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SEC Filings

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

During the nine months ended September 30, 2017, net cash provided by investing activities was $46.3 million, consisting of sales and maturities of investments of $126.1 million. The increase was partially offset by purchases of investments of $75.7 million and purchases of property and equipment of $4.0 million.

Financing Activities

During the nine months ended September 30, 2018, net cash provided by financing activities was $0.2 million in connection with the issuance of common stock under our ESPP plan and $0.2 million from the issuance of common stock and exercise of stock options.  These were partially offset by payments for employee tax obligations relating to vesting of restricted stock units of $0.2 million.

During the nine months ended September 30, 2017, net cash provided by financing activities was $0.1 million in connection with the exercise of options to purchase our common stock.

Funding Requirements

Our expenses may increase substantially in connection with our ongoing development activities and our research and development activities. In addition, we expect to continue to incur additional costs associated with operating as a public company. We anticipate that our expenses will increase substantially if and as we:

 

continue the clinical development of SER-109, our lead product candidate, in the Phase 3 clinical study;

 

continue the clinical development of SER-287 for the treatment of UC and potential other studies of IBD;

 

initiate the clinical development of SER-401, a microbiome therapeutic candidate for use with CPIs in a Phase 1b clinical trial in patients with metastatic melanoma;

 

continue the clinical development of SER-262 to be used following antibiotic treatment of primary CDI to prevent an initial recurrence of CDI;

 

conduct research and continue pre-clinical development of additional Ecobiotic® microbiome therapeutic candidates, including SER-155 and SER-301, our rationally designed IBD product candidates;

 

make strategic investments in manufacturing capabilities;

 

maintain and augment our intellectual property portfolio and opportunistically acquire complementary intellectual property;

 

potentially establish a sales and distribution infrastructure and scale-up manufacturing capabilities to commercialize any products for which we may obtain regulatory approval;

 

perform our obligations under the collaboration agreement with NHS;

 

seek to obtain regulatory approvals for our product candidates; and

 

experience any delays or encounter any issues with any of the above, including but not limited to failed studies, complex results, safety issues or other regulatory challenges.

Because of the numerous risks and uncertainties associated with the development of SER-109, SER-287 and SER-262 or our follow-on programs, we are unable to estimate the amounts of increased capital outlays and operating expenses associated with completing the research and development of our product candidates. Our future capital requirements will depend on many factors, including:

 

the progress and results of our Phase 3 clinical study of SER-109;

 

the progress and results of any future clinical studies of SER-287;

 

the progress and results of any future clinical study of SER-262;

 

the cost of manufacturing clinical supplies of our product candidates;

 

the scope, progress, results and costs of pre-clinical development, laboratory testing and clinical trials for our other product candidates, including SER-401, SER-155 and SER-301;

 

the costs, timing and outcome of regulatory review of our product candidates and research activities;

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