Synlogic Reports Third Quarter 2024 Financial Results
SYBX 11.12.2024
About Gravity Analytica
As previously announced, the Company retained
Third Quarter 2024 Financial Results
As of
There was no revenue for the three months ended
There was a benefit of
General and administrative expenses for the three months ended
There were restructuring charges of
For the three months ended
About
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; and the availability of suitable third parties with which to conduct contemplated strategic transactions; 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.
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Contact:info@synlogictx.com
| (in thousands, except share and per share data) | For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | — | $ | 393 | $ | 8 | $ | 602 | ||||||||
| Operating expenses | ||||||||||||||||
| Research and development | (713 | ) | 9,616 | 9,164 | 33,831 | |||||||||||
| General and administrative | 1,165 | 3,400 | 5,228 | 11,291 | ||||||||||||
| Restructuring and other charges | 296 | — | 24,790 | — | ||||||||||||
| Total operating expenses | 748 | 13,016 | 39,182 | 45,122 | ||||||||||||
| Loss from operations | (748 | ) | (12,623 | ) | (39,174 | ) | (44,520 | ) | ||||||||
| Total other income, net | 631 | 548 | 16,534 | 1,784 | ||||||||||||
| Loss before income taxes | (117 | ) | (12,075 | ) | (22,640 | ) | (42,736 | ) | ||||||||
| Income tax expense | — | (3 | ) | (5 | ) | (12 | ) | |||||||||
| Net loss | $ | (117 | ) | $ | (12,078 | ) | $ | (22,645 | ) | $ | (42,748 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.01 | ) | $ | (2.57 | ) | $ | (1.86 | ) | $ | (9.17 | ) | ||||
| Weighted-average common shares used in computing net loss per share - basic and diluted | 12,223,922 | 4,699,847 | 12,186,830 | 4,662,444 | ||||||||||||
| (in thousands, except share data) | ||||||||
| Assets | ||||||||
| Cash, cash equivalents & marketable securities | $ | 19,389 | $ | 47,746 | ||||
| Property and equipment, net | — | 5,603 | ||||||
| Other assets | 1,366 | 22,201 | ||||||
| Total assets | $ | 20,755 | $ | 75,550 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | $ | 7,647 | $ | 30,288 | ||||
| Long-term liabilities | — | 12,491 | ||||||
| Total liabilities | 7,647 | 42,779 | ||||||
| Total stockholders' equity | 13,108 | 32,771 | ||||||
| Total liabilities and stockholders' equity | $ | 20,755 | $ | 75,550 | ||||
| Common stock and common stock equivalents | ||||||||
| Common stock | 11,696,109 | 9,186,157 | ||||||
| Common stock warrants (pre-funded) | 722,183 | 2,973,183 | ||||||
| Total common stock | 12,418,292 | 12,159,340 | ||||||
Certain prior period amounts have been revised to correct for an immaterial error impacting previously issued financial statements, which are more fully described in our Quarterly Report on Form 10-Q for the period ended
Source: Synlogic, Inc.