8-K
filed October 2, 2023, 7:59 PM ET
CIK 0001556263
other material
confidence high
sentiment negative
materiality 0.80
Syros Pharmaceuticals, Inc.: restructuring charge — Syros restructures with 35% staff cut; CEO Simonian retiring, Chee named successor
Syros Pharmaceuticals, Inc.
- Company ends SY-2101 APL program and all preclinical/discovery; focuses on tamibarotene for MDS/AML.
- Workforce cut ~35%; expects $1.8-2.0M severance costs and $0.3-0.6M asset impairment in Q3 2023.
- CEO Nancy Simonian retiring Dec 1; Conley Chee (CCO/CBO) appointed President & CEO effective Dec 2.
- CSO Eric Olson departs Oct 16; receives $382,200 severance and accelerated vesting of 40,666 RSUs.
- Board member Mark Alles resigned Sept 30; no disagreement cited.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Conley Chee was appointed as Class III director at Syros Pharmaceuticals, Inc..
- Action
- appointed
- Role
- Class III director
Exact text from the filing
The Board of Directors also approved an increase in the size of the Board of Directors to ten members and the appointment of Mr. Chee as a Class III director, in each case effective upon Mr. Chee’s assumption of the role of President and Chief Executive Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Mark J. Alles resigned as Director at Syros Pharmaceuticals, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
On September 28, 2023, Mark J. Alles notified the Board of Directors of the Company of his desire to resign from the Board of Directors and all committees or subcommittees thereof, effective September 30, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Nancy Simonian retired as President and Chief Executive Officer at Syros Pharmaceuticals, Inc..
- Action
- retired
- Role
- President and Chief Executive Officer
Exact text from the filing
On September 28, 2023, Nancy Simonian, M.D., the President and Chief Executive Officer of the Company, provided the Company with notice of her desire and intention to retire, and on October 2, 2023, the Company announced Dr. Simonian’s retirement effective as of December 1, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Conley Chee was appointed as President and Chief Executive Officer at Syros Pharmaceuticals, Inc..
- Action
- appointed
- Role
- President and Chief Executive Officer
Exact text from the filing
On October 2, 2023, the Company also announced that Conley Chee, currently the Company’s Chief Commercial Officer and Chief Business Officer, has been appointed by the Board of Directors to serve as the Company’s President and Chief Executive Officer effective as of December 2, 2023.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Syros Pharmaceuticals, Inc. announced a restructuring with charges of approximately $1.8 to $2.0 million affecting the Company's employee base, excluding members of its drug discovery organization (approximately 35% of the Company's employee base).
- Type
- restructuring
- Charge
- approximately $1.8 to $2.0 million
- Affected area
- the Company's employee base, excluding members of its drug discovery organization
- Headcount
- approximately 35% of the Company's employee base
Exact text from the filing
The Restructuring is expected to be complete by the end of 2023. As a result of the Restructuring, the Company estimates that it will incur approximately $1.8 to $2.0 million in costs in the fiscal quarter ending September 30, 2023 resulting from cash expenditures consisting of severance and benefit payments, outplacement services and related expenses (including such expenses incurred in connection with the Pfizer Agreement Termination).
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Syros Pharmaceuticals, Inc. announced a impairment with charges of approximately $0.3 to $0.6 million affecting laboratory equipment.
- Type
- impairment
- Charge
- approximately $0.3 to $0.6 million
- Affected area
- laboratory equipment
Exact text from the filing
the Company estimates that it will incur asset impairment charges of approximately $0.3 to $0.6 million relating to the retirement of laboratory equipment.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.