CARMEL, Ind. - Syra Health Corp. (NASDAQ: SYRA), a healthcare consulting firm, announced today that its research study protocol for the mental and behavioral health platform "Syrenity" has received approval from the Pearl Institutional Review Board (IRB). The study aims to evaluate the effectiveness of the Syrenity app in managing mental health.
Syrenity, launched in October 2023, is a prevention-focused platform that offers continual mental health monitoring, cognitive therapy interventions, and telehealth access to therapists. It targets employers, educational institutions, and payer organizations, which pay a monthly fee for their members to use the service.
The upcoming research will involve third-party university researchers and psychologists enrolling around 300 individuals with moderate to severe depression. Participants will be randomly assigned to two groups, with one having access to Syrenity and the other not, over a two-month period. The study's goal is to determine how the app contributes to improving mental well-being. Results are expected to be published in a scientific journal.
Dr. Srikant Devaraj, Vice President of Health Analytics and President of the Mental and Behavioral Health business unit at Syra Health, expressed pride in the IRB's protocol acceptance. He emphasized the importance of empirical research in establishing the credibility of the Syrenity solution.
Syra Health is dedicated to tackling major healthcare challenges, focusing on behavioral and mental health, digital health, and population health. It provides innovative services and technology solutions to a wide range of clients, including life sciences organizations, academic institutions, and government entities.
The information for this article is based on a press release statement.
InvestingPro Insights
As Syra Health Corp. (NASDAQ: SYRA) advances its mental health initiatives with the Syrenity app, the company's financial metrics and market performance provide a broader context for investors. According to InvestingPro data, Syra Health holds a market capitalization of $18.57 million, reflecting its position in the market. Despite the challenges in profitability, with a negative P/E ratio of -2.29 and an adjusted P/E ratio for the last twelve months as of Q4 2023 of -6.32, analysts see potential in the company's sales growth for the current year. This suggests an optimistic outlook on Syra Health's revenue prospects.
InvestingPro Tips indicate that Syra Health's stock has experienced high price volatility, which could be of interest to investors looking for dynamic trading opportunities. Additionally, while the company has not been profitable over the last twelve months and is not expected to pay dividends, it holds more cash than debt on its balance sheet, providing some financial stability. Syra Health's liquid assets also exceed its short-term obligations, which may reassure investors about the company's ability to meet its immediate financial commitments.
For those considering an investment in Syra Health, there are additional InvestingPro Tips available to further inform your decision-making. Currently, there are 10 more tips listed on InvestingPro that could provide deeper insights into the company's performance and potential. Interested investors can utilize the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering access to valuable investment tools and data. The next earnings date is set for May 29, 2024, which will likely provide further clarity on the company's financial trajectory and the impact of its Syrenity app on the market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.