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SEC Filings

SERES THERAPEUTICS, INC. filed this Form 10-K on 03/06/2019
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the cost of clinical trials of our product candidates may be greater than we anticipate;


the supply or quality of our product candidates or other materials necessary to conduct clinical trials of our product candidates may be insufficient or inadequate;


regulators may revise the requirements for approving our product candidates, or such requirements may not be as we anticipate; and


regarding trials managed by any future collaborators, our collaborators may face any of the above issues, and may conduct clinical trials in ways they view as advantageous to them but potentially suboptimal for us.

If we are required to conduct additional clinical trials or other testing of our product candidates beyond those that we currently contemplate, if we are unable to successfully complete clinical trials of our product candidates or other testing, if the results of these trials or tests are not positive or are only modestly positive or if there are safety concerns, we may:


be delayed in obtaining marketing approval for our product candidates;


lose the support of current or any future collaborators, requiring us to bear more of the burden of development of certain compounds;


not obtain marketing approval at all;


obtain marketing approval in some countries and not in others;


obtain approval for indications or patient populations that are not as broad as we intend or desire;


obtain approval with labeling that includes significant use or distribution restrictions or safety warnings;


be subject to additional post-marketing testing requirements;


be subject to increased pricing pressure; or


have the product removed from the market after obtaining marketing approval.

In June 2017, we initiated a Phase 3 clinical study of SER-109 (ECOSPOR III) in patients with multiply recurrent CDI. Additional clinical trials or changes in our development plans could cause us to incur significant development costs, delay or prevent the commercialization of SER-109 or otherwise adversely affect our business.

Our product development costs will increase if we experience delays in clinical testing or marketing approvals. We do not know whether any of our preclinical studies or clinical trials will begin as planned, will need to be restructured or will be completed on schedule, or at all. Significant preclinical or clinical trial delays also could shorten any periods during which we may have the exclusive right to commercialize our product candidates or allow our competitors to bring products to market before we do, potentially impairing our ability to successfully commercialize our product candidates and harming our business and results of operations.

If we experience delays or difficulties in the enrollment of patients in clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented.

We may not be able to initiate or continue clinical trials for our product candidates if we are unable to locate and enroll a sufficient number of eligible patients to participate in these trials as required by the FDA or similar regulatory authorities outside the United States. We are developing our lead product candidate, SER-109, to reduce recurrence of CDI in patients suffering from recurrent CDI. There is a limited number of patients from which to draw for clinical studies.

Patient enrollment is also affected by other factors including:


the severity of the disease under investigation;


the patient eligibility criteria for the study in question;


the perceived risks and benefits of the product candidate under study;


the availability of other treatments for the disease under investigation, including the use of unapproved fecal microbiota transplant, or FMT, for CDI;


the existence of competing clinical trials;


the efforts to facilitate timely enrollment in clinical trials;


our payments for conducting clinical trials;


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