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10-Q
SERES THERAPEUTICS, INC. filed this Form 10-Q on 11/08/2018
Entire Document
 

Comparison of Nine Months Ended September 30, 2018 and 2017

The following table summarizes our results of operations for the nine months ended September 30, 2018 and 2017:

 

 

 

Nine Months Ended

September 30,

 

 

 

 

 

 

 

2018

 

 

2017

 

 

Change

 

 

 

(in thousands)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue - related party

 

$

16,721

 

 

$

29,044

 

 

$

(12,323

)

Grant Revenue

 

 

917

 

 

 

-

 

 

 

917

 

Total revenue

 

 

17,638

 

 

 

29,044

 

 

 

(11,406

)

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

71,188

 

 

 

65,413

 

 

 

5,775

 

General and administrative

 

 

25,063

 

 

 

25,251

 

 

 

(188

)

Total operating expenses

 

 

96,251

 

 

 

90,664

 

 

 

5,587

 

Loss from operations

 

 

(78,613

)

 

 

(61,620

)

 

 

(16,993

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

958

 

 

 

1,193

 

 

 

(235

)

Total other income (expense), net

 

 

958

 

 

 

1,193

 

 

 

(235

)

Net loss

 

$

(77,655

)

 

$

(60,427

)

 

$

(17,228

)

 

Revenue

 

Total revenue was $17.6 million and $29.0 million for the nine months ended September 30, 2018 and 2017, respectively. The revenue for both periods principally relates to the recognition of amounts received under the License Agreement.  The decrease is mainly due to the adoption of ASU 2016-08, Revenue from Contracts with Customers (Topic 606), described in detail in Note 8. Additionally, we recognized a $20.0 million substantive milestone under the License Agreement during the nine months ended September 30, 2017.  

Research and Development Expenses

 

 

 

Nine Months Ended

September 30,

 

 

 

 

 

 

 

2018

 

 

2017

 

 

Change

 

 

 

(in thousands)

 

Microbiome therapeutics platform

 

$

46,868

 

 

$

46,150

 

 

$

718

 

SER-109

 

 

14,829

 

 

 

11,806

 

 

 

3,023

 

SER-262

 

 

2,323

 

 

 

3,727

 

 

 

(1,404

)

SER-287

 

 

7,168

 

 

 

3,730

 

 

 

3,438

 

Total research and development expenses

 

$

71,188

 

 

$

65,413

 

 

$

5,775

 

 

Research and development expenses were $71.2 million for the nine months ended September 30, 2018, compared to $65.4 million for the nine months ended September 30, 2017. The increase of $5.8 million was due primarily to the following:

 

an increase of $0.7 million in research expenses related to our microbiome therapeutics platform, due primarily to an increase in salary and consulting costs of $1.3 million and an increase in professional fees of $0.2 million and is partially offset by a decrease in IT expenses of $0.4 million and facilities and supplies costs of $0.4 million;

 

an increase of $3.0 million in expenses related to our SER-109 program, due primarily to an increase in contract manufacturing costs of $2.4 million, an increase in clinical trial consulting expenses of $1.2 million and increase of $0.2 million in sequencing costs. This is offset by a decrease of $0.9 million in other consulting costs;

 

a decrease of $1.4 million in expenses for our SER-262 program primarily driven by a decrease in clinical trial costs of $0.9 million, and decrease in lab supplies and consumables of $0.5 million; and

 

an increase of $3.4 million in expenses for our SER-287 program primarily driven by an increase in clinical trials costs of $1.4 million, an increase in other consulting costs of $1.1 million and increase in lab supplies and consumables of $0.9 million.

 

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