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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)

 

 

The Company’s potential dilutive securities, which include stock options, unvested restricted common stock and shares issuable under the ESPP, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

Stock options to purchase common stock

 

 

7,561,719

 

 

 

6,125,692

 

 

 

5,069,133

 

Unvested restricted stock units

 

 

226,900

 

 

 

356,778

 

 

 

115,500

 

Shares issuable under ESPP

 

 

49,495

 

 

 

 

 

 

 

 

 

 

7,838,114

 

 

 

6,482,470

 

 

 

5,184,633

 

 

 

11.

Commitments and Contingencies

Leases

The Company previously leased office and laboratory space with a lease term expiring in January 2018 and no extension periods. In May 2016, upon mutual agreement with the landlord, the Company accelerated the termination of the operating lease to June 30, 2016. Upon termination of the lease, the Company recorded a benefit to rent expense of $136 to write off amounts previously recorded as deferred rent. The outstanding security deposit of $119, which was secured by a cash collateralized letter of credit, was released in September 2016.

On April 1, 2015, the Company entered into a lease for additional office and laboratory space with a term expiring in April 2020.

On November 11, 2015, the Company entered into a non-cancelable property lease with BMR-Sidney Research Campus LLC (“BMR”) for 83,396 square feet of office, laboratory and pilot manufacturing space at 200 Sidney Street, Cambridge, Massachusetts. The lease term commenced in March 2016 and ends in November 2023. The Company has the option to extend the lease twice, each for a five-year period. The Company moved its corporate headquarters to this location in April 2016. BMR has contributed a total of $12,509 toward the cost of tenant improvements.  BMR’s contributions toward the cost of tenant improvements is recorded as a lease incentive obligation on the Company’s consolidated balance sheet. The lease incentive obligation is amortized to the Company’s consolidated statement of operations as reductions to rent expense over the lease term. As of December 31, 2018, the Company recorded a lease incentive obligation of $8,544.  During the year ended December 31, 2018, the Company amortized $1,768 of this lease incentive obligation as a reduction to rent expense.

During the years ended December 31, 2018, 2017 and 2016, the Company recognized $4,377, $4,458, and $3,826, respectively, of rental expense related to office and laboratory space.

Future minimum lease payments for these operating leases as of December 31, 2018 are as follows:

 

Year Ending December 31,

 

 

 

 

2019

 

$

6,342

 

2020

 

 

6,120

 

2021

 

 

6,221

 

2022

 

 

6,372

 

2023

 

 

5,158

 

2024 and thereafter

 

 

 

Total

 

$

30,213

 

 

F-26



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