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10-K
SERES THERAPEUTICS, INC. filed this Form 10-K on 03/16/2017
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Item 6. Selected Consolidated Financial Data

The following selected consolidated financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” our consolidated financial statements and related notes, and other financial information included in this Annual Report on Form 10-K. We have derived the consolidated statement of operations data for the years ended December 31, 2016, 2015, and 2014 and the consolidated balance sheet data as of December 31, 2016 and 2015 from our audited consolidated financial statements, which are included elsewhere in this Annual Report on Form 10-K. The consolidated statement of operations and consolidated balance sheet data as of December 31, 2014, 2013 and 2012 are derived from our audited consolidated financial statements that are not included in this Annual Report on Form 10-K.   Our historical results are not necessarily indicative of the results that should be expected in the future.

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

 

(in thousands, except per share data)

 

Consolidated Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

21,766

 

 

$

 

 

$

 

 

$

 

 

$

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

81,989

 

 

 

38,095

 

 

 

10,718

 

 

 

4,805

 

 

 

2,077

 

General and administrative

 

 

32,616

 

 

 

16,761

 

 

 

4,364

 

 

 

1,247

 

 

 

956

 

Total operating expenses

 

 

114,605

 

 

 

54,856

 

 

 

15,082

 

 

 

6,052

 

 

 

3,033

 

Loss from operations

 

 

(92,839

)

 

 

(54,856

)

 

 

(15,082

)

 

 

(6,052

)

 

 

(3,033

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

2,229

 

 

 

638

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(969

)

 

 

(555

)

 

 

(209

)

 

 

(42

)

 

 

(93

)

Revaluation of preferred stock warrant liability

 

 

 

 

 

(7

)

 

 

(1,418

)

 

 

(8

)

 

 

 

Total other income (expense), net

 

 

1,260

 

 

 

76

 

 

 

(1,627

)

 

 

(50

)

 

 

(93

)

Net loss

 

 

(91,579

)

 

 

(54,780

)

 

 

(16,709

)

 

 

(6,102

)

 

 

(3,126

)

Accretion of convertible preferred stock to redemption value

 

 

 

 

 

 

 

 

(1,291

)

 

 

(875

)

 

 

(276

)

Net loss attributable to common stockholders

 

$

(91,579

)

 

$

(54,780

)

 

$

(18,000

)

 

$

(6,977

)

 

$

(3,402

)

Net loss per share attributable to common stockholders, basic and diluted(1)

 

$

(2.30

)

 

$

(2.33

)

 

$

(2.67

)

 

$

(1.09

)

 

$

(0.59

)

 

(1)

See Note 11 to our consolidated financial statements appearing at the end of this Annual Report on Form 10-K for further details on the calculation of basic and diluted net loss per share attributable to common stockholders.

 

 

 

As of December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

 

(in thousands)

 

Consolidated Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

54,539

 

 

$

73,933

 

 

$

114,185

 

 

$

1,654

 

 

$

6,215

 

Investments(1)

 

 

175,456

 

 

 

131,149

 

 

 

 

 

 

 

 

 

 

Working capital(2)

 

 

167,912

 

 

 

196,690

 

 

 

109,140

 

 

 

649

 

 

 

6,067

 

Total assets

 

 

272,646

 

 

 

216,900

 

 

 

117,345

 

 

 

2,125

 

 

 

6,538

 

Preferred stock warrant liability

 

 

 

 

 

 

 

 

1,582

 

 

 

164

 

 

 

 

Long-term debt, net of discount, including current portion

 

 

 

 

 

 

 

 

2,504

 

 

 

838

 

 

 

 

Convertible preferred stock(3)

 

 

 

 

 

 

 

 

136,077

 

 

 

11,583

 

 

 

10,708

 

Total stockholders’ equity (deficit)

 

 

132,631

 

 

 

205,394

 

 

 

(26,721

)

 

 

(11,116

)

 

 

(4,348

)

 

(1)

In January 2016, we entered into a Collaboration and License Agreement with NHS for the development and commercialization of certain of our product candidates. In exchange for the license, NHS paid us an upfront cash payment of $120 million, which we received in February 2016.

(2)

We define working capital as current assets less current liabilities.

(3)

Convertible preferred stock was converted into our common stock upon the listing of our common stock on The NASDAQ Global Select Market on June 26, 2015. See Note 8 to our consolidated financial statements appearing at the end of this Annual Report on Form 10-K for further details.

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