Synlogic Reports Third Quarter 2024 Financial Results
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 (NASDAQ: SYBX) ha riportato i risultati finanziari per il terzo trimestre del 2024. L'azienda ha concluso il trimestre con 19,4 milioni di dollari in cassa e equivalenti in cassa. Non sono stati riportati ricavi, rispetto ai 0,4 milioni di dollari nel terzo trimestre del 2023. C'è stato un beneficio di 0,7 milioni di dollari nelle spese per R&S, rispetto a 9,6 milioni di dollari di spese nel terzo trimestre del 2023, a causa della chiusura degli studi clinici e della sospensione di Synpheny-3. Le spese generali e amministrative sono diminuite a 1,2 milioni di dollari rispetto ai 3,4 milioni dell'anno precedente. L'azienda ha riportato una perdita netta di 0,1 milioni di dollari (0,01 dollari per azione), in miglioramento rispetto a una perdita di 12,1 milioni di dollari (2,57 dollari per azione) nel terzo trimestre del 2023. L'azienda ha incaricato Lucid Capital Markets di esplorare alternative strategiche.
Synlogic (NASDAQ: SYBX) ha informado sus resultados financieros del tercer trimestre de 2024. La compañía terminó el trimestre con 19.4 millones de dólares en efectivo y equivalentes de efectivo. No reportó ingresos, en comparación con 0.4 millones de dólares en el tercer trimestre de 2023. Hubo un beneficio de 0.7 millones de dólares en gastos de I+D, en comparación con gastos de 9.6 millones de dólares en el tercer trimestre de 2023, debido al cierre de ensayos clínicos y a la discontinuación de Synpheny-3. Los gastos generales y administrativos disminuyeron a 1.2 millones de dólares de 3.4 millones del año anterior. La compañía reportó una pérdida neta de 0.1 millones de dólares (0.01 dólares por acción), mejorando de una pérdida de 12.1 millones de dólares (2.57 dólares por acción) en el tercer trimestre de 2023. La compañía ha contratado a Lucid Capital Markets para explorar alternativas estratégicas.
신로직 (NASDAQ: SYBX)은 2024년 3분기 재무 결과를 보고했습니다. 회사는 1940만 달러의 현금 및 현금 등가물로 분기를 마쳤습니다. 2023년 3분기의 40만 달러와 비교하여 수익은 보고되지 않았습니다. 연구개발(R&D) 비용에서 70만 달러의 혜택이 있었으며, 이는 2023년 3분기의 960만 달러의 비용과 비교됩니다. 이는 임상시험 종료 및 Synpheny-3의 중단에 기인합니다. 관리 및 일반 비용은 전년 대비 120만 달러로 감소했습니다 (340만 달러에서). 회사는 10만 달러의 순손실을 보고했으며 (주당 0.01 달러), 2023년 3분기의 1210만 달러 손실 (주당 2.57 달러)에서 개선되었습니다. 회사는 전략적 대안을 모색하기 위해 Lucid Capital Markets를 고용했습니다.
Synlogic (NASDAQ: SYBX) a publié ses résultats financiers pour le troisième trimestre 2024. La société a terminé le trimestre avec 19,4 millions de dollars en liquidités et équivalents de liquidités. Aucun revenu n'a été signalé, comparé à 0,4 million de dollars au troisième trimestre 2023. Il y a eu un bénéfice de 0,7 million de dollars dans les dépenses de R&D, contre 9,6 millions de dollars de dépenses au troisième trimestre 2023, en raison de la clôture des essais cliniques et de l'arrêt de Synpheny-3. Les dépenses générales et administratives ont diminué à 1,2 million de dollars, contre 3,4 millions l'année précédente. L'entreprise a rapporté une perte nette de 0,1 million de dollars (0,01 dollar par action), améliorée par rapport à une perte de 12,1 millions de dollars (2,57 dollars par action) au troisième trimestre 2023. La société a retenu Lucid Capital Markets pour explorer des alternatives stratégiques.
Synlogic (NASDAQ: SYBX) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht. Das Unternehmen schloss das Quartal mit 19,4 Millionen Dollar an Bargeld und liquiden Mitteln. Es wurden keine Einnahmen gemeldet, im Vergleich zu 0,4 Millionen Dollar im dritten Quartal 2023. Es gab einen Vorteil von 0,7 Millionen Dollar bei den F&E-Ausgaben, verglichen mit 9,6 Millionen Dollar Ausgaben im dritten Quartal 2023, hauptsächlich aufgrund der Schließung klinischer Studien und der Einstellung von Synpheny-3. Die allgemeinen und Verwaltungsausgaben sanken auf 1,2 Millionen Dollar von 3,4 Millionen im Vorjahresvergleich. Das Unternehmen meldete einen Nettoverlust von 0,1 Millionen Dollar (0,01 Dollar pro Aktie), eine Verbesserung gegenüber einem Verlust von 12,1 Millionen Dollar (2,57 Dollar pro Aktie) im dritten Quartal 2023. Das Unternehmen hat Lucid Capital Markets beauftragt, strategische Alternativen zu prüfen.
- Significant reduction in net loss to $0.1 million from $12.1 million YoY
- Decreased G&A expenses by 65% to $1.2 million
- Benefit of $0.7 million in R&D expenses due to trial closeouts
- No revenue generation in Q3 2024 compared to $0.4M in Q3 2023
- Discontinued Synpheny-3 pivotal study leading to restructuring charges
- Workforce reduction and restructuring costs of $0.3 million
- Strategic review indicates potential financial/operational challenges
Insights
The Q3 2024 financial results reveal a concerning picture despite the superficially improved net loss. The company's
WINCHESTER, Mass., Nov. 12, 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 third quarter 2024 and provided a corporate update.
As previously announced, 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 Synlogic Board of Directors 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.
Third Quarter 2024 Financial Results
As of September 30, 2024 Synlogic had cash and cash equivalents of
There was no revenue for the three months ended September 30, 2024, compared to
There was a benefit of
General and administrative expenses for the three months ended September 30, 2024 were
There were restructuring charges of
For the three months ended September 30, 2024, Synlogic reported a consolidated net loss 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; and the availability of suitable third parties with which to conduct contemplated strategic transactions; 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 September 30 | For the Nine Months Ended September 30 | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | — | $ | 393 | $ | 8 | $ | 602 | ||||||||
| Operating expenses | ||||||||||||||||
| Research and development | (713 | ) | 9,616 | 9,164 | 33,831 | |||||||||||
| General and administrative | 1,165 | 3,400 | 5,228 | 11,291 | ||||||||||||
| Restructuring and other charges | 296 | — | 24,790 | — | ||||||||||||
| Total operating expenses | 748 | 13,016 | 39,182 | 45,122 | ||||||||||||
| Loss from operations | (748 | ) | (12,623 | ) | (39,174 | ) | (44,520 | ) | ||||||||
| Total other income, net | 631 | 548 | 16,534 | 1,784 | ||||||||||||
| Loss before income taxes | (117 | ) | (12,075 | ) | (22,640 | ) | (42,736 | ) | ||||||||
| Income tax expense | — | (3 | ) | (5 | ) | (12 | ) | |||||||||
| Net loss | $ | (117 | ) | $ | (12,078 | ) | $ | (22,645 | ) | $ | (42,748 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.01 | ) | $ | (2.57 | ) | $ | (1.86 | ) | $ | (9.17 | ) | ||||
| Weighted-average common shares used in computing net loss per share - basic and diluted | 12,223,922 | 4,699,847 | 12,186,830 | 4,662,444 | ||||||||||||
| Synlogic, Inc. Condensed Consolidated Balance Sheets (unaudited) | ||||||||
| (in thousands, except share data) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Cash, cash equivalents & marketable securities | $ | 19,389 | $ | 47,746 | ||||
| Property and equipment, net | — | 5,603 | ||||||
| Other assets | 1,366 | 22,201 | ||||||
| Total assets | $ | 20,755 | $ | 75,550 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | $ | 7,647 | $ | 30,288 | ||||
| Long-term liabilities | — | 12,491 | ||||||
| Total liabilities | 7,647 | 42,779 | ||||||
| Total stockholders' equity | 13,108 | 32,771 | ||||||
| Total liabilities and stockholders' equity | $ | 20,755 | $ | 75,550 | ||||
| Common stock and common stock equivalents | ||||||||
| Common stock | 11,696,109 | 9,186,157 | ||||||
| Common stock warrants (pre-funded) | 722,183 | 2,973,183 | ||||||
| Total common stock | 12,418,292 | 12,159,340 | ||||||
Certain prior period amounts have been revised to correct for an immaterial error impacting previously issued financial statements, which are more fully described in our Quarterly Report on Form 10-Q for the period ended September 30, 2024.
FAQ
What was Synlogic's (SYBX) net loss per share in Q3 2024?
How much cash does Synlogic (SYBX) have as of September 30, 2024?
Why did Synlogic (SYBX) report an R&D benefit in Q3 2024?
What strategic alternatives is Synlogic (SYBX) exploring?
