Synlogic to cease operations, reduce workforce by over 90%

Synlogic said it will cease operations and reduce its workforce by more than 90%, retaining only certain employees to assist in the strategic review and assist in the discontinuation of the study. The majority of impacted roles will end in February. The company’s cash, cash equivalents and short-term investments balance at December 31, 2023 was $47.7M. Aoife Brennan is also departing as President and Chief Executive Officer as part of the reduction, and stepping down from the board. Synlogic “plans to conduct an assessment of strategic options to enhance shareholder value, which will include, but are not limited to, an acquisition, merger, reverse merger, other business combination, sales of assets, dissolution or other strategic transactions.” The company has not set a timetable for completion of this strategic review.