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10-K
SERES THERAPEUTICS, INC. filed this Form 10-K on 03/06/2019
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Emerging Growth Company Status

The Jumpstart Our Business Startups Act of 2012 permits an ‘‘emerging growth company’’ such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. We have irrevocably elected to ‘‘opt out’’ of this provision and, as a result, we will comply with new or revised accounting standards when they are required to be adopted by public companies that are not emerging growth companies.

Results of Operations

Comparison of the Years Ended December 31, 2018 and 2017

The following table summarizes our results of operations for the years ended December 31, 2018 and 2017:

 

 

 

Year Ended

December 31,

 

 

 

 

 

 

 

2018

 

 

2017

 

 

Change

 

 

 

(in thousands)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue - related party

 

$

26,917

 

 

$

32,100

 

 

$

(5,183

)

Grant revenue

 

 

1,350

 

 

 

 

 

 

1,350

 

Total revenue

 

 

28,267

 

 

 

32,100

 

 

 

(3,833

)

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

95,955

 

 

$

89,455

 

 

$

6,500

 

General and administrative

 

 

32,596

 

 

 

34,040

 

 

 

(1,444

)

Total operating expenses

 

 

128,551

 

 

 

123,495

 

 

 

5,056

 

Loss from operations

 

 

(100,284

)

 

 

(91,395

)

 

 

(8,889

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

1,172

 

 

 

1,590

 

 

 

(418

)

Other income

 

 

170

 

 

 

425

 

 

 

(255

)

Total other income (expense), net

 

 

1,342

 

 

 

2,015

 

 

 

(673

)

Net loss

 

$

(98,942

)

 

$

(89,380

)

 

$

(9,562

)

 

Revenue

 

Total revenue was $28.3 million and $32.1 million for the years ended December 31, 2018 and 2017, respectively.  The revenue for both periods principally relates to the recognition of amounts received under the License Agreement.  The decrease is mainly due to the adoption of ASC 606, described in detail in Note 9. Additionally, we recognized a $20.0 million substantive milestone under the License Agreement during the twelve months ended December 31, 2017.

Research and Development Expenses

 

 

 

Year Ended

December 31,

 

 

 

 

 

 

 

2018

 

 

2017

 

 

Change

 

 

 

(in thousands)

 

Microbiome therapeutics platform

 

$

62,804

 

 

$

63,695

 

 

$

(891

)

SER-109

 

 

18,482

 

 

 

16,306

 

 

 

2,176

 

SER-262

 

 

3,090

 

 

 

4,971

 

 

 

(1,881

)

SER-287

 

 

11,579

 

 

 

4,483

 

 

 

7,096

 

Total research and development expenses

 

$

95,955

 

 

$

89,455

 

 

$

6,500

 

 

81



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