Synlogic, Inc.

Revenue was $0.2 million in the second quarter of 2022, consistent with the same period in 2021, and revenue came from the Roche collaboration. Consolidated net loss was $15.7 million versus $15.0 million in the prior-year quarter. Synlogic ended Q2 2022 with $106.8 million in cash, cash equivalents and marketable securities, down from $120.5 million at March 31, 2022. Management said current cash should last into 2024 and support multiple clinical data readouts across the metabolic portfolio. No quarterly or full-year revenue guidance was given.

Aoife Brennan framed the quarter as an important period for Synlogic’s synthetic biotic platform, highlighting the EMA’s positive orphan opinion for PKU and the company’s expectation for three data readouts in 2022. She said PKU trial readiness is underway for a Phase III start in the first half of 2023, and emphasized the company’s belief that its programs address substantial unmet need. Her tone was optimistic and operationally focused, but she repeatedly tied future disclosures to FDA alignment and upcoming readouts rather than claiming victory before the data arrives.

Michael Jensen said Q2 revenue was $0.2 million, flat year over year, and that the quarter’s consolidated net loss was $15.7 million versus $15.0 million in Q2 2021. He highlighted a quarter-end cash position of $106.8 million compared with $120.5 million at March 31, 2022. He said the current operating plan should carry the company into 2024, implying enough runway to advance at least one clinical program through several important milestones.

Analysts focused heavily on PKU enrollment and whether pandemic-related disruption or treatment-center recovery could slow the Symphony study. Management said guidance for the Phase II readout remains unchanged, and noted that interest from clinicians and patients in alternative PKU therapies remains strong. On Phase III, management said enrollment should benefit from more sites, broader geography, a less burdensome design, and an open-label extension, and said Phase III could broaden to younger patients over time after discussing with FDA. Questions also covered timing of the final Phase III protocol, manufacturing readiness, and the biology behind SYNB2081; management said final protocol disclosure will follow the FDA end-of-Phase II meeting, manufacturing CMC discussions have been positive and product supply is planned from the current suite, and SYNB2081 is expected to act on both dietary and endogenous uric acid pools.