Synlogic, Inc. (SYBX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le royaume de pointe de la biologie synthétique, Synlogic, Inc. (SYBX) émerge comme un pionnier de la biotechnologie révolutionnaire, transformant le paysage de la thérapeutique à base de microbiome à travers des solutions bactériennes ingénieuses. En créant méticuleusement des microbes programmables conçus pour résoudre les troubles métaboliques rares et les défis médicaux complexes, la société est à l'avant-garde d'une approche révolutionnaire qui pourrait redéfinir la médecine de précision. Leur toile de modèle commercial innovante révèle un cadre stratégique qui s'entrelace de recherche scientifique avancée, de partenariats collaboratifs et de potentiel thérapeutique transformateur, promettant de débloquer des interventions médicales sans précédent qui pourraient améliorer considérablement les résultats des patients.

Synlogic, Inc. (SYBX) - Modèle commercial: partenariats clés

Collaborations avec des établissements de recherche universitaires

Synlogic a établi des collaborations de recherche stratégique avec les établissements universitaires suivants:

Institution	Focus de recherche	Année de collaboration
Mit	Développement de la plate-forme de biologie synthétique	2014
Université de Harvard	Recherche thérapeutique du microbiome	2016

Partenariats stratégiques avec les sociétés pharmaceutiques

Synlogic a formé des partenariats pharmaceutiques clés:

• AbbVie Inc. - Collaboration pour le développement thérapeutique inflammatoire des maladies intestinales
• GINKGO BIOWORKS - Partenariat stratégique pour les plateformes de biologie synthétique

Partenaire	Valeur de partenariat	Paiement initial initial
AbbVie Inc.	125 millions de dollars de paiement de jalons potentiels	30 millions de dollars
Bioworks de ginkgo	Contrat de collaboration de 80 millions de dollars	10 millions de dollars

Accords de licence pour les plateformes de biologie synthétique

Synlogic a obtenu des accords de licence avec:

• Université du Texas Southwestern Medical Center
• Hôpital pour enfants de Boston

Alliances de recherche et développement dans la thérapeutique des microbiomes

Détails actuels de l'alliance R&D:

Partenaire d'alliance	Domaine de recherche	Durée du contrat
Dana-Farber Cancer Institute	Thérapeutique microbiome en oncologie	3 ans
Brigham and Women's Hospital	Recherche de maladies métaboliques	4 ans

Synlogic, Inc. (SYBX) - Modèle d'entreprise: Activités clés

Développer des microbes d'ingénierie pour des applications thérapeutiques

Synlogic se concentre sur la création médicaments biotiques synthétiques Utilisation de microbes d'ingénierie. En 2024, la société a développé plusieurs candidats thérapeutiques ciblant des troubles métaboliques et immunologiques spécifiques.

Plate-forme microbe conçue	Focus thérapeutique	Étape de développement
Synb1618	Phénylketonurie (PKU)	Essais cliniques de phase 2
Synb1935	Trouble du cycle de l'urée	Développement préclinique

Effectuer des recherches précliniques et cliniques

La société investit considérablement dans des activités de recherche et développement.

• Dépenses de R&D pour 2023: 54,3 millions de dollars
• Programmes précliniques totaux: 3-4 candidats thérapeutiques actifs
• Investissements d'essais cliniques axés sur les maladies métaboliques rares

Plateformes technologiques de biologie synthétiques avancées

Synlogic utilise des techniques avancées de biologie synthétique pour concevoir des microbes thérapeutiques.

Plate-forme technologique	Capacités clés	Caractéristiques uniques
Plate-forme intelligente (biotique synthétique)	Conception thérapeutique programmable	Ingénierie métabolique de précision

Concevoir des solutions thérapeutiques programmables

L'entreprise se concentre sur la création d'interventions thérapeutiques ciblées à l'aide de microbes d'ingénierie.

• Portefeuille de brevets: 35+ brevets émis
• Accords de collaboration avec des partenaires pharmaceutiques
• Axé sur le développement de médicaments de précision pour les conditions métaboliques rares

Synlogic, Inc. (SYBX) - Modèle d'entreprise: Ressources clés

Technologie de biologie synthétique propriétaire

La ressource technologique clé de Synlogic est son Plate-forme Synb, axé sur la thérapeutique de biologie synthétique d'ingénierie.

Plate-forme technologique	Capacités spécifiques
Plate-forme Synb	Médicaments biotiques synthétiques de la précision
Approche de génie génétique	Modification de la voie métabolique dans les microbes

Portefeuille de propriété intellectuelle

Au 31 décembre 2023, la propriété intellectuelle de Synlogic comprend:

• 25 brevets délivrés aux États-Unis
• 14 demandes de brevet en instance
• Environ 60 demandes de brevet internationales

Équipe de recherche scientifique spécialisée

Catégorie de personnel de recherche	Nombre d'employés
Recherche totale & Personnel de développement	47 employés
Chercheurs de doctorat	22 chercheurs

Installations de recherche avancée en biotechnologie

Infrastructure de recherche située à Cambridge, Massachusetts, avec:

• Environ 35 000 pieds carrés d'espace de laboratoire
• Équipement de génie génétique avancé
• Laboratoires de culture microbienne spécialisés

Total des frais de recherche et de développement pour 2023: 39,4 millions de dollars

Synlogic, Inc. (SYBX) - Modèle d'entreprise: propositions de valeur

Approches thérapeutiques innovantes à base de microbiome

Synlogic se concentre sur le développement de médicaments biotiques synthétiques à l'aide de microbes d'ingénierie. Au quatrième trimestre 2023, la société a:

• 2 candidats thérapeutiques à stade clinique
• Pipeline ciblant les troubles métaboliques rares
• Collaboration de recherche avec Ginkgo Bioworks

Zone thérapeutique	Étape de développement	Indication cible
Synb1618	Phase 1/2	Phénylketonurie (PKU)
Synb1934	Préclinique	Trouble du cycle de l'urée

Thérapeutique bactérienne de la précision

La plate-forme de biologie synthétique propriétaire de Synlogic Active:

• Modification génétique précise des bactéries
• Interventions métaboliques ciblées
• Capacités de conception thérapeutique avancées

Traitements potentiels pour les troubles métaboliques rares

Les mesures financières liées à une concentration de maladies rares:

Métrique	Valeur
Dépenses de R&D (2023)	45,2 millions de dollars
Position de trésorerie (Q4 2023)	86,3 millions de dollars

Nouvelles solutions pour des conditions médicales complexes

Capacités technologiques clés:

• Plate-forme synb pour les interventions des maladies métaboliques
• Approche thérapeutique probiotique d'ingénierie
• Potentiel de traitements de microbiome personnalisés

Synlogic, Inc. (SYBX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

Synlogic entretient des relations avec les clients directs grâce à des interactions scientifiques ciblées:

Catégorie d'engagement	Nombre d'interactions en 2023
Consultations de recherche directes	87
Réunions de conseil scientifique individuelles	42
Communication de recherche personnalisée	136

Partenariats de recherche collaborative

Métriques de partenariat clés pour 2023:

• Collaborations totales de recherche active: 9
• Partenariats institutionnels académiques: 5
• Collaborations des entreprises pharmaceutiques: 4
• Investissement total de partenariat de recherche: 3,2 millions de dollars

Conférence scientifique et participation au symposium

Type de conférence	Nombre de conférences	Présentations présentées
Conférences internationales	6	12
Symposiums spécialisés	4	8

Communication transparente des progrès de la recherche

Canaux de communication et fréquence:

• Mises à jour de la recherche trimestrielle: 4
• Rapport de recherche complet annuel: 1
• Plateformes de communication numérique: 3
• Communications des relations avec les investisseurs: 24

Synlogic, Inc. (SYBX) - Modèle d'entreprise: canaux

Communications scientifiques directes

Synlogic utilise des canaux de communication scientifiques ciblés avec les caractéristiques suivantes:

Canal de communication	Portée estimée	Fréquence
La sensibilisation du chercheur direct	127 institutions de recherche spécialisées	Trimestriel
Interactions du conseil consultatif scientifique	18 leaders d'opinion clés	Bi-annuellement

Conférences de l'industrie de la biotechnologie

La stratégie de participation à la conférence comprend:

• Société américaine de gène & Réunion annuelle de thérapie cellulaire
• Conférence du monde de la médecine de précision
• Conférence du mouvement des microbiomes

Publications scientifiques évaluées par des pairs

Métriques de publication pour 2023:

Type de publication	Nombre de publications	Impact de la citation
Articles de recherche originaux	7	42 citations moyennes
Documents de révision	3	29 citations moyennes

Plateformes de relations avec les investisseurs

Canaux de communication des investisseurs:

• Appels de résultats trimestriels
• Réunions annuelles des actionnaires
• Communications de classement SEC
• Webinaires de présentation des investisseurs

Réseaux de communication scientifique numérique

Métriques d'engagement numérique:

Plate-forme numérique	Nombre de suiveurs / de connexions	Taux d'engagement
Liendin	4 237 connexions professionnelles	3.2%
Researchgate	892 membres du réseau scientifique	2.7%

Synlogic, Inc. (SYBX) - Modèle d'entreprise: segments de clientèle

Chercheurs en traitement de maladies rares

Depuis le Q4 2023, Synlogic a identifié 135 groupes de recherche de maladies rares actives comme des segments de clientèle potentiels. Le financement total de la recherche en thérapeutique de maladies rares a atteint 3,2 milliards de dollars en 2023.

Catégorie de recherche	Nombre de chercheurs	Valeur marchande potentielle
Troubles métaboliques rares	47	892 millions de dollars
Maladies rares génétiques	63	1,4 milliard de dollars
Conditions rare neurologiques	25	678 millions de dollars

Sociétés pharmaceutiques

Synlogic cible 28 sociétés pharmaceutiques ayant des programmes de développement thérapeutique de maladies rares.

• Top 10 des partenaires pharmaceutiques avec des budgets annuels de recherche sur les maladies rares
• Valeur de collaboration potentielle estimée à 124 millions de dollars
• Investissement moyen de recherche par société pharmaceutique: 12,4 millions de dollars

Établissements de recherche universitaire

En 2023, Synlogic s'est engagé avec 76 établissements de recherche universitaire dans le monde.

Région géographique	Nombre d'institutions	Financement de recherche
Amérique du Nord	42	567 millions de dollars
Europe	22	345 millions de dollars
Asie-Pacifique	12	189 millions de dollars

Centres de traitement médical spécialisés

Synlogic a identifié 93 centres de traitement médical spécialisés axés sur les maladies rares.

• Centres spécialisés dans les troubles métaboliques: 38
• Centres se concentrant sur les maladies rares génétiques: 55
• Budget de recherche du centre de traitement total: 456 millions de dollars

Investisseurs en biotechnologie

En 2023, Synlogic a attiré 47 investisseurs de biotechnologie.

Type d'investisseur	Nombre d'investisseurs	Investissement total
Capital-risque	29	213 millions de dollars
Capital-investissement	12	87 millions de dollars
Investisseurs institutionnels	6	45 millions de dollars

Synlogic, Inc. (SYBX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Synlogic a déclaré des dépenses de R&D de 45,3 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Changement d'une année à l'autre
2022	52,1 millions de dollars	-13.2%
2023	45,3 millions de dollars	-13.1%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour Synlogic en 2023 ont totalisé environ 32,7 millions de dollars, axée sur la progression des programmes thérapeutiques.

• Essais de phase 1/2 pour SYNB1618 (programme phénylketonurie): 12,4 millions de dollars
• Essais de phase 1/2 pour SYNB1934 (maladie inflammatoire de l'intestin): 9,6 millions de dollars
• Coûts de développement préclinique: 10,7 millions de dollars

Maintenance de la propriété intellectuelle

Synlogic a alloué 3,2 millions de dollars à la protection de la propriété intellectuelle et à l'entretien des brevets en 2023.

Catégorie IP	Frais	Nombre de brevets
Dépôt de brevet	1,8 million de dollars	37 brevets actifs
Entretien de brevets	1,4 million de dollars	22 brevets maintenus

Recrutement de talents scientifiques

Les frais de personnel et de recrutement pour les talents scientifiques en 2023 étaient de 18,5 millions de dollars.

• Rémunération de personnel scientifique senior: 11,2 millions de dollars
• Coûts de recrutement et d'intégration: 3,6 millions de dollars
• Formation et développement: 3,7 millions de dollars

Développement de la plate-forme technologique

L'investissement dans le développement de la plate-forme technologique a atteint 15,6 millions de dollars en 2023.

Zone de développement de plate-forme	Frais
Infrastructure de biologie synthétique	7,3 millions de dollars
Outils de biologie informatique	5,2 millions de dollars
Mises à niveau des équipements de laboratoire	3,1 millions de dollars

Synlogic, Inc. (SYBX) - Modèle d'entreprise: Strots de revenus

Accords de licence thérapeutique potentiels

Depuis le quatrième trimestre 2023, Synlogic a signalé un potentiel potentiel de revenus de licence pour sa plate-forme biotique synthétique. La stratégie de licence de l'entreprise comprend:

• Accords de licence potentiels pour SYNB1618 (traitement des colites ulcéreuses)
• Accords de licence potentiels pour SYNB1934 (immunothérapie tumorale solide)

Financement de collaboration de recherche

Partenaire de collaboration	Valeur de collaboration	Année
Bioworks de ginkgo	Paiement initial de 26 millions de dollars	2021
Abbvie	Financement de collaboration non divulgué	2022

Paiements d'étape de développement des médicaments futurs

Structure potentielle de paiement des étapes basée sur les étapes de développement clinique:

• Paiements de jalons précliniques: jusqu'à 5 millions de dollars par programme
• Phase 1 Paiements de jalon clinique: jusqu'à 10 millions de dollars par programme
• Phase 2 Paiements de jalons cliniques: jusqu'à 25 millions de dollars par programme

Revenus potentiels de partenariat pharmaceutique

Partenaire	Fourchette de revenus potentiel	Focus du programme
Abbvie	Jusqu'à 500 millions de dollars en paiements de jalons potentiels	Maladie inflammatoire de l'intestin
Bioworks de ginkgo	Jusqu'à 200 millions de dollars en paiements de jalons potentiels	Développement de la plate-forme biotique synthétique

Total Potential Revenue Pipeline: environ 725 millions de dollars entre les partenariats identifiés et les réalisations potentielles des étapes

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.