SynLogic, Inc. (SYBX): Canvas de modelo de negócios [Jan-2025 Atualizado]

No domínio de ponta da biologia sintética, a SynLogic, Inc. (Sybx) surge como um pioneiro revolucionário de biotecnologia, transformando a paisagem da terapêutica baseada em microbioma através de soluções bacterianas engenhadas engenhadas. Ao elaborar meticulosamente micróbios programáveis ​​projetados para enfrentar distúrbios metabólicos raros e desafios médicos complexos, a empresa está na vanguarda de uma abordagem inovadora que pode redefinir a medicina de precisão. Seu modelo inovador de negócios de negócios revela uma estrutura estratégica que entrelaça pesquisas científicas avançadas, parcerias colaborativas e potencial terapêutico transformador, prometendo desbloquear intervenções médicas sem precedentes que podem melhorar drasticamente os resultados dos pacientes.

SynLogic, Inc. (SYBX) - Modelo de negócios: Parcerias -chave

Colaborações com instituições de pesquisa acadêmica

A SynLogic estabeleceu colaborações de pesquisa estratégica com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Ano de colaboração
Mit	Desenvolvimento da plataforma de biologia sintética	2014
Universidade de Harvard	Pesquisa terapêutica por microbioma	2016

Parcerias estratégicas com empresas farmacêuticas

A SynLogic formou as principais parcerias farmacêuticas:

• Abbvie Inc. - Colaboração para doenças inflamatórias da doença intestinal
• Ginkgo Bioworks - Parceria estratégica para plataformas de biologia sintética

Parceiro	Valor da parceria	Pagamento inicial inicial
AbbVie Inc.	US $ 125 milhões em potenciais pagamentos marcantes	US $ 30 milhões
Ginkgo Bioworks	Contrato de colaboração de US $ 80 milhões	US $ 10 milhões

Acordos de licenciamento para plataformas de biologia sintética

A SynLogic garantiu acordos de licenciamento com:

• Centro Médico do Sudoeste da Universidade do Texas
• Hospital Infantil de Boston

Alianças de pesquisa e desenvolvimento em terapêutica de microbioma

Detalhes atuais da aliança de P&D:

Parceiro da Aliança	Área de pesquisa	Duração do contrato
Instituto de Câncer Dana-Farber	Oncologia Microbiome Therapeutics	3 anos
Brigham and Women's Hospital	Pesquisa de doenças metabólicas	4 anos

SynLogic, Inc. (SYBX) - Modelo de negócios: Atividades -chave

Desenvolvimento de micróbios projetados para aplicações terapêuticas

Sinlogic se concentra em criar Medicamentos bióticos sintéticos usando micróbios projetados. A partir de 2024, a empresa desenvolveu vários candidatos terapêuticos direcionados a distúrbios metabólicos e imunológicos específicos.

Plataforma de micróbios projetados	Foco terapêutico	Estágio de desenvolvimento
Synb1618	Fenilcetonúria (PKU)	Ensaios clínicos de fase 2
Synb1935	Transtorno do ciclo de uréia	Desenvolvimento pré -clínico

Condução de pesquisa pré -clínica e clínica

A empresa investe significativamente em atividades de pesquisa e desenvolvimento.

• Despesas de P&D para 2023: US $ 54,3 milhões
• Programas pré-clínicos totais: 3-4 candidatos terapêuticos ativos
• Investimentos de ensaios clínicos focados em doenças metabólicas raras

Avançar plataformas de tecnologia de biologia sintética

A sinlogic utiliza técnicas avançadas de biologia sintética para projetar micróbios terapêuticos.

Plataforma de tecnologia	Capacidades -chave	Características únicas
Plataforma inteligente (biótica sintética)	Design terapêutico programável	Engenharia metabólica de precisão

Projetando soluções terapêuticas programáveis

A empresa se concentra na criação de intervenções terapêuticas direcionadas usando micróbios projetados.

• Portfólio de patentes: mais de 35 patentes emitidas
• Acordos de colaboração com parceiros farmacêuticos
• Focado no desenvolvimento de medicamentos de precisão para condições metabólicas raras

SynLogic, Inc. (SYBX) - Modelo de negócios: Recursos -chave

Tecnologia de biologia sintética proprietária

O principal recurso tecnológico da SynLogic é o seu Plataforma de synb, focado na terapêutica de biologia sintética projetada.

Plataforma de tecnologia	Recursos específicos
Plataforma de synb	Medicamentos bióticos sintéticos de engenharia de precisão
Abordagem de engenharia genética	Modificação da via metabólica em micróbios

Portfólio de propriedade intelectual

Em 31 de dezembro de 2023, a propriedade intelectual da SynLogic inclui:

• 25 patentes emitidas nos Estados Unidos
• 14 pedidos de patente pendente
• Aproximadamente 60 pedidos de patente internacional

Equipe de pesquisa científica especializada

Categoria de pessoal de pesquisa	Número de funcionários
Pesquisa total & Equipe de desenvolvimento	47 funcionários
Pesquisadores de nível de doutorado	22 pesquisadores

Instalações avançadas de pesquisa de biotecnologia

Infraestrutura de pesquisa localizada em Cambridge, Massachusetts, com:

• Aproximadamente 35.000 pés quadrados de espaço de laboratório
• Equipamento avançado de engenharia genética
• Laboratórios especializados de cultivo microbiano

Despesas totais de pesquisa e desenvolvimento para 2023: US $ 39,4 milhões

SynLogic, Inc. (SYBX) - Modelo de negócios: proposições de valor

Abordagens terapêuticas baseadas em microbiomas inovadores

O sinlogic se concentra no desenvolvimento de medicamentos bióticos sintéticos usando micróbios projetados. A partir do quarto trimestre 2023, a empresa possui:

• 2 candidatos terapêuticos em estágio clínico
• Pipeline direcionando distúrbios metabólicos raros
• Colaboração de pesquisa com Ginkgo Bioworks

Área terapêutica	Estágio de desenvolvimento	Indicação alvo
Synb1618	Fase 1/2	Fenilcetonúria (PKU)
Synb1934	Pré -clínico	Transtorno do ciclo de uréia

Terapêutica bacteriana de engenharia de precisão

A plataforma de biologia sintética proprietária da SynLogic permite:

• Modificação genética precisa de bactérias
• Intervenções metabólicas direcionadas
• Recursos de design terapêuticos avançados

Tratamentos em potencial para distúrbios metabólicos raros

Métricas financeiras relacionadas ao foco de doenças raras:

Métrica	Valor
Despesas de P&D (2023)	US $ 45,2 milhões
Posição de caixa (Q4 2023)	US $ 86,3 milhões

Novas soluções para condições médicas complexas

Capacidades tecnológicas -chave:

• Plataforma SynB para intervenções de doenças metabólicas
• Abordagem terapêutica probiótica projetada
• Potencial para tratamentos personalizados de microbioma

SynLogic, Inc. (Sybx) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa médica

A sinlogic mantém as relações diretas do cliente por meio de interações científicas direcionadas:

Categoria de engajamento	Número de interações em 2023
Consultas de pesquisa direta	87
Reuniões de consultoria científica individuais	42
Comunicação de pesquisa personalizada	136

Parcerias de pesquisa colaborativa

Métricas -chave de parceria para 2023:

• Total de colaborações de pesquisa ativa: 9
• Parcerias institucionais acadêmicas: 5
• Colaborações da empresa farmacêutica: 4
• Investimento total de parceria de pesquisa: US $ 3,2 milhões

Conferência Científica e Participação do Simpósio

Tipo de conferência	Número de conferências	Apresentações entregues
Conferências Internacionais	6	12
Simpósios especializados	4	8

Comunicação transparente do progresso da pesquisa

Canais de comunicação e frequência:

• Atualizações trimestrais de pesquisa: 4
• Relatório de pesquisa abrangente anual: 1
• Plataformas de comunicação digital: 3
• Comunicações de Relações com Investidores: 24

SynLogic, Inc. (SYBX) - Modelo de negócios: canais

Comunicações científicas diretas

A SynLogic utiliza canais de comunicação científica direcionados com as seguintes características:

Canal de comunicação	Alcance estimado	Freqüência
Diretor do pesquisador direto	127 instituições de pesquisa especializadas	Trimestral
Interações do Conselho Consultivo Científico	18 líderes de opinião -chave	Bi-semestralmente

Conferências da indústria de biotecnologia

A estratégia de participação na conferência inclui:

• Sociedade Americana de Gene & Reunião anual de terapia celular
• Conferência Mundial da Medicina de Precisão
• Conferência de Movimento Microbioma

Publicações científicas revisadas por pares

Métricas de publicação para 2023:

Tipo de publicação	Número de publicações	Impacto de citação
Artigos de pesquisa originais	7	42 citações médias
Revise Papers	3	29 citações médias

Plataformas de relações com investidores

Canais de comunicação de investidores:

• Chamadas de ganhos trimestrais
• Reuniões anuais de acionistas
• Sec Comunicação de arquivamento
• Webinars de apresentação de investidores

Redes de comunicação científica digital

Métricas de engajamento digital:

Plataforma digital	Contagem de seguidores/conexão	Taxa de engajamento
LinkedIn	4.237 conexões profissionais	3.2%
Pesquisa	892 membros da rede científica	2.7%

SynLogic, Inc. (SYBX) - Modelo de negócios: segmentos de clientes

Pesquisadores de tratamento de doenças raras

A partir do quarto trimestre de 2023, a sinlogic identificou 135 grupos ativos de pesquisa de doenças raras como segmentos potenciais de clientes. O financiamento total da pesquisa em terapêutica de doenças raras atingiu US $ 3,2 bilhões em 2023.

Categoria de pesquisa	Número de pesquisadores	Valor potencial de mercado
Distúrbios metabólicos raros	47	US $ 892 milhões
Doenças raras genéticas	63	US $ 1,4 bilhão
Condições raras neurológicas	25	US $ 678 milhões

Empresas farmacêuticas

Alvos sinlogices 28 empresas farmacêuticas com programas de desenvolvimento terapêutico de doenças raras.

• 10 principais parceiros farmacêuticos com orçamentos anuais de pesquisa de doenças raras
• Valor potencial de colaboração estimado em US $ 124 milhões
• Investimento médio de pesquisa por empresa farmacêutica: US $ 12,4 milhões

Instituições de pesquisa acadêmica

Em 2023, a sinlogic se envolveu com 76 instituições de pesquisa acadêmica globalmente.

Região geográfica	Número de instituições	Pesquisa financiamento
América do Norte	42	US $ 567 milhões
Europa	22	US $ 345 milhões
Ásia-Pacífico	12	US $ 189 milhões

Centros de tratamento médico especializados

Synlogic identificou 93 centros de tratamento médico especializados com foco em doenças raras.

• Centros especializados em distúrbios metabólicos: 38
• Centros com foco em doenças raras genéticas: 55
• Orçamento total de pesquisa do centro de tratamento: US $ 456 milhões

Investidores de biotecnologia

A partir de 2023, a sinlogic atraiu 47 investidores de biotecnologia.

Tipo de investidor	Número de investidores	Investimento total
Capital de risco	29	US $ 213 milhões
Private equity	12	US $ 87 milhões
Investidores institucionais	6	US $ 45 milhões

SynLogic, Inc. (SYBX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a SynLogic relatou despesas de P&D de US $ 45,3 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Mudança de ano a ano
2022	US $ 52,1 milhões	-13.2%
2023	US $ 45,3 milhões	-13.1%

Investimentos de ensaios clínicos

Os gastos com ensaios clínicos para sinlogic em 2023 totalizaram aproximadamente US $ 32,7 milhões, focados no avanço dos programas terapêuticos.

• Fase 1/2 Ensaios para Synb1618 (Programa de Fenilcetonúria): US $ 12,4 milhões
• Fase 1/2 Ensaios para Synb1934 (doença inflamatória intestinal): US $ 9,6 milhões
• Custos de desenvolvimento pré -clínico: US $ 10,7 milhões

Manutenção da propriedade intelectual

US $ 3,2 milhões alocados sinlogic para proteção de propriedade intelectual e manutenção de patentes em 2023.

Categoria IP	Despesa	Número de patentes
Registro de patentes	US $ 1,8 milhão	37 patentes ativas
Manutenção de patentes	US $ 1,4 milhão	22 Patentes mantidas

Recrutamento de talentos científicos

As despesas de pessoal e recrutamento para talentos científicos em 2023 foram de US $ 18,5 milhões.

• Compensação sênior da equipe científica: US $ 11,2 milhões
• Custos de recrutamento e integração: US $ 3,6 milhões
• Treinamento e desenvolvimento: US $ 3,7 milhões

Desenvolvimento da plataforma de tecnologia

O investimento em desenvolvimento da plataforma de tecnologia atingiu US $ 15,6 milhões em 2023.

Área de desenvolvimento da plataforma	Despesa
Infraestrutura de biologia sintética	US $ 7,3 milhões
Ferramentas de biologia computacional	US $ 5,2 milhões
Atualizações de equipamentos de laboratório	US $ 3,1 milhões

SynLogic, Inc. (SYBX) - Modelo de negócios: fluxos de receita

Potenciais acordos de licenciamento terapêutico

A partir do quarto trimestre 2023, a SynLogic relatou potencial potencial de receita de licenciamento para sua plataforma biótica sintética. A estratégia de licenciamento da empresa inclui:

• Acordos de licenciamento potenciais para Synb1618 (tratamento ulcerativo de colite)
• Acordos de licenciamento potenciais para Synb1934 (imunoterapia com tumores sólidos)

Financiamento de colaboração de pesquisa

Parceiro de colaboração	Valor de colaboração	Ano
Ginkgo Bioworks	Pagamento inicial de US $ 26 milhões	2021
Abbvie	Financiamento de colaboração não divulgado	2022

Pagamentos de Milestone de Desenvolvimento de Medicamentos futuros

Estrutura de pagamento em potencial com base em estágios de desenvolvimento clínico:

• Pagamentos de marcos pré -clínicos: até US $ 5 milhões por programa
• Fase 1 Pagamentos clínicos de marco: até US $ 10 milhões por programa
• Fase 2 Pagamentos clínicos de marco: até US $ 25 milhões por programa

Potenciais receitas de parceria farmacêutica

Parceiro	Faixa de receita potencial	Foco do programa
Abbvie	Até US $ 500 milhões em possíveis pagamentos marcantes	Doença inflamatória intestinal
Ginkgo Bioworks	Até US $ 200 milhões em possíveis pagamentos marcantes	Desenvolvimento sintético da plataforma biótica

Pipeline de receita potencial total: aproximadamente US $ 725 milhões em parcerias identificadas e possíveis realizações marcantes

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.