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10-K
SERES THERAPEUTICS, INC. filed this Form 10-K on 03/16/2017
Entire Document
 

Research and development expenses were $82.0 million for the year ended December 31, 2016, compared to $38.1 million for the year ended December 31, 2015. The increase of $43.9 million was due primarily to the following:

 

an increase of $26.0 million in research expenses related to our microbiome therapeutics platform, due primarily to higher payroll and consultant costs of $16.0 million, which included an increase in stock-based compensation expense of $3.0 million due primarily to an increase in research and development employee headcount of 26 individuals, an increase in facilities and depreciation costs of $7.0 million due primarily to the buildout of new laboratory and manufacturing space in Cambridge, Massachusetts, an increase in license costs of $1.3 million, an increase in laboratory consumables and supplies of $1.2 million, and an increase in travel costs of $0.3 million;

 

an increase of $11.6 million in expenses related to our SER-109 program, due primarily to an increase in clinical trial costs of $7.1 million in connection with our Phase 2 clinical study, an increase in other consulting costs of $0.4 million, an increase in laboratory consumables and supplies of $2.2 million, an increase in sequencing costs of $0.9 million, and an increase in conference costs of $0.5 million;

 

an increase of $3.7 million in expenses of our SER-262 program primarily driven by an increase in clinical trial costs of $1.4 million, an increase in contract manufacturing costs of $0.9 million, an increase in animal studies costs of $0.1 million, an increase in other consulting costs of $0.2 million, and an increase in lab consumables and supplies of $1.0 million; these increase are due primarily to the initiation of our Phase 1b clinical study in July 2016; and

 

an increase of $2.6 million in expenses of our SER-287 program primarily driven by an increase in clinical trial costs of $2.2 million, an increase in lab consumables and supplies of $0.6 million, offset in part due to a decrease in other consulting costs of $0.2 million. These increase are due primarily to the initiation of a Phase 1b clinical trial in December 2015.

We expect that our research and development expenses may increase in the foreseeable future as we advance the clinical development of SER-109, SER-287 and SER-262, and continue to discover and develop additional product candidates, including SER-301 and SER-155, and pursue later stages of clinical development of our product candidates.

General and Administrative Expenses

 

 

 

Year Ended

December 31,

 

 

 

 

 

 

 

2016

 

 

2015

 

 

Change

 

 

 

(in thousands)

 

Personnel related (including stock-based compensation)

 

$

16,623

 

 

$

8,371

 

 

$

8,252

 

Professional fees

 

 

9,090

 

 

 

5,894

 

 

 

3,196

 

Facility-related and other

 

 

6,903

 

 

 

2,496

 

 

 

4,407

 

Total general and administrative expenses

 

$

32,616

 

 

$

16,761

 

 

$

15,855

 

 

General and administrative expenses were $32.6 million for the year ended December 31, 2016, compared to $16.8 million for the year ended December 31, 2015. The increase of $15.9 million was primarily due to the following:

 

an increase in personnel related costs of $8.3 million primarily due to the hiring of additional employees from December 31, 2015 to December 31, 2016 to support corporate operations and business development activities, including an increase of $4.2 million in stock-based compensation;

 

an increase in professional fees of $3.2 million due to an increase in contracted employee costs of $1.0 million, an increase in information technology project consulting costs of $0.6 million, an increase in other general consulting costs of $0.6 million, and an increase in legal, accounting, and audit fees of $0.7 million as a result of ongoing business activities; and

 

an increase in facility-related and other costs of $4.4 million primarily due to an increase in office-related expenses of $2.2 million due to the build-out of the 200 Sidney facility, an increase in depreciation and rent charges of $0.9 million, an increase in information technology expenses of $0.9 million, and an increase in insurance costs of $0.5 million.

Other Income (Expense), Net

Other income (expense), net for the year ended December 31, 2016 was $1.3 million, compared to $0.1 million for the year ended December 31, 2015. The $1.2 million increase in other income, net was primarily due to interest income from investing activities.

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