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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)

 

 

As permitted by SEC Staff Accounting Bulletin 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“TCJA”), the Company recorded provisional estimates during the year ended December 31, 2017 and have subsequently finalized its accounting analysis based on the guidance, interpretations, and data available as of December 31, 2018. The Company finalized its accounting for the income tax effects of the TCJA during 2018, with no adjustment to the provisional amounts previously recorded.

Net deferred tax assets as of December 31, 2018 and 2017 consisted of the following:

 

 

 

December 31,

 

 

 

2018

 

 

2017

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

50,723

 

 

$

32,997

 

Research and development tax credit carryforwards

 

 

32,522

 

 

 

25,405

 

Capitalized organization costs

 

 

275

 

 

 

306

 

Stock-based compensation expense

 

 

9,178

 

 

 

7,714

 

Charitable Contributions

 

 

11

 

 

 

8

 

Deferred Revenue

 

 

37,499

 

 

 

26,480

 

Accrued expenses

 

 

4,279

 

 

 

4,613

 

Capitalized research and development expenses

 

 

66

 

 

 

73

 

Total deferred tax assets

 

$

134,553

 

 

$

97,596

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(2,544

)

 

 

(3,470

)

Total deferred tax liabilities

 

 

(2,544

)

 

 

(3,470

)

Valuation allowance

 

$

(132,009

)

 

$

(94,126

)

Net deferred tax assets

 

$

 

 

$

 

 

 

F-28



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