Syros Pharmaceuticals, Inc. (SYRS): Business Model Canvas [Dec-2025 Updated]

You're looking at a biotech that hit a major wall, and frankly, the picture for Syros Pharmaceuticals, Inc. as of late 2025 is defintely challenging. After discontinuing the SELECT-MDS-1 Phase 3 trial for Tamibarotene and defaulting on its Oxford Finance LLC loan, the company is now managing a voluntary delisting. The numbers are stark: trailing twelve-month revenue was just \$386K as of September 30, 2024, while an accelerated debt repayment of \$43.6 million looms large. Still, the core value proposition-their proprietary Gene Control Platform-remains, now positioned for potential licensing deals as they execute a strategic wind-down. Scroll down to see the full breakdown of how this pivot is structured across their nine key business model blocks.

Syros Pharmaceuticals, Inc. (SYRS) - Canvas Business Model: Key Partnerships

Rege Nephro for acquisition of Tamibarotene-related assets in February 2025.

• Acquisition completion date: February 26, 2025.
• Assets acquired included: clinical and non-clinical data, human safety study for New Drug Application (NDA), contracts with a contract manufacturing organization (CMO), and Tamibarotene active pharmaceutical ingredient (API) and drug products.

Institutional investors like Flagship Pioneering and OrbiMed.

• Flagship Pioneering Inc. held 1,293,848 shares as of February 15, 2024.
• Flagship Pioneering Inc. ownership percentage was 6.141% as of February 15, 2024.
• Opaleye Management Inc. held 787,545 shares as of May 29, 2024.
• Opaleye Management Inc. market value was $4.21M as of May 29, 2024.
• Vanguard Group Inc. held 928,046 shares as of May 10, 2024.
• Vanguard Group Inc. ownership percentage was 3.472% as of May 10, 2024.

Academic and research institutions for foundational gene control science.

• Syros Pharmaceuticals approach is driven by its unique platform integrating disease biology and genomic data for gene control research.
• Rege Nephro\'s technology is based on research from Prof. Kenji Osafune, deputy director of the Center for iPS Cell Research and Application (CiRA), Kyoto University.

Oxford Finance LLC as the secured lender now in default status.

• The failure of the SELECT-MDS-1 Phase 3 trial constituted an event of default under the loan and security agreement with Oxford Finance, LLC.
• The default allows Oxford Finance, LLC to declare all obligations immediately due and payable.
• Repayment of nearly $43.7 million may be accelerated as a result of the default.
• Syros Pharmaceuticals agreed to operate as a wind-down, limiting expenditures according to a budget approved by Oxford.

Syros Pharmaceuticals, Inc. (SYRS) - Canvas Business Model: Key Activities

You're looking at the activities of Syros Pharmaceuticals, Inc. (SYRS) as it navigated a major pivot in 2025, moving from drug development to an orderly wind-down following a critical clinical setback. The key activities reflect this transition, focusing heavily on asset disposition and cost control.

Strategic review and restructuring of remaining assets and operations

The core activity here became managing the wind-down, which was approved by the Board of Directors following a default event. You saw the appointment of Matthew Foster as Chief Restructuring Officer, effective March 1, 2025, which signals a formal shift in operational focus. This restructuring involved drastic cost reduction measures, including enacting a 94% reduction in workforce, which was expected to be completed by December 6, 2024. The financial restructuring was significant, culminating in the settlement of the outstanding debt with Oxford Finance LLC on February 28, 2025. The company paid approximately $6 million, which included both cash and non-cash assets, to fully discharge obligations under the original loan agreement. Prior to this, a partial repayment of $33.5 million had already been made. As part of this settlement, Oxford and the lenders received a first priority security interest in all intellectual property. As of March 4, 2025, the company maintained a current ratio of 2.25, suggesting sufficient liquid assets for the wind-down budget approved by Oxford. Honestly, the market reflected this reality, with the market capitalization sitting at just $2.2 million around that time.

Managing the voluntary delisting and SEC deregistration process

A major administrative activity was managing the exit from public markets to conserve resources by terminating SEC reporting obligations. Syros Pharmaceuticals notified Nasdaq of its intention to voluntarily delist its common stock from the Nasdaq Global Select Market. The plan was to file a Form 25 with the SEC on or about March 10, 2025, with delisting expected to become effective on or about March 20, 2025. Following this, the company intended to file a Form 15 around March 20, 2025, with full deregistration expected 90 days after that filing. This action was precipitated by multiple compliance failures noted on January 6, 2025, including:

• Bid price closing below $1.00 per share for more than 35 consecutive business days.
• Minimum value of listed securities below the $50 million requirement for more than 30 consecutive business days.
• Market value of publicly held shares below the $15 million requirement for more than 35 consecutive business days.

The market reaction was immediate; the stock closed at $0.14 on February 28, 2025, and subsequently dropped 44.13% in premarket trading on March 3, 2025, reaching $0.08.

Maintaining core intellectual property (IP) around the Gene Control Platform

Even while winding down, the Gene Control Platform remained the central scientific asset, though specific components were divested. The company's approach is dedicated to the regulatory genome to systematically identify disease-causing alterations in gene expression. The key activity involved managing the disposition of specific drug assets tied to this platform. Specifically, Rege Nephro acquired all Tamibarotene-related clinical and non-clinical assets, including data and API, on February 26, 2025. This was a necessary step as the company sought to maximize value from its remaining IP portfolio, which also includes the CDK7 inhibitor asset, 5609. The platform itself is characterized by its integration of disease biology and genomic data to modulate gene expression.

Discontinuing the failed Phase 3 SELECT-MDS-1 trial for Tamibarotene

This was the catalyst for the entire restructuring. Syros Pharmaceuticals discontinued enrollment in the SELECT-MDS-1 Phase 3 trial after it failed to meet its primary endpoint. The primary endpoint was the complete response (CR) rate in the first 190 enrolled patients. The results showed the tamibarotene/azacitidine arm achieved a CR rate of 23.8% (n=126), compared to 18.8% (n=64) in the placebo/azacitidine control arm. The treatment effect was not statistically significant, evidenced by a p-value of 0.2084. This failure immediately triggered an event of default under the secured loan facility with Oxford Finance LLC. Furthermore, the company terminated the Master Collaboration Agreement with QIAGEN Manchester Limited on November 13, 2024, directly due to this outcome. The subsequent asset sale of Tamibarotene on February 26, 2025, finalized the wind-down of this specific program.

Syros Pharmaceuticals, Inc. (SYRS) - Canvas Business Model: Key Resources

You're looking at the core assets Syros Pharmaceuticals, Inc. is relying on as it navigates the post-data readout environment. Here's the breakdown of what they hold right now.

Proprietary Gene Control Platform for identifying regulatory elements

Syros Pharmaceuticals, Inc. possesses an integrated platform that combines assay technologies and bioinformatics, which is central to its mission of controlling gene expression. This platform underpins the discovery engine that generated assets like the CDK7 inhibitor SY-5609.

Remaining cash and cash equivalents, projected to fund operations into Q3 2025

Financially, the immediate resource is the cash on hand. As of September 30, 2024, Syros Pharmaceuticals, Inc. reported $58.3 million in cash and cash equivalents. The company projected this existing cash would be sufficient to fund anticipated operating expenses and capital expenditure requirements into the third quarter of 2025. This compares to $139.526 million in cash and cash equivalents at the end of 2023.

Here's a quick look at the recent cash position and operational burn rate context:

Intellectual property portfolio for deprioritized assets like SY-5609

The intellectual property portfolio includes assets that have been strategically sidelined to concentrate resources. The CDK7 inhibitor, SY-5609, was one such asset, deprioritized in 2023 to focus on tamibarotene. Syros Pharmaceuticals, Inc. still retains all rights to SY-5609. The IP portfolio includes patents for CDK7 inhibitors with priority dates such as 2018-04-20 and 2014-10-16.

The company's focus is currently on tamibarotene, which targets higher-risk MDS patients with RARA gene overexpression. The U.S. market opportunity for higher-risk MDS therapeutics is projected to reach approximately $1.6 billion by 2029, with tamibarotene potentially capturing over $800 million.

Reduced workforce and specialized R&D personnel

The company has actively managed its personnel costs. Restructuring efforts included a 35% workforce reduction. This reduction in headcount and related expenses contributed to lower operating costs in the third quarter of 2024.

The impact on expenses is clear:

• Research and development (R&D) expenses fell to $20.5 million for the third quarter of 2024, down from $28.3 million for the third quarter of 2023.
• General and administrative (G&A) expenses decreased to $5.7 million in Q3 2024, compared to $7.8 million in Q3 2023.

The net loss also improved significantly, posting a loss of $6.4 million or $0.16 per share in Q3 2024, versus a loss of $40.1 million or $1.43 per share in Q3 2023. Still, the company reported no revenue for Q3 2024.

Finance: draft 13-week cash view by Friday.

Syros Pharmaceuticals, Inc. (SYRS) - Canvas Business Model: Value Propositions

You're looking at the core value Syros Pharmaceuticals, Inc. (SYRS) brings to the table-it's all about precision medicine driven by their gene control platform. The value proposition isn't just a drug; it's a novel way to attack diseases by modulating gene expression, which is a significant differentiator in oncology.

Novel approach to drug discovery by modulating gene expression (RAR$\alpha$ agonist).

The fundamental value is the proprietary gene control platform. This technology integrates genomics and chemical biology to target previously undruggable noncoding regions of the genome that drive disease. This approach aims to convert those hard-to-target gene drivers into precise medicines. For instance, the lead candidate, Tamibarotene, is an oral, selective retinoic acid receptor alpha (RAR$\alpha$) agonist, which directly addresses a specific genetic dependency in certain cancers.

Potential for new targeted therapies for hematologic malignancies.

The primary value centers on offering new standards of care for hematologic malignancies, specifically targeting patient subsets defined by molecular biomarkers. This precision is key to maximizing clinical benefit. The market potential here is substantial, reflecting a strong unmet need for targeted, well-tolerated options, especially for patients who cannot tolerate standard high-intensity chemotherapy.

Here's a look at the market opportunity that this targeted approach addresses:

Oral selective retinoic acid receptor alpha (RAR$\alpha$) agonist mechanism.

The mechanism itself is a core value driver. Tamibarotene, as an oral selective RAR$\alpha$ agonist, offers a convenient dosing route compared to intravenous treatments. The clinical data, such as the positive signals from the SELECT-AML-1 Phase 2 trial showing a 100% CR/CRi rate in a specific population, underscore the value of this mechanism in RARA-positive AML and HR-MDS. This focus on a specific genetic driver, RARA overexpression, allows for a highly focused development and commercial strategy.

Remaining deprioritized assets (e.g., SY-5609) available for partnering.

Even as the company focuses on its lead asset, the pipeline contains other valuable, de-risked assets that represent potential non-dilutive value through partnerships. SY-5609, a cyclin-dependent kinase 7 (CDK7) inhibitor, is one such asset. It has already achieved Orphan Drug Designation from the FDA for pancreatic cancer. This designation is a tangible value-add, offering market exclusivity incentives. While the company's strategic focus may shift, these assets provide optionality for collaboration or divestiture, helping to manage the burn rate. For context on the financial environment supporting this strategy, consider the recent operating metrics:

• Cash and cash equivalents as of September 30, 2024: $58.3 million.
• Anticipated cash runway extending into Q3 2025.
• Net Loss for Q3 2024: $6.4 million (or $0.16 per share).
• Annual Accounts Payable (latest reported): $11.544M.

The value here is the ability to maintain operations through critical data readouts while potentially offloading development costs for secondary assets. Honestly, managing that cash runway is a huge part of the near-term value proposition for investors.

Syros Pharmaceuticals, Inc. (SYRS) - Canvas Business Model: Customer Relationships

You're dealing with the aftermath of a pivotal trial failure and a subsequent corporate restructuring, so the nature of customer relationships for Syros Pharmaceuticals, Inc. shifts dramatically from growth-focused engagement to preservation and wind-down management.

High-touch engagement with institutional investors for capital raising

The most recent significant capital raising activity involved securing gross proceeds of approximately $45.0 million via an underwritten offering of common stock and pre-funded warrants, which closed on or about December 21, 2023. This historical engagement was crucial for funding operations, with cash reserves projected to last into the third quarter of 2025 based on September 30, 2024, figures of $58.3 million.

Investor engagement in late 2025 is characterized by managing the fallout from the delisting and the wind-down strategy. Institutional investors saw significant position reductions, with firms like BAIN CAPITAL LIFE SCIENCES INVESTORS, LLC removing 2,750,151 shares (-100.0%) in Q1 2025.

Direct communication with regulatory bodies (FDA) for clinical programs

Direct engagement with the U.S. Food and Drug Administration (FDA) centered on advancing tamibarotene. The FDA had granted Fast Track Designation for tamibarotene in the treatment of Unfit AML and previously for HR-MDS in January 2023. However, the primary relationship focus shifted following the failure of the SELECT-MDS-1 Phase 3 trial in November 2024, which did not meet its primary endpoint.

Communication post-trial failure would involve discussions related to the discontinuation of the SELECT-AML-1 Phase 2 trial and the wind-down plan, which was approved by the Board of Directors to limit expenditures under a budget approved by the secured lender.

Managing relationships with creditors due to loan default status

The failure of the SELECT-MDS-1 trial on November 2024 constituted an event of default under the secured loan facility with Oxford Finance LLC. This triggered a need for immediate, high-stakes management with the creditor. Syros Pharmaceuticals entered an agreement on February 28, 2025, to settle all outstanding debt obligations to Oxford Finance LLC for approximately $6 million, paid via a mix of cash and non-cash assets. This settlement satisfied all debts, though the default could have accelerated repayment of $43.6 million. As part of the agreement, Oxford received a first priority security interest in all intellectual property and Syros agreed to a wind-down budget.

Transparent communication with shareholders during delisting process

Shareholder communication was dominated by the decision to voluntarily delist from the Nasdaq Stock Market, effective on or about March 20, 2025. This followed the company notifying Nasdaq of its intention to file a Form 25 on or about March 10, 2025. The company cited non-compliance with listing standards, including the bid price closing below $1.00 per share for more than 35 consecutive business days. Following delisting, the intent was to file a Form 15 around March 20, 2025, to suspend reporting obligations under the Exchange Act, with deregistration expected 90 days after the Form 15 filing.

The company's stock price fell precipitously, trading at $0.14 on February 28, 2025, and dropping by 44.13% to $0.08 in premarket trading on March 3, 2025.

The key relationships and associated financial context are summarized below:

The company's operational focus shifted to an orderly wind-down, which involved a 94% workforce reduction at one point following the trial failure.

• FDA Fast Track Designation for Tamibarotene in AML.
• Asset transfer of Tamibarotene-related data to Rege Nephro on February 26, 2025.
• Anticipated tax refund of approximately $2.4 million to aid financial strategy.
• The company's market capitalization was reported at $2.2 million around March 2025.

Syros Pharmaceuticals, Inc. (SYRS) - Canvas Business Model: Channels

You're looking at the channels Syros Pharmaceuticals, Inc. (SYRS) used to reach investors and partners as of late 2025, especially after the significant corporate restructuring following the November 2024 trial update. The shift from a public exchange to over-the-counter (OTC) trading fundamentally changed the investor channel.

Direct-to-investor communications via press releases and SEC filings

The primary channel for official corporate and financial updates remains filings with the Securities and Exchange Commission (SEC) and corresponding press releases. You should note the transition away from the regular quarterly/annual filing cadence following the voluntary delisting.

• The company filed an SC 13D/A on 03/27/2025.
• The last reported earnings date available was for Q3 2024, announced on October 31, 2024.
• Cash, cash equivalents and marketable securities as of June 30, 2024, stood at $79.0 million.
• Syros previously believed its cash position would fund operations into the third quarter of 2025.
• Following the November 2024 trial result, loan obligations totaling approximately $43.7 million were declared immediately due, with a partial repayment of $33.5 million made.

Scientific publications and presentations at medical conferences

Scientific communication channels are critical for validating the underlying science to the medical community and potential future partners. These presentations serve as a key non-financial channel for communicating value.

• Syros Pharmaceuticals presented a poster at the SOHO 12th Annual Meeting on September 4, 2024.
• The company planned to host an HR-MDS-focused Webcast Event on June 25, 2024.
• At the time of the September 2024 presentation, the company's market capitalization was reported as $41.02 million.

Nasdaq Stock Market for public trading (prior to March 2025 delisting)

The public exchange channel ceased to be active for Syros Pharmaceuticals in the first quarter of 2025. This was a deliberate move to reduce regulatory costs while conserving cash.

The voluntary delisting from the Nasdaq Stock Market was expected to become effective on or about March 20, 2025, following a Form 25 filing around March 10, 2025.

The non-compliance issues leading to this action included:

• Bid price closing below $1.00 per share for more than 35 consecutive business days.
• Market value of publicly held shares below the minimum $15M requirement for more than 35 consecutive business days.

The stock price on February 28, 2025, closed at $0.14, dropping to $0.08 in premarket trading on March 3, 2025. Current trading is on OTC Markets, where the market cap was recently cited as US$13.4k and the share price at US$0.000547.

Licensing and collaboration agreements for asset monetization

Asset monetization through partnerships is a core channel for non-revenue generating biotech firms. You can see the channel activity has been focused on winding down past deals and exploring new ones for remaining assets.

Key historical and ongoing partnership channel activities include:

The company is actively exploring business development opportunities for the CDK7 inhibitor asset, 5609, as a key monetization channel moving forward.

Syros Pharmaceuticals, Inc. (SYRS) - Canvas Business Model: Customer Segments

Biopharmaceutical companies seeking to acquire or license oncology assets

• US market opportunity cited for Tamibarotene in higher-risk MDS with RARA overexpression: over $800 million.
• Lead product candidate Tamibarotene was in Phase III clinical trial for myelodysplastic syndrome and Phase II for acute myeloid leukemia as of late 2024/early 2025.
• SY-5609, a cyclin-dependent kinase 7 inhibitor, was in a Phase I clinical trial in patients with select advanced solid tumors.
• The company announced a voluntary delisting from Nasdaq and SEC deregistration in February 2025.

Institutional and venture capital investors focused on distressed biotech

The investor base structure as of early 2025 showed specific institutional engagement:

The financial position leading into the wind-down phase included:

• Cash position at end of Q3 2024: $58.3 million.
• Cash runway guided to fund operations into Q3 2025.
• EBITDA (Last Twelve Months, late 2024 context): -$110.18 million.
• Current Ratio (late 2024 context): 2.25.
• Stock price as of March 19, 2025: $0.12 per share.
• Market capitalization following November 13, 2024 trial news: $5.56 million.

Patients with hematologic malignancies (e.g., AML, MDS) (indirectly)

• Lead candidate Tamibarotene targets RARA-positive patients with higher-risk myelodysplastic syndrome (HR-MDS) and acute myeloid leukemia (AML).
• SY-2101 is being developed for the treatment of acute promyelocytic leukemia (APL).
• The company employed 117 full-time employees as of December 31, 2023.

Academic and clinical research collaborators

• Total Funding raised by Syros Pharmaceuticals, Inc. through its history: $124 million over 7 rounds.
• Largest funding round: Post IPO, $130 million in September 2022.
• Annual Revenue as of December 31, 2023: $9.94 million.
• R&D Expenses reported for Q3 2024: $20.5 million.
• G&A Expenses reported for Q3 2024: $5.7 million.

Syros Pharmaceuticals, Inc. (SYRS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Syros Pharmaceuticals, Inc. (SYRS) as of late 2025, and honestly, the numbers tell a story of intense focus driven by recent, significant financial pressure. The cost structure is dominated by the necessary, high-stakes investment in research and development, coupled with the immediate, sharp costs of a major corporate restructuring.

The primary ongoing operational cost is Research and Development (R&D), which reflects the company's singular focus on advancing tamibarotene. For the third quarter of 2024, R&D expenses were reported at $20.5 million. This was a reduction from $28.3 million in Q3 2023, primarily due to cutting external R&D consulting, contract manufacturing, and headcount reductions. This spending is principally directed toward the advancement of tamibarotene.

General and Administrative (G&A) expenses also saw a reduction, coming in at $5.7 million for Q3 2024, down from $7.8 million the prior year. This decrease was largely driven by lower headcount and related expenses, consulting fees, and facilities costs.

The most dramatic cost event relates to debt and restructuring. Following the failure of the SELECT-MDS-1 Phase 3 trial in November 2024, an event of default was triggered under the loan agreement with Oxford Finance LLC, which initially allowed the lender to declare the repayment of $43.6 million immediately due and payable. This potential liability forced immediate, drastic action.

To manage this, Syros Pharmaceuticals initiated significant workforce reduction and corporate restructuring costs. The response included a drastic workforce reduction of 94% to curb costs and maximize stakeholder value. However, the ultimate financial resolution for the debt was a settlement in early 2025. Here's a quick look at the key cost components and the resulting financial position as of that restructuring period:

The company's cost-cutting efforts were clearly designed to extend its runway. Based on the cash position as of September 30, 2024, Syros Pharmaceuticals believed its existing cash and cash equivalents would be sufficient to fund anticipated operating expenses and capital expenditure requirements into the third quarter of 2025. The settlement of the debt for approximately $6 million, which included non-cash assets, was a critical step in stabilizing the cost structure following the default event.

The major cost drivers that you need to track going forward are tied to the remaining operational burn rate, which is now significantly leaner due to restructuring. You should keep an eye on these specific areas:

• R&D expenditures, now principally focused on tamibarotene advancement.
• Costs associated with any remaining corporate infrastructure.
• The impact of the 94% workforce reduction on future operational capacity.
• The final cash utilization rate following the debt discharge.

The net loss for Q3 2024 was $6.4 million, a substantial improvement from the $40.1 million net loss in Q3 2023, directly illustrating the impact of reduced operating expenses. Finance: draft 13-week cash view by Friday.

Syros Pharmaceuticals, Inc. (SYRS) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Syros Pharmaceuticals, Inc. (SYRS) as of late 2025, and honestly, the picture is one of transition, moving away from past partnerships toward a potential self-commercialization model for tamibarotene. The immediate past shows a significant drop-off in recognized revenue.

For the trailing twelve months ending September 30, 2024, Syros Pharmaceuticals, Inc. recorded a minimal revenue figure. This low number reflects the structural shift in the company's operational focus and prior agreements. Here's a quick look at the most recent hard numbers we have:

The zero collaboration revenue in the third quarter of 2024 is a direct consequence of the termination of the collaboration agreement with Pfizer. So, the current revenue generation is not reliant on those prior structures.

One key element that could provide a one-time financial boost relates to the asset divestiture. Syros Pharmaceuticals completed the sale of Tamibarotene-related clinical and non-clinical assets to Rege Nephro Co., Ltd. on February 26, 2025. This transaction included human safety study data for an NDA, contracts with a contract manufacturing organization (CMO), and the Tamibarotene active pharmaceutical ingredient (API) and drug products. While the specific one-time payment amount isn't public, this deal represents a potential, non-recurring revenue event that has already been executed.

Looking forward, the revenue model is heavily weighted toward the potential success of tamibarotene as a frontline treatment for higher-risk myelodysplastic syndrome (HR-MDS) patients with RARA gene overexpression. The company plans for an independent U.S. launch upon NDA approval, which shifts the revenue potential from milestone/royalty structures to direct product sales, though future out-licensing deals remain a possibility for other pipeline assets.

The streams that could materialize from out-licensed programs, should any future deals be struck or existing ones have residual value, include:

• Future milestone payments from successful development or regulatory achievements on out-licensed programs.
• Royalty payments based on net sales of any successfully commercialized, out-licensed products.

To be fair, the current strategy is centered on capturing the full commercial upside of tamibarotene, which has a projected U.S. market opportunity of over $800 million by 2029 for the RARA-overexpressing patient segment alone. Finance: draft the pro-forma revenue model incorporating the Rege Nephro payment by next Tuesday.