Seres reported a net loss of $21.9 million for the third quarter of 2018, as compared to a net loss of $6.9 million for the same period in 2017. The
third quarter net loss was driven primarily by clinical and development expenses, personnel expenses, and ongoing development of the Companys microbiome therapeutics platform. The third quarter net loss figure was inclusive of
$9.1 million in recognized revenue primarily associated with the Companys collaboration with Nestlé Health Science.
development expenses for the third quarter were $23.7 million, as compared to $22.2 million for the same period in 2017. The research and development expenses were primarily related to Seres microbiome therapeutics platform, the
clinical development of SER-109, SER-262 and SER-287, as well as the Companys
SER-301, SER-155 and immuno-oncology preclinical programs.
administrative expenses for the third quarter were $7.6 million, as compared to $8.1 million for the same period in the prior year. General and administrative expenses were primarily due to headcount, professional fees, and facility costs.
The decrease in cash, cash equivalents and investments balance during the quarter was $23.2 million. Seres ended the third quarter with
approximately $72.9 million in cash, cash equivalents and investments. Current resources, that do not include $40 million of milestone payments that the Company expects to receive following the initiation of the SER-287 Phase 2b study, are expected to fund the Company into the second quarter of 2019.
Seres management will host a conference call today, November 8, 2018, at 8:30 a.m. ET. To access the conference call, please
dial 844-277-9450 (domestic) or 336-525-7139 (international) and reference the conference
ID number 9877087. Accompanying slides will be made available on the Seres website prior to the call. To join the live webcast, please visit the Investors and Media 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.
About Seres Therapeutics
Seres Therapeutics, Inc.
(Nasdaq:MCRB) is a leading microbiome therapeutics platform company developing a novel class of biological drugs that are designed to treat disease by restoring the function of a dysbiotic microbiome, where the state of bacterial diversity and
function is imbalanced. Seres lead program, SER-109, has obtained Breakthrough Therapy and Orphan Drug designations from the U.S. Food and Drug Administration and is in Phase 3 development for multiply
recurrent C. difficile infection. SER-287 has successfully completed a Phase 1b study in patients with mild-to-moderate
ulcerative colitis. Seres is developing SER-262, the first ever synthetic microbiome therapeutic candidate, in a Phase 1b study in patients with primary C. difficile infection. Seres is also advancing SER-401 to augment the efficacy of immuno-oncology treatment. For more information, please visit www.serestherapeutics.com. Follow us on Twitter @SeresTx.