Synlogic Reports Second Quarter 2024 Financial Results
2024年8月8日 - 8:00PM
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 $20.0 million.
There was no revenue for the three months ended
June 30, 2024, compared to $35 thousand for the corresponding
period in 2023. Revenue for the three months ended June 30, 2023
was associated with the prior research collaboration with
Roche.
Research and development expenses were $2.2 million
for the three months ended June 30, 2024, compared to $11.8 million
for the corresponding period in 2023.
General and administrative expenses for the three
months ended June 30, 2024 were $1.2 million compared to $3.9
million for the corresponding period in 2023.
There was a gain on restructuring charges of $3.8
million for the three months ended June 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 gain
was primarily due to the lease termination and the sale of property
and equipment, offset by severance expense relating to the
reduction in workforce, and accelerated stock compensation
expense.
For the three months ended June 30, 2024 Synlogic
reported a consolidated net income of $2.0 million, or $0.16 per
share, due to the gain on restructuring for the lease termination,
compared to a consolidated net loss of $(15.0) million, or $(3.21)
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; 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 |
|
|
Synlogic (NASDAQ:SYBX)
過去 株価チャート
から 11 2024 まで 12 2024
Synlogic (NASDAQ:SYBX)
過去 株価チャート
から 12 2023 まで 12 2024