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CAMBRIDGE, MA – Syros Pharmaceuticals, Inc. (NASDAQ:SYRS), currently valued at $2.2 million in market capitalization, has successfully negotiated the full repayment of its outstanding debt to Oxford Finance LLC, as per an 8-K filing with the Securities and Exchange Commission. On February 28, 2025, the company entered into an agreement to pay approximately $6 million, which included both cash and non-cash assets, to settle its obligations under the original loan and security agreement dated February 12, 2020. The company maintains a current ratio of 2.25, indicating sufficient liquid assets to meet short-term obligations.
The agreement between Syros Pharmaceuticals and Oxford, the collateral agent, alongside other lenders, stipulates that the payment of the determined payoff amount will satisfy all of the company’s debts and obligations under the loan agreement. Following the payment, all debts were considered fully discharged.
As part of the settlement, Oxford and the lenders agreed to accept non-cash assets as part of the payoff. They will convert these assets into cash and apply the proceeds towards the outstanding balance. Should the sale of these non-cash assets yield more cash than the remaining balance before a specified date, the excess funds will be returned to Syros Pharmaceuticals, and the remaining non-cash assets will be reassigned to the company.
This financial maneuver is part of the company’s broader restructuring efforts, as indicated by the title of the signatory, Matthew Foster, who is the Chief Restructuring Officer of Syros Pharmaceuticals. The settlement is expected to provide the company with a more solid financial footing moving forward.
The information is based on the latest 8-K regulatory filing by Syros Pharmaceuticals, Inc. with the Securities and Exchange Commission.
In other recent news, Syros Pharmaceuticals is facing potential delisting from the Nasdaq Global Select Market due to non-compliance with several listing requirements. The company has been notified that its common stock has traded below the $1.00 minimum bid price and has not met the necessary market value thresholds for listed securities and publicly held shares. Syros has until July 2025 to regain compliance, considering options such as transferring its listing to the Nasdaq Capital Market. In a separate development, Syros has entered into a forbearance agreement with Oxford Finance following a default triggered by the failure of its SELECT-MDS-1 Phase 3 trial. The agreement allows Syros more time to meet its financial obligations, requiring the company to adhere to a wind-down budget and grant Oxford a first priority security interest in all intellectual property. Syros has already made a partial payment of $33.5 million towards its debt and anticipates a tax refund of approximately $2.4 million to aid in its financial strategy. These recent developments highlight Syros’ ongoing efforts to address financial and compliance challenges as it explores strategic alternatives.
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