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SEC Filings

10-Q
SERES THERAPEUTICS, INC. filed this Form 10-Q on 11/08/2018
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mainly due to the adoption of ASU 2016-08, Revenue from Contracts with Customers (Topic 606), described in detail in Note 8 to our condensed consolidated financial statements.  Additionally, we recognized a $20.0 million substantive milestone under the License Agreement during the three months ended September 30, 2017.    

Research and Development Expenses

 

 

 

Three Months Ended

September 30,

 

 

 

 

 

 

 

2018

 

 

2017

 

 

Change

 

 

 

(in thousands)

 

Microbiome therapeutics platform

 

$

16,246

 

 

$

14,504

 

 

$

1,742

 

SER-109

 

 

3,956

 

 

 

5,105

 

 

 

(1,149

)

SER-262

 

 

555

 

 

 

1,226

 

 

 

(671

)

SER-287

 

 

2,918

 

 

 

1,375

 

 

 

1,543

 

Total research and development expenses

 

$

23,675

 

 

$

22,210

 

 

$

1,465

 

 

Research and development expenses were $23.7 million for the three months ended September 30, 2018, compared to $22.2 million for the three months ended September 30, 2017. The increase of $1.5 million was due primarily to the following:

 

an increase of $1.7 million in research expenses related to our microbiome therapeutics platform, due primarily to an increase in employee and consulting related expenses of $1.1 million, depreciation expense of $1.1 million, lab supplies of $0.2 million and partially offset by a decrease in facility related expenses of $0.5 million;

 

a decrease of $1.1 million in expenses related to our SER-109 program, due primarily to a $1.2 million decrease in consulting related expenses and slightly offset by an increase in professional fees of $0.1 million;

 

a decrease of $0.7 million in expenses for our SER-262 program primarily driven by a decrease in clinical trial consulting costs of $0.4 million and a decrease in lab supply expense of $0.2 million; and

 

an increase of $1.5 million in expenses for our SER-287 program primarily driven by an increase in clinical trial consulting expenses of $1.0 million and lab maintenance of $0.3 million.

 

General and Administrative Expenses

 

 

 

Three Months Ended

September 30,

 

 

 

 

 

 

 

2018

 

 

2017

 

 

Change

 

 

 

(in thousands)

 

Personnel related (including stock-based compensation)

 

$

3,768

 

 

$

3,980

 

 

$

(212

)

Professional fees

 

 

1,606

 

 

 

2,260

 

 

 

(654

)

Facility-related and other

 

 

2,217

 

 

 

1,879

 

 

 

338

 

Total general and administrative expenses

 

$

7,591

 

 

$

8,119

 

 

$

(528

)

 

General and administrative expenses were $7.6 million for the three months ended September 30, 2018, compared to $8.1 million for the three months ended September 30, 2017. The decrease of $0.5 million was primarily due to the following:

 

a decrease in personnel related costs of $0.2 million primarily related to stock compensation expense;

 

a decrease in professional fees of $0.7 million due decreases in consulting costs and legal fees; and

 

an increase in facility-related and other costs of $0.3 million primarily due to an increase in IT-related expenses.

Other Income (Expense), Net

Other income (expense), net for the three months ended September 30, 2018 and 2017 was $0.3 million and $0.4 million, respectively, and is primarily due to interest income from investing activities.

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