Synlogic, Inc. Q3 FY2021 earnings call

• Aoife Brennan shared progress in PKU with SYNB1618 demonstrating robust reduction in plasma Phe levels and SYNB1934 showing potential for more Phe lowering activity. - Updates on Enteric hyperoxaluria with SYNB8802 demonstrating robust oxalate consumption in GI tract. - Unveiled SYNB1353 for homocystinuria, to advance into clinic next year. - Collaboration with Roche for IBD has achieved first milestone, and enrollment in phase 1 study of SYNB1891 with anti-PD1L1, but stopping further studies of SYNB1891. - Daniel Rosan reviewed financial results, noting cash and cash equivalents sufficient to fund into 2024.

Research and development expenses for the three months ended September 30, 2021 were $13.4 million, compared to $10.5 million in the corresponding period of 2020. General and administrative expenses were $3.6 million in Q3 2021 vs $3 million in Q3 2020. The company reported a consolidated net loss of $16 million or $0.29 per share in Q3 2021, compared to a net loss of $13.2 million or $0.36 per share in Q3 2020. Revenue was $0.9 million in Q3 2021, compared to $0 revenue in Q3 2020, due to the recently initiated collaboration with Roche.

• Cash and cash equivalents are sufficient to fund the company into 2024, enabling advancement of clinical programs across the metabolic portfolio.

Q: Comment on SYNB1353 for HCU and market opportunity A: Dave Hava discussed leveraging collaboration with Ginkgo to advance SYNB1353, similar to PKU programs using platform tools. Molly Harper noted substantial unmet need and sizable patient population.

Q: On Roche collaboration, next steps after first milestone A: Aoife Brennan said it's a discovery phase collaboration with milestones and option, with both sides pleased with progress.

Q: Key drivers for adoption in PKU market A: Molly Harper mentioned limited efficacy of existing therapies, low treatment rate due to need for safe, convenient, oral options.

Q: Collaboration with Gingko, number of programs, difference in SYNB1353 A: Dave Hava said leveraging platform tools, using same chassis, and collaboration with Gingko fruitful for SYNB1353.

Q: SYNB1618 dose range in pivotal study A: Aoife Brennan said focusing on strain potency like SYNB1934 with 2x activity, and potential individualized dosing.

Q: SYNB1353 collaboration code base use A: Dave Hava said will continue to use Gingko's code base for future programs.

Q: Further partnerships A: Aoife Brennan said strategy is to pursue metabolic programs internally and leverage platform for outside opportunities.

Q: Pediatric trials for PKU, next steps for SYNB8802 A: Aoife Brennan said pursuing pediatric development for PKU, and for SYNB8802, planning to expand into other etiologies and inform clinical development with real-world evidence.

Q: SYNB1934 collaboration with Gingko and milestones/royalties A: Aoife Brennan said SYNB1934 developed with zymogen, collaboration with Gingko has no milestones or royalties, full rights retained.