MeritValue

SYNLOGIC, INC.

SYBXdata completeness 88%13 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

SYNLOGIC, INC. earns about -100% on equity, and has bought back 78% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.75M1$1.18M2$3.37M3$8,0004$04
Net income−$60.6M5−$66.1M6−$61.3M7−$23.4M8−$1.01M8
Operating cash flow−$52.2M9−$56.9M10−$51.6M11−$31.7M12−$4.36M12
Capital expenditure$679,00013$728,00014$214,00015$14,00016$016
Free cash flow (derived)−$52.9M9−$57.6M10−$51.8M11−$31.7M12−$4.36M12
Total debt—————
Cash & equivalents$16.4M17$15.9M18$24M19$18.9M20$14.7M20
Diluted shares55.3M4.8M6.5M12.2M12.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$9.64
your share of equity
Profit it earned you last year
−$0.82
Free cash flow it threw off
−$3.54
Debt you’d be carrying
—

10 shares is a claim on $9.64 of net worth that earned you −$0.82 and generated −$3.54 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-100% avg · 5y
FY21 -41%FY22 -80%FY23 -187%FY24 -183%FY25 -8%

It earned an average -100% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−78% shares · 5y

Share count is down 78% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-010428 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-033146 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-034820 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-104262 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-010428 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-033146 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-034820 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-104262 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-010428 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-033146 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-034820 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-104262 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-010428 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-033146 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-034820 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-104262 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-010428 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-033146 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-034820 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-104262 (CashAndCashEquivalentsAtCarryingValue)