Synlogic Reports Third Quarter 2024 Financial Results
12 November 2024 - 10:35PM
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 $19.4 million.
There was no revenue for the three months ended September 30,
2024, compared to $0.4 million for the corresponding period in
2023. Revenue for the three months ended September 30, 2023 was
associated with the prior research collaboration with Roche.
There was a benefit of $0.7 million related to research and
development expenses for the three months ended September 30, 2024,
compared to expenses of $9.6 million for the corresponding period
in 2023. During the three months ended September 30, 2024, Synlogic
received a refund related to the closeout of one of its clinical
trials and estimates of manufacturing expenses that Synlogic
incurred were revised due to the decision to discontinue
Synpheny-3, resulting in a benefit upon reversal of the
accrual.
General and administrative expenses for the three months ended
September 30, 2024 were $1.2 million compared to $3.4 million for
the corresponding period in 2023.
There were restructuring charges of $0.3 million for the three
months ended September 30, 2024. The restructuring and other
charges were a result of the Company’s decision in February 2024 to
discontinue Synpheny-3, its pivotal study of labafenogene
marselecobac (SYNB1934) in phenylketonuria (PKU) and evaluate
strategic options for the Company. The restructuring charges were
primarily related to severance expense as a result of the reduction
in workforce.
For the three months ended September 30, 2024, Synlogic reported
a consolidated net loss of $(0.1) million, or ($0.01) per share,
compared to a consolidated net loss of $(12.1) million, or $(2.57)
per share, for the corresponding period in 2023.
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
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Synlogic, Inc.Condensed Consolidated
Statements of Operations(unaudited) |
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(in thousands, except share and per share data) |
For the Three Months Ended September 30 |
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For the Nine Months Ended September 30 |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
$ |
— |
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|
$ |
393 |
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$ |
8 |
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$ |
602 |
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Operating expenses |
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Research and development |
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(713 |
) |
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9,616 |
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|
9,164 |
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33,831 |
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General and administrative |
|
1,165 |
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|
3,400 |
|
|
|
5,228 |
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|
|
11,291 |
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Restructuring and other charges |
|
296 |
|
|
|
— |
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24,790 |
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|
|
— |
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Total operating expenses |
|
748 |
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|
|
13,016 |
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|
|
39,182 |
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|
45,122 |
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Loss from operations |
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(748 |
) |
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(12,623 |
) |
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(39,174 |
) |
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(44,520 |
) |
Total other income, net |
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631 |
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|
|
548 |
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|
16,534 |
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|
1,784 |
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Loss before income taxes |
|
(117 |
) |
|
|
(12,075 |
) |
|
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(22,640 |
) |
|
|
(42,736 |
) |
Income tax expense |
|
— |
|
|
|
(3 |
) |
|
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(5 |
) |
|
|
(12 |
) |
Net loss |
$ |
(117 |
) |
|
$ |
(12,078 |
) |
|
$ |
(22,645 |
) |
|
$ |
(42,748 |
) |
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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 |
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4,699,847 |
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12,186,830 |
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4,662,444 |
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Synlogic, Inc.Condensed Consolidated Balance
Sheets(unaudited) |
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(in thousands, except share data) |
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September 30, 2024 |
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December 31, 2023 |
Assets |
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Cash, cash equivalents & marketable securities |
$ |
19,389 |
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$ |
47,746 |
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Property and equipment, net |
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— |
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|
5,603 |
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Other assets |
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1,366 |
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|
22,201 |
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Total assets |
$ |
20,755 |
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$ |
75,550 |
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Liabilities and stockholders' equity |
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Current liabilities |
$ |
7,647 |
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$ |
30,288 |
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Long-term liabilities |
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— |
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|
12,491 |
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Total liabilities |
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7,647 |
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42,779 |
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Total stockholders' equity |
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13,108 |
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|
32,771 |
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Total liabilities and stockholders' equity |
$ |
20,755 |
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$ |
75,550 |
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Common stock and common stock equivalents |
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Common stock |
|
11,696,109 |
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9,186,157 |
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Common stock warrants (pre-funded) |
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722,183 |
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2,973,183 |
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Total common stock |
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12,418,292 |
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12,159,340 |
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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.
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