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Syros Pharmaceuticals confirms two deposit accounts at Silicon Valley Bank
The Fly

Syros Pharmaceuticals confirms two deposit accounts at Silicon Valley Bank

In a regulatory filing, Syros Pharmaceuticals (SYRS) disclosed that, as of March 10, it has two deposit accounts at Silicon Valley Bank. One of these accounts has a balance of less than $250,000, and the other has a balance of approximately $3.1M pursuant to a letter of credit that the company was required to provide to its landlord in connection with the execution of the lease for its corporate headquarters, which amount is classified as restricted cash on the company’s consolidated balance sheet as of December 31, 2022. The company reaffirms its estimate that its cash, cash equivalents and marketable securities will be sufficient to fund its planned operating expense and capital expenditure requirements into the second quarter of 2025.

Published first on TheFly

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