Synlogic Reports Second Quarter 2024 Financial Results
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, Inc. (Nasdaq: SYBX) ha riportato i risultati finanziari del secondo trimestre 2024 e ha fornito un aggiornamento aziendale. I punti chiave includono:
1. Disponibilità di cassa e equivalenti di cassa di $20.0 milioni al 30 giugno 2024.
2. Nessun ricavo per il secondo trimestre 2024, rispetto a $35.000 nel secondo trimestre 2023.
3. Le spese per R&S sono diminuite a $2.2 milioni da $11.8 milioni su base annuale.
4. Le spese generali e amministrative sono state ridotte a $1.2 milioni da $3.9 milioni su base annuale.
5. È stato riportato un utile netto di $2.0 milioni ($0.16 per azione) a causa di guadagni da ristrutturazione, rispetto a una perdita netta di $15.0 milioni nel secondo trimestre 2023.
6. L'azienda sta esplorando opzioni strategiche, incluse potenziali acquisizioni o fusioni, per massimizzare il valore per gli azionisti.
Synlogic, Inc. (Nasdaq: SYBX) informó sus resultados financieros del segundo trimestre de 2024 y proporcionó una actualización corporativa. Los puntos clave incluyen:
1. Efectivo y equivalentes de efectivo de $20.0 millones al 30 de junio de 2024.
2. Sin ingresos para el segundo trimestre de 2024, en comparación con $35,000 en el segundo trimestre de 2023.
3. Los gastos de I+D disminuyeron a $2.2 millones desde $11.8 millones en comparación anual.
4. Los gastos generales y administrativos se redujeron a $1.2 millones desde $3.9 millones en comparación anual.
5. Reportó un ingreso neto de $2.0 millones ($0.16 por acción) debido a ganancias por reestructuración, en comparación con una pérdida neta de $15.0 millones en el segundo trimestre de 2023.
6. La empresa está explorando opciones estratégicas, incluidas posibles adquisiciones o fusiones, para maximizar el valor para los accionistas.
Synlogic, Inc. (Nasdaq: SYBX)는 2024년 2분기 재무 결과를 보고하고 기업 업데이트를 제공했습니다. 주요 사항은 다음과 같습니다:
1. 2024년 6월 30일 기준 현금 및 현금성 자산 $20.0 백만.
2. 2024년 2분기 매출 없음, 2023년 2분기의 $35,000에 비해.
3. 연구 개발 비용은 연간 $11.8백만에서 $2.2 백만으로 감소했습니다.
4. 일반 관리 비용은 연간 $3.9백만에서 $1.2 백만으로 감소했습니다.
5. 구조 조정 이익으로 인해 $2.0 백만 ($0.16 주당)의 순이익을 보고했으며, 2023년 2분기에는 $15.0 백만의 순손실이 있었습니다.
6. 회사는 주주 가치를 극대화하기 위해 잠재적인 인수 또는 합병을 포함한 전략적 옵션을 모색하고 있습니다.
Synlogic, Inc. (Nasdaq: SYBX) a publié ses résultats financiers du deuxième trimestre 2024 et a fourni une mise à jour de l'entreprise. Les points clés comprennent :
1. Trésorerie et équivalents de trésorerie de $20.0 millions au 30 juin 2024.
2. Aucun revenu pour le deuxième trimestre 2024, contre 35 000 $ au deuxième trimestre 2023.
3. Les dépenses de R&D ont diminué à $2.2 millions contre 11,8 millions $ d'une année sur l'autre.
4. Les dépenses générales et administratives ont été réduites à $1.2 millions contre 3,9 millions $ d'une année sur l'autre.
5. Un revenu net de 2,0 millions de dollars (0,16 $ par action) a été reporté en raison de gains de restructuration, par rapport à une perte nette de 15,0 millions de dollars au deuxième trimestre 2023.
6. L'entreprise explore des options stratégiques, y compris une éventuelle acquisition ou fusion, pour maximiser la valeur pour les actionnaires.
Synlogic, Inc. (Nasdaq: SYBX) hat ihre finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und ein Unternehmensupdate bereitgestellt. Die wichtigsten Punkte sind:
1. Bargeld und Zahlungsmitteläquivalente von $20.0 Millionen zum 30. Juni 2024.
2. Keine Einnahmen für Q2 2024, im Vergleich zu $35.000 im Q2 2023.
3. Die F&E-Ausgaben sanken auf $2.2 Millionen von $11.8 Millionen im Jahresvergleich.
4. Die allgemeinen Verwaltungsaufwendungen wurden auf $1.2 Millionen von $3.9 Millionen im Jahresvergleich reduziert.
5. Ein Nettoeinkommen von $2.0 Millionen ($0.16 pro Aktie) wurde aufgrund von Umstrukturierungserlösen erzielt, verglichen mit einem Nettoverlust von $15.0 Millionen im Q2 2023.
6. Das Unternehmen prüft strategische Optionen, einschließlich möglicher Übernahmen oder Fusionen, um den Aktionärswert zu maximieren.
- Net income of $2.0 million ($0.16 per share) in Q2 2024, compared to a net loss in Q2 2023
- Significant reduction in R&D expenses from $11.8 million to $2.2 million year-over-year
- Decrease in G&A expenses from $3.9 million to $1.2 million year-over-year
- Gain on restructuring charges of $3.8 million in Q2 2024
- No revenue generated in Q2 2024, compared to $35,000 in Q2 2023
- Cash and cash equivalents of only $20.0 million as of June 30, 2024
- Discontinuation of pivotal study Synpheny-3 for labafenogene marselecobac in PKU
- Reduction in workforce as part of restructuring efforts
Insights
Synlogic's Q2 2024 financial results reveal a significant shift in the company's financial position and strategy. The
The net income of
Synlogic's decision to discontinue the Synpheny-3 pivotal study for labafenogene marselecobac (SYNB1934) in PKU is a major setback. This move, coupled with the significant reduction in R&D spending, indicates a shift away from active drug development. The company's pivot to exploring strategic options, including potential M&A, suggests a lack of confidence in its current pipeline.
The biotech landscape is challenging and Synlogic's situation reflects the risks inherent in developing novel therapeutics. The company's cash position of
WINCHESTER, Mass., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Synlogic, Inc. (Nasdaq: SYBX), a biopharmaceutical company advancing novel therapeutics to transform the care of serious diseases, today reported financial results for the second quarter 2024 and provided a corporate update.
In March 2024, the Company retained Lucid Capital Markets, LLC to act as its financial advisor to explore and evaluate strategic options for maximizing shareholder value. Potential strategic alternatives that may be explored or evaluated as part of this process include the potential for an acquisition, merger, business combination or other strategic transaction involving the Company. The Board has not set a timetable for the conclusion of this review, nor has it made any decisions related to any further actions or potential strategic options at this time. There can be no assurance, however, that this process will result in any such transaction.
Second Quarter 2024 Financial Results
As of June 30, 2024 Synlogic had cash and cash equivalents of
There was no revenue for the three months ended June 30, 2024, compared to
Research and development expenses were
General and administrative expenses for the three months ended June 30, 2024 were
There was a gain on restructuring charges of
For the three months ended June 30, 2024 Synlogic reported a consolidated net income of
About Synlogic
Synlogic is a biopharmaceutical company advancing novel therapeutics to transform the care of serious diseases in need of new treatment options. Synlogic designs, develops and manufactures these drug candidates, which are produced by applying precision genetic engineering to well-characterized probiotics.
Forward Looking Statements
This press release contains "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, clinical development plans, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "look forward," "estimate," "expect," “focused on,” "intend," "on track," "plan," "predict" and similar expressions and their variants, as they relate to Synlogic, may identify forward-looking statements. Actual results could differ materially from those contained in any forward-looking statements as a result of various factors, including: the Company may not execute on its planned exploration and evaluation of strategic alternatives; the availability of suitable third parties with which to conduct contemplated strategic transactions; the risk that the Company's reduction in force efforts may not generate their intended benefits to the extent or as quickly as anticipated; and the risk that the Company's reduction in force efforts may negatively impact the Company's business operations and reputation as well as those risks identified under the heading "Risk Factors" in Synlogic's filings with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release reflect Synlogic's current views with respect to future events. Synlogic anticipates that subsequent events and developments will cause its views to change. However, while Synlogic may elect to update these forward-looking statements in the future, Synlogic specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Synlogic's view as of any date subsequent to the date hereof.
Contact: info@synlogictx.com
| Synlogic, Inc. Condensed Consolidated Statements of Operations (unaudited) | ||||||||||||||||
| (in thousands, except share and per share data) | For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | — | $ | 35 | $ | 8 | $ | 209 | ||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 2,197 | 11,765 | 9,877 | 24,215 | ||||||||||||
| General and administrative | 1,179 | 3,924 | 4,063 | 7,891 | ||||||||||||
| Restructuring and other charges | (3,795 | ) | — | 24,494 | — | |||||||||||
| Total operating expenses | (419 | ) | 15,689 | 38,434 | 32,106 | |||||||||||
| Income (loss) from operations | 419 | (15,654 | ) | (38,426 | ) | (31,897 | ) | |||||||||
| Total other income, net | 1,598 | 615 | 8,879 | 1,236 | ||||||||||||
| Income (loss) before income taxes | 2,017 | (15,039 | ) | (29,547 | ) | (30,661 | ) | |||||||||
| Income tax expense | (5 | ) | (9 | ) | (5 | ) | (9 | ) | ||||||||
| Net income (loss) | $ | 2,012 | $ | (15,048 | ) | $ | (29,552 | ) | $ | (30,670 | ) | |||||
| Net income (loss) per share - basic and diluted | $ | 0.16 | $ | (3.21 | ) | $ | (2.43 | ) | $ | (6.61 | ) | |||||
| Weighted-average common shares - basic | 12,203,956 | 4,681,287 | 12,168,081 | 4,643,422 | ||||||||||||
| Weighted-average common shares - diluted | 12,399,068 | 4,681,287 | 12,168,081 | 4,643,422 | ||||||||||||
| Synlogic, Inc. Condensed Consolidated Balance Sheets (unaudited) | ||||||||
| (in thousands, except share data) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Cash, cash equivalents & marketable securities | $ | 19,966 | $ | 47,746 | ||||
| Property and equipment, net | — | 5,603 | ||||||
| Other assets | 1,669 | 22,201 | ||||||
| Total assets | $ | 21,635 | $ | 75,550 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | $ | 5,652 | $ | 20,404 | ||||
| Long-term liabilities | — | 12,491 | ||||||
| Total liabilities | 5,652 | 32,895 | ||||||
| Total stockholders' equity | 15,983 | 42,655 | ||||||
| Total liabilities and stockholders' equity | $ | 21,635 | $ | 75,550 | ||||
| Common stock and common stock equivalents | ||||||||
| Common stock | 11,698,989 | 9,186,157 | ||||||
| Common stock warrants (pre-funded) | 722,183 | 2,973,183 | ||||||
| Total common stock | 12,421,172 | 12,159,340 | ||||||
FAQ
What were Synlogic's (SYBX) Q2 2024 financial results?
Why did Synlogic (SYBX) report a net income in Q2 2024 despite no revenue?
What strategic options is Synlogic (SYBX) exploring as of Q2 2024?
Why did Synlogic (SYBX) discontinue the Synpheny-3 study in Q2 2024?
