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Synlogic, Inc. (Nasdaq: SYBX) is a clinical-stage biopharmaceutical company at the forefront of synthetic biology and microbiome research. The company is pioneering the development of Synthetic Biotics™, which are engineered probiotic bacteria designed to perform specific therapeutic functions. These innovative biotherapeutics target a range of metabolic and rare genetic diseases, addressing unmet medical needs.
Using its proprietary Synthetic Biotics™ platform, Synlogic engineers probiotics to correct metabolic dysfunctions linked to various diseases. These therapeutics are primarily delivered orally, acting from the gut microbiome to address systemic issues. The company’s lead programs include treatments for rare genetic metabolic disorders such as phenylketonuria (PKU) and homocystinuria (HCU). Synlogic's pipeline also targets conditions like enteric hyperoxaluria, gout, and cystinuria.
One of Synlogic's flagship projects, labafenogene marselecobac (SYNB1934), is currently in a global, pivotal Phase 3 study for PKU, known as Synpheny-3. Additional candidates, such as SYNB1353 for HCU, are also progressing through clinical stages. The company collaborates with notable partners including Roche for inflammatory bowel disease (IBD) research and Ginkgo Bioworks for synthetic biology advancements.
Synlogic's commitment to innovative medicine is further demonstrated by its recent achievements. In December 2023, the company announced that SYNB1353, a potential treatment for HCU, would be presented at the International Conference on Microbiome Engineering. Additionally, Synlogic secured a $1 million subcontract from the Air Force Research Lab to develop a manufacturing process for a potential live probiotic product, extending a project initiated in 2020.
The company’s approach leverages well-characterized probiotics, such as Escherichia coli Nissle 1917, ensuring consistency, safety, and non-colonizing properties, which simplify oral administration and storage. Synlogic continues to expand its pipeline and research capabilities, driving forward its mission to transform the care of serious diseases through groundbreaking synthetic biology technologies.
Synlogic (NASDAQ: SYBX) has reported its Q3 2024 financial results. The company ended the quarter with $19.4 million in cash and cash equivalents. The company reported no revenue, compared to $0.4 million in Q3 2023. There was a $0.7 million benefit in R&D expenses, compared to $9.6 million expenses in Q3 2023, due to clinical trial closeouts and Synpheny-3 discontinuation. G&A expenses decreased to $1.2 million from $3.4 million year-over-year. The company reported a net loss of $0.1 million ($0.01 per share), improved from a $12.1 million loss ($2.57 per share) in Q3 2023. The company has retained Lucid Capital Markets to explore strategic alternatives.
Synlogic, Inc. (Nasdaq: SYBX) reported its Q2 2024 financial results and provided a corporate update. Key points include:
1. Cash and cash equivalents of $20.0 million as of June 30, 2024.
2. No revenue for Q2 2024, compared to $35,000 in Q2 2023.
3. R&D expenses decreased to $2.2 million from $11.8 million year-over-year.
4. G&A expenses reduced to $1.2 million from $3.9 million year-over-year.
5. Reported a net income of $2.0 million ($0.16 per share) due to restructuring gains, compared to a net loss of $15.0 million in Q2 2023.
6. The company is exploring strategic options, including potential acquisition or merger, to maximize shareholder value.
Synlogic (Nasdaq: SYBX) reported its first-quarter 2024 financial results on May 14, 2024. The company's revenue for Q1 2024 was $0.01 million, a significant decrease from $0.2 million in Q1 2023. Research and development expenses were reduced to $7.7 million from $12.5 million in the same period last year, while general and administrative expenses dropped to $2.9 million from $4.0 million. Notably, the company incurred $28.2 million in restructuring charges due to discontinuing its Synpheny-3 study. Synlogic reported a consolidated net loss of $31.6 million, or $2.60 per share, compared to a net loss of $15.6 million, or $3.39 per share, in Q1 2023. The company has retained Lucid Capital Markets to explore strategic alternatives.
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