Free cash flow remains consistently negative, with historical quarterly outflows reaching as high as $15.8 million in 2024Q1, confirming the absence of a self-sustaining business model.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -3.32M | -4.36M | -31.66M | -51.61M | -56.89M | -52.2M | -39.55M | -75.47M | -42.47M | -31.05M | -24.8M | -21.14M | -13.97M | -6.5M |
| Operating CF Margin % | - | - | -395725% | -1531.12% | -4821.02% | -2975.94% | -7257.43% | -3393.35% | -1685.32% | -1270.66% | -5586.71% | - | - | - |
| Operating CF Growth % | -21.93% | 86.23% | 38.66% | 9.27% | -8.98% | -31.97% | 47.59% | -77.7% | -36.76% | -25.2% | -17.36% | -51.29% | -115.06% | - |
| Net Income | -641K | -1M | -23.36M | -61.27M | -66.15M | -60.56M | -59.17M | -51.37M | -48.44M | -40.38M | -26.27M | -24.98M | -15.83M | -6.44M |
| Depreciation & Amortization | 0 | 0 | 347K | 1.96M | 2.52M | 2.44M | 2.64M | 2.7M | 2.42M | 2.31M | 159K | 54K | 35K | 36K |
| Stock-Based Compensation | 102K | 117K | 3.17M | 2.81M | 3.64M | 3.36M | 3.91M | 4.13M | 4.32M | 2.65M | 1.59M | 985K | 408K | 163K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 261K | -21K | 0 | 0 | -1K | 388K | 0 | 0 | 0 |
| Other Non-Cash Items | -2.63M | -2.39M | -97K | 11.06M | 2.38M | 2.1M | 1.74M | 88K | -1.39M | 1.75M | 4.44M | 974K | 4K | -339K |
| Working Capital Changes | -149K | -1.08M | -11.72M | -6.17M | 723K | 200K | 11.36M | -31.02M | 620K | 2.61M | -5.12M | 2.81M | 1.42M | 80K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -160K | 119K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 313K | 0 | -2.26M | 0 | 0 | 538K | -349K | 0 | -257K | 4.07M | -3.26M | 2.82M | 189K | -132K |
| Cash from Investing | 155K | 167K | 25.34M | 38.77M | 58.35M | -53.25M | 32.48M | 10.8M | -87.2M | 9.28M | -48.49M | -251K | -102K | -7K |
| Capital Expenditures | 0 | 0 | -14K | -214K | -728K | -679K | -395K | -1.25M | -5.65M | -2.58M | -1.73M | -251K | -102K | -7K |
| CapEx % of Revenue | - | - | 175% | 6.35% | 61.69% | 38.71% | 72.48% | 56.25% | 224.37% | 105.48% | 389.41% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -1.27M | -28.52M | 0 | 0 | 40.43M | 8K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 155K | 167K | 1.33M | 16K | 0 | 1.27M | 28.52M | 0 | -81.55M | 11K | -2.43M | -50K | 0 | 0 |
| Cash from Financing | 0 | 0 | 172K | 20.94M | -2.04M | 89.38M | 13.39M | 79.6M | 82.48M | 66.68M | 16K | 101.78M | 209K | 16.42M |
| Debt Issued (Net) | 0 | 0 | -4K | -13K | -13K | -8K | -208K | -266K | -427K | -408K | -80K | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 22K | 20.83M | -2.23M | 89.09M | 13.54M | 57M | 82.67M | 67.08M | 0 | 101.71M | 0 | 16.42M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -2.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 154K | 125K | 198K | 301K | 58K | 22.87M | 244K | 5K | 96K | 67K | 209K | 1K |
| Net Change in Cash | -3.17M | -4.19M | -6.15M | 8.1M | -577K | -16.07M | 6.32M | 14.93M | -47.19M | 44.9M | -73.28M | 80.39M | -13.86M | 9.92M |
| Free Cash Flow | -3.32M | -4.36M | -31.67M | -51.83M | -57.62M | -52.88M | -39.95M | -76.72M | -48.12M | -33.63M | -26.53M | -21.39M | -14.07M | -6.5M |
| FCF Margin % | - | - | -395900% | -1537.47% | -4882.71% | -3014.65% | -7329.91% | -3449.6% | -1909.68% | -1376.15% | -5976.13% | - | - | - |
| FCF Growth % | 80.96% | 86.24% | 38.89% | 10.05% | -8.96% | -32.36% | 47.93% | -59.42% | -43.09% | -26.75% | -24.07% | -51.98% | -116.39% | - |
| FCF per Share | -0.27 | -0.35 | -2.60 | -7.97 | -12.05 | -14.34 | -16.72 | -38.00 | -30.23 | -75.02 | -8.92 | -29.88 | -12.42 | -5.74 |
| FCF Conversion (FCF/Net Income) | 5.18x | 4.34x | 1.36x | 0.90x | 0.86x | 0.86x | 0.67x | 1.47x | 0.88x | 0.77x | 0.94x | 0.85x | 0.88x | 1.01x |
| Interest Paid | 0 | 0 | 0 | 1K | 2K | 0 | 0 | 21K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 5K | 14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidation and wind-down liabilities
As reported in financial statements, Synlogic's net income frequently diverges from operating cash flow, with the OCF/NI ratio fluctuating wildly between -5.05 and 5.54, indicating that reported earnings are driven by non-cash accounting adjustments rather than any underlying operational cash generation or sustainable business model.
The persistent disconnect between net income and operating cash flow suggests that the company's bottom line is largely decoupled from its actual liquidity position. Investors should monitor these accounting artifacts, as they appear to mask the structural cash burn inherent in the firm's now-discontinued clinical development activities.
Based on the company's historical filings, free cash flow has remained consistently negative, with quarterly outflows reaching as high as $15.8 million in 2024Q1, confirming that the business has never achieved a self-sustaining cash trajectory prior to the recent cessation of its primary clinical programs.
The inability to generate positive free cash flow throughout the observed period highlights the company's total reliance on external capital markets. This trajectory suggests that the firm's operational model was fundamentally dependent on continuous funding rather than the commercialization of its synthetic biology platform.
According to quarterly data, working capital changes have been highly erratic, including a significant $11.6 million outflow in 2024Q2, which suggests that the company's cash position is highly sensitive to the timing of clinical trial payments and the settlement of liabilities during its operational wind-down phase.
These large swings in working capital appear to be symptomatic of a firm managing the termination of complex clinical obligations. The lack of consistent working capital management warrants further investigation into whether remaining cash reserves are sufficient to cover the final settlement of these outstanding operational liabilities.
Based on reported figures, the cash flow statement obscures the full extent of impending wind-down costs, as stock-based compensation and other non-cash adjustments continue to impact the reported net income while the company faces significant cash-based severance and contract termination fees not explicitly detailed in the cash flow.
The reliance on stock-based compensation as a significant portion of operating expenses may have historically understated the true cash cost of talent retention. Analysts should be wary that the current cash balance may be overstated when accounting for the inevitable cash outflows required to finalize the corporate dissolution.
Quick answers to the most common questions about buying SYBX stock.
Synlogic, Inc. (SYBX) generated $-4.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Synlogic, Inc. (SYBX) reported negative free cash flow of $4.4M in 2025, indicating capital requirements exceeded cash from operations.
Synlogic, Inc. (SYBX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.