Thursday, Synlogic Inc SYBX revealed its decision to discontinue Synpheny-3, its ongoing pivotal study of labafenogene marselecobac (SYNB1934) as a potential treatment for phenylketonuria (PKU).

Phenylketonuria is a rare inherited disorder that causes an amino acid called phenylalanine to build up in the body. Untreated phenylketonuria can lead to brain damage, intellectual disabilities, behavioral symptoms, or seizures.

The decision to end Synpheny-3 is based on the results of an internal review before an upcoming independent Data Monitoring Committee (DMC) assessment, which indicated the trial was unlikely to meet its primary endpoint.

Synlogic’s Board of Directors plans to assess strategic options to enhance shareholder value, including acquisition, merger, reverse merger, other business combinations, sales of assets, dissolution, or other strategic transactions.

As a result, Synlogic will cease operations and reduce its workforce by more than 90%, retaining only certain employees to assist in the strategic review and the study’s discontinuation.

Dr. Aoife Brennan is also departing as President and Chief Executive Officer as part of the reduction and stepping down from the Board of Directors.

Price Action: SYBX shares are down 51.31% at $1.67 on the last check Friday.

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