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SEC Filings

10-K
SERES THERAPEUTICS, INC. filed this Form 10-K on 03/06/2019
Entire Document
 

 

SERES THERAPEUTICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except share and per share data)

 

 

 

 

 

Fair Value Measurements as of December 31, 2017 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Not Subject to

Leveling (1)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents

 

$

 

 

$

 

 

$

 

 

$

25,964

 

 

$

25,964

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

 

 

 

 

6,198

 

 

 

 

 

 

 

 

 

6,198

 

Certificates of Deposit

 

 

 

 

 

8,916

 

 

 

 

 

 

 

 

 

8,916

 

Corporate Bonds

 

 

 

 

 

58,865

 

 

 

 

 

 

 

 

 

58,865

 

Government Securities

 

 

 

 

 

22,954

 

 

 

 

 

 

 

 

 

22,954

 

Treasury Bonds

 

 

 

 

 

16,961

 

 

 

 

 

 

 

 

 

16,961

 

 

 

$

 

 

$

113,894

 

 

$

 

 

$

25,964

 

 

$

139,858

 

(1)

Certain cash equivalents and investments that are valued using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

 

As of December 31, 2018 and 2017, the Company’s cash equivalents consisted of money market funds with original maturities of less than 90 days from the date of purchase.

Excluded from the tables above are restricted cash and restricted investments as the cost approximates current fair value. The Company has a money market fund and certificate of deposit as security deposits on its two facility leases.  As of both December 31, 2018 and 2017 the restricted cash and restricted investment balances were $113 and $1,400, respectively.

The fair value of the Company’s investments, which consisted of corporate bonds, commercial paper, certificates of deposit, government securities, and treasury bonds as of December 31, 2017 were determined using Level 2 inputs.

 

 

4.

Investments

As of December 31, 2018 the Company had no investments.  As of December 31, 2017, the fair value of available-for-sale investments by type of security was as follows:

 

 

 

December 31, 2017

 

 

 

Amortized

Cost

 

 

Gross

Unrealized Gain

 

 

Gross

Unrealized Loss

 

 

Fair

Value

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

$

6,198

 

 

$

 

 

$

 

 

$

6,198

 

Certificates of Deposit

 

 

8,916

 

 

 

 

 

 

 

 

 

8,916

 

Corporate Bonds

 

 

58,937

 

 

 

 

 

 

(72

)

 

 

58,865

 

Government Securities

 

 

22,997

 

 

 

 

 

 

(43

)

 

 

22,954

 

Treasury Bonds

 

 

16,992

 

 

 

 

 

 

(31

)

 

 

16,961

 

 

 

$

114,040

 

 

$

 

 

$

(146

)

 

$

113,894

 

 

 

Investments with original maturities of less than 90 days are included in cash and cash equivalents on the consolidated balance sheets and are not included in the table above. Investments with maturities of less than 12 months are considered current and those investments with maturities greater than 12 months are considered non-current.

 

Excluded from the table above are restricted investments of $1,400 as the cost approximates current fair value.

 

 

F-17



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