Synlogic Inc (SYBX) Reports Q3 2023 Financial Results with Extended Cash Runway and Clinical ...
Synlogic Inc (NASDAQ:SYBX) announced an extended cash runway into the first half of 2025 following a $21.0 million public offering and a $2.5 million milestone payment from Roche.
The company's pivotal Synpheny-3 trial in PKU is on track, with enrollment completion expected in 2024 and top-line data anticipated in the first half of 2025.
Financial results show a decrease in net loss to $12.1 million in Q3 2023 from $17.9 million in the same period last year.
Research and development expenses and general and administrative expenses both saw a reduction compared to Q3 2022.
On November 9, 2023, Synlogic Inc (NASDAQ:SYBX), a clinical-stage biotechnology company, released its financial results for the third quarter ending September 30, 2023. The company has made significant strides in its clinical programs and financial positioning, with an underwritten public offering and a milestone payment from its collaboration with Roche, extending its cash runway into the first half of 2025.
Corporate and Clinical Developments
Synlogic's President and CEO, Aoife Brennan, expressed satisfaction with the company's progress, particularly in the Synpheny-3 pivotal study for phenylketonuria (PKU). The company also received Fast Track Designation from the FDA for labafenogene marselecobac (SYNB1934) as a potential PKU treatment. Other highlights include the publication and presentation of Synpheny-1 Phase 2 study results, the granting of a US Patent extending exclusivity for SYNB1934 to 2041, and the earning of a $2.5 million milestone payment from Roche for a novel Synthetic Biotic for inflammatory bowel disease (IBD).
Financial Performance
Synlogic reported a net loss of $12.1 million, or $2.57 per share, for Q3 2023, which is an improvement from a net loss of $17.9 million, or $3.73 per share, in the same period the previous year. Research and development expenses decreased to $9.6 million from $14.6 million, and general and administrative expenses were down to $3.4 million from $4.4 million in Q3 2022. Revenue for the quarter was $0.4 million, primarily associated with the ongoing Roche collaboration, compared to $0.7 million in the corresponding period in 2022.
Financial Outlook
With the current operating plan, inclusive of the net cash proceeds from the October financing and milestone payment from Roche, Synlogic expects to have sufficient cash to fund operations into the first half of 2025.
Investor Conference Participation
Synlogic leadership will participate in The H.C. Wainwright Global Investment Conference, with both investor meetings and a company presentation planned. Interested parties can access a live webcast of the presentation on the Synlogic website, with an archived version available afterwards.
Balance Sheet and Income Statement Details
As of September 30, 2023, Synlogic's assets totaled $66.3 million, with cash, cash equivalents, and short-term investments accounting for $33.4 million. The company's total liabilities stood at $22.9 million, with stockholders' equity at $43.4 million. The condensed consolidated statements of operations and balance sheets provide a detailed view of the company's financial position and performance over the quarter.
Synlogic Inc (NASDAQ:SYBX) continues to advance its clinical programs and maintain a strong financial position, offering potential value for investors interested in novel biotherapeutic developments. For more detailed information and updates, visit Synlogic's website or follow the company on social media.
Explore the complete 8-K earnings release (here) from Synlogic Inc for further details.
This article first appeared on GuruFocus.
