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Synapse, a fintech intermediary backed by Andreessen Horowitz, has entered bankruptcy, revealing an $85 million shortfall between partner banks' holdings and depositor balances. Trustee Jelena McWilliams reports that customers of fintech firms using Synapse had $265 million in balances, while the banks held only $180 million, leaving over 100,000 users locked out of their accounts and prompting a complex reconciliation effort across multiple banks. Separately, SYNAPSE-CMT is a Phase 2a clinical trial by NMD Pharma evaluating the investigational drug ignaseclant for Charcot‑Marie‑Tooth disease. The trial enrolled 81 adults and reported functional improvements and tolerability, with benefits persisting after treatment cessation, supporting further investigation of the therapy.
The Synapse bankruptcy shows an $85 million gap between bank-held funds and customer deposits, affecting over 100,000 fintech users.
Trustee McWilliams is working with four banks to reconcile ledgers, but missing funds and the movement of balances remain unclear.
NMD Pharma's SYNAPSE-CMT Phase 2a trial enrolled 81 patients and demonstrated improvements in muscle strength and functional measures with ignaseclant.
Ignaseclant was well tolerated, with only mild to moderate adverse events and no serious events reported.
The trial's results suggest a potential lasting effect on neuromuscular function, prompting plans for larger, longer-term studies.
A report by trustee Jelena McWilliams indicates an $85 million discrepancy between the $265 million in customer balances and the $180 million held by partner banks, but the exact source of the missing funds is still unknown.
More than 100,000 customers of various fintech companies that used Synapse have been locked out of their savings accounts.
The trial showed consistent signals of benefit in functional endpoints, including improved hand grip strength and motor function, with effects persisting up to seven days after treatment ended.
Ignaseclant was reported as well tolerated, with all adverse events classified as mild or moderate and no serious adverse events or discontinuations.
NMD Pharma plans to conduct larger and longer-term studies to further evaluate ignaseclant’s efficacy and safety in Charcot‑Marie‑Tooth disease.
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