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Synlogic Inc. (SYBX-0.87%) has released its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's decision to discontinue its Synpheny-3 trial for the lead product candidate, labafenogene marselecobac (SYNB1934), intended for treating phenylketonuria (PKU). The decision was based on an internal review indicating the trial was unlikely to meet its primary endpoint.
Synlogic Inc. reported a net loss of $23.4 million for the fiscal year, a decrease from the $61.3 million loss reported in the previous year. The reduction in loss is attributed to decreased research and development expenses following the discontinuation of the Synpheny-3 trial.
The company is currently evaluating strategic alternatives, including potential mergers or sales, to enhance stockholder value. Synlogic has significantly reduced its workforce as part of these strategic initiatives.
Revenue for the year ended December 31, 2024, was $0.01 million, compared to $3.4 million in the previous year, primarily due to the conclusion of the Roche collaboration.
Research and development expenses decreased to $9.2 million from $44.0 million in the prior year, primarily due to reduced costs associated with the Synpheny-3 trial and other pipeline projects.
General and administrative expenses were $6.6 million, down from $14.6 million in 2023, reflecting lower personnel costs after the workforce reduction.
Synlogic's cash and cash equivalents stood at $18.9 million as of December 31, 2024. The company expects its current cash reserves to be sufficient to fund operations for at least the next 12 months while it explores strategic options.
The report highlights the company's focus on strategic initiatives to potentially maximize shareholder value, emphasizing that there is no assurance of any transaction resulting in enhanced shareholder value.
Synlogic's pipeline, prior to the strategic shift, included candidates for enteric hyperoxaluria, gout, and cystinuria, based on its proprietary Synthetic Biotic platform.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Synlogic Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.