Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant.

As previously disclosed, Syros Pharmaceuticals, Inc. (the "Company") is party to a Loan and Security Agreement (the "Loan Agreement"), dated February 12, 2020 (the "Closing Date"), by and among the Company and Oxford Finance LLC, in its capacity as lender (in such capacity, the "Lender"), and in its capacity as collateral agent, pursuant to which a term loan of up to an aggregate principal amount of $60.0 million was made available to the Company. Pursuant to the Loan Agreement, a $20.0 million term loan was previously funded on the Closing Date, leaving two additional term loan advances of $20.0 million each available under the Loan Agreement after the Closing Date.

On December 23, 2020, the Company elected to draw down the second $20.0 million term loan advance under the Loan Agreement (the "Term B Loan"). Immediately following this $20.0 million drawdown, $20.0 million of borrowing capacity remained available under the Loan Agreement, subject to the terms and conditions set forth therein.

In addition, in connection with the Term B Loan, the Company issued the Lender warrants to purchase 17,389 shares of the Company's common stock at an exercise price per share of $11.50 (the "Warrants"). The Warrants will be exercisable for 5 years from the date of issuance.

The foregoing description of the Loan Agreement is qualified in its entirety by reference to the full text of the Loan Agreement which was filed as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on February 13, 2020.

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