in a good way-as its balance sheet shows a critical capital structure issue: a large deficit in shareholder equity.

Honestly, the company's financing structure is a major red flag for us. As of the most recent data, Syros Pharmaceuticals has a total debt of approximately $41.1 million, but the real issue is the total shareholder equity, which sits at a negative $-11.1 million. This negative equity is what drives the alarming debt-to-equity (D/E) ratio of -369.3%. That's a serious indicator of financial distress; it means the company's liabilities exceed its assets, making debt repayment a precarious proposition.

Here's the quick math on why that D/E ratio is so bad:

• Syros Pharmaceuticals D/E Ratio: -369.3%
• Biotech Industry Average D/E Ratio (US, Nov 2025): 0.17

A typical biotechnology firm, which relies heavily on equity due to long, risky development timelines, aims for a low D/E ratio, often well under 1.0. Syros Pharmaceuticals' negative figure shows its financial foundation is eroding, relying on new funding to cover operational burn and existing obligations, rather than balancing debt and equity for growth.

To be fair, the company has taken clear action to manage its existing debt. In February 2025, Syros Pharmaceuticals successfully negotiated the full repayment of its outstanding debt to Oxford Finance LLC, settling the obligation for approximately $6 million. This move discharged all debts under that specific loan agreement, which is a positive step toward cleaning up the balance sheet. Still, the overall financial health remains challenged.

In terms of new capital, Syros Pharmaceuticals has prioritized equity funding, which is typical for a pre-commercial biotech. The most significant recent event was the closing of a $90.5 million strategic financing in June 2025. This was an equity raise-selling common stock and warrants-led by Bain Capital Life Sciences, which is a strong vote of confidence from institutional investors. This influx of cash is defintely a lifeline, intended to advance their clinical pipeline and provide working capital.

The company's approach is clear: use equity to fund the high-risk, high-reward clinical development programs, and aggressively clear existing debt to reduce interest expense and default risk. What this estimate hides, however, is the significant dilution for existing shareholders that comes with a $90.5 million equity raise. It's a necessary trade-off for survival and pipeline advancement, but it's a cost nonetheless. For a deeper dive into the company's operational performance, check out our full post: Breaking Down Syros Pharmaceuticals, Inc. (SYRS) Financial Health: Key Insights for Investors.

Liquidity and Solvency

You're looking at Syros Pharmaceuticals, Inc. (SYRS) and the first question in a development-stage biotech is always: Do they have enough cash to get to the next value-inflection point? The short answer is: they are running lean and relying on their cash runway, which is projected to last into the third quarter of 2025. This means a new financing event is defintely on the horizon.

As of the most recent data, the company's liquidity position looks strong on paper, but the cash burn rate is the real story. Here's the quick math on their immediate position, using the latest available 'Current' period ratios:

• Current Ratio: The Current Ratio is a solid 2.25. This means Syros Pharmaceuticals, Inc. has $2.25 in current assets for every $1.00 in current liabilities, which is well above the safe 1.0 threshold.
• Quick Ratio: Their Quick Ratio (Acid-Test Ratio) is nearly as strong at 2.05. Since biotechs typically have minimal inventory, this ratio is a more precise measure of their ability to cover short-term debt with highly liquid assets like cash and receivables.

What this estimate hides, however, is the nature of their working capital. Working capital (Current Assets minus Current Liabilities) is positive, but the trend is a drawdown. The high ratios are typical for a pre-revenue biotech that has raised capital and is holding cash for R&D expenses, rather than generating cash from sales. This is a financing-driven liquidity model, not an operations-driven one.

Cash Flow: The Critical Runway

The cash flow statement is the most crucial document for Syros Pharmaceuticals, Inc. right now. They are not generating revenue, so their cash from operations is a significant outflow. For the latest reported quarter, the net change in cash was a loss of approximately $20.69 million.

This burn rate is why the cash balance is the primary concern. Cash and cash equivalents stood at $58.3 million as of September 30, 2024. Management has clearly stated this cash is sufficient to fund anticipated operating expenses and capital expenditure requirements into the third quarter of 2025. That's a tight runway, especially with a major Phase 3 data readout for tamibarotene expected.

Here is a snapshot of the cash flow trends, which shows the reliance on external funding:

The consistent negative Cash from Operations means the company is constantly shrinking its cash balance unless a financing action (Cash from Financing) refills the coffers. The near-term risk is clear: the company must successfully execute a new capital raise-likely through a secondary stock offering or a partnership-before the third quarter of 2025 to avoid a significant liquidity crunch. If the Phase 3 data is positive, that financing will be much easier and less dilutive. If you want a deeper dive into the valuation models, check out the full post: Breaking Down Syros Pharmaceuticals, Inc. (SYRS) Financial Health: Key Insights for Investors.

The action item here for any investor is to track the cash burn rate against the $58.3 million balance and monitor for any financing announcements or partnership deals over the next two quarters.

Valuation Analysis

You're looking at Syros Pharmaceuticals, Inc. (SYRS) and asking the core question: is this stock a deep-value play or a distressed asset? The data for the 2025 fiscal year is stark, and it suggests a company in an extremely precarious financial position, which is why it now trades over-the-counter (OTCPK) and not on a major exchange like Nasdaq. The valuation metrics are mostly distorted by negative earnings and a near-zero stock price, but they still tell a story.

The direct takeaway is that Syros Pharmaceuticals, Inc. is trading at a nominal price, which makes traditional valuation ratios unreliable, but the analyst consensus still holds a 'Hold' rating with a high price target, pointing to the binary, high-risk nature of clinical-stage biotech.

Is Syros Pharmaceuticals, Inc. Overvalued or Undervalued?

The stock price trend over the last 12 months (LTM) has been devastating. The stock price has plummeted by over 99.9%, with a year-to-date (YTD) return in 2025 of approximately -99.78%. As of November 2025, the stock is trading near $0.001 per share, down from a 52-week high of around $0.374. This kind of collapse is a clear signal of massive financial or clinical setbacks, not a simple market correction.

Here's the quick math on key valuation multiples, which you must interpret with extreme caution given the company's current state. For a clinical-stage biotech with minimal revenue, these ratios are often less useful than a Discounted Cash Flow (DCF) model based on pipeline success probability, but they are still required for a full analysis.

• Price-to-Earnings (P/E): The P/E ratio is effectively 0.00 (or N/A) because Syros Pharmaceuticals, Inc. has negative earnings, which is common for a company still in the research and development (R&D) phase.
• Price-to-Book (P/B): The Price-to-Book ratio is reported at 13.24. To be fair, this is an unusually high number for a distressed stock, suggesting the market cap (around $13.4k) is still disproportionately large compared to the book value of its remaining assets, or that the book value is extremely low/negative.
• Enterprise Value-to-EBITDA (EV/EBITDA): The EV/EBITDA is reported at approximately -0.95. This negative number is a direct result of the company's negative Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of around -$95.71 million (TTM), which is a clear indicator of significant operational losses.

Syros Pharmaceuticals, Inc. does not currently pay a dividend, so both the dividend yield and payout ratio are 0.00%. This is standard for a biotech focused on burning cash for R&D to reach a commercial milestone.

Analyst Consensus and the Binary Bet

Despite the near-zero stock price, the limited analyst coverage still shows a 'Hold' consensus, with a 12-month target price of $1.00. What this estimate hides is the binary nature of the bet: the stock is either worth a nominal amount, or it's worth the full value of its pipeline assets like tamibarotene and SY-5609, should they achieve regulatory approval.

The $1.00 price target, which represents a massive implied upside from the current penny stock price, is solely dependent on a successful clinical trial readout and subsequent commercialization pathway. If the science works, the stock is defintely undervalued; if the science fails, the stock is likely headed to zero. This is a speculation, not an investment, based on traditional metrics. For a deeper dive into the company's long-term strategy, you should review the Mission Statement, Vision, & Core Values of Syros Pharmaceuticals, Inc. (SYRS).

Finance: Re-run a probability-weighted DCF model on the lead drug candidate's peak sales potential by Friday.

Risk Factors

You need to be a trend-aware realist when looking at Syros Pharmaceuticals, Inc. (SYRS) because the near-term risks are not theoretical; they are already realized and have fundamentally changed the company's structure in 2025. The core takeaway is that the company has moved from a clinical-stage biotech with financial risk to an over-the-counter (OTC) traded entity with severe liquidity and going-concern challenges.

The most immediate and critical internal risk is financial viability. As of the third quarter of 2024, the company's cash and cash equivalents stood at approximately $58.3 million, which management guided would only fund operations into the third quarter of 2025. Here's the quick math: with a trailing twelve-month (LTM) EBITDA of approximately -$110.18 million, that cash burn rate is simply unsustainable without a major capital infusion or asset sale. Honesty, the cash clock is ticking down fast.

Operational and Strategic Setbacks

The biggest strategic risk materialized in late 2024 with the failure of the pivotal SELECT-MDS-1 Phase 3 trial for the lead candidate, tamibarotene, in higher-risk myelodysplastic syndrome (MDS). This failure immediately cast doubt on the drug's potential and forced a complete reassessment of the development strategy. To be fair, a small biotech's valuation is often tied to a single asset, so a trial failure like that is defintely a body blow.

The company has since taken action, including the sale of certain Tamibarotene-related assets to Rege Nephro in April 2025. This move, while generating some cash and streamlining focus, also shrinks the pipeline and future revenue potential. Plus, Syros Pharmaceuticals, Inc. still faces intense competition in the oncology drug development space, where rival treatments could prove more effective or better tolerated, further narrowing the market for any remaining pipeline candidates like SY-2101 or SY-5609.

• Failure of lead drug trial shrinks pipeline.
• Intense oncology competition limits market share.
• Analyst forecasts show $0 in revenue for the 2025 fiscal year.

Regulatory and Market Access Risks

The next major risk is the loss of public market access. In early 2025, Syros Pharmaceuticals, Inc. received multiple deficiency notices from Nasdaq for failing to meet listing requirements, including a bid price below $1.00, a Market Value of Listed Securities below $50 million, and a Market Value of Publicly Held Shares below $15 million. The company's Board approved a voluntary delisting from Nasdaq and SEC deregistration in February 2025, effective around March 2025. This is a huge deal.

The delisting and deregistration actions are a form of mitigation-they cut the significant costs associated with being a fully reporting public company. But, they also drastically reduce trading liquidity, making the stock a much higher-risk, less-accessible investment, primarily trading over-the-counter (OTC). For investors, this means a much wider bid-ask spread and a harder time selling shares quickly.

Here's a snapshot of the major risks and the company's response:

If you want to understand the institutional movements behind these events, you should look at Exploring Syros Pharmaceuticals, Inc. (SYRS) Investor Profile: Who's Buying and Why?.

Growth Opportunities

You're looking at Syros Pharmaceuticals, Inc. (SYRS) and seeing a classic biotech high-stakes play. The company's immediate growth prospects are defintely not tied to existing product sales, but entirely to a single, near-term clinical catalyst: the potential approval of its lead drug, Tamibarotene. This is a binary event, so you need to map the risk to the reward.

The core growth driver is Tamibarotene, a selective Retinoic Acid Receptor Alpha (RAR$\alpha$) agonist. This drug is aimed at a genomically defined subset of patients with newly diagnosed higher-risk Myelodysplastic Syndrome (MDS). The market opportunity here is substantial; analysts project the total market for Tamibarotene could exceed $800 million by 2029, assuming a successful launch and uptake.

For the 2025 fiscal year, the financial picture still reflects a clinical-stage company. Here's the quick math: Syros Pharmaceuticals, Inc.'s forecasted annual revenue is essentially $0.00 million, with some estimates showing a nominal $1.1k from collaborations, as they await commercialization. The consensus earnings per share (EPS) is expected to decline slightly from ($2.94) to ($2.97) per share in the coming year, underscoring the high cash burn before a product hits the market.

The entire near-term strategy hinges on the Phase 3 SELECT-MDS-1 trial readout for Tamibarotene, which was expected in the fourth quarter of 2024. A positive result would immediately position the company for a New Drug Application (NDA) submission and a potential 2025 drug approval. Syros Pharmaceuticals, Inc. plans an independent commercial launch, which means they'll capture the full economics, but also bear the full cost and risk of building out the sales infrastructure.

Syros Pharmaceuticals, Inc. has two clear competitive advantages that could drive long-term growth beyond Tamibarotene:

• Gene Control Platform: Their proprietary platform is designed to identify and drug key noncoding regions of the genome, effectively turning previously undruggable gene targets into precise medicines.
• Precision Medicine Focus: They emphasize a disciplined clinical strategy, selecting patient populations based on molecular biomarkers (like RARA overexpression), which maximizes the potential for clinical benefit and increases the probability of regulatory success.

Beyond the lead candidate, the pipeline includes SY-2101, an oral form of arsenic trioxide for Acute Promyelocytic Leukemia (APL), and SY-5609, a Cyclin-Dependent Kinase 7 (CDK7) inhibitor for solid tumors. They are actively exploring business development opportunities for SY-5609, which could bring in non-dilutive capital or a partnership. Plus, they have a valuable collaboration with Takeda on the TYK2 program, which generated $7.5 million in collaboration revenue in 2024.

The biggest near-term risk remains the cash runway. The company's existing cash, cash equivalents, and marketable securities of $89.7 million as of December 31, 2024, are expected to fund operations only into the third quarter of 2025. A positive Tamibarotene readout is critical to secure the financing needed to bridge the gap to commercial revenue. For a deeper dive into the company's financial stability, check out the full post: Breaking Down Syros Pharmaceuticals, Inc. (SYRS) Financial Health: Key Insights for Investors.

Next Step: Monitor the SELECT-MDS-1 data release and the subsequent NDA filing timeline; that's the one thing that changes the valuation.