Synlogic - SYBX STOCK NEWS

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.

Lineage Cell Therapeutics, Inc. appoints Dr. Charlotte Hubbert as Vice President of Corporate Development, bringing extensive experience in cell therapy research and venture investment. Dr. Hubbert's background includes leadership roles at Gates Foundation Venture Capital and NanoString Technologies.

Synlogic, Inc. (Nasdaq: SYBX) reported financial results for Q4 and full year 2023, with revenue growth and decreased net losses. The company decided to discontinue a pivotal study and explore strategic options.

Synlogic, Inc. engages Ladenburg Thalmann as a financial advisor for its strategic review process. They have approved a limited duration shareholder rights plan and a dividend distribution. The Rights Plan aims to protect stockholders following an unsolicited accumulation of Synlogic shares by an investor. Ladenburg Thalmann will assist in evaluating strategic options to maximize shareholder value.

Synlogic, Inc. has decided to discontinue its pivotal study of labafenogene marselecobac (SYNB1934) for phenylketonuria (PKU) due to initial data indicating the study was unlikely to meet its primary endpoint. The decision was based on an internal review and not safety concerns. The company plans to explore strategic alternatives to enhance shareholder value. This decision will result in a reduction of the workforce by over 90% and the departure of the President and CEO.

Synlogic, Inc. (Nasdaq: SYBX) announced the successful degradation of methionine, precursor to homocysteine, using dietary disease model in preclinical models and healthy volunteer study. SYNB1353 was well-tolerated, with similar proportions in both the placebo and active arms reporting mild-moderate gastrointestinal adverse events.

Synlogic, Inc. (SYBX) announced the anticipated key milestones for 2024, including the Data Monitoring Committee review of initial study data from the pivotal Synpheny-3 study in PKU expected in H1 2024, and the top-line, Phase 3 data in PKU expected in H1 2025. The company accomplished several milestones in 2023, including the initiation of the global pivotal Synpheny-3 study, positive results from the Synpheny-1 Phase 2 study, and the receipt of multiple regulatory designations. The company also made significant progress with its other potential treatments for PKU and homocystinuria, secured funding through public offerings, and achieved key milestones in research collaborations.

Synlogic, Inc. (Nasdaq: SYBX) has secured an approximately $1 million subcontract under an Air Force Research Lab (AFRL) prime contract to develop a manufacturing process for a potential live probiotic product. The project is an extension of previous work initiated by Synlogic in 2020 as part of the Air Force Synthetic Biology Challenge with MIT. The activities are expected to start in Q1 2024 and complete in Q1 2025.