HomeTop MoversHere is why Synlogic Inc (SYBX) stock collapsed on Wednesday?

Here is why Synlogic Inc (SYBX) stock collapsed on Wednesday?

Synlogic Inc. (SYBX) shares declined 6.30% in after-hours on Wednesday, September 22, 2021, and closed the daily trading at $3.27. Even in the regular trading session, SYBX’s stock lost 2.24%. SYBX shares have risen 69.42% over the last 12 months, and they have moved up 10.09% in the past week. Over the past three months, the stock has lost 20.50%, while over the past six months, it has declined 10.05%.

Let’s have a look at its recent news and developments.


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SYBX public offering of common stock

On September 22, 2021, Synlogic (SYBX) announced the pricing of its underwritten public offering of 15,000,000 shares of its common stock at a public offering price of $3.00 per share. the company will get gross proceeds of $45.0 million. The underwriters can buy additional 2,250,000 shares of common stock within 30 days. The offering is expected to close on or about September 27, 2021.

SYBX update about SYNB1618 and SYNB1934

On September 20, 2021, Synlogic, Inc. (SYBX) announced positive data from clinical studies evaluating both SYNB1618 and SYNB1934, investigational Synthetic Biotic™ medicines for the treatment of phenylketonuria (PKU).

SYNB1618 reduced phenylalanine (Phe) at several dose levels, across multiple time points, in an interim analysis of Phase 2 SynPheny-1 study. SYNB1934 demonstrated two-fold higher activity than SYNB1618 in a head-to-head Phase 1 study in healthy volunteers.

SYBX participation in the recent events

Synlogic, Inc (SYBX) recently participated at the American Urological Association (AUA) Annual Meeting, which was held virtually on September 10 – 13, 2021. The company present data on SYNB8802, an investigational Synthetic Biotic medicine for the treatment of Enteric Hyperoxaluria (HOX), during the meeting.

The company also participated in the Global PKU Patient Meeting, which was held on September 10-11, 2021. The presentation, “Synthetic Biotic Medicines for the Treatment of PKU,” was delivered by Dr Marja Puurunen, M.D., PhD, Synlogic’s Senior Medical Director and Head of Metabolic Programs.

SYBX recent financial results announcement

On August 12, 2021, Synlogic, Inc. (SYBX) reported financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • SYBX reported revenue of $0.2 million for Q2 2021 compared to $0.4 million in the second quarter of 2020.
  • Research and development expenses were $10.7 million in Q2 2021 compared to $12.9 million in Q2 2020.
  • General and administrative expenses were $4.1 million inQ2 2021 compared to $3.5 million for the corresponding period in 2020.
  • It suffered a net loss of $14.5 million, or $0.28 per share in Q2 2021 compared to a consolidated net loss of $15.5 million, or $0.44 per share in Q2 2020.
  • Synlogic ended the quarter with cash, cash equivalents, and short-term investments of $115.5 million.

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Conclusion

Due to the proposed public offering, SYBX stock went down on Wednesday and we are not sure how it will perform in the coming trading sessions.

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