Synlogic (NASDAQ:SYBX) Inc announced today, Thursday, improved results for Q3 2023, with a net loss of $12.1 million, a significant decrease from the $17.9 million loss reported in Q3 2022. The company managed to reduce its research and development expenses to $9.6 million and administrative costs to $3.4 million. Revenue was primarily driven by its ongoing collaboration with Roche, totaling $0.4 million.
The company has made significant progress in the Synpheny-3 pivotal study for phenylketonuria (PKU) and received FDA Fast Track Designation for labafenogene marselecobac (SYNB1934), a potential PKU treatment. Other developments include published Synpheny-1 Phase 2 study results, a US Patent for SYNB1934 until 2041, and a $2.5 million payment from Roche for an Inflammatory Bowel Disease (IBD) Synthetic Biotic.
In October, Synlogic extended its cash runway to H1 2025 through a public offering and a Roche milestone payment. As of September 30, 2023, the company's assets were valued at $66.3 million, liabilities stood at $22.9 million, and stockholders' equity was reported at $43.4 million.
In addition to these developments, Synlogic leadership will participate in The H.C. Wainwright Global Investment Conference, conducting investor meetings and giving a company presentation. More detailed updates can be found on Synlogic’s website and in the complete 8-K earnings release.
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