The company's financial position has deteriorated significantly, with total equity falling to negative $11.1 million as of 2024Q3 alongside a $60.2 million debt burden.
| Total Current Assets | 63.93M | 144.98M | 211.39M | 136.59M | 178.56M | 114.51M | 101.73M | 73.16M | 85.51M | 36.45M | 60.54M | 3.91M |
| Cash & Short-Term Investments | 58.27M | 139.53M | 202.3M | 130.37M | 173.98M | 91.42M | 99.68M | 72.05M | 83.59M | 35.91M | 60.39M | 3.8M |
| Cash Only | 58.27M | 139.53M | 167.47M | 92.3M | 173.98M | 41.44M | 49.89M | 32.2M | 58.59M | 35.91M | 60.39M | 3.8M |
| Short-Term Investments | 0 | 0 | 34.84M | 38.07M | 0 | 49.98M | 49.79M | 39.84M | 25M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 1.69M | 2.98M | 2.33M | 20.16M | 0 | 0 | 867K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | 41.55 | 46.29 | 56.37 | 3.71K | - | - | 998.28 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 290K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 5.66M | 5.45M | 7.39M | 0 | 0 | 0 | 638K | 193K | 1.05M | 0 | 0 | 0 |
| Total Non-Current Assets | 21.06M | 23.19M | 33.09M | 46.35M | 34.69M | 35.47M | 5.03M | 5.33M | 5.82M | 7.18M | 951K | 1.01M |
| Property, Plant & Equipment | 17.58M | 19.48M | 24.66M | 27.29M | 29.64M | 31.89M | 3.86M | 3.94M | 4.85M | 4.8M | 881K | 938K |
| Fixed Asset Turnover | 0.02x | 0.51x | 0.60x | 0.86x | 0.51x | 0.06x | 0.53x | 0.28x | 0.07x | 0.07x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 8.48M | 2.12M | 3.09M | 13.04M | 3.09M | 3.09M | 290K | 290K | 483K | 483K | 0 | 0 |
| Other Non-Current Assets | 1.37M | 1.59M | 5.35M | 6.03M | 1.97M | 490K | 881K | 1.1M | 482K | 1.9M | 70K | 70K |
| Total Assets | 85M | 168.17M | 244.49M | 182.94M | 213.25M | 149.98M | 106.77M | 78.49M | 91.32M | 43.63M | 61.49M | 4.92M |
| Asset Turnover | 0.00x | 0.06x | 0.06x | 0.13x | 0.07x | 0.01x | 0.02x | 0.01x | 0.00x | 0.01x | - | - |
| Asset Growth % | -149.12% | -31.21% | 33.65% | -14.22% | 42.19% | 40.47% | 36.03% | -14.05% | 109.31% | -29.05% | 1149.62% | - |
| Total Current Liabilities | 28.39M | 36.68M | 30.78M | 31.51M | 28.62M | 23.52M | 19.53M | 12.41M | 9.57M | 7.96M | 1.25M | 910K |
| Accounts Payable | 9.65M | 11.54M | 6.41M | 3.69M | 3.6M | 5.85M | 3.31M | 2.28M | 2.42M | 5.04M | 928K | 594K |
| Days Payables Outstanding | 2.88K | 1.87K | 788.68 | - | - | - | - | 545.71 | - | 3.05K | - | - |
| Short-Term Debt | 0 | 6.67M | 0 | 0 | 1.73M | 1.28M | 9K | 47K | 168K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 4.33M | 10.18M | 12.21M | 5.74M | 1.93M | 355K | 550K | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 6.99M | 9.44M | 9.28M | 3.99M | 5.19M | 11.29M | 7.54M | 4.36M | 284K | 37K | 36K |
| Current Ratio | 2.25x | 3.95x | 6.87x | 4.33x | 6.24x | 4.87x | 5.21x | 5.89x | 8.94x | 4.58x | 48.36x | 4.30x |
| Quick Ratio | 2.25x | 3.95x | 6.87x | 4.33x | 6.24x | 4.86x | 5.21x | 5.89x | 8.94x | 4.58x | 48.36x | 4.30x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 67.73M | 114.83M | 85.97M | 66.21M | 94.07M | 47.28M | 8.65M | 751K | 1.15M | 1.63M | 1K | 0 |
| Long-Term Debt | 41.08M | 34.56M | 40.65M | 40.26M | 39.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 70.21M | 18.53M | 20.85M | 22.92M | 24.93M | 24.64M | 22K | 6K | 53K | 206K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | -22K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 10.08M | 61.75M | 24.47M | 3.03M | 19.71M | 0 | 353K | 745K | 1.1M | 1.42M | 1K | 0 |
| Total Liabilities | 96.12M | 151.51M | 116.75M | 97.72M | 122.7M | 70.79M | 28.18M | 13.16M | 10.72M | 9.58M | 1.25M | 910K |
| Total Debt | 60.23M | 62.08M | 63.57M | 65.19M | 66.21M | 25.92M | 31K | 53K | 221K | 339K | 0 | 0 |
| Net Debt | 1.95M | -77.45M | -103.9M | -27.11M | -107.77M | -15.52M | -49.85M | -32.15M | -58.37M | -35.57M | -60.39M | -3.8M |
| Debt / Equity | -5.41x | 3.73x | 0.50x | 0.76x | 0.73x | 0.33x | 0.00x | 0.00x | 0.00x | 0.01x | - | - |
| Debt / EBITDA | -0.55x | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.02x | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -17.35x | -31.10x | -21.90x | -21.15x | -45.90x | - | -62279.00x | - | - | - | - | - |
| Total Equity | -11.12M | 16.66M | 127.74M | 85.22M | 90.55M | 79.18M | 78.59M | 65.32M | 80.6M | 34.05M | 60.24M | 3.97M |
| Equity Growth % | -412.16% | -86.96% | 49.89% | -5.89% | 14.36% | 0.76% | 20.3% | -18.95% | 136.72% | -43.48% | 1416.26% | - |
| Book Value per Share | -0.28 | 0.59 | 10.11 | 13.63 | 19.66 | 19.69 | 24.06 | 25.71 | 63.48 | 137.54 | 243.34 | 36.24 |
| Total Shareholders' Equity | -11.12M | 16.66M | 127.74M | 85.22M | 90.55M | 79.18M | 78.59M | 65.32M | 80.6M | 34.05M | 60.24M | 3.97M |
| Common Stock | 27K | 26K | 20K | 61K | 56K | 43K | 34K | 26K | 23K | 2K | 1K | 5K |
| Retained Earnings | -756.24M | -722.81M | -558.23M | -463.58M | -377.02M | -292.98M | -217.54M | -155.27M | -101.26M | -53.51M | -23.7M | -10.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 102K | -79K | 0 | 24K | -3K | -42K | -9K | -931K | -428K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Gap
As reported in recent financial statements, Syros Pharmaceuticals has seen its total equity collapse into negative territory, reaching -$11.1 million in 2024Q3, a stark reversal from the $129.2 million reported in 2022Q3, which underscores the rapid depletion of shareholder value during this intensive clinical development phase.
The transition to negative equity suggests that the company's cumulative losses have now fully exhausted the capital contributed by shareholders. This trajectory indicates that the firm is increasingly reliant on external financing or debt to maintain operations, which may limit future strategic flexibility.
Based on the latest quarterly data, the company's cash position has dwindled to $58.3 million as of 2024Q3, representing a significant decline from the $171.5 million held in 2022Q3, which highlights the intensifying pressure on liquidity as the firm approaches pivotal clinical trial milestones.
While the current ratio of 2.25 remains above parity, the absolute decline in cash reserves suggests a narrowing buffer against operational shocks. Investors should monitor whether this liquidity level is sufficient to reach the next data readout without necessitating further dilutive capital raises.
According to SEC filings, the company maintains a debt load of $60.2 million, which, when viewed against the backdrop of zero recurring revenue and negative equity, suggests a highly leveraged profile that leaves little room for error in the execution of the SELECT-MDS clinical program.
The presence of significant debt on a balance sheet devoid of positive cash flow indicates that the firm is financing its R&D through leverage rather than operations. This structure increases the risk of a liquidity crisis should clinical timelines slip or if refinancing conditions tighten.
As indicated by the 2024Q3 balance sheet, the emergence of negative equity renders traditional leverage ratios like debt-to-equity non-calculable, which masks the true extent of the company's insolvency risk and complicates standard fundamental valuation models used by institutional investors to assess long-term viability.
The absence of positive equity suggests that the company is effectively operating on borrowed time and capital. This distortion makes it imperative for analysts to focus on the cash burn rate rather than traditional solvency ratios to gauge the firm's survival probability.
Quick answers to the most common questions about buying SYRS stock.
As of 2023, Syros Pharmaceuticals, Inc. (SYRS) had total assets of $168.2M including $145.0M in current assets.
Syros Pharmaceuticals, Inc. (SYRS) carries total debt of $62.1M, offset by $139.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Syros Pharmaceuticals, Inc. (SYRS) has total shareholders' equity (book value) of $16.7M ($0.59 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Syros Pharmaceuticals, Inc. (SYRS) reported a current ratio of 3.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.