On August 11, 2022 Synlogic, Inc. (Nasdaq: SYBX), a clinical-stage biotechnology company developing medicines for metabolic and immunological diseases through its proprietary approach to synthetic biology, reported financial results for the second quarter ended June 30, 2022 and provided an update on its pipeline programs (Press release, Synlogic, AUG 11, 2022, View Source [SID1234618093]).
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"We look forward to three clinical data readouts in the remainder of this year for our programs in phenylketonuria (PKU), homocystinuria (HCU) and enteric hyperoxaluria (EH), reflecting the progress of our Synthetic Biotic platform," said Aoife Brennan, M.B. Ch.B, Synlogic President and Chief Executive Officer. "Our research productivity continues with the naming of our latest metabolic disease drug candidate and pipeline addition."
Anticipated Upcoming Milestones
Report additional Phase 2 data and final candidate selection for PKU program in H2 2022
Initiate the Phase 3 trial for the PKU program in H1 2023 with Phase 3 readiness activities currently underway
Share data from the Phase 1 trial in healthy volunteers for SYNB1353 for HCU in H2 2022
Share proof of concept data for SYNB8802 for EH in H2 2022
Recent Business Highlights
Received Positive Opinion on Orphan Designation from the European Medicines Agency for SYNB1618 for the treatment of PKU
Initiated the Phase 1 study of SYNB1353 in healthy volunteers for the treatment of HCU
Named SYNB2081, a Synthetic Biotic designed to lower uric acid, for the treatment of gout, our second drug candidate through our partnership with Ginkgo Bioworks
Brendan St. Amant appointed to General Counsel and Corporate Secretary
Participated and presented data at the following scientific congresses and patient conferences:
EH program data were presented at the American Urological Association’s Annual Meeting held May 13-16, 2022; IBD program data were presented at Digestive Disease Week held May 21-24, 2022; and HCU program data were presented at the Boston Bacterial Meeting on June 14, 2022.
PKU and HCU program data were presented at the 2022 HCU Network America, Organic Acidemia Association and Propionic Acidemia Foundation 2022 Conference held June 25-26, 2022, and at the National PKU Alliance’s (NPKUA) biennial conference held July 7-10, 2022.
Second Quarter 2022 Financial Results
As of June 30, 2022, Synlogic had cash, cash equivalents and short-term investments of $106.8 million.
Revenue for the three months ended June 30, 2022 and for the corresponding period in 2021 was $0.2 million. Revenue in both periods was associated with the ongoing research collaboration with Roche for the discovery of a novel Synthetic Biotic for the treatment of IBD.
For the three months ended June 30, 2022, Synlogic reported a consolidated net loss of $15.8 million, or $0.22 per share, compared to a consolidated net loss of $14.5 million, or $0.28 per share, for the corresponding period in 2021.
Research and development expenses were $12.1 million for the three months ended June 30, 2022 compared to $10.7 million for the corresponding period in 2021.
General and administrative expenses were $4.1 million for the three months ended June 30, 2022 and for the corresponding period in 2021.
Financial Outlook
Based upon its current operating plan and balance sheet as of June 30, 2022, Synlogic expects to have sufficient cash to be able to fund operations into 2024.
Investor and Industry Conference Participation
Synlogic will participate in the following upcoming investor and industry conferences:
The H.C. Wainwright Global Investment Conference. Michael Jensen, Chief Financial Officer, and Molly Harper, Chief Business Officer, will provide a company presentation on Monday, September 12, 2022 during the H.C. Wainwright 24th Annual Global Investment Conference being held September 12-14, 2022 virtually and in-person in New York City.
Live webcasts of the presentations, if available, will be accessible under the "Event Calendar" in the Investors & Media section of the Synlogic website. Archived versions will be available afterwards at the same location.
Conference Call & Webcast Information
Synlogic will host a conference call and live webcast at 8:30 a.m. ET today, August 11, 2022. To access the webcast, please register here. To access the call by phone, please register here and you will be provided with dial-in details. You can also access these links on the "Events Calendar" section of the Investors & Media webpage. For those unable to participate in the conference call or webcast, a replay will be available for 30 days on the Synlogic website.