Synlogic, Inc.

What they do

Synlogic previously advanced therapeutics for rare metabolic disorders, with lead programs labafenogene marselecobac (SYNB1934) in a pivotal Phase 3 study for phenylketonuria and SYNB1353 for homocystinuria. In February 2024 the company discontinued the Phase 3 Synpheny-3 study of SYNB1934 because an internal review indicated it was unlikely to meet its primary endpoint; the decision was not based on safety or tolerability concerns. Following the discontinuation and a Nasdaq delisting, the company states it is now a public shell whose operating expenses consist primarily of customary public company costs. Its shares have been quoted on the OTCID Basic Market under the symbol SYBX since January 21, 2026.

Revenue drivers

• Product revenue — No revenue source: annual revenue was $0.00 in 2025 and quarterly revenue was $0.00 in each of the four most recent quarters through 2026-06-30.
• Collaboration, licensing or other arrangements — The 10-K/A forward-looking statements reference the terms and timing of any additional collaborative, licensing or other arrangements the company may establish, but no such revenue is reported.
• Merger consideration / strategic alternatives — The company has been evaluating strategic alternatives, including a possible merger or sale, and on July 28, 2026 entered a Merger Agreement with Caldera; no revenue is generated by this activity.

Recent performance

Annual revenue was $1.8M in 2021, $1.2M in 2022, $3.4M in 2023, $0.008M in 2024 and $0.00 in 2025. Quarterly revenue was $0.00 in each period from 2025-09-30 through 2026-06-30. Net income was -$60.6M in 2021, -$66.1M in 2022, -$61.3M in 2023, -$23.4M in 2024 and -$1.0M in 2025. Operating cash flow was -$52.2M in 2021, -$56.9M in 2022, -$51.6M in 2023, -$31.7M in 2024 and -$4.4M in 2025. At 2026-06-30, total assets were $13.5M, cash and equivalents were $13.2M, and shareholder equity was $12.0M.

Strategy

On July 28, 2026, Synlogic entered a Merger Agreement with Caldera and newly formed subsidiaries of Parent, under which Synlogic will merge into a Parent subsidiary and survive as a wholly owned subsidiary of Parent, while Caldera will merge into a separate subsidiary and survive as a wholly owned subsidiary of Parent. The combined company is expected to operate as Caldera Therapeutics, Inc. and focus primarily on advancing Caldera's development of CLD-423, a bispecific antibody targeting IL-23p19 and TL1A for IBD and other immune-mediated diseases. Closing is subject to conditions including stockholder approval by each company, effectiveness of a registration statement with the SEC, and other customary closing conditions. The percentage of the combined company owned by pre-closing Synlogic security holders is subject to adjustment based on Synlogic's valuation immediately prior to closing. The company states it is a public shell whose expenses consist primarily of personnel, accounting, financial reporting, legal, audit and other public company costs.

Risks

• No product revenue — The company reported $0.00 revenue in 2025 and in each quarter from 2025-09-30 through 2026-06-30 after discontinuing its lead clinical program.
• Nasdaq delisting and OTC trading — Shares were suspended from Nasdaq on January 21, 2026 and now trade on the OTCID Basic Market under SYBX, which the company notes may experience limited trading.
• Merger closing uncertainty — The Caldera Merger Agreement is subject to conditions including stockholder approvals, SEC registration effectiveness and other customary conditions, and may not close.
• Shell company status and going-concern cost burden — The company believes it is a public shell under Nasdaq rules, with operating expenses consisting primarily of public company costs and no ongoing development programs.

Outlook

Management's stated focus is closing the Caldera Mergers, after which the combined company is expected to operate as Caldera Therapeutics, Inc. and focus primarily on advancing CLD-423 for IBD and other immune-mediated diseases. The percentage of the combined company owned by pre-closing Synlogic security holders is subject to adjustment based on Synlogic's valuation immediately prior to closing. Until closing, the company expects its operating expenses to consist primarily of customary public company costs.