Synlogic (SYBX) Q4 2025 earnings summary

Executive summary

• Discontinued lead clinical program (SYNB1934 for PKU) in February 2024 after internal review indicated the pivotal Phase 3 trial was unlikely to meet its primary endpoint; decision not based on safety concerns.

• Undertook corporate restructuring, reducing workforce to one full-time employee and shifting focus to evaluating strategic alternatives, including a potential merger or sale.

• Delisted from Nasdaq in January 2026 after being classified as a public shell; shares now quoted on OTC Markets.

Financial highlights

• No revenue for 2025, compared to $8,000 in 2024; prior revenue related to a material transfer and consulting agreement.

• Net loss for 2025 was $1.0 million, a significant improvement from $23.4 million net loss in 2024.

• Operating expenses dropped 90% year-over-year to $4.0 million in 2025, driven by a $9.1 million decrease in R&D and $3.1 million decrease in G&A expenses.

• Restructuring and other charges were $0.5 million in 2025, down from $25.2 million in 2024.

• Other income (net) was $3.0 million in 2025, primarily from a $2.3 million gain on remeasurement of warrant liabilities.

Outlook and guidance

• Current cash and cash equivalents of $14.7 million as of December 31, 2025, expected to fund operations for at least the next 12 months.

• Expenses anticipated to remain stable in the near term as the company continues to explore strategic alternatives.