SYNLOGIC, INC. (SYBX): restructuring charge — Synlogic discontinues PKU study after data review; to cease operations, cut ~90% workforce, evaluate strategic options

SYNLOGIC, INC.

Synpheny-3 study of SYNB1934 for PKU discontinued; internal data review found it unlikely to meet primary endpoint; safety acceptable.
Company will cease operations and explore strategic alternatives including acquisition, merger, reverse merger, sale of assets, or dissolution.
Workforce reduced by ~90%; CEO Aoife Brennan to depart March 9, 2024; estimated $6M in severance costs.
Cash, equivalents, and short-term investments at Dec 31, 2023: $47.7M (unaudited).

item 2.02 item 2.05 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Aoife Brennan

Director

SYBX · SYNLOGIC, INC.

Effective: 2024-03-09
Filed: February 12, 2024, 6:59 PM ET

Dr. Brennan also resigned from the Company’s Board of Directors, effective March 9, 2024.

Departed

Aoife Brennan

President and Chief Executive Officer

SYBX · SYNLOGIC, INC.

Effective: 2024-03-09
Filed: February 12, 2024, 6:59 PM ET

the Company and Aoife Brennan, M.B. Ch.B., the Company’s President and Chief Executive Officer, agreed on February 8, 2024 that Dr. Brennan’s employment with the Company will terminate effective as of March 9, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Aoife Brennan resigned as Director at SYNLOGIC, INC..

Action: resigned
Role: Director

Exact text from the filing

Dr. Brennan also resigned from the Company’s Board of Directors, effective March 9, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Aoife Brennan was terminated as President and Chief Executive Officer at SYNLOGIC, INC..

Action: terminated
Role: President and Chief Executive Officer

Exact text from the filing

the Company and Aoife Brennan, M.B. Ch.B., the Company’s President and Chief Executive Officer, agreed on February 8, 2024 that Dr. Brennan’s employment with the Company will terminate effective as of March 9, 2024.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SYNLOGIC, INC. announced a restructuring with charges of approximately $6 million affecting corporate (approximately 90%).

Type: restructuring
Charge: approximately $6 million
Affected area: corporate
Headcount: approximately 90%

Exact text from the filing

On February 8, 2024, the Company announced that it is implementing a reduction in workforce by approximately 90%. The decision was based on cost-reduction initiatives intended to reduce the Company’s ongoing operating expenses and maximize shareholder value as the Company plans to pursue strategic options. The Company expects to complete substantially all of the reduction in workforce by the end of the fiscal quarter ending March 31, 2024. The Company estimates that it will incur approximately $6 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits.

View on SEC.gov

4 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

SYNLOGIC, INC. filing history →

Source: SEC EDGAR

accession 0000950170-24-013803

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