SYNLOGIC, INC. (SYBX): restructuring charge — Synlogic: SYNB1353 achieves proof of mechanism in HCU; cuts workforce 25%

SYNLOGIC, INC.

SYNB1353 reduced plasma methionine AUC by -24.8% and -26.2% at 1x10^12 dose vs placebo -2.1% in Phase 1.
FDA granted Orphan Drug Designation to SYNB1353 for homocystinuria, offering market exclusivity potential.
Workforce reduced by ~25% to extend cash runway into H2 2024; severance costs estimated at $0.8M.
Proof-of-concept data for SYNB8802 in enteric hyperoxaluria expected in Q4 2022.
Phase 3 pivotal study of SYNB1934 for PKU on track to initiate in H1 2023.

Key facts

Extracted from this filing and checked against the source text.

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

SYNLOGIC, INC. announced a restructuring with charges of approximately $0.8 million (approximately 25% of its workforce).

Type: restructuring
Charge: approximately $0.8 million
Headcount: approximately 25% of its workforce

Exact text from the filing

On November 28, 2022, the board of directors of Synlogic, Inc. (the “Company”), following a strategic review of its business, approved, and its management is implementing, a reduction in workforce, designed to focus resources on advancing the Company’s clinical stage programs and prioritized preclinical research programs. The realignment is estimated to reduce the Company’s workforce by approximately 25%. The Company estimates that it will incur approximately $0.8 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits.

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SYNLOGIC, INC. filing history →

Source: SEC EDGAR

accession 0001193125-22-295406

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