Synlogic, Inc. (SYBX): Business Model Canvas [Dec-2025 Updated]

When you look at Synlogic, Inc. (SYBX) today, you need to set aside your usual biotech playbook because, as of late 2025, this company is fundamentally operating as a public shell, and that reality dictates its entire business model. The value proposition has shifted from pipeline milestones to the asset itself: its Nasdaq listing and proprietary Synthetic Biotic platform IP, which they are actively trying to monetize through a strategic review. To be fair, the numbers confirm this pivot: for the nine months ending September 30, 2025, product revenue was $0, while General and Administrative costs stood at $2,454,000, dwarfing the minimal $16,000 spent on R&D. If you want to see precisely how key resources like cash and IP are managed to serve customer segments ranging from reverse merger candidates to potential platform acquirers, the canvas below maps out this high-stakes transition in plain English.

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

You're looking at the core external relationships Synlogic, Inc. (SYBX) relies on to advance its Synthetic Biotic platform, especially following the strategic pivot after the Phase 3 trial discontinuation for SYNB1934.

The Key Partnerships block of the Business Model Canvas for Synlogic, Inc. centers on technology access, co-development, and strategic financial guidance.

Ginkgo Bioworks for Synthetic Biotic platform development

The relationship with Ginkgo Bioworks is foundational for strain optimization, stemming from an initial collaboration in 2017 and formalized into a major platform agreement.

• The strategic platform collaboration, formed in 2019, is a five year agreement.
• Synlogic paid $30.0 million to Ginkgo Bioworks for synthetic biology services under this agreement.
• Ginkgo Bioworks made an $80.0 million equity investment in Synlogic at a premium.
• This partnership has generated drug candidates, including SYNB1353 for homocystinuria.

Here's a quick look at the initial financial structure of that platform deal:

This arrangement gave Synlogic, Inc. exclusive rights to any Synthetic Biotic medicines developed from the collaboration.

Roche for an exclusive option agreement on an IBD program

The collaboration with Roche focuses on developing a Synthetic Biotic for Inflammatory Bowel Disease (IBD), where Roche holds the option to take over commercialization.

• Synlogic achieved its third pre-specified research milestone with Roche in November 2023.
• This third milestone earned Synlogic, Inc. a payment of $2.5 million.
• The original agreement terms allowed for a technology access fee of $1.0 million.
• The total potential milestone payments during the research period were up to $5.0 million.

The structure is designed for de-risking; Synlogic, Inc. handles the early research, and Roche decides on further investment via its exclusive option.

Investment banks/advisors facilitating the strategic review

Following the discontinuation of the Synpheny-3 trial in February 2024, the Board of Directors initiated a formal review of strategic alternatives.

• The Board engaged Ladenburg Thalmann & Co. Inc. as its financial advisor in February 2024.
• Synlogic, Inc. filed a $150M mixed shelf registration statement to provide flexible capital access for strategic actions.
• Cash reserves were reported at $47.7 million as of December 2023.

This flexibility is key, as the company needs capital to execute any potential M&A or asset sale while managing its burn rate.

Contract Research Organizations (CROs) for minimal remaining clinical/data work

Synlogic, Inc. continues to rely on external specialized organizations to support ongoing data analysis and any remaining preclinical or regulatory documentation needs for its pipeline assets.

• External CROs are used for specialized tasks where internal capacity is limited or for specific expertise.
• The financial outlay for these services is typically managed through project-based contracts.

The specific contract values or number of active CRO engagements as of late 2025 are not publicly detailed in the same way as the major platform deals.

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

You're managing a company in a highly transitional phase, where the key activities pivot from development to preservation and transaction readiness. For Synlogic, Inc. (SYBX) as of late 2025, the focus is clearly on maintaining the corporate structure while actively seeking a path forward through a strategic review.

Executing the strategic review process for a potential transaction

Synlogic, Inc. retained Lucid Capital Markets, LLC to act as its financial advisor to explore and evaluate strategic options for maximizing shareholder value. This process, initiated after the discontinuation of the Synpheny-3 study in February 2024, covers potential avenues like acquisition, merger, business combination, or other strategic transactions. The Synlogic Board of Directors has not set a timetable for the conclusion of this review as of late 2025. The company is actively managing this process to secure a favorable outcome for stakeholders.

Maintaining the Nasdaq listing to preserve public shell value

A critical activity involves defending the public listing status. On November 21, 2025, Synlogic, Inc. received a notice from the Nasdaq Stock Market's Listing Qualifications Department stating that staff believed the company was a "public shell" and that continued listing was no longer warranted. Synlogic, Inc. stated it disagrees with this assessment and intends to request a hearing before a Nasdaq Hearings Panel, which automatically stays any suspension or delisting action pending the outcome. The notice cited the company's lack of revenue-generating assets and a substantial reduction in employees and operations since February 2024. As of December 4, 2025, the stock ticker SYBX is listed on Nasdaq but marked as Noncompliant with Nasdaq Requirements.

Managing and preserving core intellectual property (IP) assets

The core asset preservation centers on the proprietary drug discovery and development platform for Synthetic Biotic medicines. Key pipeline candidates that represent this preserved IP include:

• SYNB1618 for the treatment of phenylketonuria (PKU).
• SYNB1353, an orally administered candidate for homocystinuria.
• SYNB8802, an orally administered candidate for enteric hyperoxaluria.
• SYNB2081 to lower uric acid for the potential treatment of gout.

The company regained worldwide rights to develop Synthetic Biotic medicines for inflammatory bowel disease (IBD) after the termination of the AbbVie collaboration agreement in May 2020.

Minimizing general and administrative (G&A) overhead

The activity of minimizing overhead is evident in the sharp reduction of operating costs following the February 2024 restructuring. This focus is necessary to extend the cash runway while the strategic review is ongoing. The company reported zero revenue for the three months ended September 30, 2024. The cost management efforts are reflected in the latest available operating expense data for 2025.

Here's the quick math on the operating expense discipline through the first three quarters of 2025, compared to the significant cuts made in 2024:

The cumulative net loss for the first three quarters of 2025 was USD 2.51 Million, a significant improvement, narrowing by 88.90% from the USD -22.65 Million reported in the same period of 2024. For context on the G&A reduction activity, Q3 2024 G&A expenses were $1.2 million, down from $3.4 million in Q3 2023, representing a 65% decrease. Still, the company ended Q3 2025 with a cumulative EPS of USD -0.2.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Synlogic, Inc. (SYBX) currently relies on, which, as of late 2025, is a fascinating mix of deep intellectual property and a highly streamlined, almost dormant, operational structure. Honestly, the key resources here are less about active manufacturing and more about the potential locked within the balance sheet and the IP portfolio, especially given the recent Nasdaq notice.

Proprietary Synthetic Biotic platform technology and IP

The foundation remains the proprietary Synthetic Biotic platform technology. This is their core intellectual asset, leveraging synthetic biology to genetically engineer well-characterized probiotics. The goal is to create oral medicines programmed to consume or modify disease-specific metabolites, targeting conditions like Phenylketonuria (PKU) and Enteric Hyperoxaluria. The platform itself is modular and reproducible, which is a key feature for future development or partnership.

The intellectual property supporting this platform is substantial, though its value is currently being assessed against the operational status. As of February 27, 2025, Synlogic, Inc. held over 112 Synlogic-owned patents and patent applications across U.S. and foreign jurisdictions. Of those, more than 61 had already been issued or allowed. This IP portfolio covers the platform itself and various disease-related technologies.

Cash and marketable securities on the balance sheet

Given the company's current strategic review and near-zero operational spend, the cash position is arguably the most critical tangible resource right now. The latest specific balance sheet figure available shows the war chest before the major operational wind-down. What this estimate hides is the burn rate since that date, but it sets the baseline.

Here's the quick math on the most recent reported balance sheet strength:

Public company structure and Nasdaq listing status

The public company structure, specifically the Nasdaq listing status (Ticker: SYBX), is a resource that the Staff of The Nasdaq Stock Market LLC has recently challenged. On November 21, 2025, Synlogic, Inc. received a notice stating the Staff's belief that the Company is a 'public shell,' meaning continued listing is no longer warranted. This designation was based on a lack of revenue-generating assets and a substantial reduction in operations since February 2024. Synlogic, Inc. intends to timely request a hearing before a Hearings Panel to contest this view, which automatically stays any suspension or delisting action pending the hearing.

The key elements defining this resource as of late 2025 include:

• Listing Exchange: Nasdaq.
• Recent Status: Received notice of potential delisting as a 'public shell' on November 21, 2025.
• Current Action: Intends to request a hearing to maintain listing.
• Market Valuation (Approximate): Market capitalization was reported around $19.54 million as of November 26, 2025.

Single full-time employee and specialized consultants

The operational footprint has been drastically reduced, which is a major shift from its prior structure as a clinical-stage biotech. This reduction is a key factor in the Nasdaq notice. The company is actively pursuing strategic initiatives, including potential mergers or sales, which dictates this lean structure. To be fair, this is a classic sign of a company pivoting or preparing for a transaction.

The current human capital resource allocation is minimal:

• Full-Time Employees: Reduced to one full-time employee.
• Support Structure: Engaging consultants to support the ongoing strategic review and current business operations.
• Prior State Context: The reduction in employees and operations was noted as 'substantial' since February 2024.

Finance: draft 13-week cash view by Friday.

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):

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.

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:

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.

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.

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:

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:

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.