Mar 13, 2023

GlycoMimetics ( GLYC ) currently holds cash deposits of ~$2 million at Silicon Valley Bank ( SIVB ), which the company considers to be immaterial to its liquidity, according to an SEC filing . Syros Pharmaceuticals ( SYRS ) discloses that 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 ~$3.1 million pursuant to a letter of credit, which amount is classified as restricted cash on the Company’s consolidated balance sheet as of December 31, 2022, according to an SEC filing. SYRS 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. Aptose does not believe these amounts represent a material portion of its cash and cash equivalents. The company does not expect any material impact on operations, payroll, or ongoing clinical trials. Among pharma, Wave Life Sciences ( WVE ) considers its direct exposure to SVB’s receivership as immaterial , given that the aggregate amount of the company’s cash and restricted cash held at SVB is ~$1.5 million, which is below the FDIC-insured amount of $250,000, according to an SEC filing.