UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 2.05 Costs Associated with Exit or Disposal Activities
On November 28, 2022, the board of directors of Synlogic, Inc. (the “Company”), following a strategic review of its business, approved, and its management is implementing, a reduction in workforce, designed to focus resources on advancing the Company’s clinical stage programs and prioritized preclinical research programs. The realignment is estimated to reduce the Company’s workforce by approximately 25%. 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 Company communicated the workforce reduction on November 30, 2022 and expects the majority of the costs associated with the strategic realignment to be incurred during the fourth quarter ending December 31, 2022 and the first quarter ending March 31, 2023. The charges the Company expects to incur in connection with this reduction in workforce are subject to a number of assumptions, risks and uncertainties, and actual results may materially differ. The Company may also incur other material charges not currently contemplated due to events that may occur as a result of, or associated with, these actions.
Item 8.01 Other Information.
On November 30, 2022, the Company announced that SYNB1353 has achieved proof of mechanism for the treatment of homocystinuria. The full text of the press release issued in connection with the announcement is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Press Release dated November 30, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Date: November 30, 2022 | Synlogic, Inc. | |||||
| By: | /s/ Michael Jensen | |||||
| Name: | Michael Jensen | |||||
| Title: | Chief Financial Officer | |||||