Synlogic said it would cut its workforce by 25 percent to extend its cash runway into the second half of 2024.
Photo: Aoife Brennan, CEO of Synlogics
The company estimates that it will incur approximately $0.8 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits. The majority of the costs associated with the reduction in force are expected to be incurred during the fourth quarter ending December 31, 2022 and the first quarter ending March 31, 2023.
Synlogic said it may also incur other material charges not currently contemplated due to events that may occur as a result of, or associated with, these actions.
The announcement came buried in a press release announcing positive top-line results from a phase 1 study of SYNB1353 in healthy volunteers treated with multiple ascending doses. SYNB1353 is the company’s experimental therapy for homocystinuria, a rare metabolic disease and inborn error of metabolism characterized by extreme levels of homocysteine and caused by an inherited deficiency in an enzyme known as cystathionine beta-synthase.
Author: Rare Daily Staff
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