Synlogic (SYBX) Q3 2026 earnings summary

Executive summary

• Q3 net loss widened to $3.9M from $2.3M YoY, driven by higher merger-related charges and warrant remeasurement expense.

• Merger with Caldera remained subject to stockholder approvals, an effective Form S-4 and other closing conditions; combined-company ownership is expected to include 2.3% for pre-merger Synlogic equityholders.

• Cash and cash equivalents of $11.6M were expected to fund operations at current levels for at least 12 months from the filing date.

Financial highlights

• Q3 2026 revenue was $0; operating expenses were $2.3M, up from $1.0M YoY, and operating loss was $2.3M versus $1.0M.

• Q3 net loss was $3.872M versus $2.301M YoY; net loss per share was $0.31 versus $0.19.

• 9M revenue was $0; operating expenses were $4.633M versus $2.666M, while net loss was $3.734M versus $2.513M.

• At September 30, cash and cash equivalents were $11.560M, total assets $11.849M, total liabilities $1.671M, and accumulated deficit $446.4M.

Outlook and guidance

• Near-term expenses were expected to remain roughly level, excluding additional costs anticipated in connection with the Caldera mergers.

• Current cash was expected to fund operations at current levels for at least 12 months from the filing date; no product revenue was expected.

• General and administrative expense could rise as merger completion brings legal, accounting, advisory and other transaction costs.

• The combined business was expected to focus primarily on Caldera's CLD-423 program, a bispecific antibody targeting IL-23p19 and TL1A for IBD and other immune-mediated diseases.