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Synlogic Reports Second Quarter 2020 Financial Results and Provides Business Update

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- Synlogic ends 2Q2020 with $109.1 million in cash, cash equivalents and investments supporting projected runway into 2022 -

- Company continues to advance multiple clinical stage Synthetic Biotic medicines -

- Management to host conference call and webcast at 8:00 am ET today -

CAMBRIDGE, Mass., Aug. 6, 2020 /PRNewswire/ -- Synlogic, Inc. (Nasdaq: SYBX), a clinical stage company bringing the transformative potential of synthetic biology to medicine, today reported financial results for the second quarter ended June 30, 2020, and provided an update on programs and progress.

"Our team at Synlogic continues to achieve our clinical programs and platform milestones, driving the advancement of our portfolio of novel Synthetic Biotic medicines," said Aoife Brennan, M.B. Ch.B., Synlogic's president and chief executive officer. "We are on track to initiate the Phase 2 study of SYNB1618 in Phenylketonuria and the monotherapy arm of our Phase 1 trial of SYNB1891 in solid tumors continues to progress as planned. With the advancement of our pipeline and a cash runway into 2022, we are well positioned to meet our objectives and bring these novel Synthetic Biotic medicines to patients."

"We have rapidly advanced SYNB8802 in Enteric Hyperoxaluria, which leads to dangerously high levels of urinary oxalate and for which patients have few treatment options today," said Richard Riese, M.D., Synlogic's chief medical officer. "We look forward to an IND filing and moving SYNB8802 into the clinic in early 2021."

2020 Priorities & Highlights

  • Initiation of a Phase 2 clinical trial to evaluate SYNB1618 in patients with phenylketonuria (PKU). SYNB1618 is an orally administered Synthetic Biotic medicine being developed as a potential treatment for PKU.

  • Continuation of the monotherapy arm of the Phase 1 clinical study of SYNB1891 in patients with advanced solid tumors or lymphoma. SYNB1891 is currently in Phase 1 clinical development in patients with advanced solid tumors or lymphoma.

  • Advancement of SYNB8802 for the treatment of enteric hyperoxaluria

  • Synlogic regains all rights to develop Synthetic Biotic medicines for all effectors targeting IBD

  • First virtual R&D event

  • Synlogic expands Leadership Team and announces senior management promotions

Second Quarter 2020 Financial Results
As of June 30, 2020, Synlogic had cash, cash equivalents, and short-term investments of $109.1 million.

For the three months ended June 30, 2020, Synlogic reported a consolidated net loss of $15.5 million, or $0.44 per share, compared to a consolidated net loss of $12.3 million, or $0.45 per share, for the corresponding period in 2019.

Research and development expenses were $12.9 million for the three months ended June 30, 2020 compared to $9.7 million for the corresponding period in 2019.

General and administrative expenses for the three months ended June 30, 2020 were $3.5 million compared to $3.7 million for the corresponding period in 2019.

Revenues were $0.4 million for both the three months ended June 30, 2020 and June 30, 2019, respectively. Revenue for both periods was associated with Synlogic's prior collaboration with AbbVie to develop Synthetic Biotic medicines for the treatment of irritable bowel disease.

Financial Outlook
Based upon its current operating plan, Synlogic expects to have a projected cash runway into 2022.

Conference Call & Webcast Information
Synlogic will host a conference call and live webcast today at 8:00 a.m. ET today, Thursday, 6 August 2020. To access the live webcast, please visit the "Event Calendar" page within the Investors and Media section of the Synlogic website.

Alternatively, investors may listen to the call by dialing +1 (844) 815-2882 from locations in the United States or +1 (213) 660-0926 from outside the United States. The conference ID number is 5673797. For those unable to participate in the conference call or webcast, a replay will be available for 30 days on the Investors and Media section of the Synlogic website.

About Synlogic
Synlogic™ is bringing the transformative potential of synthetic biology to medicine. With a premiere synthetic biology platform that leverages a reproducible, modular approach to microbial engineering, Synlogic designs Synthetic Biotic medicines that target validated underlying biology to treat disease in new ways. Synlogic's proprietary pipeline includes Synthetic Biotics for the treatment of metabolic disorders including Phenylketonuria (PKU) and Enteric Hyperoxaluria (HOX). The company is also building a portfolio of partner-able assets in immunology and oncology.

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," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to Synlogic may identify forward-looking statements. Examples of forward-looking statements, include, but are not limited to, statements regarding the potential of Synlogic's platform to develop therapeutics to address a wide range of diseases including: cancer, inborn errors of metabolism, and inflammatory and immune disorders; the future clinical development of Synthetic Biotic medicines; the approach Synlogic is taking to discover and develop novel therapeutics using synthetic biology; the expected timing of Synlogic's clinical trials and availability of clinical trial data; the timing and progress of our Phase 1 clinical trial of SYNB1891 in patients with advanced solid tumors or lymphoma; and the potential benefits of SYNB1891. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including: the uncertainties inherent in the clinical and preclinical development process; the ability of Synlogic to protect its intellectual property rights; and legislative, regulatory, political and economic developments, as well as those risks identified under the heading "Risk Factors" in Synlogic's filings with the SEC. 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.


Synlogic, Inc.






Condensed Consolidated Statements of Operations






(unaudited)





(in thousands,except share and per share data)

For the three months ended


For the six months ended



June 30, 2020


June 30, 2019


June 30, 2020


June 30, 2019










Revenue

$ 445


$ 350


$ 545


$ 688










Operating expenses









Research and development

12,909


9,703


25,586


20,087


General and administrative

3,473


3,742


7,294


7,393

Total operating expenses

16,382


13,445


32,880


27,480

Loss from operations

(15,937)


(13,095)


(32,335)


(26,792)

Other income, net

402


751


972


1,502

Net loss

$ (15,535)


$ (12,344)


$ (31,363)


$ (25,290)










Net loss per share - basic and diluted

$ (0.44)


$ (0.45)


$ (0.91)


$ (0.96)

Weighted-average common shares used in computing
net loss per share - basic and diluted

34,967,761


27,242,514


34,604,738


26,284,262


Synlogic, Inc.


Condensed Consolidated Balance Sheets


(unaudited)

(in thousands, except share data)






June 30, 2020


December 31, 2019

Assets





Cash, cash equivalents, and short and long-term investments

$ 109,136


$ 127,073


Fixed assets

$ 12,055


13,021


Other assets

$ 38,202


48,480

Total assets

$ 159,393


$ 188,574






Liabilities and stockholders' equity





Current liabilities

$ 6,058


$ 8,863


Long-term liabilities

$ 21,663


22,806


Total liabilities

27,721


31,669


Total stockholders' equity

$ 131,672


156,905

Total liabilities and stockholders' equity

$ 159,393


$ 188,574






Common stock and common stock equivalents





Common stock

34,145,111


32,266,814


Common stock warrants (pre-funded)

2,548,117


2,548,117

Total common stock

36,693,228


34,814,931





















Cision
Cision

View original content:http://www.prnewswire.com/news-releases/synlogic-reports-second-quarter-2020-financial-results-and-provides-business-update-301107181.html

SOURCE Synlogic, Inc.