Synlogic was a clinical-stage biopharmaceutical company that used synthetic biology to develop treatments for rare metabolic disorders. Its core approach involved engineering bacteria to perform therapeutic functions in the gut. Its lead drug candidate, SYNB1934, targeted phenylketonuria (PKU), a rare inherited metabolic disorder, and a second program, SYNB1353, targeted homocystinuria. Synlogic had no product revenue and funded operations entirely through capital raises. In February 2024, Synlogic discontinued its pivotal Phase 3 trial for SYNB1934 after an internal review indicated the trial was unlikely to meet its primary endpoint, effectively ending its drug development operations. As of early 2026, Synlogic has one full-time employee, no revenue, and no active R&D. Synlogic was delisted from Nasdaq in January 2026 and now trades on OTC markets. The company is effectively a shell, with its board pursuing a merger or sale to return value to shareholders. Synlogic retains an IP portfolio of over 114 patents and patent applications covering its Synthetic Biotic platform and disease-specific applications, with patent terms extending to 2043, which may be the primary asset of interest to any potential acquirer. The board has acknowledged there is no guarantee any transaction will be completed or will deliver value to shareholders.