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 June 5, 2023, Synlogic, Inc. (the “Company”) announced that it is implementing a reduction in workforce designed to focus resources on advancing the Company’s clinical stage programs and research activities that support the current clinical pipeline and its ongoing collaboration with Roche. The realignment is estimated to reduce the Company’s workforce by approximately 21%. The Company expects to complete substantially all of the reduction in workforce by the end of the fiscal quarter ending June 30, 2023. The Company estimates that it will incur approximately $0.9 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 May 31, 2023 and expects the majority of the costs associated with the strategic realignment to be incurred during the second quarter ending June 30, 2023 and the third quarter ending September 30, 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 Events. |
On June 5, 2023, the Company issued a press release announcing the initiation of Synpheny-3 global, pivotal Phase 3 study evaluating SYNB1934 for the treatment of phenylketonuria. A copy of the press release is attached 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 June 5, 2023. | |
| 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: June 5, 2023 | Synlogic, Inc. | |||||
| By: | /s/ Michael Jensen | |||||
| Name: | Michael Jensen | |||||
| Title: | Chief Financial Officer | |||||