Synlogic, Inc. (SYBX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el reino de vanguardia de la biología sintética, Synlogic, Inc. (SYBX) emerge como un pionero revolucionario de biotecnología, transformando el panorama de las terapias basadas en microbiomas a través de ingeniosas soluciones bacterianas de ingeniería. Al elaborar meticulosamente los microbios programables diseñados para abordar trastornos metabólicos raros y desafíos médicos complejos, la compañía está a la vanguardia de un enfoque innovador que podría redefinir la medicina de precisión. Su innovador lienzo de modelo de negocio revela un marco estratégico que entrelaza la investigación científica avanzada, las asociaciones colaborativas y el potencial terapéutico transformador, prometiendo desbloquear intervenciones médicas sin precedentes que podrían mejorar dramáticamente los resultados de los pacientes.

Synlogic, Inc. (SYBX) - Modelo de negocio: asociaciones clave

Colaboraciones con instituciones de investigación académica

Synlogic ha establecido colaboraciones de investigación estratégica con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Año de colaboración
MIT	Desarrollo de la plataforma de biología sintética	2014
Universidad de Harvard	Investigación terapéutica de microbioma	2016

Asociaciones estratégicas con compañías farmacéuticas

Synlogic ha formado asociaciones farmacéuticas clave:

• Abbvie Inc. - Colaboración para el desarrollo terapéutico de la enfermedad inflamatoria intestinal
• Ginkgo Bioworks - Partnship estratégica para plataformas de biología sintética

Pareja	Valor de asociación	Pago inicial por adelantado
Abbvie Inc.	Pagos potenciales de hitos potenciales de $ 125 millones	$ 30 millones
Ginkgo Bioworks	Acuerdo de colaboración de $ 80 millones	$ 10 millones

Acuerdos de licencia para plataformas de biología sintética

Synlogic ha asegurado acuerdos de licencia con:

• Centro Médico Southwestern de la Universidad de Texas
• Hospital de Niños de Boston

Alianzas de investigación y desarrollo en Microbiome Therapeutics

Detalles actuales de la alianza de I + D:

Socio de la alianza	Área de investigación	Duración del contrato
Instituto del Cáncer Dana-Farber	Terapéutica de microbioma de oncología	3 años
Hospital de Brigham and Women	Investigación de enfermedades metabólicas	4 años

Synlogic, Inc. (SYBX) - Modelo de negocio: actividades clave

Desarrollo de microbios de ingeniería para aplicaciones terapéuticas

Synlogic se enfoca en crear medicamentos bióticos sintéticos Uso de microbios de ingeniería. A partir de 2024, la compañía ha desarrollado múltiples candidatos terapéuticos dirigidos a trastornos metabólicos e inmunológicos específicos.

Plataforma de microbios diseñada	Enfoque terapéutico	Etapa de desarrollo
Synb1618	Fenilcetonuria (PKU)	Ensayos clínicos de fase 2
Synb1935	Trastorno del ciclo de urea	Desarrollo preclínico

Realización de investigaciones preclínicas y clínicas

La compañía invierte significativamente en actividades de investigación y desarrollo.

• Gastos de I + D para 2023: $ 54.3 millones
• Programas preclínicos totales: 3-4 candidatos terapéuticos activos
• Inversiones de ensayos clínicos centrados en enfermedades metabólicas raras

Avance de plataformas de tecnología de biología sintética

Synlogic utiliza técnicas avanzadas de biología sintética para diseñar microbios terapéuticos.

Plataforma tecnológica	Capacidades clave	Características únicas
Plataforma inteligente (biótica sintética)	Diseño terapéutico programable	Ingeniería metabólica de precisión

Diseño de soluciones terapéuticas programables

La compañía se enfoca en crear intervenciones terapéuticas dirigidas utilizando microbios de ingeniería.

• Portafolio de patentes: más de 35 patentes emitidas
• Acuerdos de colaboración con socios farmacéuticos
• Centrado en desarrollar medicamentos de precisión para afecciones metabólicas raras

Synlogic, Inc. (SYBX) - Modelo de negocio: recursos clave

Tecnología de biología sintética patentada

El recurso tecnológico clave de Synlogic es su Plataforma sinb, se centró en la terapéutica de biología sintética diseñada.

Plataforma tecnológica	Capacidades específicas
Plataforma sinb	Medicamentos bióticos sintéticos con ingeniería de precisión
Enfoque de ingeniería genética	Modificación de la vía metabólica en microbios

Cartera de propiedades intelectuales

Al 31 de diciembre de 2023, la propiedad intelectual de Synlogic incluye:

• 25 patentes emitidas en los Estados Unidos
• 14 solicitudes de patentes pendientes
• Aproximadamente 60 solicitudes de patentes internacionales

Equipo de investigación científica especializada

Categoría de personal de investigación	Número de empleados
Investigación total & Personal de desarrollo	47 empleados
Investigadores a nivel de doctorado	22 investigadores

Instalaciones avanzadas de investigación de biotecnología

Infraestructura de investigación ubicada en Cambridge, Massachusetts, con:

• Aproximadamente 35,000 pies cuadrados de espacio de laboratorio
• Equipo de ingeniería genética avanzada
• Laboratorios de cultivo microbiano especializados

Gastos totales de investigación y desarrollo para 2023: $ 39.4 millones

Synlogic, Inc. (SYBX) - Modelo de negocio: propuestas de valor

Enfoques terapéuticos innovadores basados ​​en microbiomas

Synlogic se centra en el desarrollo de medicamentos bióticos sintéticos utilizando microbios de ingeniería. A partir del cuarto trimestre de 2023, la compañía tiene:

• 2 candidatos terapéuticos en etapa clínica
• Tubería dirigida a trastornos metabólicos raros
• Colaboración de investigación con Ginkgo Bioworks

Área terapéutica	Etapa de desarrollo	Indicación objetivo
Synb1618	Fase 1/2	Fenilcetonuria (PKU)
Synb1934	Preclínico	Trastorno del ciclo de urea

Terapéutica bacteriana diseñada con precisión

La plataforma de biología sintética patentada de Synlogic habilita:

• Modificación genética precisa de bacterias
• Intervenciones metabólicas dirigidas
• Capacidades de diseño terapéutico avanzado

Tratamientos potenciales para trastornos metabólicos raros

Métricas financieras relacionadas con el enfoque de enfermedades raras:

Métrico	Valor
Gastos de I + D (2023)	$ 45.2 millones
Posición de efectivo (cuarto trimestre 2023)	$ 86.3 millones

Nuevas soluciones para afecciones médicas complejas

Capacidades tecnológicas clave:

• Plataforma Synb para intervenciones de enfermedades metabólicas
• Enfoque terapéutico probiótico diseñado
• Potencial para tratamientos de microbioma personalizados

Synlogic, Inc. (SYBX) - Modelo comercial: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

Synlogic mantiene las relaciones directas de los clientes a través de interacciones científicas específicas:

Categoría de compromiso	Número de interacciones en 2023
Consultas de investigación directa	87
Reuniones de asesoramiento científico uno a uno	42
Comunicación de investigación personalizada	136

Asociaciones de investigación colaborativa

Métricas de asociación clave para 2023:

• Colaboraciones de investigación activa totales: 9
• Asociaciones institucionales académicas: 5
• Colaboraciones de la compañía farmacéutica: 4
• Inversión total de asociación de investigación: $ 3.2 millones

Conferencia científica y participación del simposio

Tipo de conferencia	Número de conferencias	Presentaciones entregadas
Conferencias internacionales	6	12
Simposios especializados	4	8

Comunicación transparente del progreso de la investigación

Canales de comunicación y frecuencia:

• Actualizaciones de investigación trimestrales: 4
• Informe anual de investigación integral: 1
• Plataformas de comunicación digital: 3
• Comunicaciones de relaciones con los inversores: 24

Synlogic, Inc. (SYBX) - Modelo de negocio: canales

Comunicaciones científicas directas

Synlogic utiliza canales de comunicación científica específicas con las siguientes características:

Canal de comunicación	Alcance estimado	Frecuencia
Alcance directo del investigador	127 instituciones de investigación especializadas	Trimestral
Interacciones de la Junta Asesora Científica	18 líderes de opinión clave	By-anualmente

Conferencias de la industria de la biotecnología

La estrategia de participación de la conferencia incluye:

• Sociedad Americana de Gene & Reunión anual de terapia celular
• Conferencia Mundial de Medicina de Precisión
• Conferencia de movimiento de microbioma

Publicaciones científicas revisadas por pares

Métricas de publicación para 2023:

Tipo de publicación	Número de publicaciones	Impacto de citas
Artículos de investigación originales	7	42 citas promedio
Documentos de revisión	3	29 citas promedio

Plataformas de relaciones con los inversores

Canales de comunicación de inversores:

• Llamadas de ganancias trimestrales
• Reuniones anuales de accionistas
• SEC presentando comunicaciones
• Sebinarios web de presentación de inversores

Redes de comunicación científica digital

Métricas de compromiso digital:

Plataforma digital	Seguidor/recuento de conexión	Tasa de compromiso
LinkedIn	4.237 conexiones profesionales	3.2%
Investigador	892 miembros de la red científica	2.7%

Synlogic, Inc. (SYBX) - Modelo de negocio: segmentos de clientes

Investigadores de tratamiento de enfermedades raras

A partir del cuarto trimestre de 2023, Synlogic identificó 135 grupos activos de investigación de enfermedades raras como segmentos potenciales de clientes. La financiación de la investigación total en la terapéutica de enfermedades raras alcanzó los $ 3.2 mil millones en 2023.

Categoría de investigación	Número de investigadores	Valor de mercado potencial
Trastornos metabólicos raros	47	$ 892 millones
Enfermedades raras genéticas	63	$ 1.4 mil millones
Condiciones neurológicas raras	25	$ 678 millones

Compañías farmacéuticas

Synlogic se dirige a 28 compañías farmacéuticas con programas de desarrollo terapéutico de enfermedades raras.

• Los 10 principales socios farmacéuticos con presupuestos anuales de investigación de enfermedades raras
• Valor de colaboración potencial estimado en $ 124 millones
• Inversión de investigación promedio por compañía farmacéutica: $ 12.4 millones

Instituciones de investigación académica

En 2023, Synlogic se dedicó a 76 instituciones de investigación académica a nivel mundial.

Región geográfica	Número de instituciones	Financiación de la investigación
América del norte	42	$ 567 millones
Europa	22	$ 345 millones
Asia-Pacífico	12	$ 189 millones

Centros de tratamiento médico especializados

Synlogic identificó 93 centros de tratamiento médico especializados centrados en enfermedades raras.

• Centros especializados en trastornos metabólicos: 38
• Centros centrados en enfermedades raras genéticas: 55
• Presupuesto de investigación de centro de tratamiento total: $ 456 millones

Inversores de biotecnología

A partir de 2023, Synlogic atrajo a 47 inversores de biotecnología.

Tipo de inversor	Número de inversores	Inversión total
Capital de riesgo	29	$ 213 millones
Capital privado	12	$ 87 millones
Inversores institucionales	6	$ 45 millones

Synlogic, Inc. (SYBX) - Modelo de negocio: estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Synlogic reportó gastos de I + D de $ 45.3 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Cambio año tras año
2022	$ 52.1 millones	-13.2%
2023	$ 45.3 millones	-13.1%

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para Synlogic en 2023 totalizaron aproximadamente $ 32.7 millones, centrados en avanzar en programas terapéuticos.

• Ensayos de fase 1/2 para Synb1618 (programa de fenilcetonuria): $ 12.4 millones
• Ensayos de fase 1/2 para SYNB1934 (enfermedad inflamatoria intestinal): $ 9.6 millones
• Costos de desarrollo preclínico: $ 10.7 millones

Mantenimiento de la propiedad intelectual

Synlogic asignó $ 3.2 millones a protección de propiedad intelectual y mantenimiento de patentes en 2023.

Categoría de IP	Gastos	Número de patentes
Presentación de patentes	$ 1.8 millones	37 patentes activas
Mantenimiento de patentes	$ 1.4 millones	22 patentes mantenidas

Reclutamiento de talento científico

El personal y los gastos de reclutamiento para el talento científico en 2023 fueron de $ 18.5 millones.

• Compensación de personal científico senior: $ 11.2 millones
• Costos de reclutamiento e incorporación: $ 3.6 millones
• Capacitación y desarrollo: $ 3.7 millones

Desarrollo de la plataforma tecnológica

La inversión en el desarrollo de la plataforma de tecnología alcanzó los $ 15.6 millones en 2023.

Área de desarrollo de la plataforma	Gastos
Infraestructura de biología sintética	$ 7.3 millones
Herramientas de biología computacional	$ 5.2 millones
Actualizaciones de equipos de laboratorio	$ 3.1 millones

Synlogic, Inc. (SYBX) - Modelo de negocio: flujos de ingresos

Acuerdos potenciales de licencia terapéutica

A partir del cuarto trimestre de 2023, Synlogic reportó potencial de ingresos por licencias para su plataforma biótica sintética. La estrategia de licencia de la compañía incluye:

• Posibles acuerdos de licencia para SYNB1618 (tratamiento de colitis ulcerosa)
• Posibles acuerdos de licencia para SYNB1934 (inmunoterapia tumoral sólida)

Financiación de la colaboración de investigación

Socio de colaboración	Valor de colaboración	Año
Ginkgo Bioworks	Pago por adelantado de $ 26 millones	2021
Abad	Financiación de colaboración no revelada	2022

Pagos de hitos de desarrollo de medicamentos futuros

Estructura de pago de hito potencial basada en etapas de desarrollo clínico:

• Pagos de hito preclínico: hasta $ 5 millones por programa
• Pagos de hito clínico de fase 1: hasta $ 10 millones por programa
• Pagos de hito clínico de fase 2: hasta $ 25 millones por programa

Ingresos potenciales de asociación farmacéutica

Pareja	Rango de ingresos potenciales	Enfoque del programa
Abad	Hasta $ 500 millones en posibles pagos de hitos	Enfermedad inflamatoria intestinal
Ginkgo Bioworks	Hasta $ 200 millones en posibles pagos de hitos	Desarrollo de plataforma biótica sintética

Tubera de ingresos potenciales totales: aproximadamente $ 725 millones en asociaciones identificadas y logros potenciales de hitos

Synlogic, Inc. (SYBX) - Canvas Business Model: Value Propositions

For Acquirers: A public listing vehicle (shell) for a reverse merger

The primary value proposition for a potential acquirer centers on the existing Nasdaq listing status, despite operational wind-down. On November 21, 2025, Synlogic, Inc. received a notice from Nasdaq stating the Staff's belief that the company operates as a 'public shell.' This designation is based on the lack of revenue-generating assets and a substantial reduction in operations since February 2024. The financial data supporting this view includes zero revenue reported for the nine months ended 2025. Furthermore, Research and Development (R\&D) expenses for that same nine-month period totaled only $\text{\$16,000}$.

Synlogic, Inc. is actively contesting the Staff's view and intends to request a hearing, which automatically stays any suspension or delisting action. The value proposition is therefore the ability to acquire this public listing vehicle, subject to the outcome of the hearing process.

Key Metrics Supporting Shell Value Proposition (Late 2025):

Metric	Value/Status
Nasdaq Public Shell Notice Date	November 21, 2025
Revenue (Nine Months Ended 2025)	$\text{0}$
R\&D Expenses (Nine Months Ended 2025)	$\text{\$16,000}$
Status of Listing	Subject to Hearings Panel Review

For Partners: A validated, GI-restricted Synthetic Biotic platform for new targets

The value for potential partners rests in the proprietary Synthetic Biotic platform, which applies precision genetic engineering to well-characterized probiotics to create GI-restricted, oral medicines. This technology is designed to consume or modify disease-specific metabolites. The platform has demonstrated utility in treating inborn errors of metabolism, with specific targets including Phenylketonuria (PKU) and Homocystinuria (HCU). The platform's capability extends to other areas, such as the development of a Synthetic Biotic for gout (SYNB2081), which was the second drug candidate developed through the Ginkgo Bioworks partnership.

Evidence of platform validation and partnership success includes:

• Collaboration with Roche focused on Inflammatory Bowel Disease (IBD) initiated in June 2021.
• Achievement of the third pre-specified research milestone under the Roche agreement, earning a payment of $\text{\$2.5 million}$ as of November 7, 2023.
• A platform collaboration with Ginkgo Bioworks, which included an $\text{\$80.0 million}$ equity investment at a premium in Synlogic, Inc.

For Shareholders: Maximizing value from the strategic review and remaining cash

Shareholders are offered value through the remaining balance sheet strength and the active pursuit of a transaction to maximize equity value. As of June 2025, Synlogic, Inc. held $\text{\$17m}$ in cash and was debt-free. Based on the cash burn over the preceding year, this translated to an estimated cash runway of $\text{5.3}$ years from that date. This cash position, despite the operational wind-down, provides a significant buffer while the Board evaluates strategic alternatives.

The Board retained Lucid Capital Markets, LLC to explore and evaluate strategic options, which may include:

• An acquisition.
• A merger or business combination.
• Sales of assets.
• Other strategic transactions.

The cash position as of the latest reported data point in 2025 provides a concrete floor for valuation discussions during the strategic review process. Here's the quick math: $\text{\$17m}$ in cash (June 2025) against a prior year burn of $\text{\$3.2m}$ suggests a strong liquidity position relative to the reduced operating rate.

Financial Metric	Date/Period	Amount
Cash and Equivalents	June 2025	$\text{\$17m}$
Debt	June 2025	$\text{Debt-free}$
Cash Burn (Last Twelve Months)	Prior to June 2025	$\text{\$3.2m}$
Estimated Cash Runway	From June 2025	$\text{5.3}$ years
Cash and Cash Equivalents	September 30, 2024	$\text{\$19.4 million}$

Synlogic, Inc. (SYBX) - Canvas Business Model: Customer Relationships

You're navigating a critical juncture at Synlogic, Inc. (SYBX), where customer relationships are less about product sales and more about securing the company's future through high-level strategic engagement and mandatory regulatory dialogue. The focus shifts entirely to sophisticated stakeholders-potential acquirers, financial partners, and the exchange itself.

High-touch engagement with potential strategic partners and acquirers

Engagement here is defined by the ongoing strategic review process initiated after the decision to discontinue the Synpheny-3 trial in February 2024, which included a 90% workforce reduction. The primary relationship is with the financial advisor, Lucid Capital Markets, LLC, retained as of November 12, 2024, to explore alternatives like acquisition or merger. This high-touch approach is supported by the financial flexibility provided by the $150 million mixed shelf filing announced on August 8, 2025. The goal is to leverage the synthetic biology platform against the backdrop of a biotech M&A surge, which saw activity increase by 35% in 2024.

The historical relationship with Roche, which yielded a $2.5 million milestone payment in November 2023 for IBD research, serves as a concrete example of the platform's value proposition to potential partners, even as the company pivots.

Here's a quick look at the financial context framing these discussions as of late 2025:

Metric	Value as of Late 2025 Data Point	Date/Period
Cash Reserves (Pre-Strategic Review)	$47.7 million	December 2023
Maximum Securities Registered (Shelf)	$150 million	August 2025
Trailing Twelve Month Revenue	$8K	September 30, 2025
Roche Collaboration Milestone Payment	$2.5 million	November 2023

If onboarding potential partners takes longer than anticipated, cash depletion remains a defintely near-term risk.

Formal communications with The Nasdaq Stock Market LLC regarding listing

The relationship with The Nasdaq Stock Market LLC has become acutely formal and defensive. On November 21, 2025, Synlogic, Inc. received a Notice stating the staff believed the company was a 'public shell,' making continued listing unwarranted. This assessment was based on several key operational and financial facts:

• Lack of revenue-generating assets.
• Substantial reduction in employees and operations since February 2024.
• Quarterly filings showing no revenue for the nine months ended 2025.
• Research and development expenses of only $16,000 for the nine months ended 2025.

Synlogic, Inc. formally disagreed with this assessment and intended to request a hearing before a Nasdaq Hearings Panel, which automatically stays any suspension or delisting action pending the outcome. The company's current market capitalization was $19.54M as of November 26, 2025, underscoring the high stakes of maintaining the listing.

Investor relations focused on strategic process updates

Investor relations communications are tightly managed around the strategic process and recent financial performance, given the existential nature of the Nasdaq situation. The last reported quarterly results were for Q3 2025, released on November 13, 2025. The narrative for investors centers on the narrowing losses despite the lack of commercial revenue.

The key financial data points communicated to investors regarding the 2025 performance through Q3 are:

• Cumulative Net Loss for first three quarters of 2025: $2.51 million.
• Year-over-year Net Loss narrowing: 88.90% (compared to $ -22.65 million YoY).
• Earnings Per Share (EPS) for first three quarters of 2025: $ -0.2.
• Trailing Twelve Month (TTM) EPS: -$0.09.
• Average Trading Volume: 29,081.

The company's stock symbol remains SYBX on the Nasdaq exchange, with a stock price of $1.650 USD reported on November 27, 2025, down 1.20% that day.

Finance: draft 13-week cash view by Friday.

Synlogic, Inc. (SYBX) - Canvas Business Model: Channels

Investment banking and M&A advisory networks

The common stock share price as of November 28, 2025, was $1.46 / share. Insider trading activity was reported on 10/31/2025.

Metric	Value
Share Price (Nov 28, 2025)	$1.46
Institutional Owners/Shareholders	38
Total Shares Held by Institutions	6,738,272

Licensing and business development channels for asset sales

Synlogic, Inc. maintains a collaboration agreement with F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. A milestone payment of $2.5 million was earned from the Roche collaboration. An approximate $1 million subcontract was entered into under an Air Force Research Laboratory (AFRL) prime contract.

Pipeline assets channeled through development/partnering:

• SYNB1934: Phase III clinical trial.
• SYNB8802: Phase II clinical trial.
• SYNB1353: Phase I clinical trial.

Public filings (10-Q, 8-K) and press releases for shareholder updates

The Q3 2025 Quarterly Report (10-Q) was dated November 13, 2025. The Proxy (DEF 14A) and Annual Report (ARS) were dated November 12, 2025. The Q2 2025 Earnings Report was released on August 14, 2025.

Historical revenue data shows the annual revenue for 2024 was $8.00K, representing a -99.76% change.

Shareholder update cadence includes:

• Q3 2025 Financial Results: November 12, 2025.
• Q2 2025 Financial Results: August 8, 2024.
• Q1 2025 Financial Results: May 14, 2024.

Synlogic, Inc. (SYBX) - Canvas Business Model: Customer Segments

You're looking at Synlogic, Inc. (SYBX) in late 2025, post-pivotal trial discontinuation, where the primary customer segments are defined by the ongoing strategic review aimed at maximizing stockholder value. Here's the quick math on the financial backdrop influencing these groups.

Private companies seeking a public listing via reverse merger

This segment represents potential acquisition targets or partners for a business combination, where Synlogic, Inc.'s public listing status (Nasdaq: SYBX) becomes the asset. The company's cash position and the flexibility provided by its recent financing activity are key considerations for these counterparties.

• The Board of Directors is evaluating strategic alternatives, including a reverse merger, as of the Q3 2025 update.
• The company registered up to $150 million in securities via a mixed shelf filing announced on August 8, 2025, to fund potential acquisitions or other initiatives.
• Net Cash Used in Operating Activities for the nine months ended September 30, 2025, was -$3,436,000.

Large pharmaceutical/biotech companies for platform licensing (e.g., Roche)

This group consists of established players interested in Synlogic, Inc.'s Synthetic Biotic platform technology for their own pipeline development, often structured as collaborations or licensing agreements. Past deals provide a benchmark for potential future value capture.

• Synlogic, Inc. earned a $2.5 million milestone payment under the research collaboration agreement with Roche for IBD in 2023.
• Revenue for the three months ended September 30, 2024, was associated with the prior research collaboration with Roche, compared to $0.4 million for the corresponding period in 2023.
• The platform is designed to engineer beneficial probiotic bacteria to treat metabolic and inflammatory diseases and cancer.

Existing shareholders awaiting the outcome of the strategic review

These are the current owners of Synlogic, Inc. stock, whose value realization is entirely dependent on the successful execution of the strategic alternatives being explored, which could be an acquisition, merger, or asset sale. Their immediate focus is on the financial runway and the management's ability to secure a favorable transaction following the discontinuation of the Synpheny-3 trial in February 2024.

The financial performance leading up to the late 2025 reporting period frames the urgency of this segment's interest in a resolution.

Financial Metric (Cumulative Nine Months Ended Sep 30, 2025)	Amount (USD)	Comparison Period (Nine Months Ended Sep 30, 2024)
Net Loss	-$2,513,000	-$22,645,000
Net Cash Used in Operating Activities	-$3,436,000	-$31,090,000
Net Cash Provided by Investing Activities	$167,000	$25,309,000

The quarterly performance shows a significant narrowing of losses, which is a positive data point for this segment. For the three months ended September 30, 2025, the Net Loss was -$2,301,000, compared to -$117,000 for the same period in 2024. The Earnings Per Share (EPS) for the three months ended September 30, 2025, was -$0.19. Still, the exploration of strategic alternatives does not guarantee any transaction will be completed. Finance: draft 13-week cash view by Friday.

Synlogic, Inc. (SYBX) - Canvas Business Model: Cost Structure

When looking at the cost structure for Synlogic, Inc. (SYBX) as of late 2025, the picture is one of a company significantly streamlining its operational burn, which is typical after a major strategic pivot or pipeline reassessment. You're looking at a cost base heavily influenced by administrative overhead and one-time charges, rather than heavy, ongoing R&D investment, at least for the nine-month period ending September 30, 2025.

The most significant component driving the operating expense base for the first nine months of fiscal year 2025 was General and Administrative (G&A) expenses. For the 9M 2025 period, G&A totaled $2,454,000. This figure is notably lower than the 9M 2024 G&A of $5,228,000, suggesting successful cost-cutting measures in non-research functions following the strategic review announced in late 2024.

To give you a clearer view of the operating expense profile for the nine months ended September 30, 2025, here is how the key expense categories stack up:

Expense Category	Amount (9M 2025)	Comparison Point (9M 2024)
General and Administrative (G&A)	$2,454,000	$5,228,000
Research and Development (R&D)	$16,000	$9,164,000
Restructuring and Other Charges	$196,000	$24,790,000

Honestly, the R&D spend for the nine months ending September 30, 2025, at only $16,000, is minimal, especially when you compare it to the 9M 2024 figure of $9,164,000. This sharp drop reflects the decision to discontinue the Synpheny-3 study and re-evaluate the pipeline. It's a clear signal that the current cost structure is focused on maintaining the core enterprise while exploring strategic alternatives, not on active, large-scale clinical trial execution.

You also need to account for specific, non-recurring or project-based costs that fall within these buckets or are separately tracked. The Restructuring and other charges for 9M 2025 were $196,000, a massive reduction from the $24,790,000 recorded in the prior year period, which was heavily influenced by the February 2024 workforce reduction.

The G&A line item definitely includes costs associated with the ongoing corporate status and the strategic review process. You should expect to see costs related to:

• Legal and professional fees for public company compliance requirements.
• Financial advisory fees related to the strategic review process.
• General corporate overhead, salaries, and administrative functions.
• Severance and related exit costs, though most major restructuring charges appear to be in the prior period.

The shift in the cost structure is dramatic; the company is definitely running lean. Finance: draft 13-week cash view by Friday.

Synlogic, Inc. (SYBX) - Canvas Business Model: Revenue Streams

As a seasoned financial analyst, looking at Synlogic, Inc.'s revenue streams as of late 2025 shows a company entirely in a transitional, non-commercial phase, heavily reliant on existing capital and strategic maneuvers rather than product sales.

Product Revenue

For the nine months ended September 30, 2025, Synlogic, Inc. reported USD 0 in product revenue. This is consistent with a clinical-stage biopharmaceutical company that has discontinued its lead clinical trial (Synpheny-3) and is actively engaged in a strategic review process, meaning there are no approved or marketed products generating sales. This zero figure is the stark reality of the current revenue generation capability from operations.

Potential Future Milestone Payments from Existing Collaborations (e.g., Roche)

Revenue from collaborations is currently dormant or highly uncertain. The research collaboration with F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. for an inflammatory bowel disease (IBD) Synthetic Biotic has seen past success, including a $2.5 million milestone payment earned in the third quarter of 2023. However, given the company's strategic shift and discontinuation of its lead program, future milestone achievement under existing agreements is not a quantifiable near-term revenue stream. The focus is now on realizing value through the strategic review.

• Last reported Roche milestone: $2.5 million (Q3 2023).
• Roche collaboration target: Novel Synthetic Biotic for IBD.
• Company focus: Pursuing potential mergers, sales, collaborations, partnerships, and licensing opportunities.

Interest Income from Cash and Marketable Securities Holdings

Since product sales are absent, income from the balance sheet becomes a critical, albeit small, component. While a precise interest income number for the period isn't isolated, the cash flow statement provides insight into investment activity. For the nine months ended September 30, 2025, Synlogic, Inc. reported Net Cash Provided by Investing Activities of $167,000. This figure reflects the net result of investing activities, which would include interest earned on cash and marketable securities holdings, offset by any capital expenditures, like equipment purchases.

Here's a quick look at the cash flow context for the nine months ended September 30, 2025:

Cash Flow Category	Amount (USD) for Nine Months Ended Sep 30, 2025
Net Cash Used in Operating Activities	-$3,436,000
Net Cash Provided by Investing Activities	$167,000
Net Cash Provided by Financing Activities	$0

This cash burn from operations means the interest income alone won't sustain the business; it's a minor offset to the operating deficit.

Potential One-Time Revenue from Asset Sales or Licensing Agreements

This category represents the most significant potential near-term financial event, though it is not yet realized revenue. Synlogic, Inc. is explicitly evaluating strategic alternatives, including potential asset sales or new licensing deals, to enhance stockholder value. Any definitive agreement reached in late 2025 or early 2026 from this process-such as a licensing fee or upfront payment-would constitute one-time, non-recurring revenue. As of the reporting date, there are no confirmed, realized dollar amounts for such transactions in 2025.

Finance: draft 13-week cash view by Friday.