Seres Therapeutics Reports Second Quarter 2024 Financial Results and Provides Business Updates
Seres Therapeutics (Nasdaq: MCRB) reported Q2 2024 financial results and provided business updates. Key highlights include:
1. VOWST asset sale to provide $175M cash infusion, less ~$20M in settlement obligations.
2. SER-155 Phase 1b Cohort 2 clinical readout on track for September.
3. Q2 2024 net loss of $32.9M compared to net income of $46.6M in Q2 2023.
4. VOWST Q2 2024 net sales of $14.4M, up 43% from Q1.
5. Cash runway expected into Q4 2025 post-VOWST sale.
The company plans to focus on developing cultivated live biotherapeutics for medically vulnerable populations at risk of serious bacterial infections.
Seres Therapeutics (Nasdaq: MCRB) ha riportato i risultati finanziari per il secondo trimestre del 2024 e fornito aggiornamenti aziendali. I punti salienti includono:
1. Vendita dell'asset VOWST per fornire un'infusione di liquidità di $175M, meno circa $20M in obbligazioni di liquidazione.
2. Risultato clinico della Fase 1b Coorte 2 per SER-155 previsto per settembre.
3. Per il Q2 2024, una perdita netta di $32.9M rispetto a un utile netto di $46.6M nel Q2 2023.
4. Vendite nette di VOWST nel Q2 2024 di $14.4M, in aumento del 43% rispetto al Q1.
5. Liquidità prevista fino al Q4 2025 dopo la vendita di VOWST.
L'azienda intende concentrarsi sullo sviluppo di bioterapeutiche vivi coltivate per popolazioni mediche vulnerabili a rischio di gravi infezioni batteriche.
Seres Therapeutics (Nasdaq: MCRB) reportó los resultados financieros del segundo trimestre de 2024 y ofreció actualizaciones comerciales. Los puntos destacados incluyen:
1. Venta del activo VOWST para proporcionar una inyección de efectivo de $175M, menos aproximadamente $20M en obligaciones de liquidación.
2. La lectura clínica de la Fase 1b del Cohorte 2 para SER-155 está en camino para septiembre.
3. Pérdida neta de $32.9M en el Q2 2024 en comparación con un ingreso neto de $46.6M en el Q2 2023.
4. Ventas netas de VOWST en el Q2 2024 de $14.4M, un aumento del 43% respecto al Q1.
5. Se espera que el flujo de efectivo se mantenga hasta el Q4 2025 tras la venta de VOWST.
La empresa planea enfocarse en el desarrollo de bioterapéuticos vivos cultivados para poblaciones médicas vulnerables en riesgo de infecciones bacterianas graves.
Seres Therapeutics (Nasdaq: MCRB)는 2024년 2분기 재무 결과를 보고하고 비즈니스 업데이트를 제공했습니다. 주요 하이라이트는 다음과 같습니다:
1. VOWST 자산 판매, $175M의 현금 유입을 제공하며, 약 $20M의 합의 의무를 제외합니다.
2. SER-155 1b 단계 2 코호트의 임상 결과는 9월에 예정되어 있습니다.
3. 2024년 2분기 순손실은 $32.9M으로, 2023년 2분기 순이익 $46.6M과 비교됩니다.
4. 2024년 2분기 VOWST의 순매출은 $14.4M으로, 1분기 대비 43% 증가했습니다.
5. VOWST 판매 이후 2025년 4분기까지 자금 운용이 예상됩니다.
회사는 심각한 박테리아 감염 위험이 있는 의료 취약 인구를 위한 재배 양식 생체 치료제를 개발하는 데 집중할 계획입니다.
Seres Therapeutics (Nasdaq: MCRB) a rapporté les résultats financiers du deuxième trimestre 2024 et a fourni des mises à jour commerciales. Les points clés incluent :
1. Vente de l'actif VOWST pour fournir une injection de liquidités de 175 millions de dollars, moins environ 20 millions de dollars d'obligations de règlement.
2. Les résultats cliniques de la cohorte 2 de la phase 1b de SER-155 sont prévus pour septembre.
3. Pour le deuxième trimestre 2024, une perte nette de 32,9 millions de dollars par rapport à un bénéfice net de 46,6 millions de dollars au deuxième trimestre 2023.
4. Ventes nettes de VOWST au deuxième trimestre 2024 de 14,4 millions de dollars, en hausse de 43 % par rapport au premier trimestre.
5. Une trésorerie suffisante prévue jusqu'au quatrième trimestre 2025 après la vente de VOWST.
L'entreprise prévoit de se concentrer sur le développement de biothérapeutiques vivants cultivés pour des populations médicalement vulnérables à risque d'infections bactériennes graves.
Seres Therapeutics (Nasdaq: MCRB) berichtete über die finanziellen Ergebnisse des 2. Quartals 2024 und gab Unternehmensupdates bekannt. Zu den wichtigsten Punkten gehören:
1. Verkauf des VOWST-Assets, um eine Barzufuhr von 175 Millionen US-Dollar zu sichern, abzüglich etwa 20 Millionen US-Dollar in Vergleichsverpflichtungen.
2. Klinische Ergebnisse der SER-155 Phase 1b Kohorte 2 sind für September auf Kurs.
3. Das 2. Quartal 2024 weist einen Nettoverlust von 32,9 Millionen US-Dollar auf, im Vergleich zu einem Nettogewinn von 46,6 Millionen US-Dollar im 2. Quartal 2023.
4. Nettoumsatz von VOWST im 2. Quartal 2024 beträgt 14,4 Millionen US-Dollar, ein Anstieg von 43 % gegenüber dem 1. Quartal.
5. Die Liquidität wird voraussichtlich bis zum 4. Quartal 2025 nach dem Verkauf von VOWST ausreichen.
Das Unternehmen plant, sich auf die Entwicklung kultivierter lebender Biotherapeutika für medizinisch gefährdete Bevölkerungsgruppen zu konzentrieren, die einem Risiko für schwerwiegende bakterielle Infektionen ausgesetzt sind.
- VOWST asset sale to provide $175M cash infusion, strengthening balance sheet
- SER-155 Phase 1b Cohort 2 clinical readout on track for September
- VOWST Q2 2024 net sales increased 43% to $14.4M compared to Q1
- Cash runway expected to extend into Q4 2025 post-VOWST sale
- R&D expenses decreased from $46.8M in Q2 2023 to $17.9M in Q2 2024
- G&A expenses reduced from $28.1M in Q2 2023 to $16.1M in Q2 2024
- Net loss of $32.9M in Q2 2024 compared to net income of $46.6M in Q2 2023
- Seres' share of VOWST net loss for Q2 2024 was $6.6M
- Cash and cash equivalents of $71.2M as of June 30, 2024, down from previous quarters
Insights
Seres Therapeutics' Q2 2024 results reveal a significant financial transformation. The $175M cash infusion from the VOWST asset sale, minus
The company's Q2 net loss of
Seres' strategic pivot towards wholly-owned cultivated live biotherapeutics is noteworthy. The upcoming SER-155 Phase 1b Cohort 2 data readout in September is crucial, potentially validating their approach in preventing GI-derived infections in vulnerable populations. Previous Cohort 1 data showed promising results in microbiome modulation and pathogen reduction.
The company's focus on expanding SER-155 and developing SER-147 for various high-risk patient groups, including those with chronic liver disease, cancer neutropenia and organ transplants, demonstrates a targeted approach to addressing unmet medical needs. This strategy could open up significant market opportunities if clinical data proves favorable. The FDA Fast Track Designation for SER-155 further underscores the potential impact of this therapeutic approach.
The VOWST asset sale to Nestlé marks a strategic shift for Seres, allowing it to focus on its proprietary pipeline while maintaining short-term financial benefits. VOWST's Q2 net sales of
Post-transaction, Seres will become a more streamlined organization, potentially improving operational efficiency. The company's plans to evaluate SER-155 and other candidates in additional patient populations could expand its market potential. However, success will heavily depend on upcoming clinical results and the company's ability to execute its development strategy with its newfound financial flexibility.
SER-155 Phase 1b placebo-controlled Cohort 2 clinical readout on track for September
VOWST asset sale to provide
Transaction proceeds to fully retire debt and support advancement of wholly-owned cultivated live biotherapeutic pipeline to improve patient outcomes in medically vulnerable populations
Based on existing cash, deal economics and operating plans, Seres expects to fund operations into Q4 2025
Conference call at 8:30 a.m. ET today
CAMBRIDGE, Mass., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Seres Therapeutics, Inc. (Nasdaq: MCRB), (“Seres” or “the Company”), a leading live biotherapeutics company, today reported second quarter 2024 financial results and provided business updates.
“Our recently announced VOWST asset sale will, pending approval by stockholders and upon closing, significantly strengthen Seres’ balance sheet and advance our goal to improve patient outcomes in medically vulnerable patient populations through the use of our wholly-owned cultivated live biotherapeutics,” said Eric Shaff, President and Chief Executive Officer of Seres. “We intend to leverage our clinical, CMC, and regulatory successes by applying our therapeutic approach to new patient groups that face heightened risks of serious bacterial infections, which frequently lead to extensive and costly treatments and, unfortunately too often, death.”
Mr. Shaff continued, “Our lead SER-155 program remains on track for a clinical data readout from the placebo-controlled study Cohort 2 in patients receiving allogeneic hematopoietic stem cell transplant (allo-HSCT) in September. This dataset has the potential to highlight the extensive clinical value and commercial opportunities of both our SER-155 program and our biotherapeutic approach more generally. Multiple patient groups are known to experience a disrupted gastrointestinal (GI) microbiome and a high risk of life-threatening enteric-derived bacterial infections as well as blood stream infections arising from translocated bacteria. Our development efforts are targeting multiple medically vulnerable patient groups, including potentially those with chronic liver disease, cancer neutropenia and solid organ transplants. In the longer term, we plan to develop our biotherapeutics to treat GI-related immune diseases such as inflammatory bowel disease.”
Corporate Highlights
- In April, the Company announced the completed enrollment of Cohort 2 of the SER-155 Phase 1b study, which included 45 participants. Cohort 2 study data are anticipated in September and will include safety, drug pharmacology and efficacy-related measures, including the rates of bacterial infections and febrile neutropenia, through day 100 following allo-HSCT—a period in which patients frequently experience serious infections. SER-155 is designed to prevent GI-derived infections and resulting bloodstream infections, enhance epithelial barrier integrity and induce immune tolerance responses to reduce the incidence of graft-versus-host-disease (GvHD). The Company previously announced SER-155 Phase 1b Cohort 1 clinical data that showed SER-155 was well-tolerated, resulted in successful drug bacteria engraftment and a substantial reduction in pathogen domination in the GI microbiome compared to a reference cohort of patients. SER-155 received FDA Fast Track Designation. The Company’s cultivated biotherapeutics are manufactured from single strain bacteria isolates through fermentation methods that allow for efficient, scalable processes.
- On August 6, the Company announced that it signed an agreement with Société des Produits Nestlé S.A (“SPN”), a wholly-owned subsidiary of Nestlé S.A., for the sale of its VOWST business to SPN (the “Purchase Agreement”). Under the terms of the Purchase Agreement, upon the deal close, Seres will receive capital infusions, including an upfront payment, a prepaid milestone payment and an equity investment. In addition, Seres is due to receive installment payments in 2025, contingent upon the Company’s material compliance with transition obligations, as well as potential future milestone payments based on VOWST net sales targets. The completion of the transaction, which is subject to Seres’ stockholder approval and other customary conditions, is expected to occur within 90 days following the signing of the Purchase Agreement. Seres continues to support VOWST commercial supply, and production capacity remains strong. Following the expected close of the asset sale transaction, Seres will provide transition services through the first quarter of 2025 and manufacturing support through the end of 2025, subject to SPN’s limited ability to extend, and will continue to share 50/50 in the profits or losses of the business through the fourth quarter of 2025.
- Seres intends to evaluate SER-155 and other cultivated live biotherapeutic candidates in additional medically vulnerable patient populations, including chronic liver disease, cancer neutropenia, and solid organ transplants. Future development plans will be informed by pending SER-155 Cohort 2 results, and the Company plans to share more information regarding its SER-155 development plans later in 2024.
- Seres is also developing another proprietary live biotherapeutic composition, SER-147, designed to prevent GI-derived infections and resulting bloodstream infections and to improve clinical outcomes in patients with metabolic disease, including those with chronic liver disease and at high risk of bacterial infections. We anticipate IND readiness for SER-147 in the second half of 2025.
VOWST Commercial Performance
Seres collaborator SPN and certain of its affiliates (collectively, “Nestlé Health Science”) have continued to lead VOWST commercialization efforts. Since the VOWST product launch in June 2023, the breadth of utilization has steadily increased among healthcare providers. Second quarter 2024 net sales were approximately
Financial Results
- Seres reported a net loss of
$32.9 million for the second quarter of 2024, as compared to net income of$46.6 million for the same period in 2023. The difference is primarily the result of a$125 million milestone payment received from Nestlé in the second quarter of 2023, upon the FDA approval of VOWST, offset by operating expense reductions. - Research and development (R&D) expenses for the second quarter of 2024 were
$17.9 million , compared with$46.8 million for the same period in 2023. The decrease in R&D expenses was primarily driven by VOWST commercial manufacturing costs no longer being recognized in the Seres profit and loss (P&L) following the product approval in April 2023, but instead being capitalized and recognized on the Company’s balance sheet, as well as lower personnel and other costs as a result of the restructuring plan announced in November 2023. - General and administrative (G&A) expenses for the second quarter of 2024 were
$16.1 million , compared with$28.1 million for the same period in 2023. The decrease in G&A expenses was primarily driven by a reduction in professional fees and lower personnel costs as a result of the restructuring plan.
Cash Runway
Seres plans to use the capital obtained from the VOWST asset sale transaction to fully retire its senior secured debt facility with Oaktree Capital Management. Additionally, the Bacthera manufacturing contract will be terminated upon close of the transaction, and Seres will have no further obligations to Bacthera.
Various VOWST-related capabilities, including product manufacturing, will transition to Nestlé Health Science as part of the asset sale. As a result, Seres expects that more than a third of its employees will transfer to Nestlé Health Science following the close of the transaction. Moving forward, Seres will be a streamlined and more focused organization, and the Company’s cash burn rate is expected to be reduced.
As of June 30, 2024, Seres had
Conference Call Information
Seres’ management will host a conference call today, August 13, 2024, at 8:30 a.m. ET. The conference call may be accessed by calling 1-800-715-9871 (international callers dial 1-646-307-1963) and referencing the conference ID number 4877586. To join the live webcast, please visit the “Investors and News” section of the Seres website at www.serestherapeutics.com. A webcast replay will be available on the Seres website beginning approximately two hours after the event and will be archived for at least 21 days.
INDICATION AND IMPORTANT SAFETY INFORMATION FOR VOWST
INDICATION
VOWST (fecal microbiota spores, live-brpk) is indicated to prevent the recurrence of Clostridioides difficile infection (CDI) in individuals 18 years of age and older following antibacterial treatment for recurrent CDI (rCDI).
Limitation of Use: VOWST is not indicated for treatment of CDI.
IMPORTANT SAFETY INFORMATION
WARNINGS AND PRECAUTIONS
Transmissible infectious agents: Because VOWST is manufactured from human fecal matter, it may carry a risk of transmitting infectious agents. Report any infection that is suspected to have been transmitted by VOWST to Aimmune Therapeutics, Inc. at 1-833-246-2566.
Potential presence of food allergens: VOWST may contain food allergens. The potential to cause adverse reactions due to food allergens is unknown.
ADVERSE REACTIONS
The most common adverse reactions (reported in ≥
To report SUSPECTED ADVERSE REACTIONS, contact Aimmune Therapeutics at 1-833-AIM-2KNO (1-833-246-2566), or the FDA at 1-800-FDA-1088, or visit www.fda.gov/MedWatch.
DRUG INTERACTIONS
Do not administer antibacterials concurrently with VOWST.
Please see Full Prescribing Information and Patient Information
About SER-155
The SER-155 composition is designed to prevent GI-derived infections and resulting bloodstream infections, enhance epithelial barrier integrity, and induce immune tolerance responses, to reduce the incidence of GvHD. SER-155 is being evaluated in a Phase 1b placebo-controlled study in patients undergoing allo-HSCT. SER-155 is a consortium of bacterial species selected and optimized using Seres’ reverse translation discovery and development platform technologies. The design incorporates biomarker data from human clinical data, nonclinical human cell-based assays and in vivo disease models. SER-155 has received FDA Fast Track Designation.
About Seres Therapeutics
Seres Therapeutics, Inc. (Nasdaq: MCRB) is a commercial-stage company focused on improving patient outcomes in medically vulnerable populations through novel live biotherapeutics. Seres led the successful development and approval of VOWST™, the first FDA-approved orally administered microbiome therapeutic. The Company is evaluating SER-155 in a Phase 1b study in patients receiving allo-HSCT. SER-155 is designed to prevent GI-derived infections and resulting bloodstream infections, enhance epithelial barrier integrity and induce immune tolerance responses to reduce the incidence of GvHD. The Company is also advancing additional cultivated oral microbiome therapeutic candidates for medically vulnerable populations, including those with chronic liver disease, cancer neutropenia and solid organ transplants. For more information, please visit www.serestherapeutics.com.
Important Additional Information About the Transaction and Where to Find It
This communication is being made in respect of the proposed transaction involving Seres Therapeutics, Inc., a Delaware corporation (“Seres”) and Société des Produits Nestlé S.A., a société anonyme organized under the laws of Switzerland (“SPN”). Seres intends to file a proxy statement and other relevant documents with the Securities and Exchange Commission (the “SEC”) in connection with a special meeting of Seres’ stockholders for purposes of obtaining, stockholder approval of the proposed transaction. The definitive proxy statement will be sent or given to the stockholders of Seres and will contain important information about the proposed transaction and related matters. INVESTORS AND STOCKHOLDERS OF SERES ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SERES AND THE PROPOSED TRANSACTION. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Seres with the SEC at the SEC’s website at www.sec.gov or from Seres at its website at ir.serestherapeutics.com.
Participants in the Solicitation
Seres and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Seres’ stockholders in connection with the proposed transaction will be set forth in Seres’ definitive proxy statement for its stockholder meeting at which the proposed transaction will be submitted for approval by Seres’ stockholders. You may also find additional information about Seres’ directors and executive officers in Seres’ Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on March 5, 2024, Seres’ Definitive Proxy Statement for its 2024 annual meeting of stockholders, which was filed with the SEC on March 5, 2024, and in subsequently filed Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements about the financial terms, timing and completion of the sale of VOWST assets to Nestlé Health Science; the receipt of future payments and the use of proceeds of the transaction; the timing and results of our clinical studies and data readouts; future product candidates, development plans and commercial opportunities; operating plans and our future cash runway; our ability to generate additional capital; our planned strategic focus; anticipated timing of any of the foregoing and other statements which are not historical fact.
These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: (1) we have incurred significant losses, are not currently profitable and may never become profitable; (2) our need for additional funding; (3) our history of operating losses; (4) the restrictions in our debt agreement; (5) our novel approach to therapeutic intervention; (6) our reliance on third parties to conduct our clinical trials and manufacture our product candidates; (7) the competition we will face; our ability to protect our intellectual property; (8) our ability to retain key personnel and to manage our growth; (9) the occurrence of any event, change or other circumstance that could give rise to the termination of the Purchase Agreement; (10) our failure to obtain stockholder approval for the proposed transaction or to satisfy any of the other conditions to the completion of the proposed transaction; (11) the effect of the announcement of the proposed transaction on our ability to retain and hire key personnel and maintain relationships with our customers, suppliers, advertisers, partners and others with whom we do business, or on our operating results and businesses generally; (12) the risks associated with the disruption of management’s attention from ongoing business operations due to the proposed transaction and the obligation to provide transition services; (13) our failure to receive the installment payments or the milestone payments in the future; (14) the significant costs, fees and expenses related to the proposed transaction; (15) the uncertainty of impact of the 50/50 profit or loss sharing arrangement on our reported results and liquidity; (16) the risk that the proposed transaction will not be completed within the expected time period or at all; and (17) we may not be able to realize the anticipated benefits of the proposed transaction. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 8, 2024, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
| SERES THERAPEUTICS, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (unaudited, in thousands, except share and per share data) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 71,232 | $ | 127,965 | ||||
| Collaboration receivable - related party | 18,601 | 8,674 | ||||||
| Inventories | 52,997 | 29,647 | ||||||
| Prepaid expenses and other current assets | 6,435 | 9,124 | ||||||
| Total current assets | 149,265 | 175,410 | ||||||
| Property and equipment, net | 17,794 | 22,457 | ||||||
| Operating lease assets | 103,282 | 109,793 | ||||||
| Restricted cash | 9,873 | 8,185 | ||||||
| Restricted investments | — | 1,401 | ||||||
| Other non-current assets (1) | 41,517 | 41,354 | ||||||
| Total assets | $ | 321,731 | $ | 358,600 | ||||
| Liabilities and Stockholders’ Deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,809 | $ | 3,641 | ||||
| Accrued expenses and other current liabilities (2) | 86,356 | 80,611 | ||||||
| Operating lease liabilities | 9,195 | 6,677 | ||||||
| Deferred income - related party | 7,922 | 7,730 | ||||||
| Total current liabilities | 108,282 | 98,659 | ||||||
| Long term portion of note payable, net of discount | 102,494 | 101,544 | ||||||
| Operating lease liabilities, net of current portion | 100,936 | 105,715 | ||||||
| Deferred revenue - related party | 95,364 | 95,364 | ||||||
| Warrant liabilities | — | 546 | ||||||
| Other long-term liabilities | 1,729 | 1,628 | ||||||
| Total liabilities | 408,805 | 403,456 | ||||||
| Commitments and contingencies (Note 15) | ||||||||
| Stockholders’ deficit: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 152 | 135 | ||||||
| Additional paid-in capital | 964,012 | 933,244 | ||||||
| Accumulated other comprehensive loss | — | — | ||||||
| Accumulated deficit | (1,051,238 | ) | (978,235 | ) | ||||
| Total stockholders’ deficit | (87,074 | ) | (44,856 | ) | ||||
| Total liabilities and stockholders’ deficit | $ | 321,731 | $ | 358,600 | ||||
[1] Includes
[2] Includes related party amounts of
| SERES THERAPEUTICS, INC. | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (INCOME) | |||||||||||||||
| (unaudited, in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| Collaboration revenue - related party | $ | — | $ | 126,473 | $ | — | $ | 125,951 | |||||||
| Total revenue | — | 126,473 | — | 125,951 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development expenses | 17,875 | 46,792 | $ | 39,577 | 90,761 | ||||||||||
| General and administrative expenses | 16,059 | 28,051 | $ | 31,525 | 50,521 | ||||||||||
| Collaboration (profit) loss sharing - related party | (2,589 | ) | 2,106 | $ | (171 | ) | 5,713 | ||||||||
| Total operating expenses | 31,345 | 76,949 | $ | 70,931 | 146,995 | ||||||||||
| (Loss) income from operations | (31,345 | ) | 49,524 | $ | (70,931 | ) | (21,044 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,230 | 1,726 | $ | 2,878 | 2,758 | ||||||||||
| Interest expense | (3,447 | ) | (3,187 | ) | $ | (8,110 | ) | (5,135 | ) | ||||||
| Other income (expense) | 692 | (1,511 | ) | $ | 3,160 | (1,201 | ) | ||||||||
| Total other expense, net | (1,525 | ) | (2,972 | ) | $ | (2,072 | ) | (3,578 | ) | ||||||
| Net (loss) income | $ | (32,870 | ) | $ | 46,552 | $ | (73,003 | ) | $ | (24,622 | ) | ||||
| Net (loss) income per share attributable to common stockholders, basic | $ | (0.22 | ) | $ | 0.36 | $ | (0.49 | ) | $ | (0.19 | ) | ||||
| Net (loss) income per share attributable to common stockholders, diluted | $ | (0.22 | ) | $ | 0.36 | $ | (0.49 | ) | $ | (0.19 | ) | ||||
| Weighted average common shares outstanding, basic | 151,514,597 | 127,713,486 | 148,808,089 | 126,793,342 | |||||||||||
| Weighted average common shares outstanding, diluted | 151,514,597 | 129,844,931 | 148,808,089 | 126,793,342 | |||||||||||
| Other comprehensive (loss) income: | |||||||||||||||
| Unrealized (loss) income on investments, net of tax of | — | (2 | ) | — | 10 | ||||||||||
| Currency translation adjustment | — | (1 | ) | — | 1 | ||||||||||
| Total other comprehensive (loss) income | — | (3 | ) | — | 11 | ||||||||||
| Comprehensive loss (income) | $ | (32,870 | ) | $ | 46,549 | $ | (73,003 | ) | $ | (24,611 | ) | ||||
Investor and Media Contact:
IR@serestherapeutics.com
Carlo Tanzi, Ph.D.
Kendall Investor Relations
ctanzi@kendallir.com
FAQ
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