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10-K
SERES THERAPEUTICS, INC. filed this Form 10-K on 03/06/2019
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Item 6. Selected Consolidated Financial Data

The following selected consolidated financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” our consolidated financial statements and related notes, and other financial information included in this Annual Report on Form 10-K. We have derived the consolidated statement of operations data for the years ended December 31, 2018, 2017, and 2016 and the consolidated balance sheet data as of December 31, 2018 and 2017 from our audited consolidated financial statements, which are included elsewhere in this Annual Report on Form 10-K. The consolidated statement of operations and consolidated balance sheet data as of December 31, 2015 and 2014 are derived from our audited consolidated financial statements that are not included in this Annual Report on Form 10-K.   Our historical results are not necessarily indicative of the results that should be expected in the future.

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

 

(in thousands, except per share data)

 

Consolidated Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue - related party(1)

 

$

26,917

 

 

$

32,100

 

 

$

21,766

 

 

$

 

 

$

 

Grant revenue

 

 

1,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

28,267

 

 

 

32,100

 

 

 

21,766

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

95,955

 

 

 

89,455

 

 

 

81,989

 

 

 

38,095

 

 

 

10,718

 

General and administrative

 

 

32,596

 

 

 

34,040

 

 

 

32,616

 

 

 

16,761

 

 

 

4,364

 

Total operating expenses

 

 

128,551

 

 

 

123,495

 

 

 

114,605

 

 

 

54,856

 

 

 

15,082

 

Loss from operations

 

 

(100,284

)

 

 

(91,395

)

 

 

(92,839

)

 

 

(54,856

)

 

 

(15,082

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

1,172

 

 

 

1,590

 

 

 

1,260

 

 

 

83

 

 

 

(209

)

Other income

 

 

170

 

 

 

425

 

 

 

 

 

 

 

 

 

 

Revaluation of preferred stock warrant

   liability

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

(1,418

)

Total other income (expense), net

 

 

1,342

 

 

 

2,015

 

 

 

1,260

 

 

 

76

 

 

 

(1,627

)

Net loss

 

 

(98,942

)

 

 

(89,380

)

 

 

(91,579

)

 

 

(54,780

)

 

 

(16,709

)

Accretion of convertible preferred stock to

   redemption value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,291

)

Net loss attributable to common stockholders

 

$

(98,942

)

 

$

(89,380

)

 

$

(91,579

)

 

$

(54,780

)

 

$

(18,000

)

Net loss per share attributable to common

   stockholders, basic and diluted(2)

 

$

(2.43

)

 

$

(2.21

)

 

$

(2.30

)

 

$

(2.33

)

 

$

(2.67

)

 

(1)

We adopted ASC 606 on January 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. Our reported results for 2018 reflect the application of ASC 606 guidance while our reported results for 2017 and 2016 were prepared under the guidance outlined in ASC 605.  See Note 9 to our consolidated financial statements appearing at the end of this Annual Report on Form 10-K for further details.

(2)

See Note 11 to our consolidated financial statements appearing at the end of this Annual Report on Form 10-K for further details on the calculation of basic and diluted net loss per share attributable to common stockholders.

 

 

 

As of December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

 

(in thousands)

 

Consolidated Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

85,820

 

 

$

36,088

 

 

$

54,539

 

 

$

73,933

 

 

$

114,185

 

Investments

 

 

 

 

 

113,895

 

 

 

175,456

 

 

 

131,149

 

 

 

 

Working capital(1)

 

 

50,624

 

 

 

123,453

 

 

 

167,912

 

 

 

196,690

 

 

 

109,140

 

Total assets

 

 

120,472

 

 

 

189,522

 

 

 

272,646

 

 

 

216,900

 

 

 

117,345

 

Preferred stock warrant liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,582

 

Long-term debt, net of discount,

   including current portion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,504

 

Convertible preferred stock(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

136,077

 

Total stockholders’ equity (deficit)

 

 

(48,045

)

 

 

60,699

 

 

 

132,631

 

 

 

205,394

 

 

 

(26,721

)

 

(1)

We define working capital as current assets less current liabilities.

(2)

Convertible preferred stock was converted into our common stock upon the listing of our common stock on The Nasdaq Global Select Market on June 26, 2015. See Note 8 to our consolidated financial statements appearing at the end of this Annual Report on Form 10-K for further details.

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